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SMCF vs. IWN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMCF vs. IWN

Last updated Aug 4, 2026
Documentation

SMCF (Themes US Small Cap Cash Flow Champions ETF) and IWN (iShares Russell 2000 Value ETF) are both Small Cap Value Equities funds - SMCF tracks the Solactive US Small Cap Cash Flow Champions Index - Benchmark TR Gross while IWN tracks the Russell 2000 Value Index. Both are passively managed. Over the past year, SMCF returned 37.67% vs 45.28% for IWN. Their correlation of 0.87 means they have usually moved in the same direction. SMCF charges 0.29%/yr vs 0.24%/yr for IWN.

Performance

SMCF vs. IWN - 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 Russell 2000 Value ETF (IWN). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with SMCF having a 24.28% return and IWN slightly higher at 24.65%.

SMCF

1D
0.91%
1M
4.54%
6M
16.69%
YTD
24.28%
1Y
37.67%
3Y*
—
5Y*
—
10Y*
—
ALL TIME*
22.15%

IWN

1D
1.45%
1M
1.41%
6M
15.31%
YTD
24.65%
1Y
45.28%
3Y*
16.79%
5Y*
9.49%
10Y*
10.13%
ALL TIME*
9.55%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

IWN

iShares Russell 2000 Value ETF
$165.06M$132.93M$146.59M

SMCF

Themes US Small Cap Cash Flow Champions ETF
$40.53K$23.18K$16.60K

SMCF vs. IWN - Yearly Performance Comparison

2026 (YTD)202520242023
SMCF
Themes US Small Cap Cash Flow Champions ETF		24.28%9.56%16.30%7.07%
IWN
iShares Russell 2000 Value ETF		24.65%12.40%7.63%8.14%

Correlation

The correlation between SMCF and IWN is 0.80, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.80

Correlation (All Time)
Calculated using the full available price history since Dec 13, 2023

0.87

The correlation between SMCF and IWN has been stable across timeframes, ranging from 0.80 to 0.87 - a consistent structural relationship.

SMCF vs. IWN - Sectors Allocation Comparison

Sectors
SMCF
IWN

Financial Services

55.8%
28.1%

Industrials

10.4%
12.1%

Technology

9.3%
6.8%

Energy

7.7%
6.0%

Healthcare

7.3%
10.5%

Consumer Cyclical

3.8%
9.6%

Basic Materials

2.5%
4.2%

Consumer Defensive

1.3%
3.3%

Communication Services

0.9%
2.2%

Real Estate

0.5%
11.4%

Utilities

-

5.2%

Financial Services

SMCF
55.8%
IWN
28.1%

Industrials

SMCF
10.4%
IWN
12.1%

Technology

SMCF
9.3%
IWN
6.8%

Energy

SMCF
7.7%
IWN
6.0%

Healthcare

SMCF
7.3%
IWN
10.5%

Consumer Cyclical

SMCF
3.8%
IWN
9.6%

Basic Materials

SMCF
2.5%
IWN
4.2%

Consumer Defensive

SMCF
1.3%
IWN
3.3%

Communication Services

SMCF
0.9%
IWN
2.2%

Real Estate

SMCF
0.5%
IWN
11.4%

Utilities

SMCF

-

IWN
5.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Themes US Small Cap Cash Flow Champions ETF

iShares Russell 2000 Value ETF

Often compared with SMCF:
SMCF vs. SFLOSMCF vs. AVUVSMCF vs. DFSVSMCF vs. CALFSMCF vs. DSMCSMCF vs. MSTYSMCF vs. SDVY
Often compared with IWN:
IWN vs. IWMIWN vs. IWOIWN vs. VTWOIWN vs. IJSIWN vs. IWSIWN vs. IWVIWN vs. IWX

Return for Risk

SMCF vs. IWN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
SMCF
SMCF Risk / Return Rank: 9292
Overall Rank
SMCF Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
SMCF Sortino Ratio Rank: 9393
Sortino Ratio Rank
SMCF Omega Ratio Rank: 9191
Omega Ratio Rank
SMCF Calmar Ratio Rank: 9595
Calmar Ratio Rank
SMCF Martin Ratio Rank: 8989
Martin Ratio Rank
IWN
IWN Risk / Return Rank: 9494
Overall Rank
IWN Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
IWN Sortino Ratio Rank: 9494
Sortino Ratio Rank
IWN Omega Ratio Rank: 9292
Omega Ratio Rank
IWN Calmar Ratio Rank: 9595
Calmar Ratio Rank
IWN Martin Ratio Rank: 9494
Martin Ratio Rank
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.

