GMEU vs. SMST

Last updated Jul 11, 2026

GMEU (T-Rex 2X Long GME Daily Target ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - GMEU is a Leveraged Equities fund actively managed by T-Rex, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, GMEU returned -45.52% vs 223.04% for SMST. At a correlation of -0.30, they often move in opposite directions. GMEU charges 1.50%/yr vs 1.29%/yr for SMST.

Performance

GMEU vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-Rex 2X Long GME Daily Target ETF (GMEU) 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, GMEU achieves a -9.24% return, which is significantly higher than SMST's -31.56% return.

GMEU

• 1D: -2.53%
• 1M: -3.95%
• 6M: -17.66%
• YTD: -9.24%
• 1Y: -45.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: -1.67%
• 1M: 37.17%
• 6M: -24.18%
• YTD: -31.56%
• 1Y: 223.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GMEU vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
GMEU T-Rex 2X Long GME Daily Target ETF	-9.24%	-65.67%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.56%	190.00%

Correlation

The correlation between GMEU and SMST is -0.30, 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	-0.30
Correlation (All Time) Calculated using the full available price history since Apr 29, 2025	-0.30

Return for Risk

GMEU vs. SMST — Risk / Return Rank

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

GMEU

GMEU Risk / Return Rank: 4
GMEU Sharpe Ratio Rank: 4
GMEU Sortino Ratio Rank: 5
GMEU Omega Ratio Rank: 5
GMEU Calmar Ratio Rank: 3
GMEU Martin Ratio Rank: 3

SMST

SMST Risk / Return Rank: 53
SMST Sharpe Ratio Rank: 49
SMST Sortino Ratio Rank: 58
SMST Omega Ratio Rank: 58
SMST Calmar Ratio Rank: 60
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.

GMEU vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-Rex 2X Long GME Daily Target ETF (GMEU) 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.

	GMEU	SMST	Difference
Sharpe ratio: Return per unit of total volatility	-0.63	1.37	-2.00
Sortino ratio: Return per unit of downside risk	-0.68	2.22	-2.90
Omega ratio: Gain probability vs. loss probability	0.92	1.29	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.76	2.39	-3.15
Martin ratio: Return relative to average drawdown	-1.16	4.64	-5.80

GMEU vs. SMST - Sharpe Ratio Comparison

The current GMEU Sharpe Ratio is -0.63, which is lower than the SMST Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of GMEU 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

GMEU vs. SMST - Drawdown Comparison

The maximum GMEU drawdown since its inception was -80.76%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for GMEU and SMST.

Drawdown Indicators

	GMEU	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-80.76%	-99.25%	+18.49%
Max Drawdown (1Y) Largest decline over 1 year	-58.94%	-85.39%	+26.45%
Current Drawdown Current decline from peak	-79.89%	-97.31%	+17.42%
Average Drawdown Average peak-to-trough decline	-64.30%	-90.88%	+26.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.46%	43.98%	-5.52%

Volatility

GMEU vs. SMST - Volatility Comparison

The current volatility for T-Rex 2X Long GME Daily Target ETF (GMEU) is 14.91%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.47%. This indicates that GMEU 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

	GMEU	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.91%	56.47%	-41.56%
Volatility (6M) Calculated over the trailing 6-month period	55.65%	135.94%	-80.29%
Volatility (1Y) Calculated over the trailing 1-year period	70.90%	149.09%	-78.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	87.19%	167.87%	-80.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	87.19%	167.87%	-80.68%

GMEU vs. SMST - Expense Ratio Comparison

GMEU has a 1.50% expense ratio, which is higher than SMST's 1.29% expense ratio.

Dividends

GMEU vs. SMST - Dividend Comparison

Neither GMEU nor SMST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GMEU and SMST in my portfolio?

GMEU and SMST have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GMEU or SMST?

SMST has higher volatility (56.47%) compared to GMEU (14.91%). In terms of maximum drawdown, GMEU dropped -80.76% vs SMST's -99.25%.

Which ETF is better, GMEU or SMST?

On 1-year performance, SMST leads with 223.04% vs -45.52% for GMEU. On fees, SMST is cheaper at 1.29% per year. On volatility, GMEU has been the lower-risk option at 14.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GMEU or SMST?

Over the 1-year period, SMST has performed better with a 223.04% return vs -45.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GMEU or SMST?

SMST is cheaper with a 1.29% expense ratio, compared with 1.50% for GMEU.

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

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

What is the main difference between GMEU and SMST?

GMEU is categorized as Leveraged Equities, while SMST is Inverse Equities. They also come from different issuers: T-Rex and Defiance. Their fees differ too: 1.50% for GMEU and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.37 vs -0.63), 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.