GLDM vs. SMST

Last updated Jun 26, 2026

GLDM (SPDR Gold MiniShares Trust) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - GLDM is a Gold fund tracking the LBMA Gold Price PM, while SMST is a Inverse Equities fund actively managed by Defiance. GLDM is passively managed, while SMST is actively managed. Over the past year, GLDM returned 20.64% vs 236.89% for SMST. At a correlation of -0.17, they often move in opposite directions. GLDM charges 0.10%/yr vs 1.29%/yr for SMST.

Performance

GLDM vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold MiniShares Trust (GLDM) 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, GLDM achieves a -6.69% return, which is significantly lower than SMST's -5.14% return.

GLDM

• 1D: 0.98%
• 1M: -10.71%
• YTD: -6.69%
• 6M: -10.19%
• 1Y: 20.64%
• 3Y*: 27.80%
• 5Y*: 17.62%
• 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)

GLDM vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GLDM SPDR Gold MiniShares Trust	-6.69%	64.20%	4.31%
SMST Defiance Daily Target 2X Short MSTR ETF	-5.14%	-44.36%	-91.71%

Correlation

The correlation between GLDM and SMST is -0.22, 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	-0.22
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.17

Return for Risk

GLDM vs. SMST — Risk / Return Rank

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

GLDM

GLDM Risk / Return Rank: 22
GLDM Sharpe Ratio Rank: 23
GLDM Sortino Ratio Rank: 21
GLDM Omega Ratio Rank: 25
GLDM Calmar Ratio Rank: 20
GLDM Martin Ratio Rank: 21

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.

GLDM vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) 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.

	GLDM	SMST	Difference
Sharpe ratio: Return per unit of total volatility	0.75	1.63	-0.88
Sortino ratio: Return per unit of downside risk	1.10	2.35	-1.25
Omega ratio: Gain probability vs. loss probability	1.16	1.30	-0.14
Calmar ratio: Return relative to maximum drawdown	0.79	2.79	-2.00
Martin ratio: Return relative to average drawdown	2.22	5.52	-3.30

GLDM vs. SMST - Sharpe Ratio Comparison

The current GLDM Sharpe Ratio is 0.75, which is lower than the SMST Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of GLDM 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

GLDM vs. SMST - Drawdown Comparison

The maximum GLDM drawdown since its inception was -26.11%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for GLDM and SMST.

Drawdown Indicators

	GLDM	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-26.11%	-99.25%	+73.14%
Max Drawdown (1Y) Largest decline over 1 year	-26.11%	-85.39%	+59.28%
Max Drawdown (3Y) Largest decline over 3 years	-26.11%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.11%	—	—
Current Drawdown Current decline from peak	-25.39%	-96.27%	+70.88%
Average Drawdown Average peak-to-trough decline	-6.34%	-90.74%	+84.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.33%	43.15%	-33.82%

Volatility

GLDM vs. SMST - Volatility Comparison

The current volatility for SPDR Gold MiniShares Trust (GLDM) is 8.68%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 46.13%. This indicates that GLDM 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

	GLDM	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.68%	46.13%	-37.45%
Volatility (6M) Calculated over the trailing 6-month period	24.32%	130.40%	-106.08%
Volatility (1Y) Calculated over the trailing 1-year period	27.50%	146.32%	-118.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.21%	167.25%	-149.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.05%	167.25%	-150.20%

GLDM vs. SMST - Expense Ratio Comparison

GLDM has a 0.10% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

GLDM vs. SMST - Dividend Comparison

Neither GLDM nor SMST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GLDM and SMST in my portfolio?

GLDM and SMST have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLDM or SMST?

SMST has higher volatility (46.13%) compared to GLDM (8.68%). In terms of maximum drawdown, GLDM dropped -26.11% vs SMST's -99.25%.

Which ETF is better, GLDM or SMST?

On 1-year performance, SMST leads with 236.89% vs 20.64% for GLDM. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 8.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLDM or SMST?

Over the 1-year period, SMST has performed better with a 236.89% return vs 20.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLDM or SMST?

GLDM is cheaper with a 0.10% expense ratio, compared with 1.29% for SMST.

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

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

What is the main difference between GLDM and SMST?

GLDM is categorized as Gold, while SMST is Inverse Equities. They also come from different issuers: State Street and Defiance. Their fees differ too: 0.10% for GLDM and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.63 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.