GVLU vs. SMST

Last updated Aug 2, 2026

GVLU (Gotham 1000 Value ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - GVLU is a Mid Cap Value Equities fund actively managed by Gotham, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, GVLU returned 24.88% vs 128.37% for SMST. Their -0.29 correlation means they have often moved in opposite directions in the past. GVLU charges 0.51%/yr vs 1.29%/yr for SMST.

Performance

GVLU vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gotham 1000 Value ETF (GVLU) 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, GVLU achieves a 13.03% return, which is significantly higher than SMST's -35.77% return.

GVLU

• 1D: -0.51%
• 1M: 3.55%
• 6M: 8.50%
• YTD: 13.03%
• 1Y: 24.88%
• 3Y*: 13.95%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.65%

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)
GVLU Gotham 1000 Value ETF	$120.55K	$132.40K	$131.70K
SMST Defiance Daily Target 2X Short MSTR ETF	$15.35M	$15.12M	$17.58M

GVLU vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GVLU Gotham 1000 Value ETF	13.03%	11.24%	1.55%
SMST Defiance Daily Target 2X Short MSTR ETF	-35.77%	-44.36%	-91.71%

Correlation

The correlation between GVLU and SMST is -0.29, 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.	-0.29
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.29

Return for Risk

GVLU vs. SMST — Risk / Return Rank

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

GVLU

GVLU Risk / Return Rank: 79
GVLU Sharpe Ratio Rank: 79
GVLU Sortino Ratio Rank: 84
GVLU Omega Ratio Rank: 75
GVLU Calmar Ratio Rank: 80
GVLU Martin Ratio Rank: 77

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.

GVLU vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gotham 1000 Value ETF (GVLU) 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.

	GVLU	SMST	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.13	+0.66
Sortino ratio: Return per unit of downside risk	2.76	2.09	+0.67
Omega ratio: Gain probability vs. loss probability	1.31	1.27	+0.05
Calmar ratio: Return relative to maximum drawdown	2.90	2.00	+0.90
Martin ratio: Return relative to average drawdown	9.72	3.68	+6.04

GVLU vs. SMST - Sharpe Ratio Comparison

The current GVLU Sharpe Ratio is 1.80, which is higher than the SMST Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of GVLU 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

GVLU vs. SMST - Drawdown Comparison

The maximum GVLU drawdown since its inception was -20.82%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for GVLU and SMST.

Drawdown Indicators

	GVLU	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-20.82%	-99.25%	+78.43%
Max Drawdown (1Y) Largest decline over 1 year	-8.14%	-85.39%	+77.25%
Max Drawdown (3Y) Largest decline over 3 years	-20.82%	—	—
Current Drawdown Current decline from peak	-1.37%	-97.48%	+96.11%
Average Drawdown Average peak-to-trough decline	-4.05%	-91.08%	+87.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	46.35%	-43.92%

Volatility

GVLU vs. SMST - Volatility Comparison

The current volatility for Gotham 1000 Value ETF (GVLU) is 4.01%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 38.14%. This indicates that GVLU 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

	GVLU	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.01%	38.14%	-34.13%
Volatility (6M) Calculated over the trailing 6-month period	9.44%	135.29%	-125.85%
Volatility (1Y) Calculated over the trailing 1-year period	13.23%	151.04%	-137.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.62%	166.75%	-149.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.62%	166.75%	-149.13%

GVLU vs. SMST - Expense Ratio Comparison

GVLU has a 0.51% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

GVLU vs. SMST - Dividend Comparison

GVLU's dividend yield for the trailing twelve months is around 5.70%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
GVLU Gotham 1000 Value ETF	5.70%	6.44%	2.88%	1.62%	0.98%
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 GVLU and SMST in my portfolio?

GVLU and SMST have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GVLU or SMST?

SMST has higher volatility (38.14%) compared to GVLU (4.01%). In terms of maximum drawdown, GVLU dropped -20.82% vs SMST's -99.25%.

Which ETF is better, GVLU or SMST?

On 1-year performance, SMST leads with 128.37% vs 24.88% for GVLU. On fees, GVLU is cheaper at 0.51% per year. On volatility, GVLU has been the lower-risk option at 4.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GVLU or SMST?

Over the 1-year period, SMST has performed better with a 128.37% return vs 24.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GVLU or SMST?

GVLU is cheaper with a 0.51% expense ratio, compared with 1.29% for SMST.

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

GVLU has the higher dividend yield at 5.70%, compared with 0.00% for SMST.

What is the main difference between GVLU and SMST?

GVLU is categorized as Mid Cap Value Equities, while SMST is Inverse Equities. They also come from different issuers: Gotham and Defiance. Their fees differ too: 0.51% for GVLU and 1.29% for SMST.

Which has better risk-adjusted returns?

GVLU currently has the higher Sharpe Ratio (1.79 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.