TTXD vs. SMST

Last updated Jun 30, 2026

TTXD (Direxion Daily Technology Top 5 Bear 2X ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both Inverse Equities funds. Both are actively managed. At a 0.45 correlation, their price movements are largely independent.

Performance

TTXD vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Technology Top 5 Bear 2X ETF (TTXD) 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, TTXD achieves a -43.91% return, which is significantly lower than SMST's -24.49% return.

TTXD

• 1D: -1.93%
• 1M: 1.52%
• YTD: -43.91%
• 6M: -42.47%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: -26.15%
• 1M: 125.74%
• YTD: -24.49%
• 6M: -21.31%
• 1Y: 161.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TTXD vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
TTXD Direxion Daily Technology Top 5 Bear 2X ETF	-43.91%	10.81%
SMST Defiance Daily Target 2X Short MSTR ETF	-24.49%	216.83%

Correlation

The correlation between TTXD and SMST is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 1, 2025	0.45

Return for Risk

TTXD vs. SMST — Risk / Return Rank

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

TTXD

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

SMST

SMST Risk / Return Rank: 40
SMST Sharpe Ratio Rank: 33
SMST Sortino Ratio Rank: 47
SMST Omega Ratio Rank: 47
SMST Calmar Ratio Rank: 43
SMST Martin Ratio Rank: 29

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.

TTXD vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Technology Top 5 Bear 2X ETF (TTXD) 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.

	TTXD	SMST	Difference
Sharpe ratio: Return per unit of total volatility	—	1.09	—
Sortino ratio: Return per unit of downside risk	—	2.07	—
Omega ratio: Gain probability vs. loss probability	—	1.26	—
Calmar ratio: Return relative to maximum drawdown	—	1.90	—
Martin ratio: Return relative to average drawdown	—	3.75	—

Drawdowns

TTXD vs. SMST - Drawdown Comparison

The maximum TTXD drawdown since its inception was -67.61%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for TTXD and SMST.

Drawdown Indicators

	TTXD	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-67.61%	-99.25%	+31.64%
Max Drawdown (1Y) Largest decline over 1 year	—	-85.39%	—
Current Drawdown Current decline from peak	-63.30%	-97.03%	+33.73%
Average Drawdown Average peak-to-trough decline	-19.60%	-90.77%	+71.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	43.35%	—

Volatility

Volatility by Period

	TTXD	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	58.13%	—
Volatility (6M) Calculated over the trailing 6-month period	—	133.88%	—
Volatility (1Y) Calculated over the trailing 1-year period	63.50%	149.09%	-85.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.50%	168.09%	-104.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.50%	168.09%	-104.59%

Dividends

TTXD vs. SMST - Dividend Comparison

TTXD's dividend yield for the trailing twelve months is around 3.50%, while SMST has not paid dividends to shareholders.

Position	TTM	2025
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%
TTXD Direxion Daily Technology Top 5 Bear 2X ETF	3.50%	0.79%

Frequently Asked Questions

Can I hold both TTXD and SMST in my portfolio?

TTXD and SMST have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

TTXD has the higher dividend yield at 3.50%, compared with 0.00% for SMST.

What is the main difference between TTXD and SMST?

They also come from different issuers: Direxion and Defiance.