SFLO vs. SMCF

Last updated Aug 2, 2026

SFLO (Victoryshares Small Cap Free Cash Flow ETF) and SMCF (Themes US Small Cap Cash Flow Champions 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 SMCF is a Small Cap Value Equities fund tracking the Solactive US Small Cap Cash Flow Champions Index - Benchmark TR Gross. Both are passively managed. Over the past year, SFLO returned 44.31% vs 36.42% for SMCF. Their correlation of 0.83 means they have usually moved in the same direction. SFLO charges 0.49%/yr vs 0.29%/yr for SMCF.

Performance

SFLO vs. SMCF - Performance Comparison

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

Returns By Period

In the year-to-date period, SFLO achieves a 27.87% return, which is significantly higher than SMCF's 23.16% return.

SFLO

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

SMCF

• 1D: -0.22%
• 1M: 3.60%
• 6M: 16.59%
• YTD: 23.16%
• 1Y: 36.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.80%

*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)
SFLO Victoryshares Small Cap Free Cash Flow ETF	$4.38M	$3.53M	$2.43M
SMCF Themes US Small Cap Cash Flow Champions ETF	$37.58K	$22.20K	$16.39K

SFLO vs. SMCF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SFLO Victoryshares Small Cap Free Cash Flow ETF	27.87%	11.88%	6.54%	0.27%
SMCF Themes US Small Cap Cash Flow Champions ETF	23.16%	9.56%	16.30%	1.38%

Correlation

The correlation between SFLO and SMCF is 0.72, 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.	0.72
Correlation (All Time) Calculated using the full available price history since Dec 21, 2023	0.83

The correlation between SFLO and SMCF shifts across timeframes, from 0.72 (1 year) to 0.83 (all time), reflecting how their relationship changes across market environments.

SFLO vs. SMCF - Sectors Allocation Comparison

Sectors	SFLO	SMCF
Technology	32.1%	9.3%
Healthcare	16.3%	7.3%
Energy	15.4%	7.7%
Consumer Cyclical	12.6%	3.8%
Industrials	8.3%	10.4%
Communication Services	8.2%	0.9%
Consumer Defensive	6.1%	1.3%
Basic Materials	0.8%	2.5%
Financial Services	0.2%	55.8%
Utilities	0.1%	-
Real Estate	0.1%	0.5%

Return for Risk

SFLO vs. SMCF — Risk / Return Rank

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

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

SMCF

SMCF Risk / Return Rank: 90
SMCF Sharpe Ratio Rank: 90
SMCF Sortino Ratio Rank: 90
SMCF Omega Ratio Rank: 88
SMCF Calmar Ratio Rank: 94
SMCF Martin Ratio Rank: 88

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.

SFLO vs. SMCF - Risk-Adjusted Trends Comparison

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

	SFLO	SMCF	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.22	+0.08
Sortino ratio: Return per unit of downside risk	3.26	3.19	+0.07
Omega ratio: Gain probability vs. loss probability	1.39	1.40	-0.01
Calmar ratio: Return relative to maximum drawdown	5.22	4.77	+0.44
Martin ratio: Return relative to average drawdown	17.48	13.18	+4.30

SFLO vs. SMCF - Sharpe Ratio Comparison

The current SFLO Sharpe Ratio is 2.30, which is comparable to the SMCF Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of SFLO and SMCF, 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

SFLO vs. SMCF - Drawdown Comparison

The maximum SFLO drawdown since its inception was -26.63%, smaller than the maximum SMCF drawdown of -28.48%. Use the drawdown chart below to compare losses from any high point for SFLO and SMCF.

Drawdown Indicators

	SFLO	SMCF	Difference
Max Drawdown Largest peak-to-trough decline	-26.63%	-28.48%	+1.85%
Max Drawdown (1Y) Largest decline over 1 year	-7.80%	-7.13%	-0.67%
Current Drawdown Current decline from peak	-1.26%	-1.01%	-0.25%
Average Drawdown Average peak-to-trough decline	-4.15%	-4.99%	+0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.33%	2.58%	-0.25%

Volatility

SFLO vs. SMCF - Volatility Comparison

Victoryshares Small Cap Free Cash Flow ETF (SFLO) has a higher volatility of 5.58% compared to Themes US Small Cap Cash Flow Champions ETF (SMCF) at 3.25%. This indicates that SFLO's price experiences larger fluctuations and is considered to be riskier than SMCF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SFLO	SMCF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.58%	3.25%	+2.33%
Volatility (6M) Calculated over the trailing 6-month period	13.04%	9.06%	+3.98%
Volatility (1Y) Calculated over the trailing 1-year period	17.73%	15.36%	+2.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.50%	19.89%	+0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.50%	19.89%	+0.61%

SFLO vs. SMCF - Expense Ratio Comparison

SFLO has a 0.49% expense ratio, which is higher than SMCF's 0.29% expense ratio.

Dividends

SFLO vs. SMCF - Dividend Comparison

SFLO's dividend yield for the trailing twelve months is around 0.72%, less than SMCF's 3.18% yield.

Position	TTM	2025	2024
SFLO Victoryshares Small Cap Free Cash Flow ETF	0.72%	1.04%	1.28%
SMCF Themes US Small Cap Cash Flow Champions ETF	3.18%	3.91%	0.61%

Frequently Asked Questions

Can I hold both SFLO and SMCF in my portfolio?

SFLO and SMCF have a correlation of 0.72, 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 SMCF?

SFLO has higher volatility (5.58%) compared to SMCF (3.25%). In terms of maximum drawdown, SFLO dropped -26.63% vs SMCF's -28.48%.

Which ETF is better, SFLO or SMCF?

On 1-year performance, SFLO leads with 44.31% vs 36.42% for SMCF. On fees, SMCF is cheaper at 0.29% per year. On volatility, SMCF has been the lower-risk option at 3.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SFLO or SMCF?

Over the 1-year period, SFLO has performed better with a 44.31% return vs 36.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SFLO or SMCF?

SMCF is cheaper with a 0.29% expense ratio, compared with 0.49% for SFLO.

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

SMCF has the higher dividend yield at 3.18%, compared with 0.72% for SFLO.

What is the main difference between SFLO and SMCF?

SFLO is categorized as Small Cap Blend Equities, while SMCF is Small Cap Value Equities. SFLO tracks Victory US Small Cap Free Cash Flow Index, while SMCF tracks Solactive US Small Cap Cash Flow Champions Index - Benchmark TR Gross. They also come from different issuers: Victory and Themes. Their fees differ too: 0.49% for SFLO and 0.29% for SMCF.

Which has better risk-adjusted returns?

SFLO currently has the higher Sharpe Ratio (2.30 vs 2.22), 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.