SMST.L vs. CNDI.TO
SMST.L (Leverage Shares -3x Short MicroStrategy ETP) and CNDI.TO (BetaPro S&P/TSX 60 Daily Inverse ETF) are both Inverse Equities funds. Over the past year, SMST.L returned 333.03% vs -25.16% for CNDI.TO. At a 0.22 correlation, their price movements are largely independent.
Performance
SMST.L vs. CNDI.TO - Performance Comparison
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Different Trading Currencies
SMST.L is traded in GBP, while CNDI.TO is traded in CAD. To make them comparable, the CNDI.TO 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 -53.68% return, which is significantly lower than CNDI.TO's -13.61% return.
SMST.L
- 1D
- 0.00%
- 1M
- 43.51%
- 6M
- -31.54%
- YTD
- -53.68%
- 1Y
- 333.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CNDI.TO
- 1D
- 0.53%
- 1M
- -2.35%
- 6M
- -10.17%
- YTD
- -13.61%
- 1Y
- -25.16%
- 3Y*
- -18.57%
- 5Y*
- -12.61%
- 10Y*
- -18.36%
SMST.L vs. CNDI.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMST.L Leverage Shares -3x Short MicroStrategy ETP | -53.68% | 9,160.39% | -95.01% |
CNDI.TO BetaPro S&P/TSX 60 Daily Inverse ETF | -13.61% | -23.87% | -0.87% |
Correlation
The correlation between SMST.L and CNDI.TO is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Oct 14, 2024 | 0.22 |
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Return for Risk
SMST.L vs. CNDI.TO — Risk / Return Rank
SMST.L
CNDI.TO
SMST.L vs. CNDI.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares -3x Short MicroStrategy ETP (SMST.L) and BetaPro S&P/TSX 60 Daily Inverse ETF (CNDI.TO). 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.
| SMST.L | CNDI.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.12 | ||
| Sortino ratioReturn per unit of downside risk | +5.18 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 0.74 | +0.61 |
| Calmar ratioReturn relative to maximum drawdown | 3.57 | -0.94 | +4.51 |
| Martin ratioReturn relative to average drawdown | 6.31 | -1.55 | +7.86 |
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Drawdowns
SMST.L vs. CNDI.TO - Drawdown Comparison
The maximum SMST.L drawdown since its inception was -97.98%, which is greater than CNDI.TO's maximum drawdown of -93.14%. Use the drawdown chart below to compare losses from any high point for SMST.L and CNDI.TO.
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Drawdown Indicators
| SMST.L | CNDI.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.98% | -93.14% | -4.84% |
Max Drawdown (1Y)Largest decline over 1 year | -93.24% | -26.91% | -66.33% |
Max Drawdown (3Y)Largest decline over 3 years | — | -52.52% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -58.47% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -87.59% | — |
Current DrawdownCurrent decline from peak | -88.42% | -93.07% | +4.65% |
Average DrawdownAverage peak-to-trough decline | -81.31% | -55.59% | -25.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 52.75% | 16.28% | +36.47% |
Volatility
SMST.L vs. CNDI.TO - Volatility Comparison
Leverage Shares -3x Short MicroStrategy ETP (SMST.L) has a higher volatility of 76.93% compared to BetaPro S&P/TSX 60 Daily Inverse ETF (CNDI.TO) at 2.50%. This indicates that SMST.L's price experiences larger fluctuations and is considered to be riskier than CNDI.TO 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 | CNDI.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 76.93% | 2.50% | +74.43% |
Volatility (6M)Calculated over the trailing 6-month period | 189.01% | 11.89% | +177.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 225.47% | 15.38% | +210.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27,708.02% | 18.67% | +27,689.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27,708.02% | 25.45% | +27,682.57% |
Dividends
SMST.L vs. CNDI.TO - Dividend Comparison
Neither SMST.L nor CNDI.TO has paid dividends to shareholders.
Frequently Asked Questions
SMST.L and CNDI.TO have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: Leverage Shares and Global X.
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