SMCF vs. DRGN

Last updated Jun 24, 2026

SMCF (Themes US Small Cap Cash Flow Champions ETF) and DRGN (Themes China Generative Artificial Intelligence ETF) are both exchange-traded funds - SMCF is a Small Cap Value Equities fund tracking the Solactive US Small Cap Cash Flow Champions Index - Benchmark TR Gross, while DRGN is a Technology Equities fund tracking the BITA China Generative AI Select Index. Both are passively managed. At a 0.11 correlation, their price movements are largely independent. SMCF charges 0.29%/yr vs 0.39%/yr for DRGN.

Performance

SMCF vs. DRGN - Performance Comparison

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

Returns By Period

In the year-to-date period, SMCF achieves a 17.06% return, which is significantly higher than DRGN's 12.74% return.

SMCF

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

DRGN

• 1D: -4.16%
• 1M: -1.59%
• YTD: 12.74%
• 6M: 14.79%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMCF vs. DRGN - Yearly Performance Comparison

	2026 (YTD)	2025
SMCF Themes US Small Cap Cash Flow Champions ETF	17.06%	6.80%
DRGN Themes China Generative Artificial Intelligence ETF	12.74%	26.96%

Correlation

The correlation between SMCF and DRGN is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.11

Return for Risk

SMCF vs. DRGN — Risk / Return Rank

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

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

DRGN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

SMCF vs. DRGN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes US Small Cap Cash Flow Champions ETF (SMCF) and Themes China Generative Artificial Intelligence ETF (DRGN). 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.

	SMCF	DRGN	Difference
Sharpe ratio: Return per unit of total volatility	2.04	—	—
Sortino ratio: Return per unit of downside risk	2.93	—	—
Omega ratio: Gain probability vs. loss probability	1.36	—	—
Calmar ratio: Return relative to maximum drawdown	4.60	—	—
Martin ratio: Return relative to average drawdown	12.30	—	—

Drawdowns

SMCF vs. DRGN - Drawdown Comparison

The maximum SMCF drawdown since its inception was -28.48%, which is greater than DRGN's maximum drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for SMCF and DRGN.

Drawdown Indicators

	SMCF	DRGN	Difference
Max Drawdown Largest peak-to-trough decline	-28.48%	-20.86%	-7.62%
Max Drawdown (1Y) Largest decline over 1 year	-7.13%	—	—
Current Drawdown Current decline from peak	0.00%	-10.09%	+10.09%
Average Drawdown Average peak-to-trough decline	-5.19%	-8.05%	+2.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	—	—

Volatility

Volatility by Period

	SMCF	DRGN	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.23%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.86%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	16.10%	35.21%	-19.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.21%	35.21%	-15.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.21%	35.21%	-15.00%

SMCF vs. DRGN - Expense Ratio Comparison

SMCF has a 0.29% expense ratio, which is lower than DRGN's 0.39% expense ratio.

Dividends

SMCF vs. DRGN - Dividend Comparison

SMCF's dividend yield for the trailing twelve months is around 3.34%, more than DRGN's 1.08% yield.

Position	TTM	2025	2024
DRGN Themes China Generative Artificial Intelligence ETF	1.08%	1.22%	0.00%
SMCF Themes US Small Cap Cash Flow Champions ETF	3.34%	3.91%	0.61%

Frequently Asked Questions

Can I hold both SMCF and DRGN in my portfolio?

SMCF and DRGN have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMCF or DRGN?

On fees, SMCF is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMCF or DRGN?

SMCF is cheaper with a 0.29% expense ratio, compared with 0.39% for DRGN.

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

SMCF has the higher dividend yield at 3.34%, compared with 1.08% for DRGN.

What is the main difference between SMCF and DRGN?

SMCF is categorized as Small Cap Value Equities, while DRGN is Technology Equities. SMCF tracks Solactive US Small Cap Cash Flow Champions Index - Benchmark TR Gross, while DRGN tracks BITA China Generative AI Select Index. Their fees differ too: 0.29% for SMCF and 0.39% for DRGN.