AMDL vs. SMST

Last updated Jul 12, 2026

AMDL (GraniteShares 2x Long AMD Daily ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - AMDL is a Leveraged Equities fund tracking the Advanced Micro Devices, Inc. (200%), while SMST is a Inverse Equities fund actively managed by Defiance. AMDL is passively managed, while SMST is actively managed. Over the past year, AMDL returned 729.03% vs 223.04% for SMST. At a correlation of -0.42, they often move in opposite directions. AMDL charges 1.07%/yr vs 1.29%/yr for SMST.

Performance

AMDL vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long AMD Daily ETF (AMDL) and Defiance Daily Target 2X Short MSTR ETF (SMST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMDL achieves a 379.29% return, which is significantly higher than SMST's -31.56% return.

AMDL

• 1D: 4.15%
• 1M: 12.69%
• 6M: 436.19%
• YTD: 379.29%
• 1Y: 729.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: -1.67%
• 1M: 37.17%
• 6M: -24.18%
• YTD: -31.56%
• 1Y: 223.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AMDL vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AMDL GraniteShares 2x Long AMD Daily ETF	379.29%	103.00%	-46.43%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.56%	-44.36%	-91.71%

Correlation

The correlation between AMDL and SMST is -0.36, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.36
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.42

Return for Risk

AMDL vs. SMST — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AMDL

AMDL Risk / Return Rank: 96
AMDL Sharpe Ratio Rank: 99
AMDL Sortino Ratio Rank: 94
AMDL Omega Ratio Rank: 92
AMDL Calmar Ratio Rank: 98
AMDL Martin Ratio Rank: 96

SMST

SMST Risk / Return Rank: 53
SMST Sharpe Ratio Rank: 49
SMST Sortino Ratio Rank: 58
SMST Omega Ratio Rank: 58
SMST Calmar Ratio Rank: 60
SMST Martin Ratio Rank: 38

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AMDL vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long AMD Daily ETF (AMDL) and Defiance Daily Target 2X Short MSTR ETF (SMST). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AMDL	SMST	Difference
Sharpe ratio: Return per unit of total volatility	5.56	1.37	+4.19
Sortino ratio: Return per unit of downside risk	3.88	2.22	+1.67
Omega ratio: Gain probability vs. loss probability	1.50	1.29	+0.22
Calmar ratio: Return relative to maximum drawdown	13.56	2.39	+11.16
Martin ratio: Return relative to average drawdown	26.24	4.64	+21.60

AMDL vs. SMST - Sharpe Ratio Comparison

The current AMDL Sharpe Ratio is 5.56, which is higher than the SMST Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of AMDL and SMST, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AMDL vs. SMST - Drawdown Comparison

The maximum AMDL drawdown since its inception was -88.63%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for AMDL and SMST.

Drawdown Indicators

	AMDL	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-88.63%	-99.25%	+10.62%
Max Drawdown (1Y) Largest decline over 1 year	-56.13%	-85.39%	+29.26%
Current Drawdown Current decline from peak	-9.93%	-97.31%	+87.38%
Average Drawdown Average peak-to-trough decline	-47.02%	-90.88%	+43.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.94%	43.98%	-15.04%

Volatility

AMDL vs. SMST - Volatility Comparison

The current volatility for GraniteShares 2x Long AMD Daily ETF (AMDL) is 47.47%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.47%. This indicates that AMDL experiences smaller price fluctuations and is considered to be less risky than SMST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMDL	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	47.47%	56.47%	-9.00%
Volatility (6M) Calculated over the trailing 6-month period	106.09%	135.94%	-29.85%
Volatility (1Y) Calculated over the trailing 1-year period	137.10%	149.09%	-11.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	119.25%	167.87%	-48.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	119.25%	167.87%	-48.62%

AMDL vs. SMST - Expense Ratio Comparison

AMDL has a 1.07% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

AMDL vs. SMST - Dividend Comparison

Neither AMDL nor SMST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AMDL and SMST in my portfolio?

AMDL and SMST have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMDL or SMST?

SMST has higher volatility (56.47%) compared to AMDL (47.47%). In terms of maximum drawdown, AMDL dropped -88.63% vs SMST's -99.25%.

Which ETF is better, AMDL or SMST?

On 1-year performance, AMDL leads with 729.03% vs 223.04% for SMST. On fees, AMDL is cheaper at 1.07% per year. On volatility, AMDL has been the lower-risk option at 47.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMDL or SMST?

Over the 1-year period, AMDL has performed better with a 729.03% return vs 223.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMDL or SMST?

AMDL is cheaper with a 1.07% expense ratio, compared with 1.29% for SMST.

Which ETF pays a higher dividend yield, AMDL or SMST?

AMDL and SMST have nearly identical dividend yields, around 0.00%.

What is the main difference between AMDL and SMST?

AMDL is categorized as Leveraged Equities, while SMST is Inverse Equities. They also come from different issuers: GraniteShares and Defiance. Their fees differ too: 1.07% for AMDL and 1.29% for SMST.

Which has better risk-adjusted returns?

AMDL currently has the higher Sharpe Ratio (5.56 vs 1.37), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.