GPT vs. SMST

Last updated Jul 17, 2026

GPT (Intelligent Alpha Atlas ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - GPT is a Global Equities fund actively managed by Intelligent Alpha, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, GPT returned 26.57% vs 257.89% for SMST. At a correlation of -0.44, they often move in opposite directions. GPT charges 0.69%/yr vs 1.29%/yr for SMST.

Performance

GPT vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Intelligent Alpha Atlas ETF (GPT) 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, GPT achieves a 11.42% return, which is significantly higher than SMST's -31.71% return.

GPT

• 1D: -1.22%
• 1M: -1.56%
• 6M: 7.83%
• YTD: 11.42%
• 1Y: 26.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: 7.64%
• 1M: 37.45%
• 6M: -8.12%
• YTD: -31.71%
• 1Y: 257.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GPT vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GPT Intelligent Alpha Atlas ETF	11.42%	24.85%	-4.02%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.71%	-44.36%	-90.95%

Correlation

The correlation between GPT and SMST is -0.42, 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	-0.42
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.44

Return for Risk

GPT vs. SMST — Risk / Return Rank

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

GPT

GPT Risk / Return Rank: 60
GPT Sharpe Ratio Rank: 52
GPT Sortino Ratio Rank: 51
GPT Omega Ratio Rank: 50
GPT Calmar Ratio Rank: 73
GPT Martin Ratio Rank: 75

SMST

SMST Risk / Return Rank: 63
SMST Sharpe Ratio Rank: 67
SMST Sortino Ratio Rank: 64
SMST Omega Ratio Rank: 64
SMST Calmar Ratio Rank: 75
SMST Martin Ratio Rank: 44

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.

GPT vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Intelligent Alpha Atlas ETF (GPT) 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.

	GPT	SMST	Difference
Sharpe ratio: Return per unit of total volatility	1.45	1.74	-0.29
Sortino ratio: Return per unit of downside risk	2.04	2.38	-0.34
Omega ratio: Gain probability vs. loss probability	1.26	1.31	-0.05
Calmar ratio: Return relative to maximum drawdown	2.98	3.04	-0.07
Martin ratio: Return relative to average drawdown	11.01	5.82	+5.19

GPT vs. SMST - Sharpe Ratio Comparison

The current GPT Sharpe Ratio is 1.45, which is comparable to the SMST Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of GPT 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

GPT vs. SMST - Drawdown Comparison

The maximum GPT drawdown since its inception was -25.59%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for GPT and SMST.

Drawdown Indicators

	GPT	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-25.59%	-99.25%	+73.66%
Max Drawdown (1Y) Largest decline over 1 year	-8.97%	-85.39%	+76.42%
Current Drawdown Current decline from peak	-2.62%	-97.32%	+94.70%
Average Drawdown Average peak-to-trough decline	-4.10%	-90.93%	+86.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	44.56%	-42.14%

Volatility

GPT vs. SMST - Volatility Comparison

The current volatility for Intelligent Alpha Atlas ETF (GPT) is 4.70%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 55.38%. This indicates that GPT 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

	GPT	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.70%	55.38%	-50.68%
Volatility (6M) Calculated over the trailing 6-month period	15.22%	135.32%	-120.10%
Volatility (1Y) Calculated over the trailing 1-year period	18.45%	149.40%	-130.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.62%	167.53%	-146.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.62%	167.53%	-146.91%

GPT vs. SMST - Expense Ratio Comparison

GPT has a 0.69% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

GPT vs. SMST - Dividend Comparison

GPT's dividend yield for the trailing twelve months is around 0.68%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024
GPT Intelligent Alpha Atlas ETF	0.68%	0.75%	0.19%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GPT and SMST in my portfolio?

GPT and SMST have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GPT or SMST?

SMST has higher volatility (55.38%) compared to GPT (4.70%). In terms of maximum drawdown, GPT dropped -25.59% vs SMST's -99.25%.

Which ETF is better, GPT or SMST?

On 1-year performance, SMST leads with 257.89% vs 26.57% for GPT. On fees, GPT is cheaper at 0.69% per year. On volatility, GPT has been the lower-risk option at 4.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GPT or SMST?

Over the 1-year period, SMST has performed better with a 257.89% return vs 26.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GPT or SMST?

GPT is cheaper with a 0.69% expense ratio, compared with 1.29% for SMST.

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

GPT has the higher dividend yield at 0.68%, compared with 0.00% for SMST.

What is the main difference between GPT and SMST?

GPT is categorized as Global Equities, while SMST is Inverse Equities. They also come from different issuers: Intelligent Alpha and Defiance. Their fees differ too: 0.69% for GPT and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.74 vs 1.45), 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.