SMCX vs. IAK
SMCX (Defiance Daily Target 2X Long SMCI ETF) and IAK (iShares U.S. Insurance ETF) are both exchange-traded funds - SMCX is a Leveraged Equities fund actively managed by Defiance, while IAK is a Financials Equities fund tracking the Dow Jones U.S. Select Insurance Index. SMCX is actively managed, while IAK is passively managed. Over the past year, SMCX returned -93.55% vs 19.67% for IAK. Their -0.16 correlation means they have often moved in opposite directions in the past. SMCX charges 1.29%/yr vs 0.38%/yr for IAK.
Performance
SMCX vs. IAK - Performance Comparison
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Returns By Period
In the year-to-date period, SMCX achieves a -66.27% return, which is significantly lower than IAK's 10.11% return.
SMCX
- 1D
- 1.72%
- 1M
- 0.79%
- 6M
- -65.61%
- YTD
- -66.27%
- 1Y
- -93.55%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -90.73%
IAK
- 1D
- 0.03%
- 1M
- -0.03%
- 6M
- 12.56%
- YTD
- 10.11%
- 1Y
- 19.67%
- 3Y*
- 19.67%
- 5Y*
- 15.99%
- 10Y*
- 13.18%
- ALL TIME*
- 7.39%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $15.27M | $20.59M | $12.29M | |
| $67.65M | $49.80M | $65.83M |
SMCX vs. IAK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMCX Defiance Daily Target 2X Long SMCI ETF | -66.27% | -69.78% | -90.42% |
IAK iShares U.S. Insurance ETF | 10.11% | 9.50% | 4.10% |
Correlation
The correlation between SMCX and IAK is -0.27, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.27 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2024 | -0.16 |
The correlation between SMCX and IAK shifts across timeframes, from -0.27 (1 year) to -0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMCX vs. IAK — Risk / Return Rank
SMCX
IAK
SMCX vs. IAK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long SMCI ETF (SMCX) and iShares U.S. Insurance ETF (IAK). 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 | IAK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.76 | ||
| Sortino ratioReturn per unit of downside risk | -2.48 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.22 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 2.59 | -3.57 |
| Martin ratioReturn relative to average drawdown | -1.24 | 6.29 | -7.53 |
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Drawdowns
SMCX vs. IAK - Drawdown Comparison
The maximum SMCX drawdown since its inception was -99.28%, which is greater than IAK's maximum drawdown of -77.38%. Use the drawdown chart below to compare losses from any high point for SMCX and IAK.
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Drawdown Indicators
| SMCX | IAK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.28% | -77.38% | -21.90% |
Max Drawdown (1Y)Largest decline over 1 year | -95.47% | -7.62% | -87.85% |
Max Drawdown (3Y)Largest decline over 3 years | — | -11.58% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.76% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -44.95% | — |
Current DrawdownCurrent decline from peak | -99.02% | -3.20% | -95.82% |
Average DrawdownAverage peak-to-trough decline | -88.74% | -16.01% | -72.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 75.42% | 3.13% | +72.29% |
Volatility
SMCX vs. IAK - Volatility Comparison
Defiance Daily Target 2X Long SMCI ETF (SMCX) has a higher volatility of 54.15% compared to iShares U.S. Insurance ETF (IAK) at 6.56%. This indicates that SMCX's price experiences larger fluctuations and is considered to be riskier than IAK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMCX | IAK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 54.15% | 6.56% | +47.59% |
Volatility (6M)Calculated over the trailing 6-month period | 183.78% | 12.42% | +171.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 178.56% | 15.99% | +162.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 204.04% | 18.13% | +185.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 204.04% | 20.92% | +183.12% |
SMCX vs. IAK - Expense Ratio Comparison
SMCX has a 1.29% expense ratio, which is higher than IAK's 0.38% expense ratio.
Dividends
SMCX vs. IAK - Dividend Comparison
SMCX's dividend yield for the trailing twelve months is around 13.00%, more than IAK's 2.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IAK iShares U.S. Insurance ETF | 2.42% | 1.69% | 1.49% | 1.44% | 1.69% | 2.26% | 2.07% | 1.84% | 2.33% | 1.62% | 1.68% | 1.62% |
SMCX Defiance Daily Target 2X Long SMCI ETF | 13.00% | 4.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMCX and IAK have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMCX has higher volatility (54.15%) compared to IAK (6.56%). In terms of maximum drawdown, SMCX dropped -99.28% vs IAK's -77.38%.
On 1-year performance, IAK leads with 19.67% vs -93.55% for SMCX. On fees, IAK is cheaper at 0.38% per year. On volatility, IAK has been the lower-risk option at 6.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IAK has performed better with a 19.67% return vs -93.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAK is cheaper with a 0.38% expense ratio, compared with 1.29% for SMCX.
SMCX has the higher dividend yield at 13.00%, compared with 2.42% for IAK.
SMCX is categorized as Leveraged Equities, while IAK is Financials Equities. They also come from different issuers: Defiance and iShares. Their fees differ too: 1.29% for SMCX and 0.38% for IAK.
IAK currently has the higher Sharpe Ratio (1.24 vs -0.53), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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