SMST vs ASMF

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

SMST vs ASMF - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

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

Net Assets

SMST

$31M

Winner

ASMF

$31M

Expense Ratio

SMST

N/A

ASMF

0.80%

Max Drawdown

SMST

99.25%

Winner

ASMF

16.69%

Sharpe Ratio

Winner

SMST

1.16

ASMF

0.94

5Y Beta

Winner

SMST

-4.76

ASMF

0.31

SMST vs ASMF - Historical Returns

Returns include dividend reinvestment.

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

Winner

SMST

+107.18%

ASMF

-1.28%

SMST

-9.81%

Winner

ASMF

+1.24%

SMST

-28.73%

Winner

ASMF

+9.09%

Winner

SMST

+71.06%

ASMF

+14.77%

Max(CAGR)

SMST

-86.54%

Winner

ASMF

+2.21%

SMST vs ASMF - Annual Returns (2024 - 2026)

Returns include dividend reinvestment.

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

SMST vs ASMF Drawdown Comparison

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

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

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

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