SMST vs. TSLZ

Last updated Apr 15, 2026

SMST (Defiance Daily Target 2X Short MSTR ETF) and TSLZ (T-Rex 2X Inverse Tesla Daily Target ETF) are both Inverse Equities funds. Both are actively managed. Over the past year, SMST returned 11.34% vs -75.68% for TSLZ. At 0.43, their price movements are largely independent. SMST charges 1.29%/yr vs 1.05%/yr for TSLZ.

Performance

SMST vs. TSLZ - 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 Tesla Daily Target ETF (TSLZ). 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 TSLZ's 37.04% return.

SMST

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

TSLZ

• 1D: -6.77%
• 1M: 10.76%
• YTD: 37.04%
• 6M: 11.34%
• 1Y: -75.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMST vs. TSLZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMST Defiance Daily Target 2X Short MSTR ETF	-43.73%	-44.36%	-90.90%
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	37.04%	-75.98%	-83.57%

Correlation

The correlation between SMST and TSLZ is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (All Time) Calculated using the full available price history since Aug 22, 2024	0.43

Return for Risk

SMST vs. TSLZ — 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

TSLZ

TSLZ Risk / Return Rank: 2
TSLZ Sharpe Ratio Rank: 2
TSLZ Sortino Ratio Rank: 1
TSLZ Omega Ratio Rank: 1
TSLZ Calmar Ratio Rank: 1
TSLZ 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. TSLZ - 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 Tesla Daily Target ETF (TSLZ). 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	TSLZ	Difference
Sharpe ratio Return per unit of total volatility	0.09	-0.79	+0.87
Sortino ratio Return per unit of downside risk	1.14	-1.36	+2.49
Omega ratio Gain probability vs. loss probability	1.15	0.85	+0.30
Calmar ratio Return relative to maximum drawdown	-0.26	-0.86	+0.60
Martin ratio Return relative to average drawdown	-0.42	-1.03	+0.61
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. TSLZ - Sharpe Ratio Comparison

The current SMST Sharpe Ratio is 0.09, which is higher than the TSLZ Sharpe Ratio of -0.79. The chart below compares the historical Sharpe Ratios of SMST and TSLZ, 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	TSLZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.09	-0.79	+0.87
Sharpe Ratio (All Time) Calculated using the full available price history	-0.53	-0.65	+0.12

Drawdowns

SMST vs. TSLZ - Drawdown Comparison

The maximum SMST drawdown since its inception was -99.25%, roughly equal to the maximum TSLZ drawdown of -99.11%. Use the drawdown chart below to compare losses from any high point for SMST and TSLZ.

Drawdown Indicators

	SMST	TSLZ	Difference
Max Drawdown Largest peak-to-trough decline	-99.25%	-99.11%	-0.14%
Max Drawdown (1Y) Largest decline over 1 year	-68.45%	-87.55%	+19.10%
Current Drawdown Current decline from peak	-97.79%	-98.56%	+0.77%
Average Drawdown Average peak-to-trough decline	-89.98%	-74.03%	-15.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.94%	73.51%	-30.57%

Volatility

SMST vs. TSLZ - Volatility Comparison

Defiance Daily Target 2X Short MSTR ETF (SMST) has a higher volatility of 33.71% compared to T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ) at 24.31%. This indicates that SMST's price experiences larger fluctuations and is considered to be riskier than TSLZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMST	TSLZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.71%	24.31%	+9.40%
Volatility (6M) Calculated over the trailing 6-month period	122.68%	57.05%	+65.63%
Volatility (1Y) Calculated over the trailing 1-year period	133.91%	96.34%	+37.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	167.88%	118.68%	+49.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	167.88%	118.68%	+49.20%

SMST vs. TSLZ - Expense Ratio Comparison

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

Dividends

SMST vs. TSLZ - Dividend Comparison

SMST has not paid dividends to shareholders, while TSLZ's dividend yield for the trailing twelve months is around 0.50%.

	TTM	2025	2024	2023
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	0.50%	0.69%	2.08%	12.15%