SMST.L vs. SMST
SMST.L (Leverage Shares -3x Short MicroStrategy ETP) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both Inverse Equities funds. Over the past year, SMST.L returned 56.44% vs 62.78% for SMST. A 0.59 correlation means they provide meaningful diversification when combined. SMST.L charges 0.75%/yr vs 1.29%/yr for SMST.
Performance
SMST.L vs. SMST - Performance Comparison
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Different Trading Currencies
SMST.L is traded in GBP, while SMST is traded in USD. To make them comparable, the SMST 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 SMST's -51.51% return.
SMST.L
- 1D
- 5.07%
- 1M
- 144.67%
- YTD
- -67.74%
- 6M
- -49.77%
- 1Y
- 56.44%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMST
- 1D
- -4.37%
- 1M
- 84.58%
- YTD
- -51.51%
- 6M
- -32.70%
- 1Y
- 62.78%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMST.L vs. SMST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMST.L Leverage Shares -3x Short MicroStrategy ETP | -67.74% | 9,160.39% | -98.46% |
SMST Defiance Daily Target 2X Short MSTR ETF | -51.51% | -48.33% | -85.71% |
Correlation
The correlation between SMST.L and SMST is 0.69, 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 | 0.69 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2024 | 0.59 |
The correlation between SMST.L and SMST has been stable across timeframes, ranging from 0.59 to 0.69 - a consistent structural relationship.
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Return for Risk
SMST.L vs. SMST — Risk / Return Rank
SMST.L
SMST
SMST.L vs. SMST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares -3x Short MicroStrategy ETP (SMST.L) and Defiance Daily Target 2X Short MSTR ETF (SMST). 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 | SMST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.20 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.60 | 0.74 | -0.14 |
| Martin ratioReturn relative to average drawdown | 1.17 | 1.54 | -0.37 |
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 | SMST | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.28 | 0.44 | -0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.00 | -0.52 | +0.52 |
Drawdowns
SMST.L vs. SMST - Drawdown Comparison
The maximum SMST.L drawdown since its inception was -99.26%, roughly equal to the maximum SMST drawdown of -99.27%. Use the drawdown chart below to compare losses from any high point for SMST.L and SMST.
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Drawdown Indicators
| SMST.L | SMST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.26% | -99.27% | +0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -93.24% | -85.47% | -7.77% |
Current DrawdownCurrent decline from peak | -91.93% | -98.14% | +6.21% |
Average DrawdownAverage peak-to-trough decline | -80.49% | -90.68% | +10.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 48.05% | 40.87% | +7.18% |
Volatility
SMST.L vs. SMST - Volatility Comparison
Leverage Shares -3x Short MicroStrategy ETP (SMST.L) has a higher volatility of 55.39% compared to Defiance Daily Target 2X Short MSTR ETF (SMST) at 37.65%. This indicates that SMST.L's price experiences larger fluctuations and is considered to be riskier than SMST 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 | SMST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 55.39% | 37.65% | +17.74% |
Volatility (6M)Calculated over the trailing 6-month period | 177.15% | 127.37% | +49.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 203.45% | 142.16% | +61.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19,133.00% | 167.91% | +18,965.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19,133.00% | 167.91% | +18,965.09% |
SMST.L vs. SMST - Expense Ratio Comparison
SMST.L has a 0.75% expense ratio, which is lower than SMST's 1.29% expense ratio.
Dividends
SMST.L vs. SMST - Dividend Comparison
Neither SMST.L nor SMST has paid dividends to shareholders.
Frequently Asked Questions
SMST.L and SMST have a correlation of 0.69, 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 1.29% for SMST.
They also come from different issuers: Leverage Shares and Defiance. Their fees differ too: 0.75% for SMST.L and 1.29% for SMST.
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