SMCX vs. MSTX

Last updated Apr 1, 2026

Compare and contrast key facts about Defiance Daily Target 2X Long SMCI ETF (SMCX) and Defiance Daily Target 2X Long MSTR ETF (MSTX).

SMCX and MSTX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SMCX is an actively managed fund by Defiance. It was launched on Aug 21, 2024. MSTX is an actively managed fund by Defiance. It was launched on Aug 14, 2024.

Performance

SMCX vs. MSTX - Performance Comparison

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

SMCX vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMCX Defiance Daily Target 2X Long SMCI ETF	-62.54%	-69.78%	-89.57%
MSTX Defiance Daily Target 2X Long MSTR ETF	-49.22%	-89.06%	132.14%

Returns By Period

In the year-to-date period, SMCX achieves a -62.54% return, which is significantly lower than MSTX's -49.22% return.

SMCX

• 1D: 16.35%
• 1M: -65.34%
• YTD: -62.54%
• 6M: -88.56%
• 1Y: -86.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTX

• 1D: 5.68%
• 1M: -13.11%
• YTD: -49.22%
• 6M: -90.86%
• 1Y: -92.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMCX vs. MSTX - Expense Ratio Comparison

Both SMCX and MSTX have an expense ratio of 1.29%.

SMCX

Defiance Daily Target 2X Long SMCI ETF

MSTX

Defiance Daily Target 2X Long MSTR ETF

Return for Risk

SMCX vs. MSTX — 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: 3
SMCX Sortino Ratio Rank: 5
SMCX Omega Ratio Rank: 4
SMCX Calmar Ratio Rank: 0
SMCX Martin Ratio Rank: 1

MSTX

MSTX Risk / Return Rank: 1
MSTX Sharpe Ratio Rank: 3
MSTX Sortino Ratio Rank: 1
MSTX Omega Ratio Rank: 1
MSTX Calmar Ratio Rank: 0
MSTX Martin Ratio Rank: 2

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. MSTX - Risk-Adjusted Trends Comparison

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

	SMCX	MSTX	Difference
Sharpe ratio Return per unit of total volatility	-0.55	-0.63	+0.08
Sortino ratio Return per unit of downside risk	-0.46	-1.48	+1.03
Omega ratio Gain probability vs. loss probability	0.94	0.84	+0.10
Calmar ratio Return relative to maximum drawdown	-0.91	-0.96	+0.05
Martin ratio Return relative to average drawdown	-1.50	-1.43	-0.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMCX vs. MSTX - Sharpe Ratio Comparison

The current SMCX Sharpe Ratio is -0.55, which is comparable to the MSTX Sharpe Ratio of -0.63. The chart below compares the historical Sharpe Ratios of SMCX and MSTX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SMCX	MSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.55	-0.63	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	-0.47	-0.42	-0.05

Correlation

The correlation between SMCX and MSTX is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

SMCX vs. MSTX - Dividend Comparison

SMCX's dividend yield for the trailing twelve months is around 11.71%, while MSTX has not paid dividends to shareholders.

	TTM	2025	2024
SMCX Defiance Daily Target 2X Long SMCI ETF	11.71%	4.39%	0.00%
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%

Drawdowns

SMCX vs. MSTX - Drawdown Comparison

The maximum SMCX drawdown since its inception was -99.02%, roughly equal to the maximum MSTX drawdown of -98.66%. Use the drawdown chart below to compare losses from any high point for SMCX and MSTX.

Drawdown Indicators

	SMCX	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-99.02%	-98.66%	-0.36%
Max Drawdown (1Y) Largest decline over 1 year	-94.75%	-96.62%	+1.87%
Current Drawdown Current decline from peak	-98.85%	-98.44%	-0.41%
Average Drawdown Average peak-to-trough decline	-86.10%	-66.95%	-19.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	57.36%	64.85%	-7.49%

Volatility

SMCX vs. MSTX - Volatility Comparison

Defiance Daily Target 2X Long SMCI ETF (SMCX) has a higher volatility of 116.22% compared to Defiance Daily Target 2X Long MSTR ETF (MSTX) at 37.25%. This indicates that SMCX's price experiences larger fluctuations and is considered to be riskier than MSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMCX	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	116.22%	37.25%	+78.97%
Volatility (6M) Calculated over the trailing 6-month period	144.49%	111.13%	+33.36%
Volatility (1Y) Calculated over the trailing 1-year period	158.15%	147.32%	+10.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	201.19%	169.73%	+31.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	201.19%	169.73%	+31.46%