SMST vs. MSTR
SMST (Defiance Daily Target 2X Short MSTR ETF) is Inverse Equities fund actively managed by Defiance, while MSTR (Strategy Inc) is a stock. Over the past year, SMST returned 96.69% vs -70.39% for MSTR. At a correlation of -1.00, they often move in opposite directions.
Performance
SMST vs. MSTR - Performance Comparison
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Returns By Period
In the year-to-date period, SMST achieves a -38.49% return, which is significantly lower than MSTR's -27.96% return.
SMST
- 1D
- 5.80%
- 1M
- 83.01%
- YTD
- -38.49%
- 6M
- -28.79%
- 1Y
- 96.69%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSTR
- 1D
- -2.73%
- 1M
- -31.54%
- YTD
- -27.96%
- 6M
- -33.39%
- 1Y
- -70.39%
- 3Y*
- 49.27%
- 5Y*
- 14.63%
- 10Y*
- 20.25%
SMST vs. MSTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMST Defiance Daily Target 2X Short MSTR ETF | -38.49% | -44.36% | -91.71% |
MSTR Strategy Inc | -27.96% | -47.53% | 116.64% |
Correlation
The correlation between SMST and MSTR is -1.00, 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 | -1.00 |
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024 | -1.00 |
The correlation between SMST and MSTR has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
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Return for Risk
SMST vs. MSTR — Risk / Return Rank
SMST
MSTR
SMST vs. MSTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short MSTR ETF (SMST) and Strategy Inc (MSTR). 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 | MSTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.66 | ||
| Sortino ratioReturn per unit of downside risk | +3.64 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 0.80 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | -0.92 | +2.06 |
| Martin ratioReturn relative to average drawdown | 2.25 | -1.30 | +3.55 |
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Drawdowns
SMST vs. MSTR - Drawdown Comparison
The maximum SMST drawdown since its inception was -99.25%, roughly equal to the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for SMST and MSTR.
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Drawdown Indicators
| SMST | MSTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.25% | -99.86% | +0.61% |
Max Drawdown (1Y)Largest decline over 1 year | -85.39% | -76.53% | -8.86% |
Max Drawdown (3Y)Largest decline over 3 years | — | -77.42% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -84.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.27% | — |
Current DrawdownCurrent decline from peak | -97.58% | -76.90% | -20.68% |
Average DrawdownAverage peak-to-trough decline | -90.70% | -86.45% | -4.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.21% | 54.03% | -10.82% |
Volatility
SMST vs. MSTR - Volatility Comparison
Defiance Daily Target 2X Short MSTR ETF (SMST) has a higher volatility of 42.16% compared to Strategy Inc (MSTR) at 21.83%. This indicates that SMST's price experiences larger fluctuations and is considered to be riskier than MSTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMST | MSTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 42.16% | 21.83% | +20.33% |
Volatility (6M)Calculated over the trailing 6-month period | 128.05% | 57.40% | +70.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 144.30% | 72.01% | +72.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 166.49% | 90.54% | +75.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 166.49% | 73.91% | +92.58% |
Dividends
SMST vs. MSTR - Dividend Comparison
Neither SMST nor MSTR has paid dividends to shareholders.
Frequently Asked Questions
SMST and MSTR have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMST has higher volatility (42.16%) compared to MSTR (21.83%). In terms of maximum drawdown, SMST dropped -99.25% vs MSTR's -99.86%.
SMST currently has the higher Sharpe Ratio (0.68 vs -0.98), 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.
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