SMCF vs. ISCV

Last updated Jun 4, 2026

SMCF (Themes US Small Cap Cash Flow Champions ETF) and ISCV (iShares Morningstar Small Cap Value ETF) are both Small Cap Value Equities funds - SMCF tracks the Solactive US Small Cap Cash Flow Champions Index - Benchmark TR Gross while ISCV tracks the Morningstar US Small Cap Broad Value Extended Index. Both are passively managed. Over the past year, SMCF returned 32.87% vs 27.98% for ISCV. Their correlation of 0.89 suggests significant overlap in exposure. SMCF charges 0.29%/yr vs 0.06%/yr for ISCV.

Performance

SMCF vs. ISCV - 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 iShares Morningstar Small Cap Value ETF (ISCV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMCF achieves a 13.75% return, which is significantly higher than ISCV's 10.08% return.

SMCF

• 1D: -1.14%
• 1M: -1.09%
• YTD: 13.75%
• 6M: 13.63%
• 1Y: 32.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ISCV

• 1D: -0.57%
• 1M: 2.04%
• YTD: 10.08%
• 6M: 10.27%
• 1Y: 27.98%
• 3Y*: 15.48%
• 5Y*: 6.54%
• 10Y*: 8.58%

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

SMCF vs. ISCV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SMCF Themes US Small Cap Cash Flow Champions ETF	13.75%	9.56%	16.30%	4.47%
ISCV iShares Morningstar Small Cap Value ETF	10.08%	10.38%	9.31%	3.93%

Correlation

The correlation between SMCF and ISCV is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Dec 14, 2023	0.89

The correlation between SMCF and ISCV has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

SMCF vs. ISCV - Sectors Allocation Comparison

Sectors	SMCF	ISCV
Financial Services	50.0%	21.1%
Energy	18.2%	7.2%
Technology	11.0%	8.9%
Industrials	9.8%	12.1%
Healthcare	4.4%	11.1%
Consumer Cyclical	2.6%	13.4%
Communication Services	1.5%	1.8%
Consumer Defensive	1.4%	3.7%
Basic Materials	0.6%	5.8%
Real Estate	0.5%	11.0%
Utilities	-	3.6%

Return for Risk

SMCF vs. ISCV — Risk / Return Rank

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

SMCF

SMCF Risk / Return Rank: 67
SMCF Sharpe Ratio Rank: 61
SMCF Sortino Ratio Rank: 63
SMCF Omega Ratio Rank: 59
SMCF Calmar Ratio Rank: 85
SMCF Martin Ratio Rank: 68

ISCV

ISCV Risk / Return Rank: 54
ISCV Sharpe Ratio Rank: 49
ISCV Sortino Ratio Rank: 53
ISCV Omega Ratio Rank: 47
ISCV Calmar Ratio Rank: 61
ISCV Martin Ratio Rank: 59

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. ISCV - 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 iShares Morningstar Small Cap Value ETF (ISCV). 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.

	SMCF	ISCV	Difference
Sharpe ratio: Return per unit of total volatility	2.05	1.73	+0.32
Sortino ratio: Return per unit of downside risk	2.95	2.58	+0.37
Omega ratio: Gain probability vs. loss probability	1.36	1.30	+0.06
Calmar ratio: Return relative to maximum drawdown	4.63	3.04	+1.59
Martin ratio: Return relative to average drawdown	12.46	10.55	+1.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMCF vs. ISCV - Sharpe Ratio Comparison

The current SMCF Sharpe Ratio is 2.05, which is comparable to the ISCV Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of SMCF and ISCV, 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

	SMCF	ISCV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	1.73	+0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.32	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.36	+0.54

Drawdowns

SMCF vs. ISCV - Drawdown Comparison

The maximum SMCF drawdown since its inception was -28.48%, smaller than the maximum ISCV drawdown of -63.14%. Use the drawdown chart below to compare losses from any high point for SMCF and ISCV.

Drawdown Indicators

	SMCF	ISCV	Difference
Max Drawdown Largest peak-to-trough decline	-28.48%	-63.14%	+34.66%
Max Drawdown (1Y) Largest decline over 1 year	-7.13%	-9.25%	+2.12%
Max Drawdown (3Y) Largest decline over 3 years	—	-25.35%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.35%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-51.56%	—
Current Drawdown Current decline from peak	-2.44%	-0.68%	-1.76%
Average Drawdown Average peak-to-trough decline	-5.29%	-9.14%	+3.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	2.66%	-0.01%

Volatility

SMCF vs. ISCV - Volatility Comparison

The current volatility for Themes US Small Cap Cash Flow Champions ETF (SMCF) is 3.55%, while iShares Morningstar Small Cap Value ETF (ISCV) has a volatility of 3.80%. This indicates that SMCF experiences smaller price fluctuations and is considered to be less risky than ISCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMCF	ISCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.55%	3.80%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	10.00%	10.45%	-0.45%
Volatility (1Y) Calculated over the trailing 1-year period	16.18%	16.28%	-0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.31%	20.83%	-0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.31%	23.30%	-2.99%

SMCF vs. ISCV - Expense Ratio Comparison

SMCF has a 0.29% expense ratio, which is higher than ISCV's 0.06% expense ratio.

Dividends

SMCF vs. ISCV - Dividend Comparison

SMCF's dividend yield for the trailing twelve months is around 3.44%, more than ISCV's 1.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ISCV iShares Morningstar Small Cap Value ETF	1.88%	2.04%	2.01%	2.21%	2.12%	1.95%	2.01%	2.36%	2.48%	1.74%	2.49%	2.60%
SMCF Themes US Small Cap Cash Flow Champions ETF	3.44%	3.91%	0.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMCF and ISCV in my portfolio?

SMCF and ISCV have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMCF or ISCV?

ISCV has higher volatility (3.80%) compared to SMCF (3.55%). In terms of maximum drawdown, SMCF dropped -28.48% vs ISCV's -63.14%.

Which ETF is better, SMCF or ISCV?

On 1-year performance, SMCF leads with 32.87% vs 27.98% for ISCV. On fees, ISCV is cheaper at 0.06% per year. On volatility, SMCF has been the lower-risk option at 3.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMCF or ISCV?

Over the 1-year period, SMCF has performed better with a 32.87% return vs 27.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMCF or ISCV?

ISCV is cheaper with a 0.06% expense ratio, compared with 0.29% for SMCF.

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

SMCF has the higher dividend yield at 3.44%, compared with 1.88% for ISCV.

What is the main difference between SMCF and ISCV?

SMCF tracks Solactive US Small Cap Cash Flow Champions Index - Benchmark TR Gross, while ISCV tracks Morningstar US Small Cap Broad Value Extended Index. They also come from different issuers: Themes and iShares. Their fees differ too: 0.29% for SMCF and 0.06% for ISCV.

Which has better risk-adjusted returns?

SMCF currently has the higher Sharpe Ratio (2.05 vs 1.73), 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.