GPIX vs. SMST

Last updated Aug 2, 2026

GPIX (Goldman Sachs S&P 500 Premium Income ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - GPIX is a Derivative Income fund actively managed by Goldman Sachs, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, GPIX returned 21.14% vs 128.37% for SMST. Their -0.46 correlation means they have often moved in opposite directions in the past. GPIX charges 0.29%/yr vs 1.29%/yr for SMST.

Performance

GPIX vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs S&P 500 Premium Income ETF (GPIX) 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, GPIX achieves a 10.23% return, which is significantly higher than SMST's -35.77% return.

GPIX

• 1D: 0.62%
• 1M: 0.62%
• 6M: 8.56%
• YTD: 10.23%
• 1Y: 21.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 22.80%

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)
GPIX Goldman Sachs S&P 500 Premium Income ETF	$55.40M	$53.93M	$51.40M
SMST Defiance Daily Target 2X Short MSTR ETF	$15.35M	$15.12M	$17.58M

GPIX vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GPIX Goldman Sachs S&P 500 Premium Income ETF	10.23%	16.25%	6.07%
SMST Defiance Daily Target 2X Short MSTR ETF	-35.77%	-44.36%	-91.71%

Correlation

The correlation between GPIX and SMST is -0.50, 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.	-0.50
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.46

The correlation between GPIX and SMST has been stable across timeframes, ranging from -0.50 to -0.46 - a consistent structural relationship.

Return for Risk

GPIX vs. SMST — Risk / Return Rank

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

GPIX

GPIX Risk / Return Rank: 78
GPIX Sharpe Ratio Rank: 77
GPIX Sortino Ratio Rank: 76
GPIX Omega Ratio Rank: 78
GPIX Calmar Ratio Rank: 73
GPIX Martin Ratio Rank: 86

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.

GPIX vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs S&P 500 Premium Income ETF (GPIX) 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.

	GPIX	SMST	Difference
Sharpe ratio: Return per unit of total volatility	1.75	1.13	+0.62
Sortino ratio: Return per unit of downside risk	2.43	2.09	+0.34
Omega ratio: Gain probability vs. loss probability	1.32	1.27	+0.06
Calmar ratio: Return relative to maximum drawdown	2.53	2.00	+0.53
Martin ratio: Return relative to average drawdown	11.97	3.68	+8.30

GPIX vs. SMST - Sharpe Ratio Comparison

The current GPIX Sharpe Ratio is 1.75, which is higher than the SMST Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of GPIX 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

GPIX vs. SMST - Drawdown Comparison

The maximum GPIX drawdown since its inception was -17.50%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for GPIX and SMST.

Drawdown Indicators

	GPIX	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-17.50%	-99.25%	+81.75%
Max Drawdown (1Y) Largest decline over 1 year	-7.71%	-85.39%	+77.68%
Current Drawdown Current decline from peak	-0.57%	-97.48%	+96.91%
Average Drawdown Average peak-to-trough decline	-1.46%	-91.08%	+89.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	46.35%	-44.72%

Volatility

GPIX vs. SMST - Volatility Comparison

The current volatility for Goldman Sachs S&P 500 Premium Income ETF (GPIX) is 3.07%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 38.14%. This indicates that GPIX 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

	GPIX	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.07%	38.14%	-35.07%
Volatility (6M) Calculated over the trailing 6-month period	8.97%	135.29%	-126.32%
Volatility (1Y) Calculated over the trailing 1-year period	11.17%	151.04%	-139.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.76%	166.75%	-152.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.76%	166.75%	-152.99%

GPIX vs. SMST - Expense Ratio Comparison

GPIX has a 0.29% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

GPIX vs. SMST - Dividend Comparison

GPIX's dividend yield for the trailing twelve months is around 8.11%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
GPIX Goldman Sachs S&P 500 Premium Income ETF	7.46%	8.01%	7.45%	1.40%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GPIX and SMST in my portfolio?

GPIX and SMST have a correlation of -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GPIX or SMST?

SMST has higher volatility (38.14%) compared to GPIX (3.07%). In terms of maximum drawdown, GPIX dropped -17.50% vs SMST's -99.25%.

Which ETF is better, GPIX or SMST?

On 1-year performance, SMST leads with 128.37% vs 21.14% for GPIX. On fees, GPIX is cheaper at 0.29% per year. On volatility, GPIX has been the lower-risk option at 3.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GPIX or SMST?

Over the 1-year period, SMST has performed better with a 128.37% return vs 21.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GPIX or SMST?

GPIX is cheaper with a 0.29% expense ratio, compared with 1.29% for SMST.

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

GPIX has the higher dividend yield at 7.46%, compared with 0.00% for SMST.

What is the main difference between GPIX and SMST?

GPIX is categorized as Derivative Income, while SMST is Inverse Equities. They also come from different issuers: Goldman Sachs and Defiance. Their fees differ too: 0.29% for GPIX and 1.29% for SMST.

Which has better risk-adjusted returns?

GPIX currently has the higher Sharpe Ratio (1.75 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.