SMZ vs. SMST

Last updated Jun 6, 2026

SMZ (Tradr 2X Short SMR Daily ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both Inverse Equities funds. SMZ is passively managed, while SMST is actively managed. A 0.60 correlation means they provide meaningful diversification when combined. SMZ charges 1.49%/yr vs 1.29%/yr for SMST.

Performance

SMZ vs. SMST - Performance Comparison

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

Returns By Period

SMZ

• 1D: 22.81%
• 1M: 29.65%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: 13.28%
• 1M: 107.06%
• YTD: -45.29%
• 6M: -28.73%
• 1Y: 71.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMZ vs. SMST - Yearly Performance Comparison

	2026 (YTD)
SMZ Tradr 2X Short SMR Daily ETF	-13.39%
SMST Defiance Daily Target 2X Short MSTR ETF	-36.41%

Correlation

The correlation between SMZ and SMST is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 12, 2026	0.60

Return for Risk

SMZ vs. SMST — Risk / Return Rank

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

SMST

SMST Risk / Return Rank: 24
SMST Sharpe Ratio Rank: 18
SMST Sortino Ratio Rank: 32
SMST Omega Ratio Rank: 33
SMST Calmar Ratio Rank: 20
SMST Martin Ratio Rank: 18

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.

SMZ vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Short SMR Daily ETF (SMZ) and Defiance Daily Target 2X Short MSTR ETF (SMST). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SMZ	SMST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.19	-0.52	+0.33

Drawdowns

SMZ vs. SMST - Drawdown Comparison

The maximum SMZ drawdown since its inception was -77.30%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for SMZ and SMST.

Drawdown Indicators

	SMZ	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-77.30%	-99.25%	+21.95%
Max Drawdown (1Y) Largest decline over 1 year	—	-85.39%	—
Current Drawdown Current decline from peak	-62.88%	-97.85%	+34.97%
Average Drawdown Average peak-to-trough decline	-32.15%	-90.70%	+58.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	41.18%	—

Volatility

Volatility by Period

	SMZ	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	38.61%	—
Volatility (6M) Calculated over the trailing 6-month period	—	126.42%	—
Volatility (1Y) Calculated over the trailing 1-year period	191.86%	141.30%	+50.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	191.86%	166.75%	+25.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	191.86%	166.75%	+25.11%

SMZ vs. SMST - Expense Ratio Comparison

SMZ has a 1.49% expense ratio, which is higher than SMST's 1.29% expense ratio.

Dividends

SMZ vs. SMST - Dividend Comparison

Neither SMZ nor SMST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SMZ and SMST in my portfolio?

SMZ and SMST have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMZ or SMST?

On fees, SMST is cheaper at 1.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMZ or SMST?

SMST is cheaper with a 1.29% expense ratio, compared with 1.49% for SMZ.

Which ETF pays a higher dividend yield, SMZ or SMST?

SMZ and SMST have nearly identical dividend yields, around 0.00%.

What is the main difference between SMZ and SMST?

They also come from different issuers: Tradr and Defiance. Their fees differ too: 1.49% for SMZ and 1.29% for SMST.