SMCX vs. BMNG

Last updated Jun 21, 2026

SMCX (Defiance Daily Target 2X Long SMCI ETF) and BMNG (Leverage Shares 2X Long BMNR Daily ETF) are both Leveraged Equities funds. Both are actively managed. A 0.52 correlation means they provide meaningful diversification when combined. SMCX charges 1.29%/yr vs 0.75%/yr for BMNG.

Performance

SMCX vs. BMNG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long SMCI ETF (SMCX) and Leverage Shares 2X Long BMNR Daily ETF (BMNG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMCX achieves a -55.35% return, which is significantly higher than BMNG's -79.32% return.

SMCX

• 1D: 20.05%
• 1M: -43.06%
• YTD: -55.35%
• 6M: -60.97%
• 1Y: -87.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BMNG

• 1D: -4.36%
• 1M: -34.35%
• YTD: -79.32%
• 6M: -84.46%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMCX vs. BMNG - Yearly Performance Comparison

	2026 (YTD)	2025
SMCX Defiance Daily Target 2X Long SMCI ETF	-55.35%	-67.85%
BMNG Leverage Shares 2X Long BMNR Daily ETF	-79.32%	-80.50%

Correlation

The correlation between SMCX and BMNG is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 27, 2025	0.52

Return for Risk

SMCX vs. BMNG — Risk / Return Rank

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

SMCX

SMCX Risk / Return Rank: 4
SMCX Sharpe Ratio Rank: 5
SMCX Sortino Ratio Rank: 6
SMCX Omega Ratio Rank: 6
SMCX Calmar Ratio Rank: 1
SMCX Martin Ratio Rank: 3

BMNG

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

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.

SMCX vs. BMNG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long SMCI ETF (SMCX) and Leverage Shares 2X Long BMNR Daily ETF (BMNG). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SMCX	BMNG	Difference
Sharpe ratio: Return per unit of total volatility	-0.51	—	—
Sortino ratio: Return per unit of downside risk	-0.26	—	—
Omega ratio: Gain probability vs. loss probability	0.96	—	—
Calmar ratio: Return relative to maximum drawdown	-0.92	—	—
Martin ratio: Return relative to average drawdown	-1.24	—	—

Drawdowns

SMCX vs. BMNG - Drawdown Comparison

The maximum SMCX drawdown since its inception was -99.08%, roughly equal to the maximum BMNG drawdown of -96.19%. Use the drawdown chart below to compare losses from any high point for SMCX and BMNG.

Drawdown Indicators

	SMCX	BMNG	Difference
Max Drawdown Largest peak-to-trough decline	-99.08%	-96.19%	-2.89%
Max Drawdown (1Y) Largest decline over 1 year	-94.75%	—	—
Current Drawdown Current decline from peak	-98.71%	-96.15%	-2.56%
Average Drawdown Average peak-to-trough decline	-88.07%	-81.95%	-6.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	70.25%	—	—

Volatility

Volatility by Period

	SMCX	BMNG	Difference
Volatility (1M) Calculated over the trailing 1-month period	102.84%	—	—
Volatility (6M) Calculated over the trailing 6-month period	175.36%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	170.74%	189.65%	-18.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	204.19%	189.65%	+14.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	204.19%	189.65%	+14.54%

SMCX vs. BMNG - Expense Ratio Comparison

SMCX has a 1.29% expense ratio, which is higher than BMNG's 0.75% expense ratio.

Dividends

SMCX vs. BMNG - Dividend Comparison

SMCX's dividend yield for the trailing twelve months is around 9.82%, while BMNG has not paid dividends to shareholders.

Position	TTM	2025
BMNG Leverage Shares 2X Long BMNR Daily ETF	0.00%	0.00%
SMCX Defiance Daily Target 2X Long SMCI ETF	9.82%	4.39%

Frequently Asked Questions

Can I hold both SMCX and BMNG in my portfolio?

SMCX and BMNG have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMCX or BMNG?

On fees, BMNG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMCX or BMNG?

BMNG is cheaper with a 0.75% expense ratio, compared with 1.29% for SMCX.

Which ETF pays a higher dividend yield, SMCX or BMNG?

SMCX has the higher dividend yield at 9.82%, compared with 0.00% for BMNG.

What is the main difference between SMCX and BMNG?

They also come from different issuers: Defiance and Leverage Shares. Their fees differ too: 1.29% for SMCX and 0.75% for BMNG.