FSEV vs. SMCF

Last updated Jul 19, 2026

FSEV (Fidelity Enhanced Small Cap Value ETF) and SMCF (Themes US Small Cap Cash Flow Champions ETF) are both Small Cap Value Equities funds. FSEV is actively managed, while SMCF is passively managed. A 0.64 correlation means they provide meaningful diversification when combined. FSEV charges 0.28%/yr vs 0.29%/yr for SMCF.

Performance

FSEV vs. SMCF - Performance Comparison

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

Returns By Period

FSEV

• 1D: -0.70%
• 1M: 2.45%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMCF

• 1D: -0.23%
• 1M: 5.67%
• 6M: 16.25%
• YTD: 21.82%
• 1Y: 31.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FSEV vs. SMCF - Yearly Performance Comparison

	2026 (YTD)
FSEV Fidelity Enhanced Small Cap Value ETF	6.85%
SMCF Themes US Small Cap Cash Flow Champions ETF	6.53%

Correlation

The correlation between FSEV and SMCF is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 30, 2026	0.64

FSEV vs. SMCF - Sectors Allocation Comparison

Sectors	FSEV	SMCF
Financial Services	27.7%	55.5%
Industrials	13.8%	10.4%
Consumer Cyclical	10.5%	4.0%
Healthcare	10.3%	7.6%
Technology	10.1%	9.6%
Real Estate	7.9%	0.5%
Energy	6.0%	7.2%
Basic Materials	4.0%	2.6%
Utilities	3.7%	-
Communication Services	2.6%	1.0%
Consumer Defensive	2.0%	1.2%

Return for Risk

FSEV vs. SMCF — Risk / Return Rank

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

FSEV

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

SMCF

SMCF Risk / Return Rank: 82
SMCF Sharpe Ratio Rank: 80
SMCF Sortino Ratio Rank: 82
SMCF Omega Ratio Rank: 79
SMCF Calmar Ratio Rank: 90
SMCF Martin Ratio Rank: 80

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.

FSEV vs. SMCF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Small Cap Value ETF (FSEV) 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.

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.

	FSEV	SMCF	Difference
Sharpe ratio: Return per unit of total volatility	—	2.00	—
Sortino ratio: Return per unit of downside risk	—	2.91	—
Omega ratio: Gain probability vs. loss probability	—	1.36	—
Calmar ratio: Return relative to maximum drawdown	—	4.34	—
Martin ratio: Return relative to average drawdown	—	11.70	—

Drawdowns

FSEV vs. SMCF - Drawdown Comparison

The maximum FSEV drawdown since its inception was -4.16%, smaller than the maximum SMCF drawdown of -28.48%. Use the drawdown chart below to compare losses from any high point for FSEV and SMCF.

Drawdown Indicators

	FSEV	SMCF	Difference
Max Drawdown Largest peak-to-trough decline	-4.16%	-28.48%	+24.32%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.13%	—
Current Drawdown Current decline from peak	-0.70%	-0.23%	-0.47%
Average Drawdown Average peak-to-trough decline	-1.00%	-5.06%	+4.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.64%	—

Volatility

Volatility by Period

	FSEV	SMCF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.26%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.35%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.45%	15.53%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.45%	19.97%	-4.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.45%	19.97%	-4.52%

FSEV vs. SMCF - Expense Ratio Comparison

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

Dividends

FSEV vs. SMCF - Dividend Comparison

FSEV's dividend yield for the trailing twelve months is around 0.27%, less than SMCF's 3.21% yield.

Position	TTM	2025	2024
FSEV Fidelity Enhanced Small Cap Value ETF	0.27%	0.00%	0.00%
SMCF Themes US Small Cap Cash Flow Champions ETF	3.21%	3.91%	0.61%

Frequently Asked Questions

Can I hold both FSEV and SMCF in my portfolio?

FSEV and SMCF have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FSEV or SMCF?

On fees, FSEV is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FSEV or SMCF?

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

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

SMCF has the higher dividend yield at 3.21%, compared with 0.27% for FSEV.

What is the main difference between FSEV and SMCF?

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