DLLL vs. SMST

Last updated Jul 17, 2026

DLLL (GraniteShares 2x Long DELL Daily ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - DLLL is a Leveraged Equities fund tracking the Dell Technologies Inc. (DELL), while SMST is a Inverse Equities fund actively managed by Defiance. DLLL is passively managed, while SMST is actively managed. Over the past year, DLLL returned 540.38% vs 257.89% for SMST. At a correlation of -0.31, they often move in opposite directions. DLLL charges 1.50%/yr vs 1.29%/yr for SMST.

Performance

DLLL vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long DELL Daily ETF (DLLL) 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, DLLL achieves a 589.77% return, which is significantly higher than SMST's -31.71% return.

DLLL

• 1D: -10.21%
• 1M: -10.70%
• 6M: 667.04%
• YTD: 589.77%
• 1Y: 540.38%
• 3Y*: —
• 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)

DLLL vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
DLLL GraniteShares 2x Long DELL Daily ETF	589.77%	-3.72%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.71%	-10.60%

Correlation

The correlation between DLLL and SMST is -0.28, 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	-0.28
Correlation (All Time) Calculated using the full available price history since Feb 13, 2025	-0.31

Return for Risk

DLLL vs. SMST — Risk / Return Rank

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

DLLL

DLLL Risk / Return Rank: 94
DLLL Sharpe Ratio Rank: 98
DLLL Sortino Ratio Rank: 93
DLLL Omega Ratio Rank: 90
DLLL Calmar Ratio Rank: 98
DLLL Martin Ratio Rank: 93

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.

DLLL vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long DELL Daily ETF (DLLL) 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.

	DLLL	SMST	Difference
Sharpe ratio: Return per unit of total volatility	4.00	1.74	+2.26
Sortino ratio: Return per unit of downside risk	3.79	2.38	+1.41
Omega ratio: Gain probability vs. loss probability	1.46	1.31	+0.15
Calmar ratio: Return relative to maximum drawdown	9.53	3.04	+6.49
Martin ratio: Return relative to average drawdown	19.00	5.82	+13.18

DLLL vs. SMST - Sharpe Ratio Comparison

The current DLLL Sharpe Ratio is 4.00, which is higher than the SMST Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of DLLL 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

DLLL vs. SMST - Drawdown Comparison

The maximum DLLL drawdown since its inception was -68.58%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for DLLL and SMST.

Drawdown Indicators

	DLLL	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-68.58%	-99.25%	+30.67%
Max Drawdown (1Y) Largest decline over 1 year	-57.19%	-85.39%	+28.20%
Current Drawdown Current decline from peak	-34.75%	-97.32%	+62.57%
Average Drawdown Average peak-to-trough decline	-25.70%	-90.93%	+65.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.64%	44.56%	-15.92%

Volatility

DLLL vs. SMST - Volatility Comparison

The current volatility for GraniteShares 2x Long DELL Daily ETF (DLLL) is 43.56%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 55.38%. This indicates that DLLL 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

	DLLL	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	43.56%	55.38%	-11.82%
Volatility (6M) Calculated over the trailing 6-month period	110.12%	135.32%	-25.20%
Volatility (1Y) Calculated over the trailing 1-year period	136.53%	149.40%	-12.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	131.16%	167.53%	-36.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	131.16%	167.53%	-36.37%

DLLL vs. SMST - Expense Ratio Comparison

DLLL has a 1.50% expense ratio, which is higher than SMST's 1.29% expense ratio.

Dividends

DLLL vs. SMST - Dividend Comparison

Neither DLLL nor SMST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DLLL and SMST in my portfolio?

DLLL and SMST have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DLLL or SMST?

SMST has higher volatility (55.38%) compared to DLLL (43.56%). In terms of maximum drawdown, DLLL dropped -68.58% vs SMST's -99.25%.

Which ETF is better, DLLL or SMST?

On 1-year performance, DLLL leads with 540.38% vs 257.89% for SMST. On fees, SMST is cheaper at 1.29% per year. On volatility, DLLL has been the lower-risk option at 43.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DLLL or SMST?

Over the 1-year period, DLLL has performed better with a 540.38% return vs 257.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DLLL or SMST?

SMST is cheaper with a 1.29% expense ratio, compared with 1.50% for DLLL.

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

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

What is the main difference between DLLL and SMST?

DLLL is categorized as Leveraged Equities, while SMST is Inverse Equities. They also come from different issuers: GraniteShares and Defiance. Their fees differ too: 1.50% for DLLL and 1.29% for SMST.

Which has better risk-adjusted returns?

DLLL currently has the higher Sharpe Ratio (4.00 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.