AMDL vs. SMST

Last updated Aug 2, 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 325.41% vs 128.37% for SMST. Their -0.43 correlation means they have often moved in opposite directions in the past. 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 232.67% return, which is significantly higher than SMST's -35.77% return.

AMDL

• 1D: -3.34%
• 1M: -20.60%
• 6M: 179.62%
• YTD: 232.67%
• 1Y: 325.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 34.79%

SMST

• 1D: 8.37%
• 1M: 5.47%
• 6M: -29.35%
• YTD: -35.77%
• 1Y: 128.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -83.68%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AMDL GraniteShares 2x Long AMD Daily ETF	$184.60M	$207.34M	$361.62M
SMST Defiance Daily Target 2X Short MSTR ETF	$15.35M	$15.12M	$17.58M

AMDL vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AMDL GraniteShares 2x Long AMD Daily ETF	232.67%	103.00%	-46.43%
SMST Defiance Daily Target 2X Short MSTR ETF	-35.77%	-44.36%	-91.71%

Correlation

The correlation between AMDL and SMST is -0.38, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.38
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.43

Return for Risk

AMDL vs. SMST — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AMDL

AMDL Risk / Return Rank: 86
AMDL Sharpe Ratio Rank: 89
AMDL Sortino Ratio Rank: 86
AMDL Omega Ratio Rank: 83
AMDL Calmar Ratio Rank: 95
AMDL Martin Ratio Rank: 80

SMST

SMST Risk / Return Rank: 52
SMST Sharpe Ratio Rank: 45
SMST Sortino Ratio Rank: 62
SMST Omega Ratio Rank: 61
SMST Calmar Ratio Rank: 56
SMST Martin Ratio Rank: 36

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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	2.14	1.13	+1.01
Sortino ratio: Return per unit of downside risk	2.84	2.09	+0.75
Omega ratio: Gain probability vs. loss probability	1.35	1.27	+0.08
Calmar ratio: Return relative to maximum drawdown	5.44	2.00	+3.44
Martin ratio: Return relative to average drawdown	10.24	3.68	+6.56

AMDL vs. SMST - Sharpe Ratio Comparison

The current AMDL Sharpe Ratio is 2.14, which is higher than the SMST Sharpe Ratio of 1.13. 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	-37.49%	-97.48%	+59.99%
Average Drawdown Average peak-to-trough decline	-46.51%	-91.08%	+44.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.74%	46.35%	-16.61%

Volatility

AMDL vs. SMST - Volatility Comparison

GraniteShares 2x Long AMD Daily ETF (AMDL) has a higher volatility of 48.46% compared to Defiance Daily Target 2X Short MSTR ETF (SMST) at 38.14%. This indicates that AMDL's price experiences larger fluctuations and is considered to be riskier 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	48.46%	38.14%	+10.32%
Volatility (6M) Calculated over the trailing 6-month period	112.40%	135.29%	-22.89%
Volatility (1Y) Calculated over the trailing 1-year period	142.48%	151.04%	-8.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	120.98%	166.75%	-45.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	120.98%	166.75%	-45.77%

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 -0.38, 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?

AMDL has higher volatility (48.46%) compared to SMST (38.14%). 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 325.41% vs 128.37% for SMST. On fees, AMDL is cheaper at 1.07% per year. On volatility, SMST has been the lower-risk option at 38.14%. 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 325.41% return vs 128.37%. 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 (2.14 vs 1.13), 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.