SMCZ vs. IRBO

Last updated Jun 24, 2026

SMCZ (Defiance Daily Target 2X Short SMCI ETF) and IRBO (iShares Future AI & Tech ETF) are both exchange-traded funds - SMCZ is a Inverse Equities fund actively managed by Defiance, while IRBO is a Robotics fund tracking the Morningstar Global Artificial Intelligence Select Index. SMCZ is actively managed, while IRBO is passively managed. Over the past year, SMCZ returned -87.72% vs 93.11% for IRBO. At a correlation of -0.71, they often move in opposite directions. SMCZ charges 1.29%/yr vs 0.47%/yr for IRBO.

Performance

SMCZ vs. IRBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Short SMCI ETF (SMCZ) and iShares Future AI & Tech ETF (IRBO). 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 IRBO's 54.55% return.

SMCZ

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

IRBO

• 1D: -6.30%
• 1M: 8.26%
• YTD: 54.55%
• 6M: 54.11%
• 1Y: 93.11%
• 3Y*: 33.04%
• 5Y*: 11.69%
• 10Y*: —

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

SMCZ vs. IRBO - Yearly Performance Comparison

	2026 (YTD)	2025
SMCZ Defiance Daily Target 2X Short SMCI ETF	-87.55%	-62.31%
IRBO iShares Future AI & Tech ETF	54.55%	53.20%

Correlation

The correlation between SMCZ and IRBO is -0.70, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.70
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	-0.71

The correlation between SMCZ and IRBO has been stable across timeframes, ranging from -0.71 to -0.70 - a consistent structural relationship.

Return for Risk

SMCZ vs. IRBO — 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

IRBO

IRBO Risk / Return Rank: 81
IRBO Sharpe Ratio Rank: 88
IRBO Sortino Ratio Rank: 71
IRBO Omega Ratio Rank: 76
IRBO Calmar Ratio Rank: 88
IRBO Martin Ratio Rank: 83

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. IRBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short SMCI ETF (SMCZ) and iShares Future AI & Tech ETF (IRBO). 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	IRBO	Difference
Sharpe ratio: Return per unit of total volatility	-0.51	2.74	-3.25
Sortino ratio: Return per unit of downside risk	-0.52	3.07	-3.59
Omega ratio: Gain probability vs. loss probability	0.93	1.42	-0.49
Calmar ratio: Return relative to maximum drawdown	-0.96	4.98	-5.94
Martin ratio: Return relative to average drawdown	-1.95	16.28	-18.23

SMCZ vs. IRBO - Sharpe Ratio Comparison

The current SMCZ Sharpe Ratio is -0.51, which is lower than the IRBO Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of SMCZ and IRBO, 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. IRBO - Drawdown Comparison

The maximum SMCZ drawdown since its inception was -97.40%, which is greater than IRBO's maximum drawdown of -54.50%. Use the drawdown chart below to compare losses from any high point for SMCZ and IRBO.

Drawdown Indicators

	SMCZ	IRBO	Difference
Max Drawdown Largest peak-to-trough decline	-97.40%	-54.50%	-42.90%
Max Drawdown (1Y) Largest decline over 1 year	-91.49%	-18.81%	-72.68%
Max Drawdown (3Y) Largest decline over 3 years	—	-32.44%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-50.53%	—
Current Drawdown Current decline from peak	-96.36%	-7.78%	-88.58%
Average Drawdown Average peak-to-trough decline	-76.32%	-19.76%	-56.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.98%	5.74%	+41.24%

Volatility

SMCZ vs. IRBO - Volatility Comparison

Defiance Daily Target 2X Short SMCI ETF (SMCZ) has a higher volatility of 85.47% compared to iShares Future AI & Tech ETF (IRBO) at 19.32%. This indicates that SMCZ's price experiences larger fluctuations and is considered to be riskier than IRBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMCZ	IRBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	85.47%	19.32%	+66.15%
Volatility (6M) Calculated over the trailing 6-month period	149.88%	30.00%	+119.88%
Volatility (1Y) Calculated over the trailing 1-year period	173.51%	34.22%	+139.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	174.65%	29.57%	+145.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	174.65%	28.30%	+146.35%

SMCZ vs. IRBO - Expense Ratio Comparison

SMCZ has a 1.29% expense ratio, which is higher than IRBO's 0.47% expense ratio.

Dividends

SMCZ vs. IRBO - Dividend Comparison

SMCZ's dividend yield for the trailing twelve months is around 16.31%, more than IRBO's 0.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
IRBO iShares Future AI & Tech ETF	0.06%	0.00%	0.50%	0.88%	0.75%	2.41%	0.53%	0.69%	0.34%
SMCZ Defiance Daily Target 2X Short SMCI ETF	16.31%	2.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMCZ and IRBO in my portfolio?

SMCZ and IRBO have a correlation of -0.70, 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 IRBO?

SMCZ has higher volatility (85.47%) compared to IRBO (19.32%). In terms of maximum drawdown, SMCZ dropped -97.40% vs IRBO's -54.50%.

Which ETF is better, SMCZ or IRBO?

On 1-year performance, IRBO leads with 93.11% vs -87.72% for SMCZ. On fees, IRBO is cheaper at 0.47% per year. On volatility, IRBO has been the lower-risk option at 19.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMCZ or IRBO?

Over the 1-year period, IRBO has performed better with a 93.11% 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 IRBO?

IRBO is cheaper with a 0.47% expense ratio, compared with 1.29% for SMCZ.

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

SMCZ has the higher dividend yield at 16.31%, compared with 0.06% for IRBO.

What is the main difference between SMCZ and IRBO?

SMCZ is categorized as Inverse Equities, while IRBO is Robotics. They also come from different issuers: Defiance and iShares. Their fees differ too: 1.29% for SMCZ and 0.47% for IRBO.

Which has better risk-adjusted returns?

IRBO currently has the higher Sharpe Ratio (2.74 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.