ASLV vs. SMST

Last updated Jul 12, 2026

ASLV (Allspring Special Large Value ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - ASLV is a Large Cap Value Equities fund actively managed by Allspring, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, ASLV returned 15.31% vs 223.04% for SMST. At a correlation of -0.35, they often move in opposite directions. ASLV charges 0.35%/yr vs 1.29%/yr for SMST.

Performance

ASLV vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allspring Special Large Value ETF (ASLV) 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, ASLV achieves a 7.98% return, which is significantly higher than SMST's -31.56% return.

ASLV

• 1D: 0.28%
• 1M: 2.96%
• 6M: 4.57%
• YTD: 7.98%
• 1Y: 15.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: -1.67%
• 1M: 29.03%
• 6M: -24.18%
• YTD: -31.56%
• 1Y: 223.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ASLV vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
ASLV Allspring Special Large Value ETF	7.98%	14.02%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.56%	42.77%

Correlation

The correlation between ASLV and SMST is -0.32, 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	-0.32
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.35

Return for Risk

ASLV vs. SMST — Risk / Return Rank

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

ASLV

ASLV Risk / Return Rank: 43
ASLV Sharpe Ratio Rank: 43
ASLV Sortino Ratio Rank: 43
ASLV Omega Ratio Rank: 40
ASLV Calmar Ratio Rank: 42
ASLV Martin Ratio Rank: 46

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.

ASLV vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allspring Special Large Value ETF (ASLV) 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.

	ASLV	SMST	Difference
Sharpe ratio: Return per unit of total volatility	1.22	1.37	-0.15
Sortino ratio: Return per unit of downside risk	1.79	2.22	-0.43
Omega ratio: Gain probability vs. loss probability	1.21	1.29	-0.07
Calmar ratio: Return relative to maximum drawdown	1.70	2.39	-0.69
Martin ratio: Return relative to average drawdown	5.96	4.64	+1.32

ASLV vs. SMST - Sharpe Ratio Comparison

The current ASLV Sharpe Ratio is 1.22, which is comparable to the SMST Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of ASLV 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

ASLV vs. SMST - Drawdown Comparison

The maximum ASLV drawdown since its inception was -10.98%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for ASLV and SMST.

Drawdown Indicators

	ASLV	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-10.98%	-99.25%	+88.27%
Max Drawdown (1Y) Largest decline over 1 year	-8.69%	-85.39%	+76.70%
Current Drawdown Current decline from peak	-0.71%	-97.31%	+96.60%
Average Drawdown Average peak-to-trough decline	-1.68%	-90.88%	+89.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	43.98%	-41.50%

Volatility

ASLV vs. SMST - Volatility Comparison

The current volatility for Allspring Special Large Value ETF (ASLV) is 3.50%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.47%. This indicates that ASLV 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

	ASLV	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.50%	56.47%	-52.97%
Volatility (6M) Calculated over the trailing 6-month period	9.44%	135.94%	-126.50%
Volatility (1Y) Calculated over the trailing 1-year period	12.12%	149.09%	-136.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.04%	167.87%	-152.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.04%	167.87%	-152.83%

ASLV vs. SMST - Expense Ratio Comparison

ASLV has a 0.35% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

ASLV vs. SMST - Dividend Comparison

ASLV's dividend yield for the trailing twelve months is around 0.81%, while SMST has not paid dividends to shareholders.

Position	TTM	2025
ASLV Allspring Special Large Value ETF	0.81%	0.87%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both ASLV and SMST in my portfolio?

ASLV and SMST have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ASLV or SMST?

SMST has higher volatility (56.47%) compared to ASLV (3.50%). In terms of maximum drawdown, ASLV dropped -10.98% vs SMST's -99.25%.

Which ETF is better, ASLV or SMST?

On 1-year performance, SMST leads with 223.04% vs 15.31% for ASLV. On fees, ASLV is cheaper at 0.35% per year. On volatility, ASLV has been the lower-risk option at 3.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ASLV or SMST?

Over the 1-year period, SMST has performed better with a 223.04% return vs 15.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ASLV or SMST?

ASLV is cheaper with a 0.35% expense ratio, compared with 1.29% for SMST.

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

ASLV has the higher dividend yield at 0.81%, compared with 0.00% for SMST.

What is the main difference between ASLV and SMST?

ASLV is categorized as Large Cap Value Equities, while SMST is Inverse Equities. They also come from different issuers: Allspring and Defiance. Their fees differ too: 0.35% for ASLV and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.37 vs 1.22), 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.