SMST vs. MSTZ

Last updated Apr 15, 2026

SMST (Defiance Daily Target 2X Short MSTR ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both Inverse Equities funds. Both are actively managed. Over the past year, SMST returned 11.34% vs 23.54% for MSTZ. With a 1.00 correlation, they move nearly in lockstep. SMST charges 1.29%/yr vs 1.05%/yr for MSTZ.

Performance

SMST vs. MSTZ - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with SMST having a -43.73% return and MSTZ slightly higher at -41.87%.

SMST

• 1D: -7.77%
• 1M: -6.06%
• YTD: -43.73%
• 6M: 65.04%
• 1Y: 11.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTZ

• 1D: -8.03%
• 1M: -4.68%
• YTD: -41.87%
• 6M: 74.91%
• 1Y: 23.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMST vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMST Defiance Daily Target 2X Short MSTR ETF	-43.73%	-44.36%	-90.81%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-41.87%	-38.95%	-94.26%

Correlation

The correlation between SMST and MSTZ is 1.00 — these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Sep 19, 2024	1.00

The correlation between SMST and MSTZ has been stable across timeframes, ranging from 1.00 to 1.00 — a consistent structural relationship.

Return for Risk

SMST vs. MSTZ — Risk / Return Rank

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

SMST

SMST Risk / Return Rank: 10
SMST Sharpe Ratio Rank: 8
SMST Sortino Ratio Rank: 16
SMST Omega Ratio Rank: 16
SMST Calmar Ratio Rank: 4
SMST Martin Ratio Rank: 4

MSTZ

MSTZ Risk / Return Rank: 11
MSTZ Sharpe Ratio Rank: 8
MSTZ Sortino Ratio Rank: 17
MSTZ Omega Ratio Rank: 17
MSTZ Calmar Ratio Rank: 6
MSTZ Martin Ratio Rank: 6

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. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short MSTR ETF (SMST) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). 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	MSTZ	Difference
Sharpe ratio Return per unit of total volatility	0.09	0.18	-0.09
Sortino ratio Return per unit of downside risk	1.14	1.24	-0.11
Omega ratio Gain probability vs. loss probability	1.15	1.16	-0.02
Calmar ratio Return relative to maximum drawdown	-0.26	-0.11	-0.15
Martin ratio Return relative to average drawdown	-0.42	-0.18	-0.23
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. MSTZ - Sharpe Ratio Comparison

The current SMST Sharpe Ratio is 0.09, which is lower than the MSTZ Sharpe Ratio of 0.18. The chart below compares the historical Sharpe Ratios of SMST and MSTZ, 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	MSTZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.09	0.18	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	-0.53	-0.54	+0.01

Drawdowns

SMST vs. MSTZ - Drawdown Comparison

The maximum SMST drawdown since its inception was -99.25%, roughly equal to the maximum MSTZ drawdown of -99.36%. Use the drawdown chart below to compare losses from any high point for SMST and MSTZ.

Drawdown Indicators

	SMST	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-99.25%	-99.36%	+0.11%
Max Drawdown (1Y) Largest decline over 1 year	-68.45%	-67.98%	-0.47%
Current Drawdown Current decline from peak	-97.79%	-97.96%	+0.17%
Average Drawdown Average peak-to-trough decline	-89.98%	-94.00%	+4.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.94%	41.97%	+0.97%

Volatility

SMST vs. MSTZ - Volatility Comparison

Defiance Daily Target 2X Short MSTR ETF (SMST) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) have volatilities of 33.71% and 32.85%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMST	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.71%	32.85%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	122.68%	121.94%	+0.74%
Volatility (1Y) Calculated over the trailing 1-year period	133.91%	133.51%	+0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	167.88%	171.80%	-3.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	167.88%	171.80%	-3.92%

SMST vs. MSTZ - Expense Ratio Comparison

SMST has a 1.29% expense ratio, which is higher than MSTZ's 1.05% expense ratio.

Dividends

SMST vs. MSTZ - Dividend Comparison

Neither SMST nor MSTZ has paid dividends to shareholders.

Tickers have no history of dividend payments