EWX vs. SMST

Last updated Jun 26, 2026

EWX (SPDR S&P Emerging Markets Small Cap ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - EWX is a Emerging Markets Equities fund tracking the S&P Emerging Markets Under USD2 Billion Index, while SMST is a Inverse Equities fund actively managed by Defiance. EWX is passively managed, while SMST is actively managed. Over the past year, EWX returned 23.59% vs 236.89% for SMST. At a correlation of -0.36, they often move in opposite directions. EWX charges 0.65%/yr vs 1.29%/yr for SMST.

Performance

EWX vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Emerging Markets Small Cap ETF (EWX) 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, EWX achieves a 13.08% return, which is significantly higher than SMST's -5.14% return.

EWX

• 1D: -0.15%
• 1M: -2.12%
• YTD: 13.08%
• 6M: 13.58%
• 1Y: 23.59%
• 3Y*: 15.46%
• 5Y*: 6.80%
• 10Y*: 10.01%

SMST

• 1D: 18.45%
• 1M: 181.70%
• YTD: -5.14%
• 6M: 2.86%
• 1Y: 236.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EWX vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EWX SPDR S&P Emerging Markets Small Cap ETF	13.08%	15.46%	2.92%
SMST Defiance Daily Target 2X Short MSTR ETF	-5.14%	-44.36%	-91.71%

Correlation

The correlation between EWX and SMST is -0.37, 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	-0.37
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.36

Return for Risk

EWX vs. SMST — Risk / Return Rank

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

EWX

EWX Risk / Return Rank: 54
EWX Sharpe Ratio Rank: 49
EWX Sortino Ratio Rank: 46
EWX Omega Ratio Rank: 50
EWX Calmar Ratio Rank: 68
EWX Martin Ratio Rank: 59

SMST

SMST Risk / Return Rank: 53
SMST Sharpe Ratio Rank: 54
SMST Sortino Ratio Rank: 55
SMST Omega Ratio Rank: 54
SMST Calmar Ratio Rank: 64
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.

EWX vs. SMST - Risk-Adjusted Trends Comparison

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

	EWX	SMST	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.63	-0.14
Sortino ratio: Return per unit of downside risk	2.04	2.35	-0.31
Omega ratio: Gain probability vs. loss probability	1.28	1.30	-0.02
Calmar ratio: Return relative to maximum drawdown	2.97	2.79	+0.18
Martin ratio: Return relative to average drawdown	9.07	5.52	+3.56

EWX vs. SMST - Sharpe Ratio Comparison

The current EWX Sharpe Ratio is 1.49, which is comparable to the SMST Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of EWX 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

EWX vs. SMST - Drawdown Comparison

The maximum EWX drawdown since its inception was -63.90%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for EWX and SMST.

Drawdown Indicators

	EWX	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-63.90%	-99.25%	+35.35%
Max Drawdown (1Y) Largest decline over 1 year	-7.98%	-85.39%	+77.41%
Max Drawdown (3Y) Largest decline over 3 years	-21.37%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.67%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.00%	—	—
Current Drawdown Current decline from peak	-3.62%	-96.27%	+92.65%
Average Drawdown Average peak-to-trough decline	-13.13%	-90.74%	+77.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	43.15%	-40.54%

Volatility

EWX vs. SMST - Volatility Comparison

The current volatility for SPDR S&P Emerging Markets Small Cap ETF (EWX) is 7.61%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 46.13%. This indicates that EWX 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

	EWX	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.61%	46.13%	-38.52%
Volatility (6M) Calculated over the trailing 6-month period	14.04%	130.40%	-116.36%
Volatility (1Y) Calculated over the trailing 1-year period	15.93%	146.32%	-130.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.50%	167.25%	-151.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.16%	167.25%	-150.09%

EWX vs. SMST - Expense Ratio Comparison

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

Dividends

EWX vs. SMST - Dividend Comparison

EWX's dividend yield for the trailing twelve months is around 2.50%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWX SPDR S&P Emerging Markets Small Cap ETF	2.50%	2.91%	2.90%	2.32%	3.00%	2.77%	2.24%	2.73%	3.26%	2.30%	2.46%	3.04%
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 EWX and SMST in my portfolio?

EWX and SMST have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWX or SMST?

SMST has higher volatility (46.13%) compared to EWX (7.61%). In terms of maximum drawdown, EWX dropped -63.90% vs SMST's -99.25%.

Which ETF is better, EWX or SMST?

On 1-year performance, SMST leads with 236.89% vs 23.59% for EWX. On fees, EWX is cheaper at 0.65% per year. On volatility, EWX has been the lower-risk option at 7.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWX or SMST?

Over the 1-year period, SMST has performed better with a 236.89% return vs 23.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWX or SMST?

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

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

EWX has the higher dividend yield at 2.50%, compared with 0.00% for SMST.

What is the main difference between EWX and SMST?

EWX 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: 0.65% for EWX and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.63 vs 1.49), 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.