ESIX vs. SMST

Last updated Jul 17, 2026

ESIX (SPDR S&P SmallCap 600 ESG ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - ESIX is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 ESG Index, while SMST is a Inverse Equities fund actively managed by Defiance. ESIX is passively managed, while SMST is actively managed. At a correlation of -0.36, they often move in opposite directions. ESIX charges 0.12%/yr vs 1.29%/yr for SMST.

Performance

ESIX vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P SmallCap 600 ESG ETF (ESIX) and Defiance Daily Target 2X Short MSTR ETF (SMST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ESIX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 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)

ESIX vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ESIX SPDR S&P SmallCap 600 ESG ETF	10.83%	1.83%	4.07%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.71%	-44.36%	-91.71%

Correlation

The correlation between ESIX 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	-0.36
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.36

Return for Risk

ESIX vs. SMST — Risk / Return Rank

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

ESIX

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

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.

ESIX vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P SmallCap 600 ESG ETF (ESIX) 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.

	ESIX	SMST	Difference
Sharpe ratio: Return per unit of total volatility	—	1.74	—
Sortino ratio: Return per unit of downside risk	—	2.38	—
Omega ratio: Gain probability vs. loss probability	—	1.31	—
Calmar ratio: Return relative to maximum drawdown	—	3.04	—
Martin ratio: Return relative to average drawdown	—	5.82	—

Drawdowns

Drawdown Indicators

	ESIX	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	—	-97.32%	—
Average Drawdown Average peak-to-trough decline	—	-90.93%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	44.56%	—

Volatility

Volatility by Period

	ESIX	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	55.38%	—
Volatility (6M) Calculated over the trailing 6-month period	—	135.32%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	149.40%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	167.53%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	167.53%	—

ESIX vs. SMST - Expense Ratio Comparison

ESIX has a 0.12% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

ESIX vs. SMST - Dividend Comparison

ESIX's dividend yield for the trailing twelve months is around 1.05%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
ESIX SPDR S&P SmallCap 600 ESG ETF	1.05%	1.64%	1.65%	1.69%	1.54%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ESIX and SMST in my portfolio?

ESIX 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 ETF is better, ESIX or SMST?

On fees, ESIX is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ESIX or SMST?

ESIX is cheaper with a 0.12% expense ratio, compared with 1.29% for SMST.

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

ESIX has the higher dividend yield at 1.05%, compared with 0.00% for SMST.

What is the main difference between ESIX and SMST?

ESIX is categorized as Small Cap Blend Equities, while SMST is Inverse Equities. They also come from different issuers: State Street and Defiance. Their fees differ too: 0.12% for ESIX and 1.29% for SMST.