GDXD vs. SMST

Last updated Jun 4, 2026

GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both Inverse Equities funds. GDXD is passively managed, while SMST is actively managed. Over the past year, GDXD returned -93.08% vs 40.09% for SMST. At a 0.19 correlation, their price movements are largely independent. GDXD charges 0.95%/yr vs 1.29%/yr for SMST.

Performance

GDXD vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) 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, GDXD achieves a -51.20% return, which is significantly higher than SMST's -55.68% return.

GDXD

• 1D: 10.76%
• 1M: -10.12%
• YTD: -51.20%
• 6M: -62.62%
• 1Y: -93.08%
• 3Y*: -84.24%
• 5Y*: -72.73%
• 10Y*: —

SMST

• 1D: 17.75%
• 1M: 49.84%
• YTD: -55.68%
• 6M: -41.65%
• 1Y: 40.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GDXD vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs	-51.20%	-97.53%	24.20%
SMST Defiance Daily Target 2X Short MSTR ETF	-55.68%	-44.36%	-90.90%

Correlation

The correlation between GDXD and SMST is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (All Time) Calculated using the full available price history since Aug 22, 2024	0.19

Return for Risk

GDXD vs. SMST — Risk / Return Rank

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

GDXD

GDXD Risk / Return Rank: 2
GDXD Sharpe Ratio Rank: 3
GDXD Sortino Ratio Rank: 1
GDXD Omega Ratio Rank: 1
GDXD Calmar Ratio Rank: 1
GDXD Martin Ratio Rank: 3

SMST

SMST Risk / Return Rank: 18
SMST Sharpe Ratio Rank: 13
SMST Sortino Ratio Rank: 25
SMST Omega Ratio Rank: 26
SMST Calmar Ratio Rank: 14
SMST Martin Ratio Rank: 13

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.

GDXD vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) 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.

	GDXD	SMST	Difference
Sharpe ratio Return per unit of total volatility	-0.68	0.29	-0.97
Sortino ratio Return per unit of downside risk	-1.88	1.40	-3.29
Omega ratio Gain probability vs. loss probability	0.80	1.18	-0.38
Calmar ratio Return relative to maximum drawdown	-0.97	0.44	-1.41
Martin ratio Return relative to average drawdown	-1.22	0.93	-2.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDXD vs. SMST - Sharpe Ratio Comparison

The current GDXD Sharpe Ratio is -0.68, which is lower than the SMST Sharpe Ratio of 0.29. The chart below compares the historical Sharpe Ratios of GDXD 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.

Sharpe Ratios by Period

	GDXD	SMST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.68	0.29	-0.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.66	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.67	-0.53	-0.14

Drawdowns

GDXD vs. SMST - Drawdown Comparison

The maximum GDXD drawdown since its inception was -99.96%, roughly equal to the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for GDXD and SMST.

Drawdown Indicators

	GDXD	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-99.96%	-99.25%	-0.71%
Max Drawdown (1Y) Largest decline over 1 year	-96.33%	-85.39%	-10.94%
Max Drawdown (3Y) Largest decline over 3 years	-99.86%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-99.96%	—	—
Current Drawdown Current decline from peak	-99.93%	-98.26%	-1.67%
Average Drawdown Average peak-to-trough decline	-71.85%	-90.65%	+18.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	75.91%	40.51%	+35.40%

Volatility

GDXD vs. SMST - Volatility Comparison

MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a higher volatility of 47.44% compared to Defiance Daily Target 2X Short MSTR ETF (SMST) at 37.28%. This indicates that GDXD's price experiences larger fluctuations and is considered to be riskier than SMST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXD	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	47.44%	37.28%	+10.16%
Volatility (6M) Calculated over the trailing 6-month period	109.86%	125.90%	-16.04%
Volatility (1Y) Calculated over the trailing 1-year period	136.25%	140.31%	-4.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	109.97%	166.64%	-56.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	109.35%	166.64%	-57.29%

GDXD vs. SMST - Expense Ratio Comparison

GDXD has a 0.95% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

GDXD vs. SMST - Dividend Comparison

Neither GDXD nor SMST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GDXD and SMST in my portfolio?

GDXD and SMST have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDXD or SMST?

GDXD has higher volatility (47.44%) compared to SMST (37.28%). In terms of maximum drawdown, GDXD dropped -99.96% vs SMST's -99.25%.

Which ETF is better, GDXD or SMST?

On 1-year performance, SMST leads with 40.09% vs -93.08% for GDXD. On fees, GDXD is cheaper at 0.95% per year. On volatility, SMST has been the lower-risk option at 37.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDXD or SMST?

Over the 1-year period, SMST has performed better with a 40.09% return vs -93.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDXD or SMST?

GDXD is cheaper with a 0.95% expense ratio, compared with 1.29% for SMST.

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

GDXD and SMST have nearly identical dividend yields, around 0.00%.

What is the main difference between GDXD and SMST?

They also come from different issuers: BMO and Defiance. Their fees differ too: 0.95% for GDXD and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (0.29 vs -0.68), 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.