GIAX vs. SMST

Last updated Jun 26, 2026

GIAX (Nicholas Global Equity and Income ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - GIAX is a Derivative Income fund actively managed by Nicholas, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, GIAX returned 22.47% vs 236.89% for SMST. At a correlation of -0.52, they often move in opposite directions. GIAX charges 0.97%/yr vs 1.29%/yr for SMST.

Performance

GIAX vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Global Equity and Income ETF (GIAX) 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, GIAX achieves a 16.24% return, which is significantly higher than SMST's -5.14% return.

GIAX

• 1D: 0.53%
• 1M: -0.38%
• YTD: 16.24%
• 6M: 13.93%
• 1Y: 22.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

GIAX vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GIAX Nicholas Global Equity and Income ETF	16.24%	11.73%	2.71%
SMST Defiance Daily Target 2X Short MSTR ETF	-5.14%	-44.36%	-91.71%

Correlation

The correlation between GIAX and SMST is -0.55, 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	-0.55
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.52

The correlation between GIAX and SMST has been stable across timeframes, ranging from -0.55 to -0.52 - a consistent structural relationship.

Return for Risk

GIAX vs. SMST — Risk / Return Rank

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

GIAX

GIAX Risk / Return Rank: 31
GIAX Sharpe Ratio Rank: 29
GIAX Sortino Ratio Rank: 28
GIAX Omega Ratio Rank: 30
GIAX Calmar Ratio Rank: 29
GIAX Martin Ratio Rank: 37

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.

GIAX vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Global Equity and Income ETF (GIAX) 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.

	GIAX	SMST	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.63	-0.66
Sortino ratio: Return per unit of downside risk	1.42	2.35	-0.93
Omega ratio: Gain probability vs. loss probability	1.19	1.30	-0.11
Calmar ratio: Return relative to maximum drawdown	1.28	2.79	-1.51
Martin ratio: Return relative to average drawdown	5.17	5.52	-0.34

GIAX vs. SMST - Sharpe Ratio Comparison

The current GIAX Sharpe Ratio is 0.97, which is lower than the SMST Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of GIAX 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

GIAX vs. SMST - Drawdown Comparison

The maximum GIAX drawdown since its inception was -20.38%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for GIAX and SMST.

Drawdown Indicators

	GIAX	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-20.38%	-99.25%	+78.87%
Max Drawdown (1Y) Largest decline over 1 year	-17.62%	-85.39%	+67.77%
Current Drawdown Current decline from peak	-7.56%	-96.27%	+88.71%
Average Drawdown Average peak-to-trough decline	-3.08%	-90.74%	+87.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.35%	43.15%	-38.80%

Volatility

GIAX vs. SMST - Volatility Comparison

The current volatility for Nicholas Global Equity and Income ETF (GIAX) is 10.26%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 46.13%. This indicates that GIAX 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

	GIAX	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.26%	46.13%	-35.87%
Volatility (6M) Calculated over the trailing 6-month period	20.97%	130.40%	-109.43%
Volatility (1Y) Calculated over the trailing 1-year period	23.31%	146.32%	-123.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.05%	167.25%	-145.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.05%	167.25%	-145.20%

GIAX vs. SMST - Expense Ratio Comparison

GIAX has a 0.97% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

GIAX vs. SMST - Dividend Comparison

GIAX's dividend yield for the trailing twelve months is around 25.22%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024
GIAX Nicholas Global Equity and Income ETF	25.22%	25.62%	10.58%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GIAX and SMST in my portfolio?

GIAX and SMST have a correlation of -0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GIAX or SMST?

SMST has higher volatility (46.13%) compared to GIAX (10.26%). In terms of maximum drawdown, GIAX dropped -20.38% vs SMST's -99.25%.

Which ETF is better, GIAX or SMST?

On 1-year performance, SMST leads with 236.89% vs 22.47% for GIAX. On fees, GIAX is cheaper at 0.97% per year. On volatility, GIAX has been the lower-risk option at 10.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GIAX or SMST?

Over the 1-year period, SMST has performed better with a 236.89% return vs 22.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GIAX or SMST?

GIAX is cheaper with a 0.97% expense ratio, compared with 1.29% for SMST.

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

GIAX has the higher dividend yield at 25.22%, compared with 0.00% for SMST.

What is the main difference between GIAX and SMST?

GIAX is categorized as Derivative Income, while SMST is Inverse Equities. They also come from different issuers: Nicholas and Defiance. Their fees differ too: 0.97% for GIAX and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.63 vs 0.97), 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.