ASMG vs. SMST

Last updated Aug 2, 2026

ASMG (Leverage Shares 2X Long ASML Daily ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - ASMG is a Leveraged Equities fund actively managed by Leverage Shares, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, ASMG returned 307.23% vs 128.37% for SMST. Their -0.30 correlation means they have often moved in opposite directions in the past. ASMG charges 0.75%/yr vs 1.29%/yr for SMST.

Performance

ASMG vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long ASML Daily ETF (ASMG) 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, ASMG achieves a 86.81% return, which is significantly higher than SMST's -35.77% return.

ASMG

• 1D: -2.63%
• 1M: -17.29%
• 6M: 9.24%
• YTD: 86.81%
• 1Y: 307.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 105.67%

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)
ASMG Leverage Shares 2X Long ASML Daily ETF	$3.03M	$5.30M	$5.99M
SMST Defiance Daily Target 2X Short MSTR ETF	$15.35M	$15.12M	$17.58M

ASMG vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
ASMG Leverage Shares 2X Long ASML Daily ETF	86.81%	62.68%
SMST Defiance Daily Target 2X Short MSTR ETF	-35.77%	-17.29%

Correlation

The correlation between ASMG and SMST is -0.27, 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.	-0.27
Correlation (All Time) Calculated using the full available price history since Jan 14, 2025	-0.30

Return for Risk

ASMG vs. SMST — Risk / Return Rank

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

ASMG

ASMG Risk / Return Rank: 93
ASMG Sharpe Ratio Rank: 97
ASMG Sortino Ratio Rank: 90
ASMG Omega Ratio Rank: 86
ASMG Calmar Ratio Rank: 97
ASMG Martin Ratio Rank: 96

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.

ASMG vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long ASML Daily ETF (ASMG) 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.

	ASMG	SMST	Difference
Sharpe ratio: Return per unit of total volatility	3.29	1.13	+2.16
Sortino ratio: Return per unit of downside risk	3.13	2.09	+1.04
Omega ratio: Gain probability vs. loss probability	1.38	1.27	+0.11
Calmar ratio: Return relative to maximum drawdown	7.35	2.00	+5.35
Martin ratio: Return relative to average drawdown	22.78	3.68	+19.10

ASMG vs. SMST - Sharpe Ratio Comparison

The current ASMG Sharpe Ratio is 3.29, which is higher than the SMST Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of ASMG 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

ASMG vs. SMST - Drawdown Comparison

The maximum ASMG drawdown since its inception was -43.95%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for ASMG and SMST.

Drawdown Indicators

	ASMG	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-43.95%	-99.25%	+55.30%
Max Drawdown (1Y) Largest decline over 1 year	-41.10%	-85.39%	+44.29%
Current Drawdown Current decline from peak	-35.29%	-97.48%	+62.19%
Average Drawdown Average peak-to-trough decline	-13.54%	-91.08%	+77.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.24%	46.35%	-33.11%

Volatility

ASMG vs. SMST - Volatility Comparison

The current volatility for Leverage Shares 2X Long ASML Daily ETF (ASMG) is 29.36%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 38.14%. This indicates that ASMG 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

	ASMG	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.36%	38.14%	-8.78%
Volatility (6M) Calculated over the trailing 6-month period	74.68%	135.29%	-60.61%
Volatility (1Y) Calculated over the trailing 1-year period	92.16%	151.04%	-58.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	89.81%	166.75%	-76.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	89.81%	166.75%	-76.94%

ASMG vs. SMST - Expense Ratio Comparison

ASMG has a 0.75% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

ASMG vs. SMST - Dividend Comparison

ASMG's dividend yield for the trailing twelve months is around 6.00%, while SMST has not paid dividends to shareholders.

Position	TTM	2025
ASMG Leverage Shares 2X Long ASML Daily ETF	6.00%	11.20%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both ASMG and SMST in my portfolio?

ASMG and SMST have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ASMG or SMST?

SMST has higher volatility (38.14%) compared to ASMG (29.36%). In terms of maximum drawdown, ASMG dropped -43.95% vs SMST's -99.25%.

Which ETF is better, ASMG or SMST?

On 1-year performance, ASMG leads with 307.23% vs 128.37% for SMST. On fees, ASMG is cheaper at 0.75% per year. On volatility, ASMG has been the lower-risk option at 29.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ASMG or SMST?

Over the 1-year period, ASMG has performed better with a 307.23% return vs 128.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ASMG or SMST?

ASMG is cheaper with a 0.75% expense ratio, compared with 1.29% for SMST.

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

ASMG has the higher dividend yield at 6.00%, compared with 0.00% for SMST.

What is the main difference between ASMG and SMST?

ASMG is categorized as Leveraged Equities, while SMST is Inverse Equities. They also come from different issuers: Leverage Shares and Defiance. Their fees differ too: 0.75% for ASMG and 1.29% for SMST.

Which has better risk-adjusted returns?

ASMG currently has the higher Sharpe Ratio (3.29 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.