SMCZ vs. MSTX

Last updated Aug 4, 2026

SMCZ (Defiance Daily Target 2X Short SMCI ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both exchange-traded funds - SMCZ is a Inverse Equities fund actively managed by Defiance, while MSTX is a Leveraged Equities fund actively managed by Defiance. Both are actively managed. Over the past year, SMCZ returned -73.11% vs -97.33% for MSTX. Their -0.36 correlation means they have often moved in opposite directions in the past. Both charge a 1.29% expense ratio.

Performance

SMCZ vs. MSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Short SMCI ETF (SMCZ) 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, SMCZ achieves a -87.76% return, which is significantly lower than MSTX's -78.55% return.

SMCZ

• 1D: -1.52%
• 1M: -31.27%
• 6M: -85.93%
• YTD: -87.76%
• 1Y: -73.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -89.95%

MSTX

• 1D: 2.74%
• 1M: -15.97%
• 6M: -72.56%
• YTD: -78.55%
• 1Y: -97.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -77.14%

*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)
MSTX Defiance Daily Target 2X Long MSTR ETF	$55.75M	$61.98M	$78.79M
SMCZ Defiance Daily Target 2X Short SMCI ETF	$23.07M	$12.69M	$14.60M

SMCZ vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025
SMCZ Defiance Daily Target 2X Short SMCI ETF	-87.76%	-62.31%
MSTX Defiance Daily Target 2X Long MSTR ETF	-78.55%	-85.08%

Correlation

The correlation between SMCZ and MSTX is -0.37, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.37
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	-0.36

Return for Risk

SMCZ vs. MSTX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SMCZ

SMCZ Risk / Return Rank: 7
SMCZ Sharpe Ratio Rank: 6
SMCZ Sortino Ratio Rank: 12
SMCZ Omega Ratio Rank: 12
SMCZ Calmar Ratio Rank: 3
SMCZ Martin Ratio Rank: 1

MSTX

MSTX Risk / Return Rank: 2
MSTX Sharpe Ratio Rank: 4
MSTX Sortino Ratio Rank: 0
MSTX Omega Ratio Rank: 0
MSTX Calmar Ratio Rank: 0
MSTX Martin Ratio Rank: 3

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.

SMCZ vs. MSTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short SMCI ETF (SMCZ) 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.

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	MSTX	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	-0.65	+0.24
Sortino ratio: Return per unit of downside risk	0.24	-2.33	+2.58
Omega ratio: Gain probability vs. loss probability	1.03	0.76	+0.27
Calmar ratio: Return relative to maximum drawdown	-0.80	-0.99	+0.19
Martin ratio: Return relative to average drawdown	-1.47	-1.20	-0.27

SMCZ vs. MSTX - Sharpe Ratio Comparison

The current SMCZ Sharpe Ratio is -0.41, which is higher than the MSTX Sharpe Ratio of -0.65. The chart below compares the historical Sharpe Ratios of SMCZ 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.

Drawdowns

SMCZ vs. MSTX - Drawdown Comparison

The maximum SMCZ drawdown since its inception was -97.40%, roughly equal to the maximum MSTX drawdown of -99.46%. Use the drawdown chart below to compare losses from any high point for SMCZ and MSTX.

Drawdown Indicators

	SMCZ	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-97.40%	-99.46%	+2.06%
Max Drawdown (1Y) Largest decline over 1 year	-91.49%	-98.15%	+6.66%
Current Drawdown Current decline from peak	-96.42%	-99.34%	+2.92%
Average Drawdown Average peak-to-trough decline	-77.91%	-72.24%	-5.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	49.58%	80.85%	-31.27%

Volatility

SMCZ vs. MSTX - Volatility Comparison

Defiance Daily Target 2X Short SMCI ETF (SMCZ) has a higher volatility of 65.84% compared to Defiance Daily Target 2X Long MSTR ETF (MSTX) at 33.10%. This indicates that SMCZ'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

	SMCZ	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	65.84%	33.10%	+32.74%
Volatility (6M) Calculated over the trailing 6-month period	160.74%	120.28%	+40.46%
Volatility (1Y) Calculated over the trailing 1-year period	178.69%	149.19%	+29.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	175.68%	167.01%	+8.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	175.68%	167.01%	+8.67%

SMCZ vs. MSTX - Expense Ratio Comparison

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

Dividends

SMCZ vs. MSTX - Dividend Comparison

SMCZ's dividend yield for the trailing twelve months is around 16.59%, 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%
SMCZ Defiance Daily Target 2X Short SMCI ETF	16.59%	2.03%	0.00%

Frequently Asked Questions

Can I hold both SMCZ and MSTX in my portfolio?

SMCZ and MSTX have a correlation of -0.37, 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 MSTX?

SMCZ has higher volatility (65.84%) compared to MSTX (33.10%). In terms of maximum drawdown, SMCZ dropped -97.40% vs MSTX's -99.46%.

Which ETF is better, SMCZ or MSTX?

On 1-year performance, SMCZ leads with -73.11% vs -97.33% for MSTX. Both ETFs have the same 1.29% expense ratio. On volatility, MSTX has been the lower-risk option at 33.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMCZ or MSTX?

Over the 1-year period, SMCZ has performed better with a -73.11% return vs -97.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMCZ or MSTX?

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

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

SMCZ has the higher dividend yield at 16.59%, compared with 0.00% for MSTX.

What is the main difference between SMCZ and MSTX?

SMCZ is categorized as Inverse Equities, while MSTX is Leveraged Equities.

Which has better risk-adjusted returns?

SMCZ currently has the higher Sharpe Ratio (-0.41 vs -0.65), 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.