BKGI vs. SMST

Last updated Jul 17, 2026

BKGI (Bny Mellon Global Infrastructure Income ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - BKGI is a Energy Equities fund actively managed by BNY Mellon, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, BKGI returned 23.16% vs 257.89% for SMST. At a correlation of -0.19, they often move in opposite directions. BKGI charges 0.65%/yr vs 1.29%/yr for SMST.

Performance

BKGI vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bny Mellon Global Infrastructure Income ETF (BKGI) 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, BKGI achieves a 14.63% return, which is significantly higher than SMST's -31.71% return.

BKGI

• 1D: 0.31%
• 1M: 1.38%
• 6M: 12.05%
• YTD: 14.63%
• 1Y: 23.16%
• 3Y*: 21.51%
• 5Y*: —
• 10Y*: —

SMST

• 1D: 7.64%
• 1M: 37.45%
• 6M: -8.12%
• YTD: -31.71%
• 1Y: 257.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BKGI vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BKGI Bny Mellon Global Infrastructure Income ETF	14.63%	37.53%	0.01%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.71%	-44.36%	-91.71%

Correlation

The correlation between BKGI and SMST is -0.14, 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	-0.14
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.19

Return for Risk

BKGI vs. SMST — Risk / Return Rank

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

BKGI

BKGI Risk / Return Rank: 79
BKGI Sharpe Ratio Rank: 79
BKGI Sortino Ratio Rank: 77
BKGI Omega Ratio Rank: 77
BKGI Calmar Ratio Rank: 86
BKGI Martin Ratio Rank: 77

SMST

SMST Risk / Return Rank: 63
SMST Sharpe Ratio Rank: 67
SMST Sortino Ratio Rank: 64
SMST Omega Ratio Rank: 64
SMST Calmar Ratio Rank: 75
SMST Martin Ratio Rank: 44

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.

BKGI vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bny Mellon Global Infrastructure Income ETF (BKGI) 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.

	BKGI	SMST	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.74	+0.26
Sortino ratio: Return per unit of downside risk	2.76	2.38	+0.38
Omega ratio: Gain probability vs. loss probability	1.36	1.31	+0.05
Calmar ratio: Return relative to maximum drawdown	3.78	3.04	+0.74
Martin ratio: Return relative to average drawdown	11.31	5.82	+5.50

BKGI vs. SMST - Sharpe Ratio Comparison

The current BKGI Sharpe Ratio is 2.00, which is comparable to the SMST Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of BKGI 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

BKGI vs. SMST - Drawdown Comparison

The maximum BKGI drawdown since its inception was -14.79%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for BKGI and SMST.

Drawdown Indicators

	BKGI	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-14.79%	-99.25%	+84.46%
Max Drawdown (1Y) Largest decline over 1 year	-6.16%	-85.39%	+79.23%
Max Drawdown (3Y) Largest decline over 3 years	-14.16%	—	—
Current Drawdown Current decline from peak	-1.04%	-97.32%	+96.28%
Average Drawdown Average peak-to-trough decline	-2.56%	-90.93%	+88.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	44.56%	-42.51%

Volatility

BKGI vs. SMST - Volatility Comparison

The current volatility for Bny Mellon Global Infrastructure Income ETF (BKGI) is 3.54%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 55.38%. This indicates that BKGI 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

	BKGI	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	55.38%	-51.84%
Volatility (6M) Calculated over the trailing 6-month period	9.58%	135.32%	-125.74%
Volatility (1Y) Calculated over the trailing 1-year period	11.64%	149.40%	-137.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.99%	167.53%	-153.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.99%	167.53%	-153.54%

BKGI vs. SMST - Expense Ratio Comparison

BKGI has a 0.65% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

BKGI vs. SMST - Dividend Comparison

BKGI's dividend yield for the trailing twelve months is around 2.88%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
BKGI Bny Mellon Global Infrastructure Income ETF	2.88%	2.65%	4.55%	4.55%	0.53%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BKGI and SMST in my portfolio?

BKGI and SMST have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BKGI or SMST?

SMST has higher volatility (55.38%) compared to BKGI (3.54%). In terms of maximum drawdown, BKGI dropped -14.79% vs SMST's -99.25%.

Which ETF is better, BKGI or SMST?

On 1-year performance, SMST leads with 257.89% vs 23.16% for BKGI. On fees, BKGI is cheaper at 0.65% per year. On volatility, BKGI has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BKGI or SMST?

Over the 1-year period, SMST has performed better with a 257.89% return vs 23.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BKGI or SMST?

BKGI is cheaper with a 0.65% expense ratio, compared with 1.29% for SMST.

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

BKGI has the higher dividend yield at 2.88%, compared with 0.00% for SMST.

What is the main difference between BKGI and SMST?

BKGI is categorized as Energy Equities, while SMST is Inverse Equities. They also come from different issuers: BNY Mellon and Defiance. Their fees differ too: 0.65% for BKGI and 1.29% for SMST.

Which has better risk-adjusted returns?

BKGI currently has the higher Sharpe Ratio (2.00 vs 1.74), 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.