EDIV vs. SMST

Last updated Jul 12, 2026

EDIV (SPDR S&P Emerging Markets Dividend ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - EDIV is a Emerging Markets Equities fund tracking the S&P Emerging Markets Dividend Opportunities Index, while SMST is a Inverse Equities fund actively managed by Defiance. EDIV is passively managed, while SMST is actively managed. Over the past year, EDIV returned 13.82% vs 223.04% for SMST. At a correlation of -0.33, they often move in opposite directions. EDIV charges 0.49%/yr vs 1.29%/yr for SMST.

Performance

EDIV vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Emerging Markets Dividend ETF (EDIV) 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, EDIV achieves a 9.35% return, which is significantly higher than SMST's -31.56% return.

EDIV

• 1D: 0.84%
• 1M: 1.47%
• 6M: 7.97%
• YTD: 9.35%
• 1Y: 13.82%
• 3Y*: 18.87%
• 5Y*: 11.86%
• 10Y*: 8.66%

SMST

• 1D: -1.67%
• 1M: 37.17%
• 6M: -24.18%
• YTD: -31.56%
• 1Y: 223.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EDIV vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EDIV SPDR S&P Emerging Markets Dividend ETF	9.35%	16.45%	-1.10%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.56%	-44.36%	-91.71%

Correlation

The correlation between EDIV and SMST is -0.35, 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	-0.35
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.33

Return for Risk

EDIV vs. SMST — Risk / Return Rank

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

EDIV

EDIV Risk / Return Rank: 35
EDIV Sharpe Ratio Rank: 37
EDIV Sortino Ratio Rank: 37
EDIV Omega Ratio Rank: 37
EDIV Calmar Ratio Rank: 32
EDIV Martin Ratio Rank: 32

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.

EDIV vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Emerging Markets Dividend ETF (EDIV) 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.

	EDIV	SMST	Difference
Sharpe ratio: Return per unit of total volatility	1.09	1.37	-0.28
Sortino ratio: Return per unit of downside risk	1.60	2.22	-0.62
Omega ratio: Gain probability vs. loss probability	1.20	1.29	-0.08
Calmar ratio: Return relative to maximum drawdown	1.34	2.39	-1.05
Martin ratio: Return relative to average drawdown	3.92	4.64	-0.72

EDIV vs. SMST - Sharpe Ratio Comparison

The current EDIV Sharpe Ratio is 1.09, which is comparable to the SMST Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of EDIV 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

EDIV vs. SMST - Drawdown Comparison

The maximum EDIV drawdown since its inception was -53.36%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for EDIV and SMST.

Drawdown Indicators

	EDIV	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-53.36%	-99.25%	+45.89%
Max Drawdown (1Y) Largest decline over 1 year	-10.36%	-85.39%	+75.03%
Max Drawdown (3Y) Largest decline over 3 years	-13.84%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.32%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.76%	—	—
Current Drawdown Current decline from peak	-1.43%	-97.31%	+95.88%
Average Drawdown Average peak-to-trough decline	-19.26%	-90.88%	+71.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	43.98%	-40.44%

Volatility

EDIV vs. SMST - Volatility Comparison

The current volatility for SPDR S&P Emerging Markets Dividend ETF (EDIV) is 4.60%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.47%. This indicates that EDIV 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

	EDIV	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.60%	56.47%	-51.87%
Volatility (6M) Calculated over the trailing 6-month period	11.02%	135.94%	-124.92%
Volatility (1Y) Calculated over the trailing 1-year period	12.76%	149.09%	-136.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.94%	167.87%	-153.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.31%	167.87%	-150.56%

EDIV vs. SMST - Expense Ratio Comparison

EDIV has a 0.49% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

EDIV vs. SMST - Dividend Comparison

EDIV's dividend yield for the trailing twelve months is around 4.15%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EDIV SPDR S&P Emerging Markets Dividend ETF	4.15%	4.69%	3.94%	4.26%	4.94%	3.84%	3.52%	3.83%	3.41%	2.99%	4.94%	5.33%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EDIV and SMST in my portfolio?

EDIV and SMST have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EDIV or SMST?

SMST has higher volatility (56.47%) compared to EDIV (4.60%). In terms of maximum drawdown, EDIV dropped -53.36% vs SMST's -99.25%.

Which ETF is better, EDIV or SMST?

On 1-year performance, SMST leads with 223.04% vs 13.82% for EDIV. On fees, EDIV is cheaper at 0.49% per year. On volatility, EDIV has been the lower-risk option at 4.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EDIV or SMST?

Over the 1-year period, SMST has performed better with a 223.04% return vs 13.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EDIV or SMST?

EDIV is cheaper with a 0.49% expense ratio, compared with 1.29% for SMST.

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

EDIV has the higher dividend yield at 4.15%, compared with 0.00% for SMST.

What is the main difference between EDIV and SMST?

EDIV is categorized as Emerging Markets Equities, while SMST is Inverse Equities. They also come from different issuers: State Street and Defiance. Their fees differ too: 0.49% for EDIV and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.37 vs 1.09), 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.