GTEK vs. SMST

Last updated Aug 2, 2026

GTEK (Goldman Sachs Future Tech Leaders Equity ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - GTEK is a Technology Equities 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, GTEK returned 54.17% vs 128.37% for SMST. Their -0.48 correlation means they have often moved in opposite directions in the past. GTEK charges 0.75%/yr vs 1.29%/yr for SMST.

Performance

GTEK vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Future Tech Leaders Equity ETF (GTEK) 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, GTEK achieves a 34.87% return, which is significantly higher than SMST's -35.77% return.

GTEK

• 1D: 2.20%
• 1M: -9.56%
• 6M: 29.82%
• YTD: 34.87%
• 1Y: 54.17%
• 3Y*: 26.54%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.22%

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)
GTEK Goldman Sachs Future Tech Leaders Equity ETF	$2.28M	$1.64M	$1.45M
SMST Defiance Daily Target 2X Short MSTR ETF	$15.35M	$15.12M	$17.58M

GTEK vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GTEK Goldman Sachs Future Tech Leaders Equity ETF	34.87%	23.68%	10.51%
SMST Defiance Daily Target 2X Short MSTR ETF	-35.77%	-44.36%	-91.71%

Correlation

The correlation between GTEK 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	-0.48

Return for Risk

GTEK vs. SMST — Risk / Return Rank

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

GTEK

GTEK Risk / Return Rank: 72
GTEK Sharpe Ratio Rank: 72
GTEK Sortino Ratio Rank: 66
GTEK Omega Ratio Rank: 65
GTEK Calmar Ratio Rank: 74
GTEK Martin Ratio Rank: 80

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.

GTEK vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Future Tech Leaders Equity ETF (GTEK) 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.

	GTEK	SMST	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.13	+0.51
Sortino ratio: Return per unit of downside risk	2.18	2.09	+0.09
Omega ratio: Gain probability vs. loss probability	1.27	1.27	+0.01
Calmar ratio: Return relative to maximum drawdown	2.60	2.00	+0.60
Martin ratio: Return relative to average drawdown	10.41	3.68	+6.73

GTEK vs. SMST - Sharpe Ratio Comparison

The current GTEK Sharpe Ratio is 1.64, which is higher than the SMST Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of GTEK 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

GTEK vs. SMST - Drawdown Comparison

The maximum GTEK drawdown since its inception was -53.77%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for GTEK and SMST.

Drawdown Indicators

	GTEK	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-53.77%	-99.25%	+45.48%
Max Drawdown (1Y) Largest decline over 1 year	-19.64%	-85.39%	+65.75%
Max Drawdown (3Y) Largest decline over 3 years	-27.49%	—	—
Current Drawdown Current decline from peak	-14.28%	-97.48%	+83.20%
Average Drawdown Average peak-to-trough decline	-26.84%	-91.08%	+64.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.91%	46.35%	-41.44%

Volatility

GTEK vs. SMST - Volatility Comparison

The current volatility for Goldman Sachs Future Tech Leaders Equity ETF (GTEK) is 12.14%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 38.14%. This indicates that GTEK 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

	GTEK	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.14%	38.14%	-26.00%
Volatility (6M) Calculated over the trailing 6-month period	27.35%	135.29%	-107.94%
Volatility (1Y) Calculated over the trailing 1-year period	31.18%	151.04%	-119.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.98%	166.75%	-137.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.98%	166.75%	-137.77%

GTEK vs. SMST - Expense Ratio Comparison

GTEK has a 0.75% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

GTEK vs. SMST - Dividend Comparison

Neither GTEK nor SMST has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
GTEK Goldman Sachs Future Tech Leaders Equity ETF	0.00%	0.00%	0.00%	0.26%	0.03%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GTEK and SMST in my portfolio?

GTEK 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, GTEK or SMST?

SMST has higher volatility (38.14%) compared to GTEK (12.14%). In terms of maximum drawdown, GTEK dropped -53.77% vs SMST's -99.25%.

Which ETF is better, GTEK or SMST?

On 1-year performance, SMST leads with 128.37% vs 54.17% for GTEK. On fees, GTEK is cheaper at 0.75% per year. On volatility, GTEK has been the lower-risk option at 12.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GTEK or SMST?

Over the 1-year period, SMST has performed better with a 128.37% return vs 54.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GTEK or SMST?

GTEK is cheaper with a 0.75% expense ratio, compared with 1.29% for SMST.

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

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

What is the main difference between GTEK and SMST?

GTEK is categorized as Technology Equities, while SMST is Inverse Equities. They also come from different issuers: Goldman Sachs and Defiance. Their fees differ too: 0.75% for GTEK and 1.29% for SMST.

Which has better risk-adjusted returns?

GTEK currently has the higher Sharpe Ratio (1.64 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.