GLOW vs. SMST

Last updated Aug 2, 2026

GLOW (VictoryShares WestEnd Global Equity ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - GLOW is a Global Equities fund actively managed by VictoryShares, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, GLOW returned 23.53% vs 128.37% for SMST. Their -0.44 correlation means they have often moved in opposite directions in the past. GLOW charges 0.72%/yr vs 1.29%/yr for SMST.

Performance

GLOW vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares WestEnd Global Equity ETF (GLOW) 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, GLOW achieves a 11.30% return, which is significantly higher than SMST's -35.77% return.

GLOW

• 1D: -0.18%
• 1M: -0.86%
• 6M: 8.35%
• YTD: 11.30%
• 1Y: 23.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.70%

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)
GLOW VictoryShares WestEnd Global Equity ETF	$210.60K	$374.13K	$387.50K
SMST Defiance Daily Target 2X Short MSTR ETF	$15.35M	$15.12M	$17.58M

GLOW vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GLOW VictoryShares WestEnd Global Equity ETF	11.30%	21.29%	1.05%
SMST Defiance Daily Target 2X Short MSTR ETF	-35.77%	-44.36%	-91.71%

Correlation

The correlation between GLOW and SMST is -0.49, 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.	-0.49
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.44

Return for Risk

GLOW vs. SMST — Risk / Return Rank

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

GLOW

GLOW Risk / Return Rank: 74
GLOW Sharpe Ratio Rank: 75
GLOW Sortino Ratio Rank: 75
GLOW Omega Ratio Rank: 73
GLOW Calmar Ratio Rank: 68
GLOW Martin Ratio Rank: 78

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.

GLOW vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares WestEnd Global Equity ETF (GLOW) 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.

	GLOW	SMST	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.13	+0.59
Sortino ratio: Return per unit of downside risk	2.43	2.09	+0.33
Omega ratio: Gain probability vs. loss probability	1.31	1.27	+0.04
Calmar ratio: Return relative to maximum drawdown	2.41	2.00	+0.41
Martin ratio: Return relative to average drawdown	10.06	3.68	+6.38

GLOW vs. SMST - Sharpe Ratio Comparison

The current GLOW Sharpe Ratio is 1.72, which is higher than the SMST Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of GLOW 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

GLOW vs. SMST - Drawdown Comparison

The maximum GLOW drawdown since its inception was -15.58%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for GLOW and SMST.

Drawdown Indicators

	GLOW	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-15.58%	-99.25%	+83.67%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-85.39%	+76.06%
Current Drawdown Current decline from peak	-1.59%	-97.48%	+95.89%
Average Drawdown Average peak-to-trough decline	-1.77%	-91.08%	+89.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	46.35%	-44.12%

Volatility

GLOW vs. SMST - Volatility Comparison

The current volatility for VictoryShares WestEnd Global Equity ETF (GLOW) is 3.45%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 38.14%. This indicates that GLOW 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

	GLOW	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.45%	38.14%	-34.69%
Volatility (6M) Calculated over the trailing 6-month period	10.78%	135.29%	-124.51%
Volatility (1Y) Calculated over the trailing 1-year period	13.07%	151.04%	-137.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.13%	166.75%	-151.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.13%	166.75%	-151.62%

GLOW vs. SMST - Expense Ratio Comparison

GLOW has a 0.72% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

GLOW vs. SMST - Dividend Comparison

GLOW's dividend yield for the trailing twelve months is around 1.24%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024
GLOW VictoryShares WestEnd Global Equity ETF	1.24%	1.33%	1.18%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLOW and SMST in my portfolio?

GLOW and SMST have a correlation of -0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLOW or SMST?

SMST has higher volatility (38.14%) compared to GLOW (3.45%). In terms of maximum drawdown, GLOW dropped -15.58% vs SMST's -99.25%.

Which ETF is better, GLOW or SMST?

On 1-year performance, SMST leads with 128.37% vs 23.53% for GLOW. On fees, GLOW is cheaper at 0.72% per year. On volatility, GLOW has been the lower-risk option at 3.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLOW or SMST?

Over the 1-year period, SMST has performed better with a 128.37% return vs 23.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLOW or SMST?

GLOW is cheaper with a 0.72% expense ratio, compared with 1.29% for SMST.

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

GLOW has the higher dividend yield at 1.24%, compared with 0.00% for SMST.

What is the main difference between GLOW and SMST?

GLOW is categorized as Global Equities, while SMST is Inverse Equities. They also come from different issuers: VictoryShares and Defiance. Their fees differ too: 0.72% for GLOW and 1.29% for SMST.

Which has better risk-adjusted returns?

GLOW currently has the higher Sharpe Ratio (1.72 vs 1.13), 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.