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 223.04% vs -78.22% 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 -31.56% return, which is significantly higher than MSTR's -37.72% return.
SMST
- 1D
- -1.67%
- 1M
- 37.17%
- 6M
- -24.18%
- YTD
- -31.56%
- 1Y
- 223.04%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSTR
- 1D
- 0.80%
- 1M
- -23.66%
- 6M
- -39.85%
- YTD
- -37.72%
- 1Y
- -78.22%
- 3Y*
- 31.91%
- 5Y*
- 8.53%
- 10Y*
- 17.95%
SMST vs. MSTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMST Defiance Daily Target 2X Short MSTR ETF | -31.56% | -44.36% | -91.71% |
MSTR Strategy Inc | -37.72% | -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 | +2.42 | ||
| Sortino ratioReturn per unit of downside risk | +4.49 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 0.77 | +0.52 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | -0.95 | +3.34 |
| Martin ratioReturn relative to average drawdown | 4.64 | -1.36 | +6.00 |
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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% | -81.95% | -3.44% |
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 | -97.31% | -80.03% | -17.28% |
Average DrawdownAverage peak-to-trough decline | -90.88% | -86.43% | -4.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.98% | 56.96% | -12.98% |
Volatility
SMST vs. MSTR - Volatility Comparison
Defiance Daily Target 2X Short MSTR ETF (SMST) has a higher volatility of 56.47% compared to Strategy Inc (MSTR) at 26.71%. 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 | 56.47% | 26.71% | +29.76% |
Volatility (6M)Calculated over the trailing 6-month period | 135.94% | 61.11% | +74.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 149.09% | 74.22% | +74.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 167.87% | 90.78% | +77.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 167.87% | 74.21% | +93.66% |
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 (56.47%) compared to MSTR (26.71%). In terms of maximum drawdown, SMST dropped -99.25% vs MSTR's -99.86%.
SMST currently has the higher Sharpe Ratio (1.37 vs -1.05), 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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