DEEP vs. SMCF

Last updated Jun 4, 2026

DEEP (Roundhill Acquirers Deep Value ETF) and SMCF (Themes US Small Cap Cash Flow Champions ETF) are both Small Cap Value Equities funds - DEEP tracks the DEEP-US - Acquirers Deep Value Index while SMCF tracks the Solactive US Small Cap Cash Flow Champions Index - Benchmark TR Gross. Both are passively managed. Over the past year, DEEP returned 27.76% vs 32.87% for SMCF. A 0.79 correlation means they provide meaningful diversification when combined. DEEP charges 0.80%/yr vs 0.29%/yr for SMCF.

Performance

DEEP vs. SMCF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Acquirers Deep Value ETF (DEEP) and Themes US Small Cap Cash Flow Champions ETF (SMCF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DEEP achieves a 12.39% return, which is significantly lower than SMCF's 13.75% return.

DEEP

• 1D: -2.02%
• 1M: 0.72%
• YTD: 12.39%
• 6M: 11.91%
• 1Y: 27.76%
• 3Y*: 9.78%
• 5Y*: 3.74%
• 10Y*: 8.15%

SMCF

• 1D: -1.14%
• 1M: -1.09%
• YTD: 13.75%
• 6M: 13.63%
• 1Y: 32.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DEEP vs. SMCF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DEEP Roundhill Acquirers Deep Value ETF	12.39%	5.69%	-2.97%	4.72%
SMCF Themes US Small Cap Cash Flow Champions ETF	13.75%	9.56%	16.30%	4.47%

Correlation

The correlation between DEEP and SMCF is 0.74, 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	0.74
Correlation (All Time) Calculated using the full available price history since Dec 14, 2023	0.79

The correlation between DEEP and SMCF has been stable across timeframes, ranging from 0.74 to 0.79 - a consistent structural relationship.

DEEP vs. SMCF - Sectors Allocation Comparison

Sectors	DEEP	SMCF
Industrials	25.8%	9.8%
Consumer Cyclical	25.5%	2.6%
Consumer Defensive	10.5%	1.4%
Financial Services	8.6%	50.0%
Technology	8.5%	11.0%
Healthcare	6.6%	4.4%
Energy	5.7%	18.2%
Basic Materials	4.8%	0.6%
Communication Services	4.1%	1.5%
Real Estate	3.1%	0.5%
Utilities	-	-

Return for Risk

DEEP vs. SMCF — Risk / Return Rank

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

DEEP

DEEP Risk / Return Rank: 42
DEEP Sharpe Ratio Rank: 41
DEEP Sortino Ratio Rank: 43
DEEP Omega Ratio Rank: 38
DEEP Calmar Ratio Rank: 48
DEEP Martin Ratio Rank: 42

SMCF

SMCF Risk / Return Rank: 67
SMCF Sharpe Ratio Rank: 61
SMCF Sortino Ratio Rank: 63
SMCF Omega Ratio Rank: 59
SMCF Calmar Ratio Rank: 85
SMCF Martin Ratio Rank: 68

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.

DEEP vs. SMCF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Acquirers Deep Value ETF (DEEP) and Themes US Small Cap Cash Flow Champions ETF (SMCF). 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.

	DEEP	SMCF	Difference
Sharpe ratio: Return per unit of total volatility	1.46	2.05	-0.59
Sortino ratio: Return per unit of downside risk	2.16	2.95	-0.79
Omega ratio: Gain probability vs. loss probability	1.25	1.36	-0.12
Calmar ratio: Return relative to maximum drawdown	2.35	4.63	-2.28
Martin ratio: Return relative to average drawdown	6.76	12.46	-5.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DEEP vs. SMCF - Sharpe Ratio Comparison

The current DEEP Sharpe Ratio is 1.46, which is comparable to the SMCF Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of DEEP and SMCF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DEEP	SMCF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	2.05	-0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.91	-0.62

Drawdowns

DEEP vs. SMCF - Drawdown Comparison

The maximum DEEP drawdown since its inception was -52.52%, which is greater than SMCF's maximum drawdown of -28.48%. Use the drawdown chart below to compare losses from any high point for DEEP and SMCF.

Drawdown Indicators

	DEEP	SMCF	Difference
Max Drawdown Largest peak-to-trough decline	-52.52%	-28.48%	-24.04%
Max Drawdown (1Y) Largest decline over 1 year	-11.87%	-7.13%	-4.74%
Max Drawdown (3Y) Largest decline over 3 years	-28.40%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.40%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-52.52%	—	—
Current Drawdown Current decline from peak	-2.02%	-2.44%	+0.42%
Average Drawdown Average peak-to-trough decline	-10.40%	-5.29%	-5.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.12%	2.65%	+1.47%

Volatility

DEEP vs. SMCF - Volatility Comparison

Roundhill Acquirers Deep Value ETF (DEEP) has a higher volatility of 5.67% compared to Themes US Small Cap Cash Flow Champions ETF (SMCF) at 3.55%. This indicates that DEEP's price experiences larger fluctuations and is considered to be riskier than SMCF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEEP	SMCF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.67%	3.55%	+2.12%
Volatility (6M) Calculated over the trailing 6-month period	12.29%	10.00%	+2.29%
Volatility (1Y) Calculated over the trailing 1-year period	19.18%	16.18%	+3.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.65%	20.31%	+1.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.27%	20.31%	+3.96%

DEEP vs. SMCF - Expense Ratio Comparison

DEEP has a 0.80% expense ratio, which is higher than SMCF's 0.29% expense ratio.

Dividends

DEEP vs. SMCF - Dividend Comparison

DEEP's dividend yield for the trailing twelve months is around 1.52%, less than SMCF's 3.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEEP Roundhill Acquirers Deep Value ETF	1.52%	1.78%	1.96%	1.67%	1.28%	1.43%	4.03%	3.49%	1.51%	2.01%	3.14%	3.98%
SMCF Themes US Small Cap Cash Flow Champions ETF	3.44%	3.91%	0.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DEEP and SMCF in my portfolio?

DEEP and SMCF have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DEEP or SMCF?

DEEP has higher volatility (5.67%) compared to SMCF (3.55%). In terms of maximum drawdown, DEEP dropped -52.52% vs SMCF's -28.48%.

Which ETF is better, DEEP or SMCF?

On 1-year performance, SMCF leads with 32.87% vs 27.76% for DEEP. On fees, SMCF is cheaper at 0.29% per year. On volatility, SMCF has been the lower-risk option at 3.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DEEP or SMCF?

Over the 1-year period, SMCF has performed better with a 32.87% return vs 27.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DEEP or SMCF?

SMCF is cheaper with a 0.29% expense ratio, compared with 0.80% for DEEP.

Which ETF pays a higher dividend yield, DEEP or SMCF?

SMCF has the higher dividend yield at 3.44%, compared with 1.52% for DEEP.

What is the main difference between DEEP and SMCF?

DEEP tracks DEEP-US - Acquirers Deep Value Index, while SMCF tracks Solactive US Small Cap Cash Flow Champions Index - Benchmark TR Gross. They also come from different issuers: Exchange Traded Concepts and Themes. Their fees differ too: 0.80% for DEEP and 0.29% for SMCF.

Which has better risk-adjusted returns?

SMCF currently has the higher Sharpe Ratio (2.05 vs 1.46), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.