SMST vs. SPDN

Last updated Apr 15, 2026

SMST (Defiance Daily Target 2X Short MSTR ETF) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds. SMST is actively managed, while SPDN is passively managed. Over the past year, SMST returned 11.34% vs -18.49% for SPDN. At 0.45, their price movements are largely independent. SMST charges 1.29%/yr vs 0.50%/yr for SPDN.

Performance

SMST vs. SPDN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Short MSTR ETF (SMST) and Direxion Daily S&P 500 Bear 1x Shares (SPDN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMST achieves a -43.73% return, which is significantly lower than SPDN's -0.56% return.

SMST

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

SPDN

• 1D: -1.06%
• 1M: -4.61%
• YTD: -0.56%
• 6M: -2.55%
• 1Y: -18.49%
• 3Y*: -11.35%
• 5Y*: -7.84%
• 10Y*: —

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

SMST vs. SPDN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMST Defiance Daily Target 2X Short MSTR ETF	-43.73%	-44.36%	-90.90%
SPDN Direxion Daily S&P 500 Bear 1x Shares	-0.56%	-11.09%	-2.05%

Correlation

The correlation between SMST and SPDN is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (All Time) Calculated using the full available price history since Aug 22, 2024	0.45

Return for Risk

SMST vs. SPDN — 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

SPDN

SPDN Risk / Return Rank: 1
SPDN Sharpe Ratio Rank: 0
SPDN Sortino Ratio Rank: 1
SPDN Omega Ratio Rank: 1
SPDN Calmar Ratio Rank: 1
SPDN Martin Ratio Rank: 2

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. SPDN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short MSTR ETF (SMST) and Direxion Daily S&P 500 Bear 1x Shares (SPDN). 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	SPDN	Difference
Sharpe ratio Return per unit of total volatility	0.09	-1.39	+1.47
Sortino ratio Return per unit of downside risk	1.14	-1.96	+3.09
Omega ratio Gain probability vs. loss probability	1.15	0.78	+0.37
Calmar ratio Return relative to maximum drawdown	-0.26	-0.89	+0.63
Martin ratio Return relative to average drawdown	-0.42	-1.10	+0.69
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. SPDN - Sharpe Ratio Comparison

The current SMST Sharpe Ratio is 0.09, which is higher than the SPDN Sharpe Ratio of -1.39. The chart below compares the historical Sharpe Ratios of SMST and SPDN, 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	SPDN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.09	-1.39	+1.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.53	-0.66	+0.14

Drawdowns

SMST vs. SPDN - Drawdown Comparison

The maximum SMST drawdown since its inception was -99.25%, which is greater than SPDN's maximum drawdown of -73.52%. Use the drawdown chart below to compare losses from any high point for SMST and SPDN.

Drawdown Indicators

	SMST	SPDN	Difference
Max Drawdown Largest peak-to-trough decline	-99.25%	-73.52%	-25.73%
Max Drawdown (1Y) Largest decline over 1 year	-68.45%	-23.12%	-45.33%
Max Drawdown (5Y) Largest decline over 5 years	—	-39.78%	—
Current Drawdown Current decline from peak	-97.79%	-73.22%	-24.57%
Average Drawdown Average peak-to-trough decline	-89.98%	-48.17%	-41.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.94%	18.72%	+24.22%

Volatility

SMST vs. SPDN - Volatility Comparison

Defiance Daily Target 2X Short MSTR ETF (SMST) has a higher volatility of 33.71% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 5.69%. This indicates that SMST's price experiences larger fluctuations and is considered to be riskier than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMST	SPDN	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.71%	5.69%	+28.02%
Volatility (6M) Calculated over the trailing 6-month period	122.68%	9.76%	+112.92%
Volatility (1Y) Calculated over the trailing 1-year period	133.91%	13.44%	+120.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	167.88%	16.90%	+150.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	167.88%	18.12%	+149.76%

SMST vs. SPDN - Expense Ratio Comparison

SMST has a 1.29% expense ratio, which is higher than SPDN's 0.50% expense ratio.

Dividends

SMST vs. SPDN - Dividend Comparison

SMST has not paid dividends to shareholders, while SPDN's dividend yield for the trailing twelve months is around 3.79%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPDN Direxion Daily S&P 500 Bear 1x Shares	3.79%	4.06%	5.32%	5.84%	0.96%	0.00%	0.10%	1.89%	1.24%	0.42%