IAUI vs. SMST

Last updated Jul 14, 2026

IAUI (NEOS Gold High Income ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - IAUI is a Derivative Income fund actively managed by Neos, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, IAUI returned 10.51% vs 240.03% for SMST. At a correlation of -0.24, they often move in opposite directions. IAUI charges 0.78%/yr vs 1.29%/yr for SMST.

Performance

IAUI vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Gold High Income ETF (IAUI) 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, IAUI achieves a -7.82% return, which is significantly higher than SMST's -27.96% return.

IAUI

• 1D: -2.12%
• 1M: -4.57%
• 6M: -12.10%
• YTD: -7.82%
• 1Y: 10.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: 5.26%
• 1M: 44.38%
• 6M: -15.07%
• YTD: -27.96%
• 1Y: 240.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IAUI vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
IAUI NEOS Gold High Income ETF	-7.82%	20.00%
SMST Defiance Daily Target 2X Short MSTR ETF	-27.96%	233.81%

Correlation

The correlation between IAUI and SMST is -0.25, 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	-0.25
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	-0.24

Return for Risk

IAUI vs. SMST — Risk / Return Rank

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

IAUI

IAUI Risk / Return Rank: 17
IAUI Sharpe Ratio Rank: 18
IAUI Sortino Ratio Rank: 17
IAUI Omega Ratio Rank: 19
IAUI Calmar Ratio Rank: 16
IAUI Martin Ratio Rank: 17

SMST

SMST Risk / Return Rank: 60
SMST Sharpe Ratio Rank: 62
SMST Sortino Ratio Rank: 63
SMST Omega Ratio Rank: 63
SMST Calmar Ratio Rank: 71
SMST Martin Ratio Rank: 43

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.

IAUI vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Gold High Income ETF (IAUI) 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.

	IAUI	SMST	Difference
Sharpe ratio: Return per unit of total volatility	0.48	1.62	-1.14
Sortino ratio: Return per unit of downside risk	0.77	2.33	-1.56
Omega ratio: Gain probability vs. loss probability	1.11	1.30	-0.19
Calmar ratio: Return relative to maximum drawdown	0.47	2.83	-2.36
Martin ratio: Return relative to average drawdown	1.26	5.47	-4.21

IAUI vs. SMST - Sharpe Ratio Comparison

The current IAUI Sharpe Ratio is 0.48, which is lower than the SMST Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of IAUI 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

IAUI vs. SMST - Drawdown Comparison

The maximum IAUI drawdown since its inception was -22.50%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for IAUI and SMST.

Drawdown Indicators

	IAUI	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-22.50%	-99.25%	+76.75%
Max Drawdown (1Y) Largest decline over 1 year	-22.50%	-85.39%	+62.89%
Current Drawdown Current decline from peak	-21.82%	-97.17%	+75.35%
Average Drawdown Average peak-to-trough decline	-4.92%	-90.89%	+85.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.35%	44.09%	-35.74%

Volatility

IAUI vs. SMST - Volatility Comparison

The current volatility for NEOS Gold High Income ETF (IAUI) is 7.21%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.59%. This indicates that IAUI 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

	IAUI	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.21%	56.59%	-49.38%
Volatility (6M) Calculated over the trailing 6-month period	19.94%	135.88%	-115.94%
Volatility (1Y) Calculated over the trailing 1-year period	21.83%	149.23%	-127.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.10%	167.74%	-146.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.10%	167.74%	-146.64%

IAUI vs. SMST - Expense Ratio Comparison

IAUI has a 0.78% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

IAUI vs. SMST - Dividend Comparison

IAUI's dividend yield for the trailing twelve months is around 14.07%, while SMST has not paid dividends to shareholders.

Position	TTM	2025
IAUI NEOS Gold High Income ETF	14.07%	6.88%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both IAUI and SMST in my portfolio?

IAUI and SMST have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IAUI or SMST?

SMST has higher volatility (56.59%) compared to IAUI (7.21%). In terms of maximum drawdown, IAUI dropped -22.50% vs SMST's -99.25%.

Which ETF is better, IAUI or SMST?

On 1-year performance, SMST leads with 240.03% vs 10.51% for IAUI. On fees, IAUI is cheaper at 0.78% per year. On volatility, IAUI has been the lower-risk option at 7.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IAUI or SMST?

Over the 1-year period, SMST has performed better with a 240.03% return vs 10.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IAUI or SMST?

IAUI is cheaper with a 0.78% expense ratio, compared with 1.29% for SMST.

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

IAUI has the higher dividend yield at 14.07%, compared with 0.00% for SMST.

What is the main difference between IAUI and SMST?

IAUI is categorized as Derivative Income, while SMST is Inverse Equities. They also come from different issuers: Neos and Defiance. Their fees differ too: 0.78% for IAUI and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.62 vs 0.48), 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.