GLD vs. SMST

Last updated Jul 15, 2026

GLD (SPDR Gold Shares) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while SMST is a Inverse Equities fund actively managed by Defiance. GLD is passively managed, while SMST is actively managed. Over the past year, GLD returned 20.82% vs 223.39% for SMST. At a correlation of -0.18, they often move in opposite directions. GLD charges 0.40%/yr vs 1.29%/yr for SMST.

Performance

GLD vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold Shares (GLD) 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, GLD achieves a -6.10% return, which is significantly higher than SMST's -36.68% return.

GLD

• 1D: 1.37%
• 1M: -3.72%
• 6M: -11.74%
• YTD: -6.10%
• 1Y: 20.82%
• 3Y*: 27.06%
• 5Y*: 16.82%
• 10Y*: 11.36%

SMST

• 1D: -12.10%
• 1M: 26.91%
• 6M: -13.52%
• YTD: -36.68%
• 1Y: 223.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GLD vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GLD SPDR Gold Shares	-6.10%	63.68%	4.16%
SMST Defiance Daily Target 2X Short MSTR ETF	-36.68%	-44.36%	-91.71%

Correlation

The correlation between GLD and SMST is -0.24, 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	-0.24
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.18

Return for Risk

GLD vs. SMST — Risk / Return Rank

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

GLD

GLD Risk / Return Rank: 24
GLD Sharpe Ratio Rank: 26
GLD Sortino Ratio Rank: 23
GLD Omega Ratio Rank: 28
GLD Calmar Ratio Rank: 22
GLD Martin Ratio Rank: 21

SMST

SMST Risk / Return Rank: 56
SMST Sharpe Ratio Rank: 55
SMST Sortino Ratio Rank: 60
SMST Omega Ratio Rank: 61
SMST Calmar Ratio Rank: 66
SMST Martin Ratio Rank: 40

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.

GLD vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) 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.

	GLD	SMST	Difference
Sharpe ratio: Return per unit of total volatility	0.75	1.51	-0.76
Sortino ratio: Return per unit of downside risk	1.10	2.28	-1.18
Omega ratio: Gain probability vs. loss probability	1.16	1.30	-0.14
Calmar ratio: Return relative to maximum drawdown	0.80	2.63	-1.84
Martin ratio: Return relative to average drawdown	1.93	5.07	-3.14

GLD vs. SMST - Sharpe Ratio Comparison

The current GLD Sharpe Ratio is 0.75, which is lower than the SMST Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of GLD 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

GLD vs. SMST - Drawdown Comparison

The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for GLD and SMST.

Drawdown Indicators

	GLD	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-99.25%	+53.69%
Max Drawdown (1Y) Largest decline over 1 year	-26.21%	-85.39%	+59.18%
Max Drawdown (3Y) Largest decline over 3 years	-26.21%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.21%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-26.21%	—	—
Current Drawdown Current decline from peak	-24.95%	-97.51%	+72.56%
Average Drawdown Average peak-to-trough decline	-16.19%	-90.91%	+74.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.80%	44.25%	-33.45%

Volatility

GLD vs. SMST - Volatility Comparison

The current volatility for SPDR Gold Shares (GLD) is 6.99%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 57.45%. This indicates that GLD 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

	GLD	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.99%	57.45%	-50.46%
Volatility (6M) Calculated over the trailing 6-month period	24.21%	136.03%	-111.82%
Volatility (1Y) Calculated over the trailing 1-year period	27.93%	149.51%	-121.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.40%	167.79%	-149.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.10%	167.79%	-151.69%

GLD vs. SMST - Expense Ratio Comparison

GLD has a 0.40% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

GLD vs. SMST - Dividend Comparison

Neither GLD nor SMST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GLD and SMST in my portfolio?

GLD and SMST have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLD or SMST?

SMST has higher volatility (57.45%) compared to GLD (6.99%). In terms of maximum drawdown, GLD dropped -45.56% vs SMST's -99.25%.

Which ETF is better, GLD or SMST?

On 1-year performance, SMST leads with 223.39% vs 20.82% for GLD. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 6.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLD or SMST?

Over the 1-year period, SMST has performed better with a 223.39% return vs 20.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLD or SMST?

GLD is cheaper with a 0.40% expense ratio, compared with 1.29% for SMST.

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

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

What is the main difference between GLD and SMST?

GLD is categorized as Gold, while SMST is Inverse Equities. They also come from different issuers: State Street and Defiance. Their fees differ too: 0.40% for GLD and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.51 vs 0.75), 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.