ASMF vs SMST

Comparison between Virtus AlphaSimplex Managed Futures ETF (ASMF, ETF) and DEFIANCE DAILY TARGET 2X SHORT MSTR ETF (SMST, ETF).

ASMF vs SMST - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	ASMF(ETF)	SMST(ETF)
Net Assets	$31M	$31M
Expense Ratio	0.80%	N/A
Max Drawdown	16.69%	99.25%
Sharpe Ratio	0.94	1.16
5Y Beta	0.31	-4.76

Net Assets

Winner

ASMF

$31M

SMST

$31M

Expense Ratio

ASMF

0.80%

SMST

N/A

Max Drawdown

Winner

ASMF

16.69%

SMST

99.25%

Sharpe Ratio

ASMF

0.94

Winner

SMST

1.16

5Y Beta

ASMF

0.31

Winner

SMST

-4.76

ASMF vs SMST - Historical Returns

Returns include dividend reinvestment.

Period	ASMF	SMST
1 month	-1.28%	+107.18%
3 months	+1.24%	-9.81%
6 months	+9.09%	-28.73%
1 year	+14.77%	+71.06%
Max(CAGR)	+2.21%	-86.54%

ASMF

-1.28%

Winner

SMST

+107.18%

Winner

ASMF

+1.24%

SMST

-9.81%

Winner

ASMF

+9.09%

SMST

-28.73%

ASMF

+14.77%

Winner

SMST

+71.06%

Max(CAGR)

Winner

ASMF

+2.21%

SMST

-86.54%

ASMF vs SMST - Annual Returns (2024 - 2026)

Returns include dividend reinvestment.

Year	ASMF	SMST
2026	+6.55%	-41.18%
2025	+0.64%	-39.90%
2024	-3.56%	-90.90%

ASMF vs SMST Drawdown Comparison

The maximum drawdown for ASMF was -15.30%, occurring on Apr 8, 2025. Recovery took 397 trading sessions.

The maximum drawdown for SMST was -99.25%, occurring on Jul 16, 2025. This drawdown has not yet recovered.

The current ASMF drawdown is -3.31%. The current SMST drawdown is -97.85%.

Rank	ASMF	SMST
#1	-15.30% Jul 10, 2024 - Feb 9, 2026	-99.25% Sep 6, 2024 - Jul 16, 2025
#2	-5.02% Feb 27, 2026 - May 12, 2026	-18.07% Aug 22, 2024 - Sep 3, 2024
#3	-4.22% May 20, 2024 - Jul 1, 2024	-3.13% Sep 3, 2024 - Sep 5, 2024
#4	-3.31% May 19, 2026 - Jun 5, 2026	N/A
#5	-2.19% Feb 11, 2026 - Feb 24, 2026	N/A
#6	-0.57% Feb 9, 2026 - Feb 11, 2026	N/A
#7	-0.38% May 13, 2026 - May 19, 2026	N/A
#8	-0.36% Feb 25, 2026 - Feb 27, 2026	N/A
#9	-0.14% Jul 5, 2024 - Jul 10, 2024	N/A