SMST.L vs. ZIVB

Last updated Jun 4, 2026

SMST.L (Leverage Shares -3x Short MicroStrategy ETP) and ZIVB (-1x Short VIX Mid-Term Futures Strategy ETF) are both Inverse Equities funds. At a 0.20 correlation, their price movements are largely independent. SMST.L charges 0.75%/yr vs 1.35%/yr for ZIVB.

Performance

SMST.L vs. ZIVB - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Leverage Shares -3x Short MicroStrategy ETP (SMST.L) and -1x Short VIX Mid-Term Futures Strategy ETF (ZIVB). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SMST.L is traded in GBP, while ZIVB is traded in USD. To make them comparable, the ZIVB values have been converted to GBP using the latest available exchange rates.

Returns By Period

SMST.L

• 1D: 6.95%
• 1M: 96.31%
• YTD: -69.29%
• 6M: -56.28%
• 1Y: 54.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZIVB

• 1D: 0.27%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SMST.L vs. ZIVB - Yearly Performance Comparison

	2026 (YTD)
SMST.L Leverage Shares -3x Short MicroStrategy ETP	26.17%
ZIVB -1x Short VIX Mid-Term Futures Strategy ETF	-0.06%

Correlation

The correlation between SMST.L and ZIVB is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	0.20

Return for Risk

SMST.L vs. ZIVB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SMST.L

SMST.L Risk / Return Rank: 24
SMST.L Sharpe Ratio Rank: 13
SMST.L Sortino Ratio Rank: 37
SMST.L Omega Ratio Rank: 37
SMST.L Calmar Ratio Rank: 16
SMST.L Martin Ratio Rank: 15

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SMST.L vs. ZIVB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares -3x Short MicroStrategy ETP (SMST.L) and -1x Short VIX Mid-Term Futures Strategy ETF (ZIVB). 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	ZIVB	Difference
Sharpe ratio Return per unit of total volatility	0.27	—	—
Sortino ratio Return per unit of downside risk	1.89	—	—
Omega ratio Gain probability vs. loss probability	1.24	—	—
Calmar ratio Return relative to maximum drawdown	0.59	—	—
Martin ratio Return relative to average drawdown	1.15	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SMST.L	ZIVB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.27	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	-1.33	+1.33

Drawdowns

SMST.L vs. ZIVB - Drawdown Comparison

The maximum SMST.L drawdown since its inception was -99.26%, which is greater than ZIVB's maximum drawdown of -0.32%. Use the drawdown chart below to compare losses from any high point for SMST.L and ZIVB.

Drawdown Indicators

	SMST.L	ZIVB	Difference
Max Drawdown Largest peak-to-trough decline	-99.26%	-0.32%	-98.94%
Max Drawdown (1Y) Largest decline over 1 year	-93.24%	—	—
Current Drawdown Current decline from peak	-92.32%	-0.06%	-92.26%
Average Drawdown Average peak-to-trough decline	-80.46%	-0.21%	-80.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	47.77%	—	—

Volatility

Volatility by Period

	SMST.L	ZIVB	Difference
Volatility (1M) Calculated over the trailing 1-month period	59.35%	—	—
Volatility (6M) Calculated over the trailing 6-month period	180.31%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	203.88%	3.17%	+200.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19,155.72%	3.17%	+19,152.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19,155.72%	3.17%	+19,152.55%

SMST.L vs. ZIVB - Expense Ratio Comparison

SMST.L has a 0.75% expense ratio, which is lower than ZIVB's 1.35% expense ratio.

Dividends

SMST.L vs. ZIVB - Dividend Comparison

Neither SMST.L nor ZIVB has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SMST.L and ZIVB in my portfolio?

SMST.L and ZIVB have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMST.L or ZIVB?

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.

Which ETF is cheaper, SMST.L or ZIVB?

SMST.L is cheaper with a 0.75% expense ratio, compared with 1.35% for ZIVB.

What is the main difference between SMST.L and ZIVB?

They also come from different issuers: Leverage Shares and Volatility Shares. Their fees differ too: 0.75% for SMST.L and 1.35% for ZIVB.