GGLS vs. SMST

Last updated Jun 4, 2026

GGLS (Direxion Daily GOOGL Bear 1X Shares) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both Inverse Equities funds. GGLS is passively managed, while SMST is actively managed. Over the past year, GGLS returned -55.43% vs 73.40% for SMST. At a 0.31 correlation, their price movements are largely independent. GGLS charges 1.09%/yr vs 1.29%/yr for SMST.

Performance

GGLS vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily GOOGL Bear 1X Shares (GGLS) 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, GGLS achieves a -14.40% return, which is significantly higher than SMST's -49.49% return.

GGLS

• 1D: 0.70%
• 1M: 6.67%
• YTD: -14.40%
• 6M: -12.57%
• 1Y: -55.43%
• 3Y*: -31.29%
• 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)

GGLS vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GGLS Direxion Daily GOOGL Bear 1X Shares	-14.40%	-42.64%	-12.70%
SMST Defiance Daily Target 2X Short MSTR ETF	-49.49%	-44.36%	-90.90%

Correlation

The correlation between GGLS and SMST is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (All Time) Calculated using the full available price history since Aug 22, 2024	0.31

Return for Risk

GGLS vs. SMST — Risk / Return Rank

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

GGLS

GGLS Risk / Return Rank: 1
GGLS Sharpe Ratio Rank: 0
GGLS Sortino Ratio Rank: 0
GGLS Omega Ratio Rank: 0
GGLS Calmar Ratio Rank: 1
GGLS Martin Ratio Rank: 2

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.

GGLS vs. SMST - Risk-Adjusted Trends Comparison

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

	GGLS	SMST	Difference
Sharpe ratio Return per unit of total volatility	-1.91	0.52	-2.43
Sortino ratio Return per unit of downside risk	-3.07	1.63	-4.69
Omega ratio Gain probability vs. loss probability	0.63	1.21	-0.58
Calmar ratio Return relative to maximum drawdown	-0.92	0.86	-1.78
Martin ratio Return relative to average drawdown	-1.35	1.81	-3.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GGLS vs. SMST - Sharpe Ratio Comparison

The current GGLS Sharpe Ratio is -1.91, which is lower than the SMST Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of GGLS 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

	GGLS	SMST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.91	0.52	-2.43
Sharpe Ratio (All Time) Calculated using the full available price history	-0.95	-0.52	-0.43

Drawdowns

GGLS vs. SMST - Drawdown Comparison

The maximum GGLS drawdown since its inception was -81.24%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for GGLS and SMST.

Drawdown Indicators

	GGLS	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-81.24%	-99.25%	+18.01%
Max Drawdown (1Y) Largest decline over 1 year	-60.43%	-85.39%	+24.96%
Max Drawdown (3Y) Largest decline over 3 years	-73.06%	—	—
Current Drawdown Current decline from peak	-78.97%	-98.02%	+19.05%
Average Drawdown Average peak-to-trough decline	-46.86%	-90.67%	+43.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.18%	40.73%	+0.45%

Volatility

GGLS vs. SMST - Volatility Comparison

The current volatility for Direxion Daily GOOGL Bear 1X Shares (GGLS) is 8.19%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 37.33%. This indicates that GGLS 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

	GGLS	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.19%	37.33%	-29.14%
Volatility (6M) Calculated over the trailing 6-month period	21.23%	126.48%	-105.25%
Volatility (1Y) Calculated over the trailing 1-year period	29.17%	140.93%	-111.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.27%	166.79%	-135.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.27%	166.79%	-135.52%

GGLS vs. SMST - Expense Ratio Comparison

GGLS has a 1.09% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

GGLS vs. SMST - Dividend Comparison

GGLS's dividend yield for the trailing twelve months is around 4.93%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
GGLS Direxion Daily GOOGL Bear 1X Shares	4.93%	4.87%	4.31%	5.80%	0.20%
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 GGLS and SMST in my portfolio?

GGLS and SMST have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GGLS or SMST?

SMST has higher volatility (37.33%) compared to GGLS (8.19%). In terms of maximum drawdown, GGLS dropped -81.24% vs SMST's -99.25%.

Which ETF is better, GGLS or SMST?

On 1-year performance, SMST leads with 73.40% vs -55.43% for GGLS. On fees, GGLS is cheaper at 1.09% per year. On volatility, GGLS has been the lower-risk option at 8.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GGLS or SMST?

Over the 1-year period, SMST has performed better with a 73.40% return vs -55.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GGLS or SMST?

GGLS is cheaper with a 1.09% expense ratio, compared with 1.29% for SMST.

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

GGLS has the higher dividend yield at 4.93%, compared with 0.00% for SMST.

What is the main difference between GGLS and SMST?

They also come from different issuers: Direxion and Defiance. Their fees differ too: 1.09% for GGLS and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (0.52 vs -1.91), 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.