ELIS vs. SMST

Last updated Jun 4, 2026

ELIS (Direxion Daily LLY Bear 1X Shares) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both Inverse Equities funds. Both are actively managed. At a 0.08 correlation, their price movements are largely independent. ELIS charges 0.97%/yr vs 1.29%/yr for SMST.

Performance

ELIS vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily LLY Bear 1X Shares (ELIS) and Defiance Daily Target 2X Short MSTR ETF (SMST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ELIS

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: 13.96%
• 1M: 85.04%
• YTD: -49.49%
• 6M: -27.60%
• 1Y: 73.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ELIS vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
ELIS Direxion Daily LLY Bear 1X Shares	11.37%	-29.46%
SMST Defiance Daily Target 2X Short MSTR ETF	-49.49%	42.77%

Correlation

The correlation between ELIS and SMST is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	0.08

Return for Risk

ELIS vs. SMST — Risk / Return Rank

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

SMST

SMST Risk / Return Rank: 24
SMST Sharpe Ratio Rank: 18
SMST Sortino Ratio Rank: 31
SMST Omega Ratio Rank: 32
SMST Calmar Ratio Rank: 21
SMST Martin Ratio Rank: 18

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.

ELIS vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily LLY Bear 1X Shares (ELIS) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	ELIS	SMST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	-0.52	—

Drawdowns

Drawdown Indicators

	ELIS	SMST	Difference
Max Drawdown Largest peak-to-trough decline	—	-99.25%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-85.39%	—
Current Drawdown Current decline from peak	—	-98.02%	—
Average Drawdown Average peak-to-trough decline	—	-90.67%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	40.73%	—

Volatility

Volatility by Period

	ELIS	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	37.33%	—
Volatility (6M) Calculated over the trailing 6-month period	—	126.48%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	140.93%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	166.79%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	166.79%	—

ELIS vs. SMST - Expense Ratio Comparison

ELIS has a 0.97% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

ELIS vs. SMST - Dividend Comparison

ELIS's dividend yield for the trailing twelve months is around 5.26%, while SMST has not paid dividends to shareholders.

Position	TTM	2025
ELIS Direxion Daily LLY Bear 1X Shares	5.26%	5.86%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both ELIS and SMST in my portfolio?

ELIS and SMST have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ELIS or SMST?

On fees, ELIS is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ELIS or SMST?

ELIS is cheaper with a 0.97% expense ratio, compared with 1.29% for SMST.

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

ELIS has the higher dividend yield at 5.26%, compared with 0.00% for SMST.

What is the main difference between ELIS and SMST?

They also come from different issuers: Direxion and Defiance. Their fees differ too: 0.97% for ELIS and 1.29% for SMST.