SMST vs. JEDI

Last updated Jul 15, 2026

SMST (Defiance Daily Target 2X Short MSTR ETF) and JEDI (Defiance Drone and Modern Warfare ETF) are both exchange-traded funds - SMST is a Inverse Equities fund actively managed by Defiance, while JEDI is a Aerospace & Defense fund tracking the BITA Drone & Modern Warfare Select Index. SMST is actively managed, while JEDI is passively managed. At a correlation of -0.47, they often move in opposite directions. SMST charges 1.29%/yr vs 0.69%/yr for JEDI.

Performance

SMST vs. JEDI - 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 Drone and Modern Warfare ETF (JEDI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMST achieves a -36.68% return, which is significantly lower than JEDI's 3.87% return.

SMST

• 1D: -12.10%
• 1M: 26.91%
• 6M: -13.52%
• YTD: -36.68%
• 1Y: 223.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JEDI

• 1D: 2.56%
• 1M: -20.67%
• 6M: -13.86%
• YTD: 3.87%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMST vs. JEDI - Yearly Performance Comparison

	2026 (YTD)	2025
SMST Defiance Daily Target 2X Short MSTR ETF	-36.68%	172.30%
JEDI Defiance Drone and Modern Warfare ETF	3.87%	-3.42%

Correlation

The correlation between SMST and JEDI is -0.47, 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 Sep 26, 2025	-0.47

Return for Risk

SMST vs. JEDI — Risk / Return Rank

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

SMST

SMST Risk / Return Rank: 56
SMST Sharpe Ratio Rank: 55
SMST Sortino Ratio Rank: 60
SMST Omega Ratio Rank: 61
SMST Calmar Ratio Rank: 66
SMST Martin Ratio Rank: 40

JEDI

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

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. JEDI - 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 Drone and Modern Warfare ETF (JEDI). 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	JEDI	Difference
Sharpe ratio: Return per unit of total volatility	1.51	—	—
Sortino ratio: Return per unit of downside risk	2.28	—	—
Omega ratio: Gain probability vs. loss probability	1.30	—	—
Calmar ratio: Return relative to maximum drawdown	2.63	—	—
Martin ratio: Return relative to average drawdown	5.07	—	—

Drawdowns

SMST vs. JEDI - Drawdown Comparison

The maximum SMST drawdown since its inception was -99.25%, which is greater than JEDI's maximum drawdown of -42.06%. Use the drawdown chart below to compare losses from any high point for SMST and JEDI.

Drawdown Indicators

	SMST	JEDI	Difference
Max Drawdown Largest peak-to-trough decline	-99.25%	-42.06%	-57.19%
Max Drawdown (1Y) Largest decline over 1 year	-85.39%	—	—
Current Drawdown Current decline from peak	-97.51%	-40.57%	-56.94%
Average Drawdown Average peak-to-trough decline	-90.91%	-12.02%	-78.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.25%	—	—

Volatility

Volatility by Period

	SMST	JEDI	Difference
Volatility (1M) Calculated over the trailing 1-month period	57.45%	—	—
Volatility (6M) Calculated over the trailing 6-month period	136.03%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	149.51%	52.09%	+97.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	167.79%	52.09%	+115.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	167.79%	52.09%	+115.70%

SMST vs. JEDI - Expense Ratio Comparison

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

Dividends

SMST vs. JEDI - Dividend Comparison

Neither SMST nor JEDI has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SMST and JEDI in my portfolio?

SMST and JEDI have a correlation of -0.47, 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 JEDI?

On fees, JEDI 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 JEDI?

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

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

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

What is the main difference between SMST and JEDI?

SMST is categorized as Inverse Equities, while JEDI is Aerospace & Defense. Their fees differ too: 1.29% for SMST and 0.69% for JEDI.