GMF vs. SMST

Last updated Jun 26, 2026

GMF (SPDR S&P Emerging Asia Pacific ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - GMF is a Asia Pacific Equities fund tracking the S&P Asia Pacific Emerging BMI Index, while SMST is a Inverse Equities fund actively managed by Defiance. GMF is passively managed, while SMST is actively managed. Over the past year, GMF returned 23.99% vs 236.89% for SMST. At a correlation of -0.39, they often move in opposite directions. GMF charges 0.49%/yr vs 1.29%/yr for SMST.

Performance

GMF vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Emerging Asia Pacific ETF (GMF) 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, GMF achieves a 11.36% return, which is significantly higher than SMST's -5.14% return.

GMF

• 1D: -0.40%
• 1M: -0.77%
• YTD: 11.36%
• 6M: 11.27%
• 1Y: 23.99%
• 3Y*: 18.52%
• 5Y*: 5.05%
• 10Y*: 10.31%

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)

GMF vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GMF SPDR S&P Emerging Asia Pacific ETF	11.36%	21.99%	4.20%
SMST Defiance Daily Target 2X Short MSTR ETF	-5.14%	-44.36%	-91.71%

Correlation

The correlation between GMF and SMST is -0.38, 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	-0.38
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.39

Return for Risk

GMF vs. SMST — Risk / Return Rank

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

GMF

GMF Risk / Return Rank: 44
GMF Sharpe Ratio Rank: 44
GMF Sortino Ratio Rank: 42
GMF Omega Ratio Rank: 44
GMF Calmar Ratio Rank: 43
GMF Martin Ratio Rank: 46

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.

GMF vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Emerging Asia Pacific ETF (GMF) 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.

	GMF	SMST	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.63	-0.26
Sortino ratio: Return per unit of downside risk	1.95	2.35	-0.40
Omega ratio: Gain probability vs. loss probability	1.26	1.30	-0.04
Calmar ratio: Return relative to maximum drawdown	1.91	2.79	-0.88
Martin ratio: Return relative to average drawdown	6.90	5.52	+1.38

GMF vs. SMST - Sharpe Ratio Comparison

The current GMF Sharpe Ratio is 1.37, which is comparable to the SMST Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of GMF 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

GMF vs. SMST - Drawdown Comparison

The maximum GMF drawdown since its inception was -67.18%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for GMF and SMST.

Drawdown Indicators

	GMF	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-67.18%	-99.25%	+32.07%
Max Drawdown (1Y) Largest decline over 1 year	-12.62%	-85.39%	+72.77%
Max Drawdown (3Y) Largest decline over 3 years	-21.43%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-35.76%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-40.18%	—	—
Current Drawdown Current decline from peak	-4.23%	-96.27%	+92.04%
Average Drawdown Average peak-to-trough decline	-16.55%	-90.74%	+74.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	43.15%	-39.66%

Volatility

GMF vs. SMST - Volatility Comparison

The current volatility for SPDR S&P Emerging Asia Pacific ETF (GMF) is 7.93%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 46.13%. This indicates that GMF 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

	GMF	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.93%	46.13%	-38.20%
Volatility (6M) Calculated over the trailing 6-month period	15.27%	130.40%	-115.13%
Volatility (1Y) Calculated over the trailing 1-year period	17.63%	146.32%	-128.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.78%	167.25%	-148.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.22%	167.25%	-148.03%

GMF vs. SMST - Expense Ratio Comparison

GMF has a 0.49% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

GMF vs. SMST - Dividend Comparison

GMF's dividend yield for the trailing twelve months is around 1.21%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GMF SPDR S&P Emerging Asia Pacific ETF	1.21%	1.49%	1.92%	2.75%	2.54%	2.71%	1.32%	1.75%	2.26%	1.70%	2.49%	3.76%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GMF and SMST in my portfolio?

GMF and SMST have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GMF or SMST?

SMST has higher volatility (46.13%) compared to GMF (7.93%). In terms of maximum drawdown, GMF dropped -67.18% vs SMST's -99.25%.

Which ETF is better, GMF or SMST?

On 1-year performance, SMST leads with 236.89% vs 23.99% for GMF. On fees, GMF is cheaper at 0.49% per year. On volatility, GMF has been the lower-risk option at 7.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GMF or SMST?

Over the 1-year period, SMST has performed better with a 236.89% return vs 23.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GMF or SMST?

GMF is cheaper with a 0.49% expense ratio, compared with 1.29% for SMST.

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

GMF has the higher dividend yield at 1.21%, compared with 0.00% for SMST.

What is the main difference between GMF and SMST?

GMF is categorized as Asia Pacific Equities, while SMST is Inverse Equities. They also come from different issuers: State Street and Defiance. Their fees differ too: 0.49% for GMF and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.63 vs 1.37), 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.