SFLO vs. SMCF

Last updated Jun 24, 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 28.87% vs 32.62% for SMCF. Their correlation of 0.85 suggests significant overlap in exposure. 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 12.77% return, which is significantly lower than SMCF's 17.06% return.

SFLO

• 1D: 0.86%
• 1M: 0.50%
• YTD: 12.77%
• 6M: 11.84%
• 1Y: 28.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMCF

• 1D: 0.74%
• 1M: 1.60%
• YTD: 17.06%
• 6M: 14.76%
• 1Y: 32.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SFLO vs. SMCF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SFLO Victoryshares Small Cap Free Cash Flow ETF	12.77%	11.88%	6.54%	0.27%
SMCF Themes US Small Cap Cash Flow Champions ETF	17.06%	9.56%	16.30%	1.38%

Correlation

The correlation between SFLO and SMCF is 0.77, 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	0.77
Correlation (All Time) Calculated using the full available price history since Dec 21, 2023	0.85

The correlation between SFLO and SMCF has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.

SFLO vs. SMCF - Sectors Allocation Comparison

Sectors	SFLO	SMCF
Technology	28.1%	13.0%
Healthcare	18.9%	4.8%
Consumer Cyclical	17.2%	3.1%
Energy	13.4%	17.1%
Industrials	9.1%	9.1%
Communication Services	7.0%	1.6%
Consumer Defensive	4.4%	1.3%
Basic Materials	1.7%	0.7%
Financial Services	0.2%	48.8%
Utilities	0.1%	-
Real Estate	0.1%	0.5%

Return for Risk

SFLO vs. SMCF — Risk / Return Rank

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

SFLO

SFLO Risk / Return Rank: 60
SFLO Sharpe Ratio Rank: 52
SFLO Sortino Ratio Rank: 54
SFLO Omega Ratio Rank: 48
SFLO Calmar Ratio Rank: 77
SFLO Martin Ratio Rank: 69

SMCF

SMCF Risk / Return Rank: 72
SMCF Sharpe Ratio Rank: 67
SMCF Sortino Ratio Rank: 69
SMCF Omega Ratio Rank: 64
SMCF Calmar Ratio Rank: 87
SMCF Martin Ratio Rank: 71

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. 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	1.67	2.04	-0.37
Sortino ratio: Return per unit of downside risk	2.43	2.93	-0.50
Omega ratio: Gain probability vs. loss probability	1.29	1.36	-0.07
Calmar ratio: Return relative to maximum drawdown	3.72	4.60	-0.88
Martin ratio: Return relative to average drawdown	11.95	12.30	-0.34

SFLO vs. SMCF - Sharpe Ratio Comparison

The current SFLO Sharpe Ratio is 1.67, which is comparable to the SMCF Sharpe Ratio of 2.04. 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	-3.39%	0.00%	-3.39%
Average Drawdown Average peak-to-trough decline	-4.29%	-5.19%	+0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	2.66%	-0.24%

Volatility

SFLO vs. SMCF - Volatility Comparison

Victoryshares Small Cap Free Cash Flow ETF (SFLO) has a higher volatility of 5.20% compared to Themes US Small Cap Cash Flow Champions ETF (SMCF) at 3.23%. 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	5.20%	3.23%	+1.97%
Volatility (6M) Calculated over the trailing 6-month period	11.67%	9.86%	+1.81%
Volatility (1Y) Calculated over the trailing 1-year period	17.37%	16.10%	+1.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.45%	20.21%	+0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.45%	20.21%	+0.24%

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 0.82%, less than SMCF's 3.34% yield.

Position	TTM	2025	2024
SFLO Victoryshares Small Cap Free Cash Flow ETF	0.82%	1.04%	1.28%
SMCF Themes US Small Cap Cash Flow Champions ETF	3.34%	3.91%	0.61%

Frequently Asked Questions

Can I hold both SFLO and SMCF in my portfolio?

SFLO and SMCF have a correlation of 0.77, 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 (5.20%) compared to SMCF (3.23%). 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, SMCF leads with 32.62% vs 28.87% for SFLO. On fees, SMCF is cheaper at 0.29% per year. On volatility, SMCF has been the lower-risk option at 3.23%. 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, SMCF has performed better with a 32.62% return vs 28.87%. 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 3.34%, compared with 0.82% 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?

SMCF currently has the higher Sharpe Ratio (2.04 vs 1.67), 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.