LGCF vs. SMRI

Last updated Aug 2, 2026

LGCF (Themes US Cash Flow Champions ETF) and SMRI (Bushido Capital US Equity ETF) are both Large Cap Value Equities funds. LGCF is passively managed, while SMRI is actively managed. Over the past year, LGCF returned 21.52% vs 40.59% for SMRI. Their 0.76 correlation means they have sometimes moved together and sometimes differently. LGCF charges 0.29%/yr vs 0.71%/yr for SMRI.

Performance

LGCF vs. SMRI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes US Cash Flow Champions ETF (LGCF) and Bushido Capital US Equity ETF (SMRI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LGCF achieves a 9.78% return, which is significantly lower than SMRI's 23.03% return.

LGCF

• 1D: -0.06%
• 1M: 2.97%
• 6M: 8.45%
• YTD: 9.78%
• 1Y: 21.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.94%

SMRI

• 1D: 0.38%
• 1M: 5.51%
• 6M: 23.61%
• YTD: 23.03%
• 1Y: 40.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 22.95%

*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)
LGCF Themes US Cash Flow Champions ETF	$3.08K	$4.14K	$25.50K
SMRI Bushido Capital US Equity ETF	$770.42K	$508.81K	$403.01K

LGCF vs. SMRI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
LGCF Themes US Cash Flow Champions ETF	9.78%	15.71%	17.65%	3.29%
SMRI Bushido Capital US Equity ETF	23.03%	17.41%	19.16%	3.75%

Correlation

The correlation between LGCF and SMRI is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (All Time) Calculated using the full available price history since Dec 13, 2023	0.76

The correlation between LGCF and SMRI shifts across timeframes, from 0.66 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.

Return for Risk

LGCF vs. SMRI — Risk / Return Rank

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

LGCF

LGCF Risk / Return Rank: 76
LGCF Sharpe Ratio Rank: 70
LGCF Sortino Ratio Rank: 68
LGCF Omega Ratio Rank: 72
LGCF Calmar Ratio Rank: 87
LGCF Martin Ratio Rank: 82

SMRI

SMRI Risk / Return Rank: 94
SMRI Sharpe Ratio Rank: 94
SMRI Sortino Ratio Rank: 94
SMRI Omega Ratio Rank: 92
SMRI Calmar Ratio Rank: 95
SMRI Martin Ratio Rank: 93

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.

LGCF vs. SMRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes US Cash Flow Champions ETF (LGCF) and Bushido Capital US Equity ETF (SMRI). 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.

	LGCF	SMRI	Difference
Sharpe ratio: Return per unit of total volatility	1.61	2.64	-1.02
Sortino ratio: Return per unit of downside risk	2.26	3.68	-1.42
Omega ratio: Gain probability vs. loss probability	1.31	1.47	-0.16
Calmar ratio: Return relative to maximum drawdown	3.53	5.75	-2.22
Martin ratio: Return relative to average drawdown	11.15	16.88	-5.73

LGCF vs. SMRI - Sharpe Ratio Comparison

The current LGCF Sharpe Ratio is 1.61, which is lower than the SMRI Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of LGCF and SMRI, 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

LGCF vs. SMRI - Drawdown Comparison

The maximum LGCF drawdown since its inception was -16.67%, smaller than the maximum SMRI drawdown of -18.45%. Use the drawdown chart below to compare losses from any high point for LGCF and SMRI.

Drawdown Indicators

	LGCF	SMRI	Difference
Max Drawdown Largest peak-to-trough decline	-16.67%	-18.45%	+1.78%
Max Drawdown (1Y) Largest decline over 1 year	-5.75%	-6.80%	+1.05%
Current Drawdown Current decline from peak	-1.12%	-0.51%	-0.61%
Average Drawdown Average peak-to-trough decline	-2.12%	-2.72%	+0.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	2.32%	-0.50%

Volatility

LGCF vs. SMRI - Volatility Comparison

The current volatility for Themes US Cash Flow Champions ETF (LGCF) is 2.55%, while Bushido Capital US Equity ETF (SMRI) has a volatility of 3.61%. This indicates that LGCF experiences smaller price fluctuations and is considered to be less risky than SMRI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LGCF	SMRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.55%	3.61%	-1.06%
Volatility (6M) Calculated over the trailing 6-month period	9.96%	11.80%	-1.84%
Volatility (1Y) Calculated over the trailing 1-year period	12.59%	15.09%	-2.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.89%	15.84%	-0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.89%	15.84%	-0.95%

LGCF vs. SMRI - Expense Ratio Comparison

LGCF has a 0.29% expense ratio, which is lower than SMRI's 0.71% expense ratio.

Dividends

LGCF vs. SMRI - Dividend Comparison

LGCF's dividend yield for the trailing twelve months is around 1.67%, more than SMRI's 0.86% yield.

Position	TTM	2025	2024	2023
LGCF Themes US Cash Flow Champions ETF	1.67%	1.84%	1.19%	0.00%
SMRI Bushido Capital US Equity ETF	0.86%	1.32%	0.98%	0.45%

Frequently Asked Questions

Can I hold both LGCF and SMRI in my portfolio?

LGCF and SMRI have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LGCF or SMRI?

SMRI has higher volatility (3.61%) compared to LGCF (2.55%). In terms of maximum drawdown, LGCF dropped -16.67% vs SMRI's -18.45%.

Which ETF is better, LGCF or SMRI?

On 1-year performance, SMRI leads with 40.59% vs 21.52% for LGCF. On fees, LGCF is cheaper at 0.29% per year. On volatility, LGCF has been the lower-risk option at 2.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LGCF or SMRI?

Over the 1-year period, SMRI has performed better with a 40.59% return vs 21.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LGCF or SMRI?

LGCF is cheaper with a 0.29% expense ratio, compared with 0.71% for SMRI.

Which ETF pays a higher dividend yield, LGCF or SMRI?

LGCF has the higher dividend yield at 1.67%, compared with 0.86% for SMRI.

What is the main difference between LGCF and SMRI?

They also come from different issuers: Themes and Bushido. Their fees differ too: 0.29% for LGCF and 0.71% for SMRI.

Which has better risk-adjusted returns?

SMRI currently has the higher Sharpe Ratio (2.64 vs 1.61), 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.