LCDL vs. SMST

Last updated Jul 12, 2026

LCDL (GraniteShares 2x Long LCID Daily ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - LCDL 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, LCDL returned -97.20% vs 223.04% for SMST. At a correlation of -0.27, they often move in opposite directions. LCDL charges 1.15%/yr vs 1.29%/yr for SMST.

Performance

LCDL vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long LCID Daily ETF (LCDL) 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, LCDL achieves a -81.40% return, which is significantly lower than SMST's -31.56% return.

LCDL

• 1D: -8.59%
• 1M: 7.71%
• 6M: -83.58%
• YTD: -81.40%
• 1Y: -97.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMST

• 1D: -1.67%
• 1M: 29.03%
• 6M: -24.18%
• YTD: -31.56%
• 1Y: 223.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LCDL vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
LCDL GraniteShares 2x Long LCID Daily ETF	-81.40%	-87.31%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.56%	108.07%

Correlation

The correlation between LCDL and SMST is -0.26, 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	-0.26
Correlation (All Time) Calculated using the full available price history since Apr 22, 2025	-0.27

Return for Risk

LCDL vs. SMST — Risk / Return Rank

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

LCDL

LCDL Risk / Return Rank: 2
LCDL Sharpe Ratio Rank: 4
LCDL Sortino Ratio Rank: 0
LCDL Omega Ratio Rank: 1
LCDL Calmar Ratio Rank: 0
LCDL Martin Ratio Rank: 3

SMST

SMST Risk / Return Rank: 53
SMST Sharpe Ratio Rank: 49
SMST Sortino Ratio Rank: 58
SMST Omega Ratio Rank: 58
SMST Calmar Ratio Rank: 60
SMST Martin Ratio Rank: 38

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.

LCDL vs. SMST - Risk-Adjusted Trends Comparison

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

	LCDL	SMST	Difference
Sharpe ratio: Return per unit of total volatility	-0.61	1.37	-1.98
Sortino ratio: Return per unit of downside risk	-2.27	2.22	-4.49
Omega ratio: Gain probability vs. loss probability	0.76	1.29	-0.52
Calmar ratio: Return relative to maximum drawdown	-0.99	2.39	-3.38
Martin ratio: Return relative to average drawdown	-1.18	4.64	-5.82

LCDL vs. SMST - Sharpe Ratio Comparison

The current LCDL Sharpe Ratio is -0.61, which is lower than the SMST Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of LCDL 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

LCDL vs. SMST - Drawdown Comparison

The maximum LCDL drawdown since its inception was -98.76%, roughly equal to the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for LCDL and SMST.

Drawdown Indicators

	LCDL	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-98.76%	-99.25%	+0.49%
Max Drawdown (1Y) Largest decline over 1 year	-98.73%	-85.39%	-13.34%
Current Drawdown Current decline from peak	-98.43%	-97.31%	-1.12%
Average Drawdown Average peak-to-trough decline	-71.09%	-90.88%	+19.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	82.36%	43.98%	+38.38%

Volatility

LCDL vs. SMST - Volatility Comparison

GraniteShares 2x Long LCID Daily ETF (LCDL) and Defiance Daily Target 2X Short MSTR ETF (SMST) have volatilities of 58.95% and 56.47%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LCDL	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	58.95%	56.47%	+2.48%
Volatility (6M) Calculated over the trailing 6-month period	109.44%	135.94%	-26.50%
Volatility (1Y) Calculated over the trailing 1-year period	160.21%	149.09%	+11.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	153.57%	167.87%	-14.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	153.57%	167.87%	-14.30%

LCDL vs. SMST - Expense Ratio Comparison

LCDL has a 1.15% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

LCDL vs. SMST - Dividend Comparison

Neither LCDL nor SMST has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both LCDL and SMST in my portfolio?

LCDL and SMST have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LCDL or SMST?

LCDL has higher volatility (58.95%) compared to SMST (56.47%). In terms of maximum drawdown, LCDL dropped -98.76% vs SMST's -99.25%.

Which ETF is better, LCDL or SMST?

On 1-year performance, SMST leads with 223.04% vs -97.20% for LCDL. On fees, LCDL is cheaper at 1.15% per year. On volatility, SMST has been the lower-risk option at 56.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LCDL or SMST?

Over the 1-year period, SMST has performed better with a 223.04% return vs -97.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LCDL or SMST?

LCDL is cheaper with a 1.15% expense ratio, compared with 1.29% for SMST.

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

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

What is the main difference between LCDL and SMST?

LCDL is categorized as Leveraged Equities, while SMST is Inverse Equities. They also come from different issuers: GraniteShares and Defiance. Their fees differ too: 1.15% for LCDL and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (1.37 vs -0.61), 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.