SMCX vs. MSTX

Last updated Jun 4, 2026

SMCX (Defiance Daily Target 2X Long SMCI ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both Leveraged Equities funds from Defiance. Both are actively managed. Over the past year, SMCX returned -60.96% vs -95.49% for MSTX. At a 0.35 correlation, their price movements are largely independent. Both charge a 1.29% expense ratio.

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.

Returns By Period

In the year-to-date period, SMCX achieves a 34.65% return, which is significantly higher than MSTX's -54.94% return.

SMCX

• 1D: -10.89%
• 1M: 157.98%
• YTD: 34.65%
• 6M: -1.99%
• 1Y: -60.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTX

• 1D: -14.41%
• 1M: -56.02%
• YTD: -54.94%
• 6M: -72.02%
• 1Y: -95.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMCX vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMCX Defiance Daily Target 2X Long SMCI ETF	34.65%	-69.78%	-89.57%
MSTX Defiance Daily Target 2X Long MSTR ETF	-54.94%	-89.06%	132.14%

Correlation

The correlation between SMCX and MSTX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (All Time) Calculated using the full available price history since Aug 23, 2024	0.35

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: 8
SMCX Sharpe Ratio Rank: 5
SMCX Sortino Ratio Rank: 12
SMCX Omega Ratio Rank: 12
SMCX Calmar Ratio Rank: 4
SMCX Martin Ratio Rank: 5

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: 3

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	-0.39	-0.68	+0.29
Sortino ratio Return per unit of downside risk	0.43	-2.10	+2.53
Omega ratio Gain probability vs. loss probability	1.06	0.78	+0.28
Calmar ratio Return relative to maximum drawdown	-0.64	-0.99	+0.34
Martin ratio Return relative to average drawdown	-0.90	-1.27	+0.37
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 -0.39, which is higher than the MSTX Sharpe Ratio of -0.68. The chart below compares the historical Sharpe Ratios of SMCX and MSTX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SMCX	MSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.39	-0.68	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	-0.42	-0.42	0.00

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	-95.87%	-98.61%	+2.74%
Average Drawdown Average peak-to-trough decline	-87.27%	-69.94%	-17.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	67.77%	75.26%	-7.49%

Volatility

SMCX vs. MSTX - Volatility Comparison

Defiance Daily Target 2X Long SMCI ETF (SMCX) has a higher volatility of 57.58% compared to Defiance Daily Target 2X Long MSTR ETF (MSTX) at 39.64%. 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	57.58%	39.64%	+17.94%
Volatility (6M) Calculated over the trailing 6-month period	149.68%	112.57%	+37.11%
Volatility (1Y) Calculated over the trailing 1-year period	157.25%	140.09%	+17.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	199.87%	167.46%	+32.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	199.87%	167.46%	+32.41%

SMCX vs. MSTX - Expense Ratio Comparison

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

Dividends

SMCX vs. MSTX - Dividend Comparison

SMCX's dividend yield for the trailing twelve months is around 3.26%, while MSTX has not paid dividends to shareholders.

Position	TTM	2025	2024
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%
SMCX Defiance Daily Target 2X Long SMCI ETF	3.26%	4.39%	0.00%

Frequently Asked Questions

Can I hold both SMCX and MSTX in my portfolio?

SMCX and MSTX have a correlation of 0.41, 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 MSTX?

SMCX has higher volatility (57.58%) compared to MSTX (39.64%). In terms of maximum drawdown, SMCX dropped -99.02% vs MSTX's -98.66%.

Which ETF is better, SMCX or MSTX?

On 1-year performance, SMCX leads with -60.96% vs -95.49% for MSTX. Both ETFs have the same 1.29% expense ratio. On volatility, MSTX has been the lower-risk option at 39.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMCX or MSTX?

Over the 1-year period, SMCX has performed better with a -60.96% return vs -95.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMCX or MSTX?

SMCX and MSTX have the same expense ratio: 1.29% per year.

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

SMCX has the higher dividend yield at 3.26%, compared with 0.00% for MSTX.

Which has better risk-adjusted returns?

SMCX currently has the higher Sharpe Ratio (-0.39 vs -0.68), 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.