DFAT vs. SMCF

Last updated Jun 4, 2026

DFAT (Dimensional U.S. Targeted Value ETF) and SMCF (Themes US Small Cap Cash Flow Champions ETF) are both Small Cap Value Equities funds. DFAT is actively managed, while SMCF is passively managed. Over the past year, DFAT returned 30.02% vs 32.87% for SMCF. Their correlation of 0.92 suggests significant overlap in exposure. DFAT charges 0.28%/yr vs 0.29%/yr for SMCF.

Performance

DFAT vs. SMCF - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with DFAT having a 13.26% return and SMCF slightly higher at 13.75%.

DFAT

• 1D: -0.75%
• 1M: 1.45%
• YTD: 13.26%
• 6M: 13.13%
• 1Y: 30.02%
• 3Y*: 16.49%
• 5Y*: —
• 10Y*: —

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)

DFAT vs. SMCF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DFAT Dimensional U.S. Targeted Value ETF	13.26%	8.73%	7.80%	4.44%
SMCF Themes US Small Cap Cash Flow Champions ETF	13.75%	9.56%	16.30%	4.47%

Correlation

The correlation between DFAT and SMCF is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (All Time) Calculated using the full available price history since Dec 14, 2023	0.92

The correlation between DFAT and SMCF has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

DFAT vs. SMCF - Sectors Allocation Comparison

Sectors	DFAT	SMCF
Financial Services	28.0%	50.0%
Industrials	15.9%	9.8%
Consumer Cyclical	14.4%	2.6%
Energy	11.5%	18.2%
Technology	9.2%	11.0%
Consumer Defensive	6.7%	1.4%
Healthcare	6.2%	4.4%
Basic Materials	5.1%	0.6%
Communication Services	1.8%	1.5%
Real Estate	0.9%	0.5%
Utilities	0.4%	-

Return for Risk

DFAT vs. SMCF — Risk / Return Rank

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

DFAT

DFAT Risk / Return Rank: 55
DFAT Sharpe Ratio Rank: 52
DFAT Sortino Ratio Rank: 55
DFAT Omega Ratio Rank: 51
DFAT Calmar Ratio Rank: 63
DFAT Martin Ratio Rank: 57

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.

DFAT vs. SMCF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional U.S. Targeted Value ETF (DFAT) 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.

	DFAT	SMCF	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.05	-0.24
Sortino ratio: Return per unit of downside risk	2.67	2.95	-0.28
Omega ratio: Gain probability vs. loss probability	1.32	1.36	-0.04
Calmar ratio: Return relative to maximum drawdown	3.16	4.63	-1.47
Martin ratio: Return relative to average drawdown	10.13	12.46	-2.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFAT vs. SMCF - Sharpe Ratio Comparison

The current DFAT Sharpe Ratio is 1.81, which is comparable to the SMCF Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of DFAT 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

	DFAT	SMCF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	2.05	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.91	-0.46

Drawdowns

DFAT vs. SMCF - Drawdown Comparison

The maximum DFAT drawdown since its inception was -26.12%, smaller than the maximum SMCF drawdown of -28.48%. Use the drawdown chart below to compare losses from any high point for DFAT and SMCF.

Drawdown Indicators

	DFAT	SMCF	Difference
Max Drawdown Largest peak-to-trough decline	-26.12%	-28.48%	+2.36%
Max Drawdown (1Y) Largest decline over 1 year	-9.55%	-7.13%	-2.42%
Max Drawdown (3Y) Largest decline over 3 years	-26.12%	—	—
Current Drawdown Current decline from peak	-0.75%	-2.44%	+1.69%
Average Drawdown Average peak-to-trough decline	-6.24%	-5.29%	-0.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	2.65%	+0.32%

Volatility

DFAT vs. SMCF - Volatility Comparison

Dimensional U.S. Targeted Value ETF (DFAT) has a higher volatility of 4.06% compared to Themes US Small Cap Cash Flow Champions ETF (SMCF) at 3.55%. This indicates that DFAT'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

	DFAT	SMCF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	3.55%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	10.88%	10.00%	+0.88%
Volatility (1Y) Calculated over the trailing 1-year period	16.75%	16.18%	+0.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.48%	20.31%	+1.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.48%	20.31%	+1.17%

DFAT vs. SMCF - Expense Ratio Comparison

DFAT has a 0.28% expense ratio, which is lower than SMCF's 0.29% expense ratio.

Dividends

DFAT vs. SMCF - Dividend Comparison

DFAT's dividend yield for the trailing twelve months is around 1.45%, less than SMCF's 3.44% yield.

Position	TTM	2025	2024	2023	2022	2021
DFAT Dimensional U.S. Targeted Value ETF	1.45%	1.55%	1.31%	1.34%	1.34%	1.13%
SMCF Themes US Small Cap Cash Flow Champions ETF	3.44%	3.91%	0.61%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFAT and SMCF in my portfolio?

DFAT and SMCF have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFAT or SMCF?

DFAT has higher volatility (4.06%) compared to SMCF (3.55%). In terms of maximum drawdown, DFAT dropped -26.12% vs SMCF's -28.48%.

Which ETF is better, DFAT or SMCF?

On 1-year performance, SMCF leads with 32.87% vs 30.02% for DFAT. On fees, DFAT is cheaper at 0.28% 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, DFAT or SMCF?

Over the 1-year period, SMCF has performed better with a 32.87% return vs 30.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFAT or SMCF?

DFAT is cheaper with a 0.28% expense ratio, compared with 0.29% for SMCF.

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

SMCF has the higher dividend yield at 3.44%, compared with 1.45% for DFAT.

What is the main difference between DFAT and SMCF?

They also come from different issuers: Dimensional and Themes. Their fees differ too: 0.28% for DFAT and 0.29% for SMCF.

Which has better risk-adjusted returns?

SMCF currently has the higher Sharpe Ratio (2.05 vs 1.81), 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.