SMST vs. MSTR

Last updated Apr 18, 2026

SMST (Defiance Daily Target 2X Short MSTR ETF) is Inverse Equities fund actively managed by Defiance, while MSTR (MicroStrategy Incorporated) is a stock. Over the past year, SMST returned -25.56% vs -47.50% for MSTR. At -1.00, they often move in opposite directions.

Performance

SMST vs. MSTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Short MSTR ETF (SMST) and MicroStrategy Incorporated (MSTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMST achieves a -63.90% return, which is significantly lower than MSTR's 9.59% return.

SMST

• 1D: -23.69%
• 1M: -37.30%
• YTD: -63.90%
• 6M: -0.80%
• 1Y: -25.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTR

• 1D: 11.80%
• 1M: 18.47%
• YTD: 9.59%
• 6M: -42.55%
• 1Y: -47.50%
• 3Y*: 71.55%
• 5Y*: 19.14%
• 10Y*: 24.29%

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

SMST vs. MSTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMST Defiance Daily Target 2X Short MSTR ETF	-63.90%	-44.36%	-90.90%
MSTR MicroStrategy Incorporated	9.59%	-47.53%	104.79%

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 22, 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.

Return for Risk

SMST vs. MSTR — Risk / Return Rank

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

SMST

SMST Risk / Return Rank: 6
SMST Sharpe Ratio Rank: 4
SMST Sortino Ratio Rank: 11
SMST Omega Ratio Rank: 11
SMST Calmar Ratio Rank: 3
SMST Martin Ratio Rank: 3

MSTR

MSTR Risk / Return Rank: 11
MSTR Sharpe Ratio Rank: 8
MSTR Sortino Ratio Rank: 9
MSTR Omega Ratio Rank: 11
MSTR Calmar Ratio Rank: 14
MSTR Martin Ratio Rank: 15

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. 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 MicroStrategy Incorporated (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.

	SMST	MSTR	Difference
Sharpe ratio Return per unit of total volatility	-0.19	-0.70	+0.51
Sortino ratio Return per unit of downside risk	0.72	-0.89	+1.61
Omega ratio Gain probability vs. loss probability	1.09	0.90	+0.19
Calmar ratio Return relative to maximum drawdown	-0.37	-0.61	+0.24
Martin ratio Return relative to average drawdown	-0.69	-1.00	+0.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMST vs. MSTR - Sharpe Ratio Comparison

The current SMST Sharpe Ratio is -0.19, which is higher than the MSTR Sharpe Ratio of -0.70. The chart below compares the historical Sharpe Ratios of SMST and MSTR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SMST	MSTR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.19	-0.70	+0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.21	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.54	0.14	-0.68

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.

Drawdown Indicators

	SMST	MSTR	Difference
Max Drawdown Largest peak-to-trough decline	-99.25%	-99.86%	+0.61%
Max Drawdown (1Y) Largest decline over 1 year	-77.64%	-76.53%	-1.11%
Max Drawdown (5Y) Largest decline over 5 years	—	-84.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.27%	—
Current Drawdown Current decline from peak	-98.58%	-64.86%	-33.72%
Average Drawdown Average peak-to-trough decline	-90.04%	-86.58%	-3.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.99%	46.56%	-5.57%

Volatility

SMST vs. MSTR - Volatility Comparison

Defiance Daily Target 2X Short MSTR ETF (SMST) has a higher volatility of 40.30% compared to MicroStrategy Incorporated (MSTR) at 18.46%. 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.

Volatility by Period

	SMST	MSTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	40.30%	18.46%	+21.84%
Volatility (6M) Calculated over the trailing 6-month period	125.78%	56.43%	+69.35%
Volatility (1Y) Calculated over the trailing 1-year period	136.37%	68.04%	+68.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	168.49%	90.82%	+77.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	168.49%	73.31%	+95.18%

Dividends

SMST vs. MSTR - Dividend Comparison

Neither SMST nor MSTR has paid dividends to shareholders.

Tickers have no history of dividend payments