GFLW vs. SFLO

Last updated Aug 1, 2026

GFLW (VictoryShares Free Cash Flow Growth ETF) and SFLO (Victoryshares Small Cap Free Cash Flow ETF) are both exchange-traded funds - GFLW is a Large Cap Growth Equities fund tracking the Victory Free Cash Flow Growth Index, while SFLO is a Small Cap Blend Equities fund tracking the Victory US Small Cap Free Cash Flow Index. Both are passively managed. Over the past year, GFLW returned 21.44% vs 44.31% for SFLO. Their 0.50 correlation means they have sometimes moved together and sometimes differently. GFLW charges 0.39%/yr vs 0.49%/yr for SFLO.

Performance

GFLW vs. SFLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares Free Cash Flow Growth ETF (GFLW) and Victoryshares Small Cap Free Cash Flow ETF (SFLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GFLW achieves a 13.67% return, which is significantly lower than SFLO's 27.87% return.

GFLW

• 1D: 0.29%
• 1M: -3.28%
• 6M: 14.62%
• YTD: 13.67%
• 1Y: 21.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.37%

SFLO

• 1D: 0.33%
• 1M: 6.46%
• 6M: 25.77%
• YTD: 27.87%
• 1Y: 44.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.65%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GFLW VictoryShares Free Cash Flow Growth ETF	$4.20M	$5.66M	$3.52M
SFLO Victoryshares Small Cap Free Cash Flow ETF	$4.38M	$3.53M	$2.43M

GFLW vs. SFLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GFLW VictoryShares Free Cash Flow Growth ETF	13.67%	18.40%	-5.88%
SFLO Victoryshares Small Cap Free Cash Flow ETF	27.87%	11.88%	-5.79%

Correlation

The correlation between GFLW and SFLO is 0.45, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.45
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024	0.50

The correlation between GFLW and SFLO has been stable across timeframes, ranging from 0.45 to 0.50 - a consistent structural relationship.

Return for Risk

GFLW vs. SFLO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GFLW

GFLW Risk / Return Rank: 37
GFLW Sharpe Ratio Rank: 37
GFLW Sortino Ratio Rank: 36
GFLW Omega Ratio Rank: 34
GFLW Calmar Ratio Rank: 37
GFLW Martin Ratio Rank: 39

SFLO

SFLO Risk / Return Rank: 92
SFLO Sharpe Ratio Rank: 91
SFLO Sortino Ratio Rank: 91
SFLO Omega Ratio Rank: 88
SFLO Calmar Ratio Rank: 95
SFLO Martin Ratio Rank: 94

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GFLW vs. SFLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares Free Cash Flow Growth ETF (GFLW) and Victoryshares Small Cap Free Cash Flow ETF (SFLO). 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.

	GFLW	SFLO	Difference
Sharpe ratio: Return per unit of total volatility	0.91	2.30	-1.39
Sortino ratio: Return per unit of downside risk	1.36	3.26	-1.90
Omega ratio: Gain probability vs. loss probability	1.16	1.39	-0.23
Calmar ratio: Return relative to maximum drawdown	1.31	5.22	-3.90
Martin ratio: Return relative to average drawdown	4.15	17.48	-13.33

GFLW vs. SFLO - Sharpe Ratio Comparison

The current GFLW Sharpe Ratio is 0.91, which is lower than the SFLO Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of GFLW and SFLO, 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

GFLW vs. SFLO - Drawdown Comparison

The maximum GFLW drawdown since its inception was -24.14%, smaller than the maximum SFLO drawdown of -26.63%. Use the drawdown chart below to compare losses from any high point for GFLW and SFLO.

Drawdown Indicators

	GFLW	SFLO	Difference
Max Drawdown Largest peak-to-trough decline	-24.14%	-26.63%	+2.49%
Max Drawdown (1Y) Largest decline over 1 year	-14.95%	-7.80%	-7.15%
Current Drawdown Current decline from peak	-6.63%	-1.26%	-5.37%
Average Drawdown Average peak-to-trough decline	-4.54%	-4.15%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.72%	2.33%	+2.39%

Volatility

GFLW vs. SFLO - Volatility Comparison

VictoryShares Free Cash Flow Growth ETF (GFLW) has a higher volatility of 5.87% compared to Victoryshares Small Cap Free Cash Flow ETF (SFLO) at 5.58%. This indicates that GFLW's price experiences larger fluctuations and is considered to be riskier than SFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GFLW	SFLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.87%	5.58%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	17.51%	13.04%	+4.47%
Volatility (1Y) Calculated over the trailing 1-year period	21.58%	17.73%	+3.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.84%	20.50%	+4.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.84%	20.50%	+4.34%

GFLW vs. SFLO - Expense Ratio Comparison

GFLW has a 0.39% expense ratio, which is lower than SFLO's 0.49% expense ratio.

Dividends

GFLW vs. SFLO - Dividend Comparison

GFLW has not paid dividends to shareholders, while SFLO's dividend yield for the trailing twelve months is around 0.72%.

Position	TTM	2025	2024
GFLW VictoryShares Free Cash Flow Growth ETF	0.00%	0.02%	0.01%
SFLO Victoryshares Small Cap Free Cash Flow ETF	0.72%	1.04%	1.28%

Frequently Asked Questions

Can I hold both GFLW and SFLO in my portfolio?

GFLW and SFLO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GFLW or SFLO?

GFLW has higher volatility (5.87%) compared to SFLO (5.58%). In terms of maximum drawdown, GFLW dropped -24.14% vs SFLO's -26.63%.

Which ETF is better, GFLW or SFLO?

On 1-year performance, SFLO leads with 44.31% vs 21.44% for GFLW. On fees, GFLW is cheaper at 0.39% per year. On volatility, SFLO has been the lower-risk option at 5.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GFLW or SFLO?

Over the 1-year period, SFLO has performed better with a 44.31% return vs 21.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GFLW or SFLO?

GFLW is cheaper with a 0.39% expense ratio, compared with 0.49% for SFLO.

Which ETF pays a higher dividend yield, GFLW or SFLO?

SFLO has the higher dividend yield at 0.72%, compared with 0.00% for GFLW.

What is the main difference between GFLW and SFLO?

GFLW is categorized as Large Cap Growth Equities, while SFLO is Small Cap Blend Equities. GFLW tracks Victory Free Cash Flow Growth Index, while SFLO tracks Victory US Small Cap Free Cash Flow Index. Their fees differ too: 0.39% for GFLW and 0.49% for SFLO.

Which has better risk-adjusted returns?

SFLO currently has the higher Sharpe Ratio (2.30 vs 0.91), 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.