FEZ vs. SMIDX

Last updated Jun 24, 2026

FEZ (State Street SPDR EURO STOXX 50 ETF) and SMIDX (SMI Dynamic Allocation Fund) are both funds - FEZ is a Europe Equities fund tracking the EURO STOXX 50 Index, while SMIDX is a Tactical Allocation fund managed by SMI Funds. Over the past 10 years, FEZ returned 11.53%/yr vs 6.47%/yr for SMIDX. A 0.62 correlation means they provide meaningful diversification when combined. FEZ charges 0.29%/yr vs 1.19%/yr for SMIDX.

Performance

FEZ vs. SMIDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR EURO STOXX 50 ETF (FEZ) and SMI Dynamic Allocation Fund (SMIDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEZ achieves a 6.43% return, which is significantly lower than SMIDX's 10.26% return. Over the past 10 years, FEZ has outperformed SMIDX with an annualized return of 11.53%, while SMIDX has yielded a comparatively lower 6.47% annualized return.

FEZ

• 1D: -1.75%
• 1M: 1.84%
• YTD: 6.43%
• 6M: 6.45%
• 1Y: 19.20%
• 3Y*: 18.06%
• 5Y*: 10.43%
• 10Y*: 11.53%

SMIDX

• 1D: 0.00%
• 1M: 0.48%
• YTD: 10.26%
• 6M: 8.81%
• 1Y: 26.17%
• 3Y*: 15.70%
• 5Y*: 6.97%
• 10Y*: 6.47%

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

FEZ vs. SMIDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEZ State Street SPDR EURO STOXX 50 ETF	6.43%	37.81%	3.57%	27.16%	-14.27%	14.84%	4.84%	26.04%	-15.85%	24.80%
SMIDX SMI Dynamic Allocation Fund	10.26%	22.50%	12.76%	8.39%	-19.12%	14.00%	9.64%	9.47%	-6.12%	14.11%

Correlation

The correlation between FEZ and SMIDX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Mar 1, 2013	0.62

The correlation between FEZ and SMIDX shifts across timeframes, from 0.61 (10 years) to 0.77 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FEZ vs. SMIDX — Risk / Return Rank

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

FEZ

FEZ Risk / Return Rank: 30
FEZ Sharpe Ratio Rank: 30
FEZ Sortino Ratio Rank: 30
FEZ Omega Ratio Rank: 28
FEZ Calmar Ratio Rank: 29
FEZ Martin Ratio Rank: 34

SMIDX

SMIDX Risk / Return Rank: 61
SMIDX Sharpe Ratio Rank: 58
SMIDX Sortino Ratio Rank: 49
SMIDX Omega Ratio Rank: 60
SMIDX Calmar Ratio Rank: 70
SMIDX Martin Ratio Rank: 66

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.

FEZ vs. SMIDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR EURO STOXX 50 ETF (FEZ) and SMI Dynamic Allocation Fund (SMIDX). 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.

	FEZ	SMIDX	Difference
Sharpe ratio: Return per unit of total volatility	1.05	2.06	-1.01
Sortino ratio: Return per unit of downside risk	1.58	2.71	-1.13
Omega ratio: Gain probability vs. loss probability	1.19	1.39	-0.20
Calmar ratio: Return relative to maximum drawdown	1.42	3.08	-1.66
Martin ratio: Return relative to average drawdown	4.82	12.09	-7.27

FEZ vs. SMIDX - Sharpe Ratio Comparison

The current FEZ Sharpe Ratio is 1.05, which is lower than the SMIDX Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of FEZ and SMIDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FEZ vs. SMIDX - Drawdown Comparison

The maximum FEZ drawdown since its inception was -64.21%, which is greater than SMIDX's maximum drawdown of -21.99%. Use the drawdown chart below to compare losses from any high point for FEZ and SMIDX.

Drawdown Indicators

	FEZ	SMIDX	Difference
Max Drawdown Largest peak-to-trough decline	-64.21%	-21.99%	-42.22%
Max Drawdown (1Y) Largest decline over 1 year	-13.63%	-8.73%	-4.90%
Max Drawdown (3Y) Largest decline over 3 years	-15.85%	-10.11%	-5.74%
Max Drawdown (5Y) Largest decline over 5 years	-35.05%	-21.99%	-13.06%
Max Drawdown (10Y) Largest decline over 10 years	-39.69%	-21.99%	-17.70%
Current Drawdown Current decline from peak	-2.33%	-1.67%	-0.66%
Average Drawdown Average peak-to-trough decline	-17.04%	-6.30%	-10.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.99%	2.22%	+1.77%

Volatility

FEZ vs. SMIDX - Volatility Comparison

State Street SPDR EURO STOXX 50 ETF (FEZ) has a higher volatility of 5.85% compared to SMI Dynamic Allocation Fund (SMIDX) at 5.50%. This indicates that FEZ's price experiences larger fluctuations and is considered to be riskier than SMIDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEZ	SMIDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.85%	5.50%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	15.57%	11.37%	+4.20%
Volatility (1Y) Calculated over the trailing 1-year period	18.40%	13.05%	+5.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.70%	10.87%	+9.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.75%	10.31%	+10.44%

FEZ vs. SMIDX - Expense Ratio Comparison

FEZ has a 0.29% expense ratio, which is lower than SMIDX's 1.19% expense ratio.

Dividends

FEZ vs. SMIDX - Dividend Comparison

FEZ's dividend yield for the trailing twelve months is around 2.64%, less than SMIDX's 10.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEZ State Street SPDR EURO STOXX 50 ETF	2.64%	2.78%	2.94%	2.75%	3.06%	2.61%	2.13%	2.61%	3.45%	2.44%	3.35%	3.03%
SMIDX SMI Dynamic Allocation Fund	10.73%	11.83%	6.43%	0.19%	0.00%	7.91%	5.32%	1.22%	1.53%	0.92%	0.25%	1.27%

Frequently Asked Questions

Can I hold both FEZ and SMIDX in my portfolio?

FEZ and SMIDX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEZ or SMIDX?

FEZ has higher volatility (5.85%) compared to SMIDX (5.50%). In terms of maximum drawdown, FEZ dropped -64.21% vs SMIDX's -21.99%.

Which has better risk-adjusted returns?

SMIDX currently has the higher Sharpe Ratio (2.06 vs 1.05), 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.