- Issuer
- Bushido
- Inception Date
- Sep 13, 2023
- Category
- Large Cap Value Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Mid-Cap
- Asset Class Style
- Value
- Assets Under Management
- $480M
Highlights
- Avg. Volume (1M)
- 12K
- Avg. Volume Value (1M)
- $508.81K
Share Price Chart
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Performance
SMRI Performance Chart
Bushido Capital US Equity ETF (SMRI) is up 23.0% since the beginning of the year. SMRI is currently trading at $44 per share.
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Returns By Period
Bushido Capital US Equity ETF (SMRI) has returned 23.03% so far this year and 40.59% over the past 12 months.
Bushido Capital US Equity ETF
- 1D
- 0.38%
- 1M
- 5.51%
- 6M
- 23.61%
- YTD
- 23.03%
- 1Y
- 40.59%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 22.95%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
SMRI Monthly Returns History
Based on dividend-adjusted daily data since Sep 14, 2023, SMRI's average daily return is +0.09%, while the average monthly return is +1.80%. At this rate, an investment would double in approximately 3.2 years.
Historically, 63% of months were positive and 37% were negative. The best month was Nov 2024 with a return of +10.9%, while the worst month was Dec 2024 at -6.4%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 3 months.
On a daily basis, SMRI closed higher 54% of trading days. The best single day was Apr 9, 2025 with a return of +8.6%, while the worst single day was Apr 3, 2025 at -5.9%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.47% | 1.37% | -2.77% | 7.53% | 10.03% | -1.94% | 8.09% | 23.03% | |||||
| 2025 | 3.51% | -0.71% | -3.29% | -2.36% | 3.80% | 5.55% | -2.23% | 5.85% | 1.88% | 0.77% | 3.13% | 0.78% | 17.41% |
| 2024 | 0.18% | 3.67% | 8.12% | -4.85% | 1.86% | -1.42% | 5.33% | 1.32% | 0.98% | -0.74% | 10.90% | -6.36% | 19.16% |
| 2023 | -3.15% | -2.43% | 6.05% | 5.05% | 5.27% |
Benchmark Metrics
Bushido Capital US Equity ETF has an annualized alpha of 7.41%, beta of 0.77, and R2 of 0.55 versus S&P 500 Index. Calculated based on daily prices since September 14, 2023.
- This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (96.17%) than losses (68.19%) - typical of diversified or defensive assets.
- This ETF generated an annualized alpha of 7.41% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- Alpha
- 7.41%
- Beta
- 0.77
- R²
- 0.55
- Upside Capture
- 96.17%
- Downside Capture
- 68.19%
Expense Ratio
SMRI has an expense ratio of 0.71%, placing it in the medium range.
Return for Risk
Risk / Return Rank
SMRI ranks 94 for risk / return — above 94% of ETFs peers on PortfoliosLab. Its historical combined result is among the stronger results in the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Bushido Capital US Equity ETF (SMRI) and compare them to S&P 500 Index.
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.
| SMRI | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.22 | ||
| Sortino ratioReturn per unit of downside risk | +1.70 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.25 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 5.75 | 2.00 | +3.75 |
| Martin ratioReturn relative to average drawdown | 16.88 | 8.49 | +8.39 |
Dividends
Dividend History
Bushido Capital US Equity ETF provided a 0.86% dividend yield over the last twelve months, with an annual payout of $0.38 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Dividend | $0.38 | $0.48 | $0.31 | $0.12 |
Dividend yield | 0.86% | 1.32% | 0.98% | 0.45% |
Monthly Dividends
The table displays the monthly dividend distributions for Bushido Capital US Equity ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.07 | $0.00 | $0.00 | $0.03 | $0.00 | $0.10 | |||||
| 2025 | $0.00 | $0.00 | $0.14 | $0.00 | $0.00 | $0.06 | $0.00 | $0.00 | $0.15 | $0.00 | $0.00 | $0.13 | $0.48 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.31 | $0.31 |
| 2023 | $0.12 | $0.12 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Bushido Capital US Equity ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Bushido Capital US Equity ETF was 18.45%, occurring on Apr 8, 2025. Recovery took 57 trading sessions.
The current Bushido Capital US Equity ETF drawdown is 0.51%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-18.45%Apr 2025 | 4mo | 2mo 24d | 6mo 24dDec 2024 - Jul 2025 | 2025 selloff2025 |
-6.88%Oct 2023 | 1mo 12d | 1mo 4d | 2mo 16dSep 2023 - Nov 2023 | — |
-6.80%Mar 2026 | 2mo 17d | 18d | 3mo 5dJan 2026 - Apr 2026 | — |
-6.47%Jun 2026 | 21d | 1mo 4d | 1mo 25dJun 2026 - Jul 2026 | — |
-6.18%May 2024 | 1mo | 2mo 16d | 3mo 16dApr 2024 - Jul 2024 | — |
Drawdown Indicators
| SMRI | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.45% | -56.78% | +38.33% |
Max Drawdown (1Y)Largest decline over 1 year | -6.80% | -9.10% | +2.30% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.51% | -1.58% | +1.07% |
Average DrawdownAverage peak-to-trough decline | -2.72% | -10.70% | +7.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 2.14% | +0.18% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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