SMST vs. BMNZ

Last updated Aug 4, 2026

SMST (Defiance Daily Target 2X Short MSTR ETF) and BMNZ (Defiance Daily Target 2X Short BMNR ETF) are both Inverse Equities funds from Defiance. SMST is actively managed, while BMNZ is passively managed. Their correlation of 0.81 means they have usually moved in the same direction. SMST charges 1.29%/yr vs 1.31%/yr for BMNZ.

Performance

SMST vs. BMNZ - 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 Daily Target 2X Short BMNR ETF (BMNZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMST achieves a -37.72% return, which is significantly higher than BMNZ's -41.44% return.

SMST

• 1D: -3.03%
• 1M: 2.28%
• 6M: -39.60%
• YTD: -37.72%
• 1Y: 121.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -83.81%

BMNZ

• 1D: -2.10%
• 1M: -46.48%
• 6M: -46.56%
• YTD: -41.44%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
BMNZ Defiance Daily Target 2X Short BMNR ETF	$14.98M	$14.38M	$14.62M
SMST Defiance Daily Target 2X Short MSTR ETF	$15.12M	$14.46M	$17.51M

SMST vs. BMNZ - Yearly Performance Comparison

	2026 (YTD)	2025
SMST Defiance Daily Target 2X Short MSTR ETF	-37.72%	82.35%
BMNZ Defiance Daily Target 2X Short BMNR ETF	-41.44%	15.30%

Correlation

The correlation between SMST and BMNZ is 0.81, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 13, 2025	0.81

Return for Risk

SMST vs. BMNZ — Risk / Return Rank

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

SMST

SMST Risk / Return Rank: 40
SMST Sharpe Ratio Rank: 32
SMST Sortino Ratio Rank: 50
SMST Omega Ratio Rank: 50
SMST Calmar Ratio Rank: 39
SMST Martin Ratio Rank: 29

BMNZ

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

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.

SMST vs. BMNZ - 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 Daily Target 2X Short BMNR ETF (BMNZ). 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	BMNZ	Difference
Sharpe ratio: Return per unit of total volatility	0.81	—	—
Sortino ratio: Return per unit of downside risk	1.89	—	—
Omega ratio: Gain probability vs. loss probability	1.24	—	—
Calmar ratio: Return relative to maximum drawdown	1.43	—	—
Martin ratio: Return relative to average drawdown	2.62	—	—

Drawdowns

SMST vs. BMNZ - Drawdown Comparison

The maximum SMST drawdown since its inception was -99.25%, which is greater than BMNZ's maximum drawdown of -70.80%. Use the drawdown chart below to compare losses from any high point for SMST and BMNZ.

Drawdown Indicators

	SMST	BMNZ	Difference
Max Drawdown Largest peak-to-trough decline	-99.25%	-70.80%	-28.45%
Max Drawdown (1Y) Largest decline over 1 year	-85.39%	—	—
Current Drawdown Current decline from peak	-97.55%	-67.21%	-30.34%
Average Drawdown Average peak-to-trough decline	-91.09%	-50.82%	-40.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.51%	—	—

Volatility

Volatility by Period

	SMST	BMNZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.07%	—	—
Volatility (6M) Calculated over the trailing 6-month period	134.96%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	150.32%	184.84%	-34.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	166.60%	184.84%	-18.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	166.60%	184.84%	-18.24%

SMST vs. BMNZ - Expense Ratio Comparison

SMST has a 1.29% expense ratio, which is lower than BMNZ's 1.31% expense ratio.

Dividends

SMST vs. BMNZ - Dividend Comparison

Neither SMST nor BMNZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SMST and BMNZ in my portfolio?

SMST and BMNZ have a correlation of 0.81, 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 BMNZ?

On fees, SMST is cheaper at 1.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMST or BMNZ?

SMST is cheaper with a 1.29% expense ratio, compared with 1.31% for BMNZ.

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

SMST and BMNZ have nearly identical dividend yields, around 0.00%.

What is the main difference between SMST and BMNZ?

Their fees differ too: 1.29% for SMST and 1.31% for BMNZ.