DUSL vs. SMST

Last updated Aug 2, 2026

DUSL (Direxion Daily Industrials Bull 3X Shares) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - DUSL is a Leveraged Equities fund tracking the Industrials Select Sector Index (300%), while SMST is a Inverse Equities fund actively managed by Defiance. DUSL is passively managed, while SMST is actively managed. Over the past year, DUSL returned 50.01% vs 128.37% for SMST. Their -0.33 correlation means they have often moved in opposite directions in the past. DUSL charges 1.01%/yr vs 1.29%/yr for SMST.

Performance

DUSL vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Industrials Bull 3X Shares (DUSL) 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, DUSL achieves a 39.99% return, which is significantly higher than SMST's -35.77% return.

DUSL

• 1D: 2.43%
• 1M: -7.89%
• 6M: 17.29%
• YTD: 39.99%
• 1Y: 50.01%
• 3Y*: 39.27%
• 5Y*: 20.90%
• 10Y*: —
• ALL TIME*: 18.43%

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)
DUSL Direxion Daily Industrials Bull 3X Shares	$913.54K	$1.33M	$1.65M
SMST Defiance Daily Target 2X Short MSTR ETF	$15.35M	$15.12M	$17.58M

DUSL vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DUSL Direxion Daily Industrials Bull 3X Shares	39.99%	37.50%	6.17%
SMST Defiance Daily Target 2X Short MSTR ETF	-35.77%	-44.36%	-91.71%

Correlation

The correlation between DUSL and SMST is -0.30, 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.	-0.30
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.33

Return for Risk

DUSL vs. SMST — Risk / Return Rank

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

DUSL

DUSL Risk / Return Rank: 37
DUSL Sharpe Ratio Rank: 34
DUSL Sortino Ratio Rank: 37
DUSL Omega Ratio Rank: 35
DUSL Calmar Ratio Rank: 38
DUSL Martin Ratio Rank: 41

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.

DUSL vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Industrials Bull 3X Shares (DUSL) 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.

	DUSL	SMST	Difference
Sharpe ratio: Return per unit of total volatility	0.85	1.13	-0.28
Sortino ratio: Return per unit of downside risk	1.41	2.09	-0.68
Omega ratio: Gain probability vs. loss probability	1.17	1.27	-0.10
Calmar ratio: Return relative to maximum drawdown	1.30	2.00	-0.70
Martin ratio: Return relative to average drawdown	4.31	3.68	+0.63

DUSL vs. SMST - Sharpe Ratio Comparison

The current DUSL Sharpe Ratio is 0.85, which is comparable to the SMST Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of DUSL 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

DUSL vs. SMST - Drawdown Comparison

The maximum DUSL drawdown since its inception was -85.74%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for DUSL and SMST.

Drawdown Indicators

	DUSL	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-85.74%	-99.25%	+13.51%
Max Drawdown (1Y) Largest decline over 1 year	-33.68%	-85.39%	+51.71%
Max Drawdown (3Y) Largest decline over 3 years	-50.86%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-58.43%	—	—
Current Drawdown Current decline from peak	-10.22%	-97.48%	+87.26%
Average Drawdown Average peak-to-trough decline	-21.74%	-91.08%	+69.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.13%	46.35%	-36.22%

Volatility

DUSL vs. SMST - Volatility Comparison

The current volatility for Direxion Daily Industrials Bull 3X Shares (DUSL) is 14.35%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 38.14%. This indicates that DUSL 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

	DUSL	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.35%	38.14%	-23.79%
Volatility (6M) Calculated over the trailing 6-month period	42.40%	135.29%	-92.89%
Volatility (1Y) Calculated over the trailing 1-year period	51.40%	151.04%	-99.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.05%	166.75%	-113.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.54%	166.75%	-105.21%

DUSL vs. SMST - Expense Ratio Comparison

DUSL has a 1.01% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

DUSL vs. SMST - Dividend Comparison

DUSL's dividend yield for the trailing twelve months is around 8.07%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DUSL Direxion Daily Industrials Bull 3X Shares	8.07%	11.39%	6.61%	1.28%	0.66%	0.07%	0.48%	1.01%	1.46%	0.57%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DUSL and SMST in my portfolio?

DUSL and SMST have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DUSL or SMST?

SMST has higher volatility (38.14%) compared to DUSL (14.35%). In terms of maximum drawdown, DUSL dropped -85.74% vs SMST's -99.25%.

Which ETF is better, DUSL or SMST?

On 1-year performance, SMST leads with 128.37% vs 50.01% for DUSL. On fees, DUSL is cheaper at 1.01% per year. On volatility, DUSL has been the lower-risk option at 14.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DUSL or SMST?

Over the 1-year period, SMST has performed better with a 128.37% return vs 50.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DUSL or SMST?

DUSL is cheaper with a 1.01% expense ratio, compared with 1.29% for SMST.

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

DUSL has the higher dividend yield at 8.07%, compared with 0.00% for SMST.

What is the main difference between DUSL and SMST?

DUSL is categorized as Leveraged Equities, while SMST is Inverse Equities. They also come from different issuers: Direxion and Defiance. Their fees differ too: 1.01% for DUSL and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.13 vs 0.85), 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.