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 128.37% vs -74.56% for MSTR. Their -1.00 correlation means they have often moved in opposite directions in the past.
Performance
SMST vs. MSTR - Performance Comparison
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Returns By Period
In the year-to-date period, SMST achieves a -35.77% return, which is significantly higher than MSTR's -38.61% return.
SMST
- 1D
- 8.37%
- 1M
- 5.47%
- 6M
- -29.35%
- YTD
- -35.77%
- 1Y
- 128.37%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -83.68%
MSTR
- 1D
- -4.56%
- 1M
- -7.43%
- 6M
- -37.69%
- YTD
- -38.61%
- 1Y
- -74.56%
- 3Y*
- 28.96%
- 5Y*
- 8.30%
- 10Y*
- 18.75%
- ALL TIME*
- 9.12%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
MSTR Strategy Inc | $1.53B | $1.65B | $2.43B |
| $15.35M | $15.12M | $17.58M |
SMST vs. MSTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMST Defiance Daily Target 2X Short MSTR ETF | -35.77% | -44.36% | -91.71% |
MSTR Strategy Inc | -38.61% | -47.53% | 116.64% |
Correlation
The correlation between SMST and MSTR is -1.00, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -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 | +2.15 | ||
| Sortino ratioReturn per unit of downside risk | +4.28 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.78 | +0.49 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | -0.97 | +2.97 |
| Martin ratioReturn relative to average drawdown | 3.68 | -1.38 | +5.06 |
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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% | -79.53% | -5.86% |
Max Drawdown (3Y)Largest decline over 3 years | — | -82.63% | — |
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 | -97.48% | -80.31% | -17.17% |
Average DrawdownAverage peak-to-trough decline | -91.08% | -86.42% | -4.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 46.35% | 55.64% | -9.29% |
Volatility
SMST vs. MSTR - Volatility Comparison
Defiance Daily Target 2X Short MSTR ETF (SMST) has a higher volatility of 38.14% compared to Strategy Inc (MSTR) at 18.58%. 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 | 38.14% | 18.58% | +19.56% |
Volatility (6M)Calculated over the trailing 6-month period | 135.29% | 60.57% | +74.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 151.04% | 75.24% | +75.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 166.75% | 89.94% | +76.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 166.75% | 74.33% | +92.42% |
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 (38.14%) compared to MSTR (18.58%). In terms of maximum drawdown, SMST dropped -99.25% vs MSTR's -99.86%.
SMST currently has the higher Sharpe Ratio (1.13 vs -1.02), 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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