STSM vs. DLLL

Last updated Jul 30, 2026

STSM (Defiance Daily Target 2X Short TSM ETF) and DLLL (GraniteShares 2x Long DELL Daily ETF) are both Leveraged Equities funds - STSM tracks the Taiwan Semiconductor Manufacturing Company Limited (TSM) while DLLL tracks the Dell Technologies Inc. (DELL). Both are passively managed. Their -0.38 correlation means they have often moved in opposite directions in the past. STSM charges 1.31%/yr vs 1.50%/yr for DLLL.

Performance

STSM vs. DLLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Short TSM ETF (STSM) and GraniteShares 2x Long DELL Daily ETF (DLLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, STSM achieves a -53.71% return, which is significantly lower than DLLL's 500.49% return.

STSM

• 1D: 9.25%
• 1M: 38.42%
• 6M: -39.53%
• YTD: -53.71%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

DLLL

• 1D: -11.87%
• 1M: -25.42%
• 6M: 597.87%
• YTD: 500.49%
• 1Y: 376.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 234.32%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DLLL GraniteShares 2x Long DELL Daily ETF	$24.22M	$37.21M	$51.40M
STSM Defiance Daily Target 2X Short TSM ETF	$808.53K	$629.89K	$398.30K

STSM vs. DLLL - Yearly Performance Comparison

	2026 (YTD)	2025
STSM Defiance Daily Target 2X Short TSM ETF	-53.71%	-19.17%
DLLL GraniteShares 2x Long DELL Daily ETF	500.49%	2.01%

Correlation

The correlation between STSM and DLLL is -0.38, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 18, 2025	-0.38

Return for Risk

STSM vs. DLLL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

STSM

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

DLLL

DLLL Risk / Return Rank: 92
DLLL Sharpe Ratio Rank: 95
DLLL Sortino Ratio Rank: 92
DLLL Omega Ratio Rank: 89
DLLL Calmar Ratio Rank: 96
DLLL Martin Ratio Rank: 88

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

STSM vs. DLLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short TSM ETF (STSM) and GraniteShares 2x Long DELL Daily ETF (DLLL). 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.

	STSM	DLLL	Difference
Sharpe ratio: Return per unit of total volatility	—	2.72	—
Sortino ratio: Return per unit of downside risk	—	3.29	—
Omega ratio: Gain probability vs. loss probability	—	1.40	—
Calmar ratio: Return relative to maximum drawdown	—	6.63	—
Martin ratio: Return relative to average drawdown	—	12.97	—

Drawdowns

STSM vs. DLLL - Drawdown Comparison

The maximum STSM drawdown since its inception was -76.23%, which is greater than DLLL's maximum drawdown of -68.58%. Use the drawdown chart below to compare losses from any high point for STSM and DLLL.

Drawdown Indicators

	STSM	DLLL	Difference
Max Drawdown Largest peak-to-trough decline	-76.23%	-68.58%	-7.65%
Max Drawdown (1Y) Largest decline over 1 year	—	-57.19%	—
Current Drawdown Current decline from peak	-63.30%	-43.20%	-20.10%
Average Drawdown Average peak-to-trough decline	-47.17%	-25.77%	-21.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	29.18%	—

Volatility

Volatility by Period

	STSM	DLLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	49.37%	—
Volatility (6M) Calculated over the trailing 6-month period	—	113.30%	—
Volatility (1Y) Calculated over the trailing 1-year period	84.09%	139.42%	-55.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	84.09%	132.19%	-48.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	84.09%	132.19%	-48.10%

STSM vs. DLLL - Expense Ratio Comparison

STSM has a 1.31% expense ratio, which is lower than DLLL's 1.50% expense ratio.

Dividends

STSM vs. DLLL - Dividend Comparison

Neither STSM nor DLLL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both STSM and DLLL in my portfolio?

STSM and DLLL have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, STSM or DLLL?

On fees, STSM is cheaper at 1.31% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, STSM or DLLL?

STSM is cheaper with a 1.31% expense ratio, compared with 1.50% for DLLL.

Which ETF pays a higher dividend yield, STSM or DLLL?

STSM and DLLL have nearly identical dividend yields, around 0.00%.

What is the main difference between STSM and DLLL?

STSM tracks Taiwan Semiconductor Manufacturing Company Limited (TSM), while DLLL tracks Dell Technologies Inc. (DELL). They also come from different issuers: Defiance and GraniteShares. Their fees differ too: 1.31% for STSM and 1.50% for DLLL.