SMCX vs. IBIE

Last updated Jul 17, 2026

SMCX (Defiance Daily Target 2X Long SMCI ETF) and IBIE (iShares iBonds Oct 2028 Term TIPS ETF) are both exchange-traded funds - SMCX is a Leveraged Equities fund actively managed by Defiance, while IBIE is a Inflation-Protected Bonds fund tracking the ICE 2028 Maturity US Inflation-Linked Treasury Index. SMCX is actively managed, while IBIE is passively managed. Over the past year, SMCX returned -94.40% vs 3.32% for IBIE. At a correlation of -0.02, they often move in opposite directions. SMCX charges 1.29%/yr vs 0.10%/yr for IBIE.

Performance

SMCX vs. IBIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long SMCI ETF (SMCX) and iShares iBonds Oct 2028 Term TIPS ETF (IBIE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMCX achieves a -73.25% return, which is significantly lower than IBIE's 1.80% return.

SMCX

• 1D: -16.67%
• 1M: -35.24%
• 6M: -72.98%
• YTD: -73.25%
• 1Y: -94.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBIE

• 1D: 0.06%
• 1M: -0.03%
• 6M: 1.75%
• YTD: 1.80%
• 1Y: 3.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMCX vs. IBIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMCX Defiance Daily Target 2X Long SMCI ETF	-73.25%	-69.78%	-90.42%
IBIE iShares iBonds Oct 2028 Term TIPS ETF	1.80%	6.46%	0.46%

Correlation

The correlation between SMCX and IBIE is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Aug 22, 2024	-0.02

Return for Risk

SMCX vs. IBIE — Risk / Return Rank

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

SMCX

SMCX Risk / Return Rank: 3
SMCX Sharpe Ratio Rank: 5
SMCX Sortino Ratio Rank: 4
SMCX Omega Ratio Rank: 4
SMCX Calmar Ratio Rank: 0
SMCX Martin Ratio Rank: 3

IBIE

IBIE Risk / Return Rank: 88
IBIE Sharpe Ratio Rank: 82
IBIE Sortino Ratio Rank: 91
IBIE Omega Ratio Rank: 89
IBIE Calmar Ratio Rank: 92
IBIE Martin Ratio Rank: 87

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. IBIE - 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 iBonds Oct 2028 Term TIPS ETF (IBIE). 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	IBIE	Difference
Sharpe ratio: Return per unit of total volatility	-0.55	2.12	-2.67
Sortino ratio: Return per unit of downside risk	-0.85	3.53	-4.38
Omega ratio: Gain probability vs. loss probability	0.89	1.45	-0.56
Calmar ratio: Return relative to maximum drawdown	-0.99	4.65	-5.64
Martin ratio: Return relative to average drawdown	-1.26	14.43	-15.70

SMCX vs. IBIE - Sharpe Ratio Comparison

The current SMCX Sharpe Ratio is -0.55, which is lower than the IBIE Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of SMCX and IBIE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SMCX vs. IBIE - Drawdown Comparison

The maximum SMCX drawdown since its inception was -99.23%, which is greater than IBIE's maximum drawdown of -1.70%. Use the drawdown chart below to compare losses from any high point for SMCX and IBIE.

Drawdown Indicators

	SMCX	IBIE	Difference
Max Drawdown Largest peak-to-trough decline	-99.23%	-1.70%	-97.53%
Max Drawdown (1Y) Largest decline over 1 year	-95.58%	-0.72%	-94.86%
Current Drawdown Current decline from peak	-99.23%	-0.29%	-98.94%
Average Drawdown Average peak-to-trough decline	-88.48%	-0.39%	-88.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	74.56%	0.23%	+74.33%

Volatility

SMCX vs. IBIE - Volatility Comparison

Defiance Daily Target 2X Long SMCI ETF (SMCX) has a higher volatility of 52.15% compared to iShares iBonds Oct 2028 Term TIPS ETF (IBIE) at 0.55%. This indicates that SMCX's price experiences larger fluctuations and is considered to be riskier than IBIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMCX	IBIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	52.15%	0.55%	+51.60%
Volatility (6M) Calculated over the trailing 6-month period	179.65%	1.09%	+178.56%
Volatility (1Y) Calculated over the trailing 1-year period	173.00%	1.59%	+171.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	203.27%	2.82%	+200.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	203.27%	2.82%	+200.45%

SMCX vs. IBIE - Expense Ratio Comparison

SMCX has a 1.29% expense ratio, which is higher than IBIE's 0.10% expense ratio.

Dividends

SMCX vs. IBIE - Dividend Comparison

SMCX's dividend yield for the trailing twelve months is around 16.39%, more than IBIE's 4.96% yield.

Position	TTM	2025	2024	2023
IBIE iShares iBonds Oct 2028 Term TIPS ETF	4.96%	4.09%	4.23%	0.75%
SMCX Defiance Daily Target 2X Long SMCI ETF	16.39%	4.39%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMCX and IBIE in my portfolio?

SMCX and IBIE have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMCX or IBIE?

SMCX has higher volatility (52.15%) compared to IBIE (0.55%). In terms of maximum drawdown, SMCX dropped -99.23% vs IBIE's -1.70%.

Which ETF is better, SMCX or IBIE?

On 1-year performance, IBIE leads with 3.32% vs -94.40% for SMCX. On fees, IBIE is cheaper at 0.10% per year. On volatility, IBIE has been the lower-risk option at 0.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMCX or IBIE?

Over the 1-year period, IBIE has performed better with a 3.32% return vs -94.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMCX or IBIE?

IBIE is cheaper with a 0.10% expense ratio, compared with 1.29% for SMCX.

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

SMCX has the higher dividend yield at 16.39%, compared with 4.96% for IBIE.

What is the main difference between SMCX and IBIE?

SMCX is categorized as Leveraged Equities, while IBIE is Inflation-Protected Bonds. They also come from different issuers: Defiance and iShares. Their fees differ too: 1.29% for SMCX and 0.10% for IBIE.

Which has better risk-adjusted returns?

IBIE currently has the higher Sharpe Ratio (2.12 vs -0.55), 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.