SMCF vs. IWN - 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 Russell 2000 Value ETF (IWN). 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.

SMCFIWNDifference
Sharpe ratioReturn per unit of total volatility
2.48
2.64

-0.16

Sortino ratioReturn per unit of downside risk
3.55
3.71

-0.16

Omega ratioGain probability vs. loss probability

1.45

1.46

-0.01

Calmar ratioReturn relative to maximum drawdown

5.31

5.38

-0.08

Martin ratioReturn relative to average drawdown

14.66

19.36

-4.71

SMCF vs. IWN - Sharpe Ratio Comparison

The current SMCF Sharpe Ratio is 2.48, which is comparable to the IWN Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of SMCF and IWN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SMCF vs. IWN - Drawdown Comparison

The maximum SMCF drawdown since its inception was -28.48%, smaller than the maximum IWN drawdown of -61.55%. Use the drawdown chart below to compare losses from any high point for SMCF and IWN.

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Drawdown Indicators

SMCFIWNDifference

Max Drawdown

Largest peak-to-trough decline

-28.48%

-61.55%

+33.07%

Max Drawdown (1Y)

Largest decline over 1 year

-7.13%

-8.45%

+1.32%

Max Drawdown (3Y)

Largest decline over 3 years

—

-26.70%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-26.70%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-46.08%

—

Current Drawdown

Current decline from peak

-0.10%

0.00%

-0.10%

Average Drawdown

Average peak-to-trough decline

-4.99%

-10.10%

+5.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.58%

2.35%

+0.23%

Volatility

SMCF vs. IWN - Volatility Comparison

The current volatility for Themes US Small Cap Cash Flow Champions ETF (SMCF) is 3.33%, while iShares Russell 2000 Value ETF (IWN) has a volatility of 3.52%. This indicates that SMCF experiences smaller price fluctuations and is considered to be less risky than IWN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMCFIWNDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.33%

3.52%

-0.19%

Volatility (6M)

Calculated over the trailing 6-month period

9.07%

11.84%

-2.77%

Volatility (1Y)

Calculated over the trailing 1-year period

15.27%

17.27%

-2.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.89%

21.24%

-1.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.89%

23.34%

-3.45%

SMCF vs. IWN - Expense Ratio Comparison

SMCF has a 0.29% expense ratio, which is higher than IWN's 0.24% expense ratio.

Dividends

SMCF vs. IWN - Dividend Comparison

SMCF's dividend yield for the trailing twelve months is around 3.15%, more than IWN's 1.42% yield.

PositionTTM20252024202320222021202020192018201720162015
IWN
iShares Russell 2000 Value ETF		1.42%1.70%1.80%2.04%2.12%1.48%1.60%1.92%1.99%1.78%1.74%2.15%
SMCF
Themes US Small Cap Cash Flow Champions ETF		3.15%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

SMCF and IWN have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IWN has higher volatility (3.52%) compared to SMCF (3.33%). In terms of maximum drawdown, SMCF dropped -28.48% vs IWN's -61.55%.

On 1-year performance, IWN leads with 45.28% vs 37.67% for SMCF. On fees, IWN is cheaper at 0.24% per year. On volatility, SMCF has been the lower-risk option at 3.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, IWN has performed better with a 45.28% return vs 37.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWN is cheaper with a 0.24% expense ratio, compared with 0.29% for SMCF.

SMCF has the higher dividend yield at 3.15%, compared with 1.42% for IWN.

SMCF tracks Solactive US Small Cap Cash Flow Champions Index - Benchmark TR Gross, while IWN tracks Russell 2000 Value Index. They also come from different issuers: Themes and iShares. Their fees differ too: 0.29% for SMCF and 0.24% for IWN.

IWN currently has the higher Sharpe Ratio (2.64 vs 2.48), 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.

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