EMTL vs. SMST

Last updated Jul 17, 2026

EMTL (SPDR DoubleLine Emerging Markets Fixed Income ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - EMTL is a Emerging Markets Bonds fund actively managed by State Street, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, EMTL returned 3.84% vs 257.89% for SMST. At a correlation of -0.27, they often move in opposite directions. EMTL charges 0.65%/yr vs 1.29%/yr for SMST.

Performance

EMTL vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR DoubleLine Emerging Markets Fixed Income ETF (EMTL) 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, EMTL achieves a 0.56% return, which is significantly higher than SMST's -31.71% return.

EMTL

• 1D: -0.05%
• 1M: -0.17%
• 6M: 0.13%
• YTD: 0.56%
• 1Y: 3.84%
• 3Y*: 6.52%
• 5Y*: 1.47%
• 10Y*: 3.00%

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)

EMTL vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EMTL SPDR DoubleLine Emerging Markets Fixed Income ETF	0.56%	8.27%	0.01%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.71%	-44.36%	-91.71%

Correlation

The correlation between EMTL and SMST is -0.25, 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	-0.25
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.27

Return for Risk

EMTL vs. SMST — Risk / Return Rank

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

EMTL

EMTL Risk / Return Rank: 60
EMTL Sharpe Ratio Rank: 65
EMTL Sortino Ratio Rank: 67
EMTL Omega Ratio Rank: 68
EMTL Calmar Ratio Rank: 47
EMTL Martin Ratio Rank: 50

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.

EMTL vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR DoubleLine Emerging Markets Fixed Income ETF (EMTL) 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.

	EMTL	SMST	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.74	-0.04
Sortino ratio: Return per unit of downside risk	2.47	2.38	+0.09
Omega ratio: Gain probability vs. loss probability	1.32	1.31	+0.01
Calmar ratio: Return relative to maximum drawdown	1.92	3.04	-1.12
Martin ratio: Return relative to average drawdown	6.78	5.82	+0.97

EMTL vs. SMST - Sharpe Ratio Comparison

The current EMTL Sharpe Ratio is 1.70, which is comparable to the SMST Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of EMTL 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

EMTL vs. SMST - Drawdown Comparison

The maximum EMTL drawdown since its inception was -22.91%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for EMTL and SMST.

Drawdown Indicators

	EMTL	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-22.91%	-99.25%	+76.34%
Max Drawdown (1Y) Largest decline over 1 year	-2.00%	-85.39%	+83.39%
Max Drawdown (3Y) Largest decline over 3 years	-3.79%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.91%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-22.91%	—	—
Current Drawdown Current decline from peak	-0.27%	-97.32%	+97.05%
Average Drawdown Average peak-to-trough decline	-3.79%	-90.93%	+87.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	44.56%	-43.99%

Volatility

EMTL vs. SMST - Volatility Comparison

The current volatility for SPDR DoubleLine Emerging Markets Fixed Income ETF (EMTL) is 0.57%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 55.38%. This indicates that EMTL 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

	EMTL	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.57%	55.38%	-54.81%
Volatility (6M) Calculated over the trailing 6-month period	1.74%	135.32%	-133.58%
Volatility (1Y) Calculated over the trailing 1-year period	2.27%	149.40%	-147.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.87%	167.53%	-162.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.65%	167.53%	-162.88%

EMTL vs. SMST - Expense Ratio Comparison

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

Dividends

EMTL vs. SMST - Dividend Comparison

EMTL's dividend yield for the trailing twelve months is around 4.98%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
EMTL SPDR DoubleLine Emerging Markets Fixed Income ETF	4.98%	5.09%	5.34%	4.78%	4.19%	5.43%	3.28%	3.96%	3.35%	4.16%	8.87%
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%

Frequently Asked Questions

Can I hold both EMTL and SMST in my portfolio?

EMTL and SMST have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMTL or SMST?

SMST has higher volatility (55.38%) compared to EMTL (0.57%). In terms of maximum drawdown, EMTL dropped -22.91% vs SMST's -99.25%.

Which ETF is better, EMTL or SMST?

On 1-year performance, SMST leads with 257.89% vs 3.84% for EMTL. On fees, EMTL is cheaper at 0.65% per year. On volatility, EMTL has been the lower-risk option at 0.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMTL or SMST?

Over the 1-year period, SMST has performed better with a 257.89% return vs 3.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMTL or SMST?

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

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

EMTL has the higher dividend yield at 4.98%, compared with 0.00% for SMST.

What is the main difference between EMTL and SMST?

EMTL is categorized as Emerging Markets Bonds, while SMST is Inverse Equities. They also come from different issuers: State Street and Defiance. Their fees differ too: 0.65% for EMTL and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.74 vs 1.70), 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.