GGUS vs. SMST

Last updated Aug 2, 2026

GGUS (Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - GGUS is a Large Cap Growth Equities fund tracking the Russell 1000 Growth 40 Act Daily Capped Index - Benchmark TR Gross, while SMST is a Inverse Equities fund actively managed by Defiance. GGUS is passively managed, while SMST is actively managed. Over the past year, GGUS returned 9.71% vs 128.37% for SMST. Their -0.48 correlation means they have often moved in opposite directions in the past. GGUS charges 0.12%/yr vs 1.29%/yr for SMST.

Performance

GGUS vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF (GGUS) 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, GGUS achieves a 1.28% return, which is significantly higher than SMST's -35.77% return.

GGUS

• 1D: 0.94%
• 1M: -3.00%
• 6M: 2.46%
• YTD: 1.28%
• 1Y: 9.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.99%

SMST

• 1D: 8.37%
• 1M: 5.47%
• 6M: -29.35%
• YTD: -35.77%
• 1Y: 128.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -83.68%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GGUS Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF	$1.02M	$954.14K	$1.64M
SMST Defiance Daily Target 2X Short MSTR ETF	$15.35M	$15.12M	$17.58M

GGUS vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GGUS Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF	1.28%	17.32%	9.25%
SMST Defiance Daily Target 2X Short MSTR ETF	-35.77%	-44.36%	-91.71%

Correlation

The correlation between GGUS and SMST is -0.47, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.47
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.48

Return for Risk

GGUS vs. SMST — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GGUS

GGUS Risk / Return Rank: 21
GGUS Sharpe Ratio Rank: 22
GGUS Sortino Ratio Rank: 21
GGUS Omega Ratio Rank: 21
GGUS Calmar Ratio Rank: 20
GGUS Martin Ratio Rank: 23

SMST

SMST Risk / Return Rank: 52
SMST Sharpe Ratio Rank: 45
SMST Sortino Ratio Rank: 62
SMST Omega Ratio Rank: 61
SMST Calmar Ratio Rank: 56
SMST Martin Ratio Rank: 36

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GGUS vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF (GGUS) 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.

	GGUS	SMST	Difference
Sharpe ratio: Return per unit of total volatility	0.47	1.13	-0.67
Sortino ratio: Return per unit of downside risk	0.76	2.09	-1.34
Omega ratio: Gain probability vs. loss probability	1.09	1.27	-0.18
Calmar ratio: Return relative to maximum drawdown	0.53	2.00	-1.47
Martin ratio: Return relative to average drawdown	1.66	3.68	-2.01

GGUS vs. SMST - Sharpe Ratio Comparison

The current GGUS Sharpe Ratio is 0.47, which is lower than the SMST Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of GGUS 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

GGUS vs. SMST - Drawdown Comparison

The maximum GGUS drawdown since its inception was -22.59%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for GGUS and SMST.

Drawdown Indicators

	GGUS	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-22.59%	-99.25%	+76.66%
Max Drawdown (1Y) Largest decline over 1 year	-14.91%	-85.39%	+70.48%
Current Drawdown Current decline from peak	-7.05%	-97.48%	+90.43%
Average Drawdown Average peak-to-trough decline	-3.28%	-91.08%	+87.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.78%	46.35%	-41.57%

Volatility

GGUS vs. SMST - Volatility Comparison

The current volatility for Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF (GGUS) is 6.77%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 38.14%. This indicates that GGUS 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

	GGUS	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.77%	38.14%	-31.37%
Volatility (6M) Calculated over the trailing 6-month period	13.83%	135.29%	-121.46%
Volatility (1Y) Calculated over the trailing 1-year period	17.12%	151.04%	-133.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.24%	166.75%	-147.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.24%	166.75%	-147.51%

GGUS vs. SMST - Expense Ratio Comparison

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

Dividends

GGUS vs. SMST - Dividend Comparison

GGUS's dividend yield for the trailing twelve months is around 0.43%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
GGUS Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF	0.43%	0.43%	0.68%	0.00%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GGUS and SMST in my portfolio?

GGUS and SMST have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GGUS or SMST?

SMST has higher volatility (38.14%) compared to GGUS (6.77%). In terms of maximum drawdown, GGUS dropped -22.59% vs SMST's -99.25%.

Which ETF is better, GGUS or SMST?

On 1-year performance, SMST leads with 128.37% vs 9.71% for GGUS. On fees, GGUS is cheaper at 0.12% per year. On volatility, GGUS has been the lower-risk option at 6.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GGUS or SMST?

Over the 1-year period, SMST has performed better with a 128.37% return vs 9.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GGUS or SMST?

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

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

GGUS has the higher dividend yield at 0.43%, compared with 0.00% for SMST.

What is the main difference between GGUS and SMST?

GGUS is categorized as Large Cap Growth Equities, while SMST is Inverse Equities. They also come from different issuers: Goldman Sachs and Defiance. Their fees differ too: 0.12% for GGUS and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.13 vs 0.47), 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.