SMCX vs. XMAG

Last updated Aug 4, 2026

SMCX (Defiance Daily Target 2X Long SMCI ETF) and XMAG (Defiance Large Cap ex-Mag 7 ETF) are both exchange-traded funds - SMCX is a Leveraged Equities fund actively managed by Defiance, while XMAG is a Large Cap Blend Equities fund tracking the BITA US 500 ex Magnificent 7 Index. SMCX is actively managed, while XMAG is passively managed. Over the past year, SMCX returned -93.55% vs 22.05% for XMAG. Their 0.43 correlation means their historical movements had little consistent relationship. SMCX charges 1.29%/yr vs 0.35%/yr for XMAG.

Performance

SMCX vs. XMAG - 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 Large Cap ex-Mag 7 ETF (XMAG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMCX achieves a -66.27% return, which is significantly lower than XMAG's 13.00% return.

SMCX

• 1D: 1.72%
• 1M: 0.79%
• 6M: -65.61%
• YTD: -66.27%
• 1Y: -93.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -90.73%

XMAG

• 1D: 0.57%
• 1M: -0.85%
• 6M: 10.53%
• YTD: 13.00%
• 1Y: 22.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.22%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SMCX Defiance Daily Target 2X Long SMCI ETF	$67.65M	$49.80M	$65.83M
XMAG Defiance Large Cap ex-Mag 7 ETF	$1.33M	$2.48M	$1.96M

SMCX vs. XMAG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMCX Defiance Daily Target 2X Long SMCI ETF	-66.27%	-69.78%	-80.06%
XMAG Defiance Large Cap ex-Mag 7 ETF	13.00%	15.63%	-1.52%

Correlation

The correlation between SMCX and XMAG is 0.51, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.51
Correlation (All Time) Calculated using the full available price history since Oct 22, 2024	0.43

The correlation between SMCX and XMAG has been stable across timeframes, ranging from 0.43 to 0.51 - a consistent structural relationship.

Return for Risk

SMCX vs. XMAG — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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

XMAG

XMAG Risk / Return Rank: 80
XMAG Sharpe Ratio Rank: 79
XMAG Sortino Ratio Rank: 81
XMAG Omega Ratio Rank: 75
XMAG Calmar Ratio Rank: 81
XMAG Martin Ratio Rank: 86

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SMCX vs. XMAG - 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 Large Cap ex-Mag 7 ETF (XMAG). 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	XMAG	Difference
Sharpe ratio: Return per unit of total volatility	-0.53	1.85	-2.38
Sortino ratio: Return per unit of downside risk	-0.67	2.66	-3.33
Omega ratio: Gain probability vs. loss probability	0.91	1.32	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.98	3.04	-4.02
Martin ratio: Return relative to average drawdown	-1.24	12.63	-13.86

SMCX vs. XMAG - Sharpe Ratio Comparison

The current SMCX Sharpe Ratio is -0.53, which is lower than the XMAG Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of SMCX and XMAG, 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. XMAG - Drawdown Comparison

The maximum SMCX drawdown since its inception was -99.28%, which is greater than XMAG's maximum drawdown of -16.17%. Use the drawdown chart below to compare losses from any high point for SMCX and XMAG.

Drawdown Indicators

	SMCX	XMAG	Difference
Max Drawdown Largest peak-to-trough decline	-99.28%	-16.17%	-83.11%
Max Drawdown (1Y) Largest decline over 1 year	-95.47%	-7.29%	-88.18%
Current Drawdown Current decline from peak	-99.02%	-2.20%	-96.82%
Average Drawdown Average peak-to-trough decline	-88.74%	-2.07%	-86.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	75.42%	1.75%	+73.67%

Volatility

SMCX vs. XMAG - Volatility Comparison

Defiance Daily Target 2X Long SMCI ETF (SMCX) has a higher volatility of 54.15% compared to Defiance Large Cap ex-Mag 7 ETF (XMAG) at 3.59%. This indicates that SMCX's price experiences larger fluctuations and is considered to be riskier than XMAG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMCX	XMAG	Difference
Volatility (1M) Calculated over the trailing 1-month period	54.15%	3.59%	+50.56%
Volatility (6M) Calculated over the trailing 6-month period	183.78%	9.62%	+174.16%
Volatility (1Y) Calculated over the trailing 1-year period	178.56%	11.99%	+166.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	204.04%	15.02%	+189.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	204.04%	15.02%	+189.02%

SMCX vs. XMAG - Expense Ratio Comparison

SMCX has a 1.29% expense ratio, which is higher than XMAG's 0.35% expense ratio.

Dividends

SMCX vs. XMAG - Dividend Comparison

SMCX's dividend yield for the trailing twelve months is around 13.00%, more than XMAG's 0.46% yield.

Position	TTM	2025	2024
SMCX Defiance Daily Target 2X Long SMCI ETF	13.00%	4.39%	0.00%
XMAG Defiance Large Cap ex-Mag 7 ETF	0.46%	0.51%	0.24%

Frequently Asked Questions

Can I hold both SMCX and XMAG in my portfolio?

SMCX and XMAG have a correlation of 0.51, 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 XMAG?

SMCX has higher volatility (54.15%) compared to XMAG (3.59%). In terms of maximum drawdown, SMCX dropped -99.28% vs XMAG's -16.17%.

Which ETF is better, SMCX or XMAG?

On 1-year performance, XMAG leads with 22.05% vs -93.55% for SMCX. On fees, XMAG is cheaper at 0.35% per year. On volatility, XMAG has been the lower-risk option at 3.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMCX or XMAG?

Over the 1-year period, XMAG has performed better with a 22.05% return vs -93.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMCX or XMAG?

XMAG is cheaper with a 0.35% expense ratio, compared with 1.29% for SMCX.

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

SMCX has the higher dividend yield at 13.00%, compared with 0.46% for XMAG.

What is the main difference between SMCX and XMAG?

SMCX is categorized as Leveraged Equities, while XMAG is Large Cap Blend Equities. Their fees differ too: 1.29% for SMCX and 0.35% for XMAG.

Which has better risk-adjusted returns?

XMAG currently has the higher Sharpe Ratio (1.85 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.