SMST vs. AIPO

Last updated Jun 4, 2026

SMST (Defiance Daily Target 2X Short MSTR ETF) and AIPO (Defiance AI & Power Infrastructure ETF) are both exchange-traded funds - SMST is a Inverse Equities fund actively managed by Defiance, while AIPO is a Technology Equities fund tracking the MarketVector™ US Listed AI and Power Infrastructure Index. SMST is actively managed, while AIPO is passively managed. At a correlation of -0.45, they often move in opposite directions. SMST charges 1.29%/yr vs 0.69%/yr for AIPO.

Performance

SMST vs. AIPO - Performance Comparison

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

Returns By Period

In the year-to-date period, SMST achieves a -49.49% return, which is significantly lower than AIPO's 52.03% return.

SMST

• 1D: 13.96%
• 1M: 85.04%
• YTD: -49.49%
• 6M: -27.60%
• 1Y: 73.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AIPO

• 1D: -1.12%
• 1M: 6.63%
• YTD: 52.03%
• 6M: 45.92%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMST vs. AIPO - Yearly Performance Comparison

	2026 (YTD)	2025
SMST Defiance Daily Target 2X Short MSTR ETF	-49.49%	323.94%
AIPO Defiance AI & Power Infrastructure ETF	52.03%	8.68%

Correlation

The correlation between SMST and AIPO is -0.45, 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 (All Time) Calculated using the full available price history since Jul 28, 2025	-0.45

Return for Risk

SMST vs. AIPO — Risk / Return Rank

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

SMST

SMST Risk / Return Rank: 24
SMST Sharpe Ratio Rank: 18
SMST Sortino Ratio Rank: 31
SMST Omega Ratio Rank: 32
SMST Calmar Ratio Rank: 21
SMST Martin Ratio Rank: 18

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. AIPO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short MSTR ETF (SMST) and Defiance AI & Power Infrastructure ETF (AIPO). 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.

	SMST	AIPO	Difference
Sharpe ratio: Return per unit of total volatility	0.52	—	—
Sortino ratio: Return per unit of downside risk	1.63	—	—
Omega ratio: Gain probability vs. loss probability	1.21	—	—
Calmar ratio: Return relative to maximum drawdown	0.86	—	—
Martin ratio: Return relative to average drawdown	1.81	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SMST	AIPO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.52	2.36	-2.88

Drawdowns

SMST vs. AIPO - Drawdown Comparison

The maximum SMST drawdown since its inception was -99.25%, which is greater than AIPO's maximum drawdown of -17.31%. Use the drawdown chart below to compare losses from any high point for SMST and AIPO.

Drawdown Indicators

	SMST	AIPO	Difference
Max Drawdown Largest peak-to-trough decline	-99.25%	-17.31%	-81.94%
Max Drawdown (1Y) Largest decline over 1 year	-85.39%	—	—
Current Drawdown Current decline from peak	-98.02%	-1.12%	-96.90%
Average Drawdown Average peak-to-trough decline	-90.67%	-4.38%	-86.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.73%	—	—

Volatility

Volatility by Period

	SMST	AIPO	Difference
Volatility (1M) Calculated over the trailing 1-month period	37.33%	—	—
Volatility (6M) Calculated over the trailing 6-month period	126.48%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	140.93%	34.09%	+106.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	166.79%	34.09%	+132.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	166.79%	34.09%	+132.70%

SMST vs. AIPO - Expense Ratio Comparison

SMST has a 1.29% expense ratio, which is higher than AIPO's 0.69% expense ratio.

Dividends

SMST vs. AIPO - Dividend Comparison

SMST has not paid dividends to shareholders, while AIPO's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025
AIPO Defiance AI & Power Infrastructure ETF	0.01%	0.01%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMST and AIPO in my portfolio?

SMST and AIPO have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMST or AIPO?

On fees, AIPO is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMST or AIPO?

AIPO is cheaper with a 0.69% expense ratio, compared with 1.29% for SMST.

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

AIPO has the higher dividend yield at 0.01%, compared with 0.00% for SMST.

What is the main difference between SMST and AIPO?

SMST is categorized as Inverse Equities, while AIPO is Technology Equities. Their fees differ too: 1.29% for SMST and 0.69% for AIPO.