SMCZ vs. FIAT

Last updated Jun 24, 2026

SMCZ (Defiance Daily Target 2X Short SMCI ETF) and FIAT (YieldMax Short COIN Option Income Strategy ETF) are both exchange-traded funds - SMCZ is a Inverse Equities fund actively managed by Defiance, while FIAT is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, SMCZ returned -87.72% vs 25.10% for FIAT. At a 0.49 correlation, their price movements are largely independent. SMCZ charges 1.29%/yr vs 0.99%/yr for FIAT.

Performance

SMCZ vs. FIAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Short SMCI ETF (SMCZ) and YieldMax Short COIN Option Income Strategy ETF (FIAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMCZ achieves a -87.55% return, which is significantly lower than FIAT's 16.16% return.

SMCZ

• 1D: 12.25%
• 1M: -36.38%
• YTD: -87.55%
• 6M: -86.35%
• 1Y: -87.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FIAT

• 1D: 2.82%
• 1M: 11.72%
• YTD: 16.16%
• 6M: 21.46%
• 1Y: 25.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMCZ vs. FIAT - Yearly Performance Comparison

	2026 (YTD)	2025
SMCZ Defiance Daily Target 2X Short SMCI ETF	-87.55%	-62.31%
FIAT YieldMax Short COIN Option Income Strategy ETF	16.16%	-40.97%

Correlation

The correlation between SMCZ and FIAT is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	0.49

Return for Risk

SMCZ vs. FIAT — Risk / Return Rank

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

SMCZ

SMCZ Risk / Return Rank: 3
SMCZ Sharpe Ratio Rank: 5
SMCZ Sortino Ratio Rank: 5
SMCZ Omega Ratio Rank: 5
SMCZ Calmar Ratio Rank: 1
SMCZ Martin Ratio Rank: 0

FIAT

FIAT Risk / Return Rank: 17
FIAT Sharpe Ratio Rank: 16
FIAT Sortino Ratio Rank: 18
FIAT Omega Ratio Rank: 19
FIAT Calmar Ratio Rank: 18
FIAT Martin Ratio Rank: 16

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.

SMCZ vs. FIAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short SMCI ETF (SMCZ) and YieldMax Short COIN Option Income Strategy ETF (FIAT). 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.

	SMCZ	FIAT	Difference
Sharpe ratio: Return per unit of total volatility	-0.51	0.47	-0.98
Sortino ratio: Return per unit of downside risk	-0.52	0.94	-1.46
Omega ratio: Gain probability vs. loss probability	0.93	1.13	-0.19
Calmar ratio: Return relative to maximum drawdown	-0.96	0.74	-1.70
Martin ratio: Return relative to average drawdown	-1.95	1.60	-3.55

SMCZ vs. FIAT - Sharpe Ratio Comparison

The current SMCZ Sharpe Ratio is -0.51, which is lower than the FIAT Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of SMCZ and FIAT, 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

SMCZ vs. FIAT - Drawdown Comparison

The maximum SMCZ drawdown since its inception was -97.40%, which is greater than FIAT's maximum drawdown of -70.50%. Use the drawdown chart below to compare losses from any high point for SMCZ and FIAT.

Drawdown Indicators

	SMCZ	FIAT	Difference
Max Drawdown Largest peak-to-trough decline	-97.40%	-70.50%	-26.90%
Max Drawdown (1Y) Largest decline over 1 year	-91.49%	-34.22%	-57.27%
Current Drawdown Current decline from peak	-96.36%	-49.94%	-46.42%
Average Drawdown Average peak-to-trough decline	-76.32%	-45.40%	-30.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.98%	17.71%	+29.27%

Volatility

SMCZ vs. FIAT - Volatility Comparison

Defiance Daily Target 2X Short SMCI ETF (SMCZ) has a higher volatility of 85.47% compared to YieldMax Short COIN Option Income Strategy ETF (FIAT) at 14.10%. This indicates that SMCZ's price experiences larger fluctuations and is considered to be riskier than FIAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMCZ	FIAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	85.47%	14.10%	+71.37%
Volatility (6M) Calculated over the trailing 6-month period	149.88%	42.87%	+107.01%
Volatility (1Y) Calculated over the trailing 1-year period	173.51%	53.54%	+119.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	174.65%	60.24%	+114.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	174.65%	60.24%	+114.41%

SMCZ vs. FIAT - Expense Ratio Comparison

SMCZ has a 1.29% expense ratio, which is higher than FIAT's 0.99% expense ratio.

Dividends

SMCZ vs. FIAT - Dividend Comparison

SMCZ's dividend yield for the trailing twelve months is around 16.31%, less than FIAT's 100.29% yield.

Position	TTM	2025	2024
FIAT YieldMax Short COIN Option Income Strategy ETF	100.29%	178.11%	70.99%
SMCZ Defiance Daily Target 2X Short SMCI ETF	16.31%	2.03%	0.00%

Frequently Asked Questions

Can I hold both SMCZ and FIAT in my portfolio?

SMCZ and FIAT have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMCZ or FIAT?

SMCZ has higher volatility (85.47%) compared to FIAT (14.10%). In terms of maximum drawdown, SMCZ dropped -97.40% vs FIAT's -70.50%.

Which ETF is better, SMCZ or FIAT?

On 1-year performance, FIAT leads with 25.10% vs -87.72% for SMCZ. On fees, FIAT is cheaper at 0.99% per year. On volatility, FIAT has been the lower-risk option at 14.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMCZ or FIAT?

Over the 1-year period, FIAT has performed better with a 25.10% return vs -87.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMCZ or FIAT?

FIAT is cheaper with a 0.99% expense ratio, compared with 1.29% for SMCZ.

Which ETF pays a higher dividend yield, SMCZ or FIAT?

FIAT has the higher dividend yield at 100.29%, compared with 16.31% for SMCZ.

What is the main difference between SMCZ and FIAT?

SMCZ is categorized as Inverse Equities, while FIAT is Derivative Income. They also come from different issuers: Defiance and YieldMax. Their fees differ too: 1.29% for SMCZ and 0.99% for FIAT.

Which has better risk-adjusted returns?

FIAT currently has the higher Sharpe Ratio (0.47 vs -0.51), 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.