SFLO vs. GFLW

Last updated Jun 4, 2026

SFLO (Victoryshares Small Cap Free Cash Flow ETF) and GFLW (VictoryShares Free Cash Flow Growth ETF) are both exchange-traded funds - SFLO is a Small Cap Blend Equities fund tracking the Victory US Small Cap Free Cash Flow Index, while GFLW is a Large Cap Growth Equities fund tracking the Victory Free Cash Flow Growth Index. Both are passively managed. Over the past year, SFLO returned 32.02% vs 29.44% for GFLW. A 0.59 correlation means they provide meaningful diversification when combined. SFLO charges 0.49%/yr vs 0.39%/yr for GFLW.

Performance

SFLO vs. GFLW - Performance Comparison

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

Returns By Period

In the year-to-date period, SFLO achieves a 13.58% return, which is significantly lower than GFLW's 16.55% return.

SFLO

• 1D: -1.52%
• 1M: 1.28%
• YTD: 13.58%
• 6M: 12.24%
• 1Y: 32.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GFLW

• 1D: -0.19%
• 1M: 10.36%
• YTD: 16.55%
• 6M: 15.42%
• 1Y: 29.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SFLO vs. GFLW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SFLO Victoryshares Small Cap Free Cash Flow ETF	13.58%	11.88%	-5.99%
GFLW VictoryShares Free Cash Flow Growth ETF	16.55%	18.40%	-6.12%

Correlation

The correlation between SFLO and GFLW is 0.57, 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	0.57
Correlation (All Time) Calculated using the full available price history since Dec 5, 2024	0.59

The correlation between SFLO and GFLW has been stable across timeframes, ranging from 0.57 to 0.59 - a consistent structural relationship.

Return for Risk

SFLO vs. GFLW — Risk / Return Rank

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

SFLO

SFLO Risk / Return Rank: 63
SFLO Sharpe Ratio Rank: 54
SFLO Sortino Ratio Rank: 57
SFLO Omega Ratio Rank: 51
SFLO Calmar Ratio Rank: 80
SFLO Martin Ratio Rank: 73

GFLW

GFLW Risk / Return Rank: 42
GFLW Sharpe Ratio Rank: 44
GFLW Sortino Ratio Rank: 42
GFLW Omega Ratio Rank: 41
GFLW Calmar Ratio Rank: 41
GFLW Martin Ratio Rank: 42

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.

SFLO vs. GFLW - Risk-Adjusted Trends Comparison

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

	SFLO	GFLW	Difference
Sharpe ratio: Return per unit of total volatility	1.87	1.53	+0.34
Sortino ratio: Return per unit of downside risk	2.72	2.12	+0.60
Omega ratio: Gain probability vs. loss probability	1.32	1.26	+0.06
Calmar ratio: Return relative to maximum drawdown	4.12	1.98	+2.14
Martin ratio: Return relative to average drawdown	13.73	6.72	+7.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SFLO vs. GFLW - Sharpe Ratio Comparison

The current SFLO Sharpe Ratio is 1.87, which is comparable to the GFLW Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of SFLO and GFLW, 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

	SFLO	GFLW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	1.53	+0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.78	-0.14

Drawdowns

SFLO vs. GFLW - Drawdown Comparison

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

Drawdown Indicators

	SFLO	GFLW	Difference
Max Drawdown Largest peak-to-trough decline	-26.63%	-24.14%	-2.49%
Max Drawdown (1Y) Largest decline over 1 year	-7.80%	-14.95%	+7.15%
Current Drawdown Current decline from peak	-2.70%	-0.19%	-2.51%
Average Drawdown Average peak-to-trough decline	-4.33%	-4.64%	+0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.34%	4.39%	-2.05%

Volatility

SFLO vs. GFLW - Volatility Comparison

Victoryshares Small Cap Free Cash Flow ETF (SFLO) and VictoryShares Free Cash Flow Growth ETF (GFLW) have volatilities of 5.26% and 5.44%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SFLO	GFLW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.26%	5.44%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	11.45%	14.94%	-3.49%
Volatility (1Y) Calculated over the trailing 1-year period	17.30%	19.30%	-2.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.55%	24.57%	-4.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.55%	24.57%	-4.02%

SFLO vs. GFLW - Expense Ratio Comparison

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

Dividends

SFLO vs. GFLW - Dividend Comparison

SFLO's dividend yield for the trailing twelve months is around 0.85%, more than GFLW's 0.01% yield.

Position	TTM	2025	2024
GFLW VictoryShares Free Cash Flow Growth ETF	0.01%	0.02%	0.01%
SFLO Victoryshares Small Cap Free Cash Flow ETF	0.85%	1.04%	1.28%

Frequently Asked Questions

Can I hold both SFLO and GFLW in my portfolio?

SFLO and GFLW have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SFLO or GFLW?

GFLW has higher volatility (5.44%) compared to SFLO (5.26%). In terms of maximum drawdown, SFLO dropped -26.63% vs GFLW's -24.14%.

Which ETF is better, SFLO or GFLW?

On 1-year performance, SFLO leads with 32.02% vs 29.44% for GFLW. On fees, GFLW is cheaper at 0.39% per year. On volatility, SFLO has been the lower-risk option at 5.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SFLO or GFLW?

Over the 1-year period, SFLO has performed better with a 32.02% return vs 29.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SFLO or GFLW?

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

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

SFLO has the higher dividend yield at 0.85%, compared with 0.01% for GFLW.

What is the main difference between SFLO and GFLW?

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

Which has better risk-adjusted returns?

SFLO currently has the higher Sharpe Ratio (1.87 vs 1.53), 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.