TSLZ vs. SMST

Last updated Jun 24, 2026

TSLZ (T-Rex 2X Inverse Tesla Daily Target ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both Inverse Equities funds. Both are actively managed. Over the past year, TSLZ returned -51.89% vs 112.90% for SMST. At a 0.44 correlation, their price movements are largely independent. TSLZ charges 1.05%/yr vs 1.29%/yr for SMST.

Performance

TSLZ vs. SMST - Performance Comparison

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

Returns By Period

In the year-to-date period, TSLZ achieves a 11.42% return, which is significantly higher than SMST's -32.44% return.

TSLZ

• 1D: 11.56%
• 1M: 18.35%
• YTD: 11.42%
• 6M: 29.37%
• 1Y: -51.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: 9.85%
• 1M: 101.03%
• YTD: -32.44%
• 6M: -27.49%
• 1Y: 112.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSLZ vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	11.42%	-75.98%	-83.88%
SMST Defiance Daily Target 2X Short MSTR ETF	-32.44%	-44.36%	-91.71%

Correlation

The correlation between TSLZ and SMST is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	0.44

Return for Risk

TSLZ vs. SMST — Risk / Return Rank

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

TSLZ

TSLZ Risk / Return Rank: 4
TSLZ Sharpe Ratio Rank: 4
TSLZ Sortino Ratio Rank: 5
TSLZ Omega Ratio Rank: 5
TSLZ Calmar Ratio Rank: 3
TSLZ Martin Ratio Rank: 5

SMST

SMST Risk / Return Rank: 30
SMST Sharpe Ratio Rank: 24
SMST Sortino Ratio Rank: 39
SMST Omega Ratio Rank: 38
SMST Calmar Ratio Rank: 29
SMST Martin Ratio Rank: 22

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.

TSLZ vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ) 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.

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.

	TSLZ	SMST	Difference
Sharpe ratio: Return per unit of total volatility	-0.60	0.79	-1.39
Sortino ratio: Return per unit of downside risk	-0.58	1.86	-2.44
Omega ratio: Gain probability vs. loss probability	0.94	1.23	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.71	1.33	-2.04
Martin ratio: Return relative to average drawdown	-0.91	2.63	-3.54

TSLZ vs. SMST - Sharpe Ratio Comparison

The current TSLZ Sharpe Ratio is -0.60, which is lower than the SMST Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of TSLZ and SMST, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TSLZ vs. SMST - Drawdown Comparison

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

Drawdown Indicators

	TSLZ	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-99.11%	-99.25%	+0.14%
Max Drawdown (1Y) Largest decline over 1 year	-72.88%	-85.39%	+12.51%
Current Drawdown Current decline from peak	-98.83%	-97.35%	-1.48%
Average Drawdown Average peak-to-trough decline	-75.70%	-90.72%	+15.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	57.22%	43.37%	+13.85%

Volatility

TSLZ vs. SMST - Volatility Comparison

The current volatility for T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ) is 27.70%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 42.53%. This indicates that TSLZ experiences smaller price fluctuations and is considered to be less risky than SMST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLZ	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.70%	42.53%	-14.83%
Volatility (6M) Calculated over the trailing 6-month period	56.77%	128.39%	-71.62%
Volatility (1Y) Calculated over the trailing 1-year period	88.07%	144.30%	-56.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	116.88%	166.48%	-49.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	116.88%	166.48%	-49.60%

TSLZ vs. SMST - Expense Ratio Comparison

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

Dividends

TSLZ vs. SMST - Dividend Comparison

TSLZ's dividend yield for the trailing twelve months is around 0.62%, while SMST has not paid dividends to shareholders.

Position	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	0.62%	0.69%	2.08%	12.15%

Frequently Asked Questions

Can I hold both TSLZ and SMST in my portfolio?

TSLZ and SMST have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLZ or SMST?

SMST has higher volatility (42.53%) compared to TSLZ (27.70%). In terms of maximum drawdown, TSLZ dropped -99.11% vs SMST's -99.25%.

Which ETF is better, TSLZ or SMST?

On 1-year performance, SMST leads with 112.90% vs -51.89% for TSLZ. On fees, TSLZ is cheaper at 1.05% per year. On volatility, TSLZ has been the lower-risk option at 27.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLZ or SMST?

Over the 1-year period, SMST has performed better with a 112.90% return vs -51.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLZ or SMST?

TSLZ is cheaper with a 1.05% expense ratio, compared with 1.29% for SMST.

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

TSLZ has the higher dividend yield at 0.62%, compared with 0.00% for SMST.

What is the main difference between TSLZ and SMST?

They also come from different issuers: T-Rex and Defiance. Their fees differ too: 1.05% for TSLZ and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (0.79 vs -0.60), 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.