SMST.L vs. BRKD
SMST.L (Leverage Shares -3x Short MicroStrategy ETP) and BRKD (Direxion Daily BRKB Bear 1X Shares) are both Inverse Equities funds. Over the past year, SMST.L returned 56.44% vs 7.29% for BRKD. At a 0.01 correlation, their price movements are largely independent. SMST.L charges 0.75%/yr vs 1.00%/yr for BRKD.
Performance
SMST.L vs. BRKD - Performance Comparison
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Different Trading Currencies
SMST.L is traded in GBP, while BRKD is traded in USD. To make them comparable, the BRKD values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, SMST.L achieves a -67.74% return, which is significantly lower than BRKD's 6.33% return.
SMST.L
- 1D
- 5.07%
- 1M
- 144.67%
- YTD
- -67.74%
- 6M
- -49.77%
- 1Y
- 56.44%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BRKD
- 1D
- 0.00%
- 1M
- 0.92%
- YTD
- 6.33%
- 6M
- 5.47%
- 1Y
- 7.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMST.L vs. BRKD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMST.L Leverage Shares -3x Short MicroStrategy ETP | -67.74% | 9,160.39% | 44.40% |
BRKD Direxion Daily BRKB Bear 1X Shares | 6.33% | -13.34% | 4.13% |
Correlation
The correlation between SMST.L and BRKD is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Dec 12, 2024 | 0.01 |
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Return for Risk
SMST.L vs. BRKD — Risk / Return Rank
SMST.L
BRKD
SMST.L vs. BRKD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares -3x Short MicroStrategy ETP (SMST.L) and Direxion Daily BRKB Bear 1X Shares (BRKD). 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.
| SMST.L | BRKD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | +1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.10 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.60 | 0.73 | -0.13 |
| Martin ratioReturn relative to average drawdown | 1.17 | 1.29 | -0.12 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SMST.L | BRKD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.28 | 0.48 | -0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.00 | -0.14 | +0.14 |
Drawdowns
SMST.L vs. BRKD - Drawdown Comparison
The maximum SMST.L drawdown since its inception was -99.26%, which is greater than BRKD's maximum drawdown of -24.49%. Use the drawdown chart below to compare losses from any high point for SMST.L and BRKD.
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Drawdown Indicators
| SMST.L | BRKD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.26% | -24.49% | -74.77% |
Max Drawdown (1Y)Largest decline over 1 year | -93.24% | -10.06% | -83.18% |
Current DrawdownCurrent decline from peak | -91.93% | -12.37% | -79.56% |
Average DrawdownAverage peak-to-trough decline | -80.49% | -14.78% | -65.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 48.05% | 5.67% | +42.38% |
Volatility
SMST.L vs. BRKD - Volatility Comparison
Leverage Shares -3x Short MicroStrategy ETP (SMST.L) has a higher volatility of 55.39% compared to Direxion Daily BRKB Bear 1X Shares (BRKD) at 1.76%. This indicates that SMST.L's price experiences larger fluctuations and is considered to be riskier than BRKD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMST.L | BRKD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 55.39% | 1.76% | +53.63% |
Volatility (6M)Calculated over the trailing 6-month period | 177.15% | 10.24% | +166.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 203.45% | 15.18% | +188.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19,133.00% | 19.63% | +19,113.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19,133.00% | 19.63% | +19,113.37% |
SMST.L vs. BRKD - Expense Ratio Comparison
SMST.L has a 0.75% expense ratio, which is lower than BRKD's 1.00% expense ratio.
Dividends
SMST.L vs. BRKD - Dividend Comparison
SMST.L has not paid dividends to shareholders, while BRKD's dividend yield for the trailing twelve months is around 2.82%.
| Position | TTM | 2025 |
|---|---|---|
BRKD Direxion Daily BRKB Bear 1X Shares | 2.82% | 3.50% |
SMST.L Leverage Shares -3x Short MicroStrategy ETP | 0.00% | 0.00% |
Frequently Asked Questions
SMST.L and BRKD have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SMST.L is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SMST.L is cheaper with a 0.75% expense ratio, compared with 1.00% for BRKD.
They also come from different issuers: Leverage Shares and Direxion. Their fees differ too: 0.75% for SMST.L and 1.00% for BRKD.
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