Defiance Daily Target 1.5x Short MSTR ETF (SMST) Performance
SMST total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −85.9% since Dec 31, 2025
- 1 year
- −61.7% total return
- Since first price
- −99.3% since 2024
SMST trailing returns vs SPY, QQQ, AGG
| Period | SMST total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +9.3% | +9.3% | −1.0% | −5.0% | +0.9% |
| 3 months | −78.8% | −78.8% | +3.2% | +1.9% | −0.4% |
| 6 months | −56.2% | −56.2% | +7.8% | +8.4% | −1.5% |
| YTD | −85.9% | −85.9% | +12.3% | +15.1% | −1.0% |
| 1 year | −61.7% | −61.7% | +14.4% | +15.9% | −1.1% |
| Since inceptionAug 21, 2024 | −99.3% | −99.3% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: SMST vs SPY
From Aug 21, 2024: SMST grew to $72, SPY to $13,911.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
SMST returns by calendar year
0 of 1 full years positive. Best 2025 (−44.4%), worst 2025 (−44.4%). 2026 is year to date.
SMST annual returns table
| Year | SMST | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −85.9% | −92.5% | +12.3% | +15.1% | −1.0% |
| 2025 | −44.4% | −89.8% | +17.7% | +20.8% | +7.2% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
SMST largest drawdowns
Now 99.4% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Sep 6, 2024 | −99.5% | Sep 21, 2026 | not yet | 2.0 years | 2.1 years so far |
| Aug 22, 2024 | −18.1% | Aug 23, 2024 | Sep 3, 2024 | 1 days | 12 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
SMST risk statistics
| Statistic | Since 2024 |
|---|---|
| Annualized return | −90.8% |
| Volatility (annualized) | 183.4% |
| Sharpe ratio | -0.37 |
| Sortino ratio | -0.59 |
| Best month | +155.3% |
| Worst month | −79.8% |
| Best 12 months | +231.2% |
| Worst 12 months | −98.5% |
| Positive months | 32% |
| Beta vs S&P 500 | — |
| Correlation with S&P 500 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
SMST rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 15 | −98.5% | −38.9% | +231.2% | 27% |
Every holding period starting at a month-end since 2024. Returns for 3 years and longer are annualized.
SMST performance overview
Defiance Daily Target 1.5x Short MSTR ETF (SMST) returned −61.7% over the past year, with distributions reinvested. Since its first recorded price on Aug 21, 2024 it has returned −99.3%. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −99.5%, from Sep 6, 2024 to Sep 21, 2026; the fund has not yet regained that high. Volatility has been 183.4% a year.
Related: SMST chart. See the SMST overview for the latest quote and fund facts.
SMST performance FAQ
What is the SMST return over the past year?
SMST returned −61.7% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 61.7%.
How much would $10,000 invested in SMST be worth?
$10,000 invested in SMST at its first recorded close on August 21, 2024 would be worth about $72 on October 23, 2026 with distributions reinvested.
What is the biggest drawdown of SMST?
The largest peak-to-trough decline was −99.5% between September 6, 2024 and September 21, 2026. It has not yet recovered to that high; it is 99.4% below its peak.
How volatile is SMST?
Over the past history SMST had an annualized volatility of 183.4% and a Sharpe ratio of -0.37 (excess return over 1–3 month T-bills per unit of risk).