SMST.L vs. MSDD
SMST.L (Leverage Shares -3x Short MicroStrategy ETP) and MSDD (GraniteShares 2x Short MSTR Daily ETF) are both Inverse Equities funds. Over the past year, SMST.L returned 333.03% vs 179.76% for MSDD. A 0.63 correlation means they provide meaningful diversification when combined. SMST.L charges 0.75%/yr vs 1.50%/yr for MSDD.
Performance
SMST.L vs. MSDD - Performance Comparison
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Different Trading Currencies
SMST.L is traded in GBP, while MSDD is traded in USD. To make them comparable, the MSDD 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 MSDD's -47.54% return.
SMST.L
- 1D
- 0.00%
- 1M
- 43.51%
- 6M
- -31.54%
- YTD
- -53.68%
- 1Y
- 333.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSDD
- 1D
- 0.25%
- 1M
- 0.93%
- 6M
- -28.14%
- YTD
- -47.54%
- 1Y
- 179.76%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMST.L vs. MSDD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SMST.L Leverage Shares -3x Short MicroStrategy ETP | -53.68% | 391.47% |
MSDD GraniteShares 2x Short MSTR Daily ETF | -47.54% | 275.30% |
Correlation
The correlation between SMST.L and MSDD is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jun 10, 2025 | 0.63 |
The correlation between SMST.L and MSDD has been stable across timeframes, ranging from 0.63 to 0.63 - a consistent structural relationship.
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Return for Risk
SMST.L vs. MSDD — Risk / Return Rank
SMST.L
MSDD
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SMST.L vs. MSDD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares -3x Short MicroStrategy ETP (SMST.L) and GraniteShares 2x Short MSTR Daily ETF (MSDD). 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 | MSDD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.89 | ||
| Sortino ratioReturn per unit of downside risk | +1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.22 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.57 | 0.99 | +2.58 |
| Martin ratioReturn relative to average drawdown | 6.31 | 1.96 | +4.35 |
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Drawdowns
SMST.L vs. MSDD - Drawdown Comparison
The maximum SMST.L drawdown since its inception was -97.98%, which is greater than MSDD's maximum drawdown of -84.99%. Use the drawdown chart below to compare losses from any high point for SMST.L and MSDD.
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Drawdown Indicators
| SMST.L | MSDD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.98% | -84.99% | -12.99% |
Max Drawdown (1Y)Largest decline over 1 year | -93.24% | -84.99% | -8.25% |
Current DrawdownCurrent decline from peak | -88.42% | -67.77% | -20.65% |
Average DrawdownAverage peak-to-trough decline | -81.31% | -31.44% | -49.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 52.75% | 42.95% | +9.80% |
Volatility
SMST.L vs. MSDD - Volatility Comparison
Leverage Shares -3x Short MicroStrategy ETP (SMST.L) has a higher volatility of 76.93% compared to GraniteShares 2x Short MSTR Daily ETF (MSDD) at 32.45%. This indicates that SMST.L's price experiences larger fluctuations and is considered to be riskier than MSDD 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 | MSDD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 76.93% | 32.45% | +44.48% |
Volatility (6M)Calculated over the trailing 6-month period | 189.01% | 125.69% | +63.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 225.47% | 142.38% | +83.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27,708.02% | 140.02% | +27,568.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27,708.02% | 140.02% | +27,568.00% |
SMST.L vs. MSDD - Expense Ratio Comparison
SMST.L has a 0.75% expense ratio, which is lower than MSDD's 1.50% expense ratio.
Dividends
SMST.L vs. MSDD - Dividend Comparison
Neither SMST.L nor MSDD has paid dividends to shareholders.
Frequently Asked Questions
SMST.L and MSDD have a correlation of 0.63, 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 1.50% for MSDD.
They also come from different issuers: Leverage Shares and GraniteShares. Their fees differ too: 0.75% for SMST.L and 1.50% for MSDD.
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