SMQ vs. FIAT

Last updated Jun 6, 2026

SMQ (Tradr 1X Short Innovation 100 Monthly ETF) and FIAT (YieldMax Short COIN Option Income Strategy ETF) are both exchange-traded funds - SMQ is a Inverse Equities fund actively managed by Tradr, while FIAT is a Derivative Income fund actively managed by YieldMax. Both are actively managed. A 0.51 correlation means they provide meaningful diversification when combined. SMQ charges 1.50%/yr vs 0.99%/yr for FIAT.

Performance

SMQ vs. FIAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 1X Short Innovation 100 Monthly ETF (SMQ) 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, SMQ achieves a -15.77% return, which is significantly lower than FIAT's 19.82% return.

SMQ

• 1D: 4.62%
• 1M: -3.50%
• YTD: -15.77%
• 6M: -14.26%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FIAT

• 1D: 5.85%
• 1M: 20.43%
• YTD: 19.82%
• 6M: 37.86%
• 1Y: 1.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMQ vs. FIAT - Yearly Performance Comparison

	2026 (YTD)	2025
SMQ Tradr 1X Short Innovation 100 Monthly ETF	-15.77%	0.39%
FIAT YieldMax Short COIN Option Income Strategy ETF	19.82%	11.45%

Correlation

The correlation between SMQ and FIAT is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 2, 2025	0.51

Return for Risk

SMQ vs. FIAT — Risk / Return Rank

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

FIAT

FIAT Risk / Return Rank: 11
FIAT Sharpe Ratio Rank: 10
FIAT Sortino Ratio Rank: 12
FIAT Omega Ratio Rank: 13
FIAT Calmar Ratio Rank: 10
FIAT Martin Ratio Rank: 9

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.

SMQ vs. FIAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 1X Short Innovation 100 Monthly ETF (SMQ) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SMQ	FIAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.03	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.47	-0.34	-1.13

Drawdowns

SMQ vs. FIAT - Drawdown Comparison

The maximum SMQ drawdown since its inception was -27.62%, smaller than the maximum FIAT drawdown of -70.50%. Use the drawdown chart below to compare losses from any high point for SMQ and FIAT.

Drawdown Indicators

	SMQ	FIAT	Difference
Max Drawdown Largest peak-to-trough decline	-27.62%	-70.50%	+42.88%
Max Drawdown (1Y) Largest decline over 1 year	—	-42.26%	—
Current Drawdown Current decline from peak	-23.66%	-48.36%	+24.70%
Average Drawdown Average peak-to-trough decline	-7.66%	-45.37%	+37.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	27.36%	—

Volatility

Volatility by Period

	SMQ	FIAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	16.10%	—
Volatility (6M) Calculated over the trailing 6-month period	—	42.14%	—
Volatility (1Y) Calculated over the trailing 1-year period	19.18%	55.65%	-36.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.18%	60.59%	-41.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.18%	60.59%	-41.41%

SMQ vs. FIAT - Expense Ratio Comparison

SMQ has a 1.50% expense ratio, which is higher than FIAT's 0.99% expense ratio.

Dividends

SMQ vs. FIAT - Dividend Comparison

SMQ's dividend yield for the trailing twelve months is around 0.29%, less than FIAT's 91.05% yield.

Position	TTM	2025	2024
FIAT YieldMax Short COIN Option Income Strategy ETF	91.05%	178.11%	70.99%
SMQ Tradr 1X Short Innovation 100 Monthly ETF	0.29%	0.25%	0.00%

Frequently Asked Questions

Can I hold both SMQ and FIAT in my portfolio?

SMQ and FIAT 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 ETF is better, SMQ or FIAT?

On fees, FIAT is cheaper at 0.99% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMQ or FIAT?

FIAT is cheaper with a 0.99% expense ratio, compared with 1.50% for SMQ.

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

FIAT has the higher dividend yield at 91.05%, compared with 0.29% for SMQ.

What is the main difference between SMQ and FIAT?

SMQ is categorized as Inverse Equities, while FIAT is Derivative Income. They also come from different issuers: Tradr and YieldMax. Their fees differ too: 1.50% for SMQ and 0.99% for FIAT.