SMST vs. JEDI
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. Their -0.48 correlation means they have often moved in opposite directions in the past. SMST charges 1.29%/yr vs 0.69%/yr for JEDI.
Performance
SMST vs. JEDI - Performance Comparison
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Returns By Period
In the year-to-date period, SMST achieves a -37.72% return, which is significantly lower than JEDI's 4.94% return.
SMST
- 1D
- -3.03%
- 1M
- 2.28%
- 6M
- -39.60%
- YTD
- -37.72%
- 1Y
- 121.46%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -83.81%
JEDI
- 1D
- 6.52%
- 1M
- -11.38%
- 6M
- -5.91%
- YTD
- 4.94%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.72M | $3.86M | $7.29M | |
| $15.12M | $14.46M | $17.51M |
SMST vs. JEDI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SMST Defiance Daily Target 2X Short MSTR ETF | -37.72% | 172.30% |
JEDI Defiance Drone and Modern Warfare ETF | 4.94% | -3.42% |
Correlation
The correlation between SMST and JEDI is -0.48, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 26, 2025 | -0.48 |
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Return for Risk
SMST vs. JEDI — Risk / Return Rank
SMST
JEDI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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 ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.24 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | — | — |
| Martin ratioReturn relative to average drawdown | 2.62 | — | — |
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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 -48.21%. Use the drawdown chart below to compare losses from any high point for SMST and JEDI.
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Drawdown Indicators
| SMST | JEDI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.25% | -48.21% | -51.04% |
Max Drawdown (1Y)Largest decline over 1 year | -85.39% | — | — |
Current DrawdownCurrent decline from peak | -97.55% | -39.96% | -57.59% |
Average DrawdownAverage peak-to-trough decline | -91.09% | -14.06% | -77.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 46.51% | — | — |
Volatility
SMST vs. JEDI - Volatility Comparison
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Volatility by Period
| SMST | JEDI | 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% | 53.81% | +96.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 166.60% | 53.81% | +112.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 166.60% | 53.81% | +112.79% |
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.
Frequently Asked Questions
SMST and JEDI have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
JEDI is cheaper with a 0.69% expense ratio, compared with 1.29% for SMST.
SMST and JEDI have nearly identical dividend yields, around 0.00%.
SMST is categorized as Inverse Equities, while JEDI is Aerospace & Defense. Their fees differ too: 1.29% for SMST and 0.69% for JEDI.
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