Which came closer to its stated multiple, MSTZ or SMST?

Over the window to Sep 30, 2026, MSTZ finished 48.5 points from what its multiple implies and SMST finished 47.9 points from its own, so SMST 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 83% annualized and SMST’s at 83%, 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.

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MSTZ vs SMST: which held to its multiple?

Over the days both have traded, MSTZ finished 48.5 points from its stated multiple and SMST 47.9. T-REX 2X INVERSE MSTR DAILY TARGET ETF and Defiance Daily Target 2X Short MSTR ETF.

−79.3%

MSTZ returned, 3 months

−80.0%

SMST returned, 3 months

+48.5 pts

MSTZ from its stated multiple

+47.9 pts

SMST from its stated multiple

MSTZ · 3 months to Sep 30, 202648.5 pts ahead of its stated multiple

MSTZ returned −79.3% while −2 times MSTR's move would have been −127.9%

SMST · 3 months to Sep 30, 202647.9 pts ahead of its stated multiple

SMST returned −80.0% while −2 times MSTR's move would have been −127.9%

ETFIQ Decay Resistance Score · MSTZ scores higherDid it keep up with its own daily multiple, compounded day by day?

MSTZ 14.8

SMST 10

0.4, the lowest in this set99.6, the highest

A percentile among the 125 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

	Total return		Multiple would give		Difference
Window	MSTZ	SMST	MSTZ	SMST	MSTZ	SMST
1 month	−43.5%	−44.0%	−30.3%	−30.3%	−13.2 pts	−13.7 pts
3 months	−79.3%	−80.0%	−127.9%	−127.9%	+48.5 pts	+47.9 pts
6 months	−78.7%	−80.1%	−49.4%	−49.4%	−29.4 pts	−30.7 pts
1 year	−47.9%	−54.1%	+105.0%	+105.0%	−152.9 pts	−159.1 pts
Since launch MSTZ Sep 2024 · SMST Aug 2024	−99.4%	−99.3%	−30.8%	−16.5%	−68.7 pts	−82.8 pts

MSTZ and SMST over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

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

Underlying asset MSTR MSTR

Segment company company

Fund returned, 3 months or since launch −79.3% −80.0%

Underlying returned, over that window +63.9% +63.9%

What the stated multiple implies, over that window −127.9% −127.9%

Difference from stated, over that window +48.5 pts +47.9 pts

Fund returned, 1 year or since launch −47.9% −54.1%

Difference from stated, over that window −152.9 pts −159.1 pts

Underlying volatility 83% 83%

Difference over the days both have traded +48.5 pts +47.9 pts

Expense ratio 1.05% 1.38%

Launched Sep 18, 2024 Aug 21, 2024

Net assets $99m $32m

MSTZ and SMST on the same fields, as of Sep 30, 2026. Source: ETFIQ.

MSTZ in plain words

Three months to Sep 30, 2026: MSTZ returned −79.3% where its own daily promise gave −79.2%, 0.1 points short. Read the multiple against the whole window instead and −2 times MSTR's 63.9% implies −127.9%, which makes MSTZ look 48.5 points over. 48.7 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 83% 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 30, 2026: SMST returned −80.0% where its own daily promise gave −79.2%, 0.8 points short. Read the multiple against the whole window instead and −2 times MSTR's 63.9% implies −127.9%, which makes SMST look 47.9 points over. 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 30, 2026, MSTZ finished 48.5 points from what its multiple implies and SMST finished 47.9 points from its own, so SMST 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 83% annualized and SMST’s at 83%, 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

MSTZ vs MSTC MSTZ vs MSTP MSTZ vs MSTU MSTZ vs MSTX SMST vs MSTC SMST vs MSTP SMST vs MSTU SMST vs MSTX

MSTZ on its own →SMST on its own →How every figure is computed →Standards and sources →

Where these figures came from

MSTZ filings on SEC EDGAR ↗MSTZ prospectus with the expense ratio (SEC) ↗T-REX page for MSTZ ↗SMST filings on SEC EDGAR ↗SMST prospectus with the expense ratio (SEC) ↗Defiance page for SMST ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, MSTZ against SMST, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/mstz-vs-smst

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.