SMCX vs. GEMG

Last updated Jun 24, 2026

SMCX (Defiance Daily Target 2X Long SMCI ETF) and GEMG (Leverage Shares 2X Long GEMI Daily ETF) are both Leveraged Equities funds. Both are actively managed. At a 0.36 correlation, their price movements are largely independent. SMCX charges 1.29%/yr vs 0.75%/yr for GEMG.

Performance

SMCX vs. GEMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long SMCI ETF (SMCX) and Leverage Shares 2X Long GEMI Daily ETF (GEMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMCX achieves a -48.60% return, which is significantly higher than GEMG's -89.02% return.

SMCX

• 1D: -12.21%
• 1M: -34.45%
• YTD: -48.60%
• 6M: -53.94%
• 1Y: -82.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GEMG

• 1D: -6.14%
• 1M: -33.52%
• YTD: -89.02%
• 6M: -91.24%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMCX vs. GEMG - Yearly Performance Comparison

	2026 (YTD)	2025
SMCX Defiance Daily Target 2X Long SMCI ETF	-48.60%	-66.10%
GEMG Leverage Shares 2X Long GEMI Daily ETF	-89.02%	-71.91%

Correlation

The correlation between SMCX and GEMG is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 5, 2025	0.36

Return for Risk

SMCX vs. GEMG — Risk / Return Rank

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

SMCX

SMCX Risk / Return Rank: 5
SMCX Sharpe Ratio Rank: 5
SMCX Sortino Ratio Rank: 8
SMCX Omega Ratio Rank: 8
SMCX Calmar Ratio Rank: 1
SMCX Martin Ratio Rank: 3

GEMG

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

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.

SMCX vs. GEMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long SMCI ETF (SMCX) and Leverage Shares 2X Long GEMI Daily ETF (GEMG). 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.

	SMCX	GEMG	Difference
Sharpe ratio: Return per unit of total volatility	-0.48	—	—
Sortino ratio: Return per unit of downside risk	0.02	—	—
Omega ratio: Gain probability vs. loss probability	1.00	—	—
Calmar ratio: Return relative to maximum drawdown	-0.87	—	—
Martin ratio: Return relative to average drawdown	-1.17	—	—

Drawdowns

SMCX vs. GEMG - Drawdown Comparison

The maximum SMCX drawdown since its inception was -99.08%, roughly equal to the maximum GEMG drawdown of -97.26%. Use the drawdown chart below to compare losses from any high point for SMCX and GEMG.

Drawdown Indicators

	SMCX	GEMG	Difference
Max Drawdown Largest peak-to-trough decline	-99.08%	-97.26%	-1.82%
Max Drawdown (1Y) Largest decline over 1 year	-94.75%	—	—
Current Drawdown Current decline from peak	-98.51%	-97.10%	-1.41%
Average Drawdown Average peak-to-trough decline	-88.12%	-81.17%	-6.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	70.70%	—	—

Volatility

Volatility by Period

	SMCX	GEMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	105.83%	—	—
Volatility (6M) Calculated over the trailing 6-month period	177.60%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	173.86%	219.33%	-45.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	205.25%	219.33%	-14.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	205.25%	219.33%	-14.08%

SMCX vs. GEMG - Expense Ratio Comparison

SMCX has a 1.29% expense ratio, which is higher than GEMG's 0.75% expense ratio.

Dividends

SMCX vs. GEMG - Dividend Comparison

SMCX's dividend yield for the trailing twelve months is around 8.53%, while GEMG has not paid dividends to shareholders.

Position	TTM	2025
GEMG Leverage Shares 2X Long GEMI Daily ETF	0.00%	0.00%
SMCX Defiance Daily Target 2X Long SMCI ETF	8.53%	4.39%

Frequently Asked Questions

Can I hold both SMCX and GEMG in my portfolio?

SMCX and GEMG have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMCX or GEMG?

On fees, GEMG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMCX or GEMG?

GEMG is cheaper with a 0.75% expense ratio, compared with 1.29% for SMCX.

Which ETF pays a higher dividend yield, SMCX or GEMG?

SMCX has the higher dividend yield at 8.53%, compared with 0.00% for GEMG.

What is the main difference between SMCX and GEMG?

They also come from different issuers: Defiance and Leverage Shares. Their fees differ too: 1.29% for SMCX and 0.75% for GEMG.