SMCC vs. PEPS

Last updated Jun 6, 2026

SMCC (Defiance Leveraged Long + Income SMCI ETF) and PEPS (Parametric Equity Plus ETF) are both Derivative Income funds. Both are actively managed. At a 0.29 correlation, their price movements are largely independent. SMCC charges 1.51%/yr vs 0.10%/yr for PEPS.

Performance

SMCC vs. PEPS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Leveraged Long + Income SMCI ETF (SMCC) and Parametric Equity Plus ETF (PEPS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMCC achieves a 5.60% return, which is significantly lower than PEPS's 7.73% return.

SMCC

• 1D: 0.00%
• 1M: 0.00%
• YTD: 5.60%
• 6M: -21.71%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PEPS

• 1D: -3.03%
• 1M: 1.48%
• YTD: 7.73%
• 6M: 7.55%
• 1Y: 28.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SMCC vs. PEPS - Yearly Performance Comparison

	2026 (YTD)	2025
SMCC Defiance Leveraged Long + Income SMCI ETF	5.60%	-57.43%
PEPS Parametric Equity Plus ETF	7.73%	9.55%

Correlation

The correlation between SMCC and PEPS is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 21, 2025	0.29

Return for Risk

SMCC vs. PEPS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PEPS

PEPS Risk / Return Rank: 69
PEPS Sharpe Ratio Rank: 70
PEPS Sortino Ratio Rank: 65
PEPS Omega Ratio Rank: 71
PEPS Calmar Ratio Rank: 63
PEPS Martin Ratio Rank: 76

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SMCC vs. PEPS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Leveraged Long + Income SMCI ETF (SMCC) and Parametric Equity Plus ETF (PEPS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SMCC	PEPS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.15	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.87	0.93	-1.79

Drawdowns

SMCC vs. PEPS - Drawdown Comparison

The maximum SMCC drawdown since its inception was -75.87%, which is greater than PEPS's maximum drawdown of -21.26%. Use the drawdown chart below to compare losses from any high point for SMCC and PEPS.

Drawdown Indicators

	SMCC	PEPS	Difference
Max Drawdown Largest peak-to-trough decline	-75.87%	-21.26%	-54.61%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.80%	—
Current Drawdown Current decline from peak	-72.90%	-3.15%	-69.75%
Average Drawdown Average peak-to-trough decline	-53.60%	-2.77%	-50.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.10%	—

Volatility

Volatility by Period

	SMCC	PEPS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.16%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.33%	—
Volatility (1Y) Calculated over the trailing 1-year period	75.90%	13.43%	+62.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.90%	18.43%	+57.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	75.90%	18.43%	+57.47%

SMCC vs. PEPS - Expense Ratio Comparison

SMCC has a 1.51% expense ratio, which is higher than PEPS's 0.10% expense ratio.

Dividends

SMCC vs. PEPS - Dividend Comparison

SMCC's dividend yield for the trailing twelve months is around 83.22%, more than PEPS's 0.91% yield.

Position	TTM	2025	2024
PEPS Parametric Equity Plus ETF	0.91%	1.00%	0.17%
SMCC Defiance Leveraged Long + Income SMCI ETF	83.22%	79.22%	0.00%

Frequently Asked Questions

Can I hold both SMCC and PEPS in my portfolio?

SMCC and PEPS have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMCC or PEPS?

On fees, PEPS is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMCC or PEPS?

PEPS is cheaper with a 0.10% expense ratio, compared with 1.51% for SMCC.

Which ETF pays a higher dividend yield, SMCC or PEPS?

SMCC has the higher dividend yield at 83.22%, compared with 0.91% for PEPS.

What is the main difference between SMCC and PEPS?

They also come from different issuers: Defiance and Parametric. Their fees differ too: 1.51% for SMCC and 0.10% for PEPS.