SMST vs. AGIX

Last updated Jun 24, 2026

SMST (Defiance Daily Target 2X Short MSTR ETF) and AGIX (KraneShares Artificial Intelligence & Technology ETF) are both exchange-traded funds - SMST is a Inverse Equities fund actively managed by Defiance, while AGIX is a Technology Equities fund tracking the Solactive Etna Artificial General Intelligence Index. SMST is actively managed, while AGIX is passively managed. Over the past year, SMST returned 112.90% vs 51.81% for AGIX. At a correlation of -0.52, they often move in opposite directions. SMST charges 1.29%/yr vs 1.00%/yr for AGIX.

Performance

SMST vs. AGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Short MSTR ETF (SMST) and KraneShares Artificial Intelligence & Technology ETF (AGIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMST achieves a -32.44% return, which is significantly lower than AGIX's 24.95% return.

SMST

• 1D: 9.85%
• 1M: 101.03%
• YTD: -32.44%
• 6M: -27.49%
• 1Y: 112.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AGIX

• 1D: -3.43%
• 1M: 0.47%
• YTD: 24.95%
• 6M: 23.23%
• 1Y: 51.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMST vs. AGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMST Defiance Daily Target 2X Short MSTR ETF	-32.44%	-44.36%	-91.71%
AGIX KraneShares Artificial Intelligence & Technology ETF	24.95%	29.24%	13.98%

Correlation

The correlation between SMST and AGIX is -0.56, 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	-0.56
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.52

The correlation between SMST and AGIX has been stable across timeframes, ranging from -0.56 to -0.52 - a consistent structural relationship.

Return for Risk

SMST vs. AGIX — Risk / Return Rank

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

SMST

SMST Risk / Return Rank: 30
SMST Sharpe Ratio Rank: 24
SMST Sortino Ratio Rank: 39
SMST Omega Ratio Rank: 38
SMST Calmar Ratio Rank: 29
SMST Martin Ratio Rank: 22

AGIX

AGIX Risk / Return Rank: 54
AGIX Sharpe Ratio Rank: 60
AGIX Sortino Ratio Rank: 53
AGIX Omega Ratio Rank: 52
AGIX Calmar Ratio Rank: 56
AGIX Martin Ratio Rank: 47

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.

SMST vs. AGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short MSTR ETF (SMST) and KraneShares Artificial Intelligence & Technology ETF (AGIX). 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.

	SMST	AGIX	Difference
Sharpe ratio: Return per unit of total volatility	0.79	1.91	-1.13
Sortino ratio: Return per unit of downside risk	1.86	2.47	-0.61
Omega ratio: Gain probability vs. loss probability	1.23	1.31	-0.08
Calmar ratio: Return relative to maximum drawdown	1.33	2.62	-1.29
Martin ratio: Return relative to average drawdown	2.63	7.48	-4.85

SMST vs. AGIX - Sharpe Ratio Comparison

The current SMST Sharpe Ratio is 0.79, which is lower than the AGIX Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of SMST and AGIX, 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

SMST vs. AGIX - Drawdown Comparison

The maximum SMST drawdown since its inception was -99.25%, which is greater than AGIX's maximum drawdown of -31.48%. Use the drawdown chart below to compare losses from any high point for SMST and AGIX.

Drawdown Indicators

	SMST	AGIX	Difference
Max Drawdown Largest peak-to-trough decline	-99.25%	-31.48%	-67.77%
Max Drawdown (1Y) Largest decline over 1 year	-85.39%	-19.85%	-65.54%
Current Drawdown Current decline from peak	-97.35%	-8.18%	-89.17%
Average Drawdown Average peak-to-trough decline	-90.72%	-5.89%	-84.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.37%	6.95%	+36.42%

Volatility

SMST vs. AGIX - Volatility Comparison

Defiance Daily Target 2X Short MSTR ETF (SMST) has a higher volatility of 42.53% compared to KraneShares Artificial Intelligence & Technology ETF (AGIX) at 12.54%. This indicates that SMST's price experiences larger fluctuations and is considered to be riskier than AGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMST	AGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	42.53%	12.54%	+29.99%
Volatility (6M) Calculated over the trailing 6-month period	128.39%	22.26%	+106.13%
Volatility (1Y) Calculated over the trailing 1-year period	144.30%	27.22%	+117.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	166.48%	29.93%	+136.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	166.48%	29.93%	+136.55%

SMST vs. AGIX - Expense Ratio Comparison

SMST has a 1.29% expense ratio, which is higher than AGIX's 1.00% expense ratio.

Dividends

SMST vs. AGIX - Dividend Comparison

SMST has not paid dividends to shareholders, while AGIX's dividend yield for the trailing twelve months is around 0.96%.

Position	TTM	2025	2024
AGIX KraneShares Artificial Intelligence & Technology ETF	0.96%	1.21%	0.77%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMST and AGIX in my portfolio?

SMST and AGIX have a correlation of -0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMST or AGIX?

SMST has higher volatility (42.53%) compared to AGIX (12.54%). In terms of maximum drawdown, SMST dropped -99.25% vs AGIX's -31.48%.

Which ETF is better, SMST or AGIX?

On 1-year performance, SMST leads with 112.90% vs 51.81% for AGIX. On fees, AGIX is cheaper at 1.00% per year. On volatility, AGIX has been the lower-risk option at 12.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMST or AGIX?

Over the 1-year period, SMST has performed better with a 112.90% return vs 51.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMST or AGIX?

AGIX is cheaper with a 1.00% expense ratio, compared with 1.29% for SMST.

Which ETF pays a higher dividend yield, SMST or AGIX?

AGIX has the higher dividend yield at 0.96%, compared with 0.00% for SMST.

What is the main difference between SMST and AGIX?

SMST is categorized as Inverse Equities, while AGIX is Technology Equities. They also come from different issuers: Defiance and Kraneshares. Their fees differ too: 1.29% for SMST and 1.00% for AGIX.

Which has better risk-adjusted returns?

AGIX currently has the higher Sharpe Ratio (1.91 vs 0.79), 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.