Data as of .
MSTZ vs SMST: which held to its multiple?
Over the days both have traded, MSTZ finished 40.2 points from its stated multiple and SMST 42.2.
ETFIQ Decay Resistance Score: MSTZ scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 121 inverse ETFs over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it · How it is computed
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| MSTZ | SMST | MSTZ | SMST | MSTZ | SMST | |
| 1 month | −61.8% | −62.1% | −76.2% | −76.2% | +14.4 pts | +14.1 pts |
| 3 months | −51.5% | −53.5% | −11.3% | −11.3% | −40.2 pts | −42.2 pts |
| 6 months | −58.3% | −61.2% | +12.5% | +12.5% | −70.8 pts | −73.7 pts |
| 1 year | −18.8% | −28.3% | +119.7% | +119.7% | −138.5 pts | −148.0 pts |
| Since launch | −99.1% | −98.8% | +2.6% | +14.8% | −101.7 pts | −113.6 pts |
| MSTZ T-REX 2X INVERSE MSTR DAILY TARGET ETF Aims to return twice the opposite of the daily move of Strategy (MSTR) | SMST Defiance Daily Target 2X Short MSTR ETF Aims to return twice the opposite of the daily move of Strategy (MSTR) | |
|---|---|---|
| Issuer | T-REX | Defiance |
| Sets out to return | -2x | -2x |
| On | MSTR | MSTR |
| Segment | company | company |
| Fund returned, 3 months | −51.5% | −53.5% |
| Underlying returned, 3 months | +5.7% | +5.7% |
| What the stated multiple implies, 3 months | −11.3% | −11.3% |
| Difference from stated, 3 months | −40.2 pts | −42.2 pts |
| Fund returned, 1 year or since launch | −18.8% | −28.3% |
| Difference from stated, over that window | −138.5 pts | −148.0 pts |
| Underlying volatility | 88% | 88% |
| Difference over the days both have traded | −40.2 pts | −42.2 pts |
| Expense ratio | 1.05% | 1.38% |
| Launched | Sep 18, 2024 | Aug 21, 2024 |
MSTZ in plain words
Three months to Sep 11, 2026: MSTZ returned −51.5% where its own daily promise gave −51.1%, 0.4 points short. Read the multiple against the whole window instead and −2 times MSTR's 5.7% implies −11.3%, which makes MSTZ look 40.2 points short. 39.8 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. MSTZ aims to return -2 times MSTR's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. MSTR moved at 88% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
SMST in plain words
Three months to Sep 11, 2026: SMST returned −53.5% where its own daily promise gave −51.1%, 2.3 points short. Read the multiple against the whole window instead and −2 times MSTR's 5.7% implies −11.3%, which makes SMST look 42.2 points short. SMST aims to return -2 times MSTR's move each day, then resets.
Questions people ask
- Which came closer to its stated multiple, MSTZ or SMST?
- Over the window to Sep 11, 2026, MSTZ finished 40.2 points from what its multiple implies and SMST finished 42.2 points from its own, so MSTZ came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are MSTZ and SMST levered on the same thing?
- Yes. Both are levered on Strategy, MSTZ at -2 times and SMST at -2 times the daily move.
- Which one decays faster, MSTZ or SMST?
- Decay follows how much the underlying moves about. Over this window MSTZ’s moved at 88% annualized and SMST’s at 88%, so MSTZ has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold MSTZ or SMST for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
- Which is cheaper, MSTZ or SMST?
- MSTZ charges 1.05% a year and SMST charges 1.38%, so MSTZ is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, MSTZ against SMST, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/MSTZ-SMST Free to use with attribution; the underlying files are at Open data.