SMST.L vs. SARK
SMST.L (Leverage Shares -3x Short MicroStrategy ETP) and SARK (Tradr Short Innovation Daily ETF) are both Inverse Equities funds. Over the past year, SMST.L returned 54.90% vs -33.35% for SARK. At a 0.39 correlation, their price movements are largely independent. Both charge a 0.75% expense ratio.
Performance
SMST.L vs. SARK - Performance Comparison
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Different Trading Currencies
SMST.L is traded in GBP, while SARK is traded in USD. To make them comparable, the SARK 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 -69.29% return, which is significantly lower than SARK's -6.43% return.
SMST.L
- 1D
- 6.95%
- 1M
- 96.31%
- YTD
- -69.29%
- 6M
- -56.28%
- 1Y
- 54.90%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SARK
- 1D
- 2.56%
- 1M
- 0.32%
- YTD
- -6.43%
- 6M
- -2.85%
- 1Y
- -33.35%
- 3Y*
- -32.46%
- 5Y*
- —
- 10Y*
- —
SMST.L vs. SARK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMST.L Leverage Shares -3x Short MicroStrategy ETP | -69.29% | 9,160.39% | -98.46% |
SARK Tradr Short Innovation Daily ETF | -6.43% | -31.21% | -33.26% |
Correlation
The correlation between SMST.L and SARK is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2024 | 0.39 |
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Return for Risk
SMST.L vs. SARK — Risk / Return Rank
SMST.L
SARK
SMST.L vs. SARK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares -3x Short MicroStrategy ETP (SMST.L) and Tradr Short Innovation Daily ETF (SARK). 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 | SARK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.14 | ||
| Sortino ratioReturn per unit of downside risk | +3.06 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 0.87 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | 0.59 | -0.84 | +1.42 |
| Martin ratioReturn relative to average drawdown | 1.15 | -1.12 | +2.27 |
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 | SARK | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.27 | -0.88 | +1.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.00 | -0.22 | +0.22 |
Drawdowns
SMST.L vs. SARK - Drawdown Comparison
The maximum SMST.L drawdown since its inception was -99.26%, which is greater than SARK's maximum drawdown of -82.70%. Use the drawdown chart below to compare losses from any high point for SMST.L and SARK.
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Drawdown Indicators
| SMST.L | SARK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.26% | -82.70% | -16.56% |
Max Drawdown (1Y)Largest decline over 1 year | -93.24% | -40.00% | -53.24% |
Max Drawdown (3Y)Largest decline over 3 years | — | -76.86% | — |
Current DrawdownCurrent decline from peak | -92.32% | -81.22% | -11.10% |
Average DrawdownAverage peak-to-trough decline | -80.46% | -47.36% | -33.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.77% | 29.78% | +17.99% |
Volatility
SMST.L vs. SARK - Volatility Comparison
Leverage Shares -3x Short MicroStrategy ETP (SMST.L) has a higher volatility of 59.35% compared to Tradr Short Innovation Daily ETF (SARK) at 9.93%. This indicates that SMST.L's price experiences larger fluctuations and is considered to be riskier than SARK 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 | SARK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 59.35% | 9.93% | +49.42% |
Volatility (6M)Calculated over the trailing 6-month period | 180.31% | 27.54% | +152.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 203.88% | 38.20% | +165.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19,155.72% | 59.39% | +19,096.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19,155.72% | 59.39% | +19,096.33% |
SMST.L vs. SARK - Expense Ratio Comparison
Both SMST.L and SARK have an expense ratio of 0.75%.
Dividends
SMST.L vs. SARK - Dividend Comparison
SMST.L has not paid dividends to shareholders, while SARK's dividend yield for the trailing twelve months is around 3.02%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
SARK Tradr Short Innovation Daily ETF | 3.02% | 2.82% | 15.49% | 12.57% | 25.22% |
SMST.L Leverage Shares -3x Short MicroStrategy ETP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMST.L and SARK have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.75% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
SMST.L and SARK have the same expense ratio: 0.75% per year.
They also come from different issuers: Leverage Shares and AXS.
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