GUSE vs. SMST

Last updated Aug 2, 2026

GUSE (Goldman Sachs Enhanced U.S. Equity ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - GUSE is a Large Cap Blend Equities fund actively managed by Goldman Sachs, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Their -0.43 correlation means they have often moved in opposite directions in the past. GUSE charges 0.30%/yr vs 1.29%/yr for SMST.

Performance

GUSE vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Enhanced U.S. Equity ETF (GUSE) 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, GUSE achieves a 11.29% return, which is significantly higher than SMST's -35.77% return.

GUSE

• 1D: 0.76%
• 1M: 0.25%
• 6M: 9.66%
• YTD: 11.29%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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)
GUSE Goldman Sachs Enhanced U.S. Equity ETF	$364.55K	$258.31K	$277.29K
SMST Defiance Daily Target 2X Short MSTR ETF	$15.35M	$15.12M	$17.58M

GUSE vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
GUSE Goldman Sachs Enhanced U.S. Equity ETF	11.29%	2.38%
SMST Defiance Daily Target 2X Short MSTR ETF	-35.77%	47.00%

Correlation

The correlation between GUSE and SMST is -0.43, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 17, 2025	-0.43

Return for Risk

GUSE vs. SMST — Risk / Return Rank

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

GUSE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

GUSE vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Enhanced U.S. Equity ETF (GUSE) 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.

	GUSE	SMST	Difference
Sharpe ratio: Return per unit of total volatility	—	1.13	—
Sortino ratio: Return per unit of downside risk	—	2.09	—
Omega ratio: Gain probability vs. loss probability	—	1.27	—
Calmar ratio: Return relative to maximum drawdown	—	2.00	—
Martin ratio: Return relative to average drawdown	—	3.68	—

Drawdowns

GUSE vs. SMST - Drawdown Comparison

The maximum GUSE drawdown since its inception was -8.54%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for GUSE and SMST.

Drawdown Indicators

	GUSE	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-8.54%	-99.25%	+90.71%
Max Drawdown (1Y) Largest decline over 1 year	—	-85.39%	—
Current Drawdown Current decline from peak	-1.02%	-97.48%	+96.46%
Average Drawdown Average peak-to-trough decline	-1.41%	-91.08%	+89.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	46.35%	—

Volatility

Volatility by Period

	GUSE	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	38.14%	—
Volatility (6M) Calculated over the trailing 6-month period	—	135.29%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.83%	151.04%	-137.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.83%	166.75%	-152.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.83%	166.75%	-152.92%

GUSE vs. SMST - Expense Ratio Comparison

GUSE has a 0.30% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

GUSE vs. SMST - Dividend Comparison

GUSE's dividend yield for the trailing twelve months is around 0.65%, while SMST has not paid dividends to shareholders.

Position	TTM	2025
GUSE Goldman Sachs Enhanced U.S. Equity ETF	0.65%	0.73%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both GUSE and SMST in my portfolio?

GUSE and SMST have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GUSE or SMST?

On fees, GUSE is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GUSE or SMST?

GUSE is cheaper with a 0.30% expense ratio, compared with 1.29% for SMST.

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

GUSE has the higher dividend yield at 0.65%, compared with 0.00% for SMST.

What is the main difference between GUSE and SMST?

GUSE is categorized as Large Cap Blend Equities, while SMST is Inverse Equities. They also come from different issuers: Goldman Sachs and Defiance. Their fees differ too: 0.30% for GUSE and 1.29% for SMST.