INTW vs. SMST

Last updated Jul 15, 2026

INTW (GraniteShares 2x Long INTC Daily ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - INTW is a Leveraged Equities fund actively managed by GraniteShares, while SMST is a Inverse Equities fund actively managed by Defiance. Both are actively managed. Over the past year, INTW returned 998.82% vs 223.39% for SMST. At a correlation of -0.21, they often move in opposite directions. INTW charges 1.50%/yr vs 1.29%/yr for SMST.

Performance

INTW vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long INTC Daily ETF (INTW) 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, INTW achieves a 438.59% return, which is significantly higher than SMST's -36.68% return.

INTW

• 1D: 8.88%
• 1M: -30.74%
• 6M: 237.35%
• YTD: 438.59%
• 1Y: 998.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: -12.10%
• 1M: 26.91%
• 6M: -13.52%
• YTD: -36.68%
• 1Y: 223.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

INTW vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
INTW GraniteShares 2x Long INTC Daily ETF	438.59%	60.89%
SMST Defiance Daily Target 2X Short MSTR ETF	-36.68%	-10.60%

Correlation

The correlation between INTW and SMST is -0.22, 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	-0.22
Correlation (All Time) Calculated using the full available price history since Feb 13, 2025	-0.21

Return for Risk

INTW vs. SMST — Risk / Return Rank

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

INTW

INTW Risk / Return Rank: 97
INTW Sharpe Ratio Rank: 99
INTW Sortino Ratio Rank: 95
INTW Omega Ratio Rank: 93
INTW Calmar Ratio Rank: 99
INTW Martin Ratio Rank: 98

SMST

SMST Risk / Return Rank: 56
SMST Sharpe Ratio Rank: 55
SMST Sortino Ratio Rank: 60
SMST Omega Ratio Rank: 61
SMST Calmar Ratio Rank: 66
SMST Martin Ratio Rank: 40

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.

INTW vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long INTC Daily ETF (INTW) 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.

	INTW	SMST	Difference
Sharpe ratio: Return per unit of total volatility	6.59	1.51	+5.08
Sortino ratio: Return per unit of downside risk	4.12	2.28	+1.84
Omega ratio: Gain probability vs. loss probability	1.52	1.30	+0.22
Calmar ratio: Return relative to maximum drawdown	20.46	2.63	+17.82
Martin ratio: Return relative to average drawdown	44.31	5.07	+39.24

INTW vs. SMST - Sharpe Ratio Comparison

The current INTW Sharpe Ratio is 6.59, which is higher than the SMST Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of INTW 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

INTW vs. SMST - Drawdown Comparison

The maximum INTW drawdown since its inception was -60.58%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for INTW and SMST.

Drawdown Indicators

	INTW	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-60.58%	-99.25%	+38.67%
Max Drawdown (1Y) Largest decline over 1 year	-49.34%	-85.39%	+36.05%
Current Drawdown Current decline from peak	-44.57%	-97.51%	+52.94%
Average Drawdown Average peak-to-trough decline	-29.60%	-90.91%	+61.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.74%	44.25%	-21.51%

Volatility

INTW vs. SMST - Volatility Comparison

The current volatility for GraniteShares 2x Long INTC Daily ETF (INTW) is 53.00%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 57.45%. This indicates that INTW 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

	INTW	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	53.00%	57.45%	-4.45%
Volatility (6M) Calculated over the trailing 6-month period	123.09%	136.03%	-12.94%
Volatility (1Y) Calculated over the trailing 1-year period	153.27%	149.51%	+3.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	149.36%	167.79%	-18.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	149.36%	167.79%	-18.43%

INTW vs. SMST - Expense Ratio Comparison

INTW has a 1.50% expense ratio, which is higher than SMST's 1.29% expense ratio.

Dividends

INTW vs. SMST - Dividend Comparison

Neither INTW nor SMST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both INTW and SMST in my portfolio?

INTW and SMST have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INTW or SMST?

SMST has higher volatility (57.45%) compared to INTW (53.00%). In terms of maximum drawdown, INTW dropped -60.58% vs SMST's -99.25%.

Which ETF is better, INTW or SMST?

On 1-year performance, INTW leads with 998.82% vs 223.39% for SMST. On fees, SMST is cheaper at 1.29% per year. On volatility, INTW has been the lower-risk option at 53.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INTW or SMST?

Over the 1-year period, INTW has performed better with a 998.82% return vs 223.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INTW or SMST?

SMST is cheaper with a 1.29% expense ratio, compared with 1.50% for INTW.

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

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

What is the main difference between INTW and SMST?

INTW is categorized as Leveraged Equities, while SMST is Inverse Equities. They also come from different issuers: GraniteShares and Defiance. Their fees differ too: 1.50% for INTW and 1.29% for SMST.

Which has better risk-adjusted returns?

INTW currently has the higher Sharpe Ratio (6.59 vs 1.51), 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.