SMCF vs. MSTY

Last updated Jun 23, 2026

SMCF (Themes US Small Cap Cash Flow Champions ETF) and MSTY (YieldMax™ MSTR Option Income Strategy 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 MSTY is a Derivative Income fund actively managed by YieldMax. SMCF is passively managed, while MSTY is actively managed. Over the past year, SMCF returned 32.75% vs -66.58% for MSTY. At a 0.35 correlation, their price movements are largely independent. SMCF charges 0.29%/yr vs 0.99%/yr for MSTY.

Performance

SMCF vs. MSTY - 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 YieldMax™ MSTR Option Income Strategy ETF (MSTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMCF achieves a 16.19% return, which is significantly higher than MSTY's -27.80% return.

SMCF

• 1D: 0.79%
• 1M: 0.85%
• YTD: 16.19%
• 6M: 13.61%
• 1Y: 32.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTY

• 1D: -4.55%
• 1M: -31.74%
• YTD: -27.80%
• 6M: -29.80%
• 1Y: -66.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMCF vs. MSTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMCF Themes US Small Cap Cash Flow Champions ETF	16.19%	9.56%	14.87%
MSTY YieldMax™ MSTR Option Income Strategy ETF	-27.80%	-42.71%	212.16%

Correlation

The correlation between SMCF and MSTY is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (All Time) Calculated using the full available price history since Feb 22, 2024	0.35

Return for Risk

SMCF vs. MSTY — Risk / Return Rank

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

SMCF

SMCF Risk / Return Rank: 69
SMCF Sharpe Ratio Rank: 64
SMCF Sortino Ratio Rank: 66
SMCF Omega Ratio Rank: 61
SMCF Calmar Ratio Rank: 86
SMCF Martin Ratio Rank: 69

MSTY

MSTY Risk / Return Rank: 1
MSTY Sharpe Ratio Rank: 1
MSTY Sortino Ratio Rank: 1
MSTY Omega Ratio Rank: 1
MSTY Calmar Ratio Rank: 1
MSTY Martin Ratio Rank: 2

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. MSTY - 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 YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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	MSTY	Difference
Sharpe ratio: Return per unit of total volatility	2.04	-1.08	+3.12
Sortino ratio: Return per unit of downside risk	2.94	-1.96	+4.90
Omega ratio: Gain probability vs. loss probability	1.36	0.79	+0.58
Calmar ratio: Return relative to maximum drawdown	4.61	-0.93	+5.54
Martin ratio: Return relative to average drawdown	12.34	-1.35	+13.69

SMCF vs. MSTY - Sharpe Ratio Comparison

The current SMCF Sharpe Ratio is 2.04, which is higher than the MSTY Sharpe Ratio of -1.08. The chart below compares the historical Sharpe Ratios of SMCF and MSTY, 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

SMCF vs. MSTY - Drawdown Comparison

The maximum SMCF drawdown since its inception was -28.48%, smaller than the maximum MSTY drawdown of -71.79%. Use the drawdown chart below to compare losses from any high point for SMCF and MSTY.

Drawdown Indicators

	SMCF	MSTY	Difference
Max Drawdown Largest peak-to-trough decline	-28.48%	-71.79%	+43.31%
Max Drawdown (1Y) Largest decline over 1 year	-7.13%	-71.79%	+64.66%
Current Drawdown Current decline from peak	-0.66%	-71.62%	+70.96%
Average Drawdown Average peak-to-trough decline	-5.20%	-26.97%	+21.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	49.36%	-46.70%

Volatility

SMCF vs. MSTY - Volatility Comparison

The current volatility for Themes US Small Cap Cash Flow Champions ETF (SMCF) is 3.23%, while YieldMax™ MSTR Option Income Strategy ETF (MSTY) has a volatility of 19.32%. This indicates that SMCF experiences smaller price fluctuations and is considered to be less risky than MSTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMCF	MSTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.23%	19.32%	-16.09%
Volatility (6M) Calculated over the trailing 6-month period	9.85%	49.66%	-39.81%
Volatility (1Y) Calculated over the trailing 1-year period	16.12%	62.02%	-45.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.22%	71.82%	-51.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.22%	71.82%	-51.60%

SMCF vs. MSTY - Expense Ratio Comparison

SMCF has a 0.29% expense ratio, which is lower than MSTY's 0.99% expense ratio.

Dividends

SMCF vs. MSTY - Dividend Comparison

SMCF's dividend yield for the trailing twelve months is around 3.37%, less than MSTY's 286.06% yield.

Position	TTM	2025	2024
MSTY YieldMax™ MSTR Option Income Strategy ETF	286.06%	294.61%	104.56%
SMCF Themes US Small Cap Cash Flow Champions ETF	3.37%	3.91%	0.61%

Frequently Asked Questions

Can I hold both SMCF and MSTY in my portfolio?

SMCF and MSTY have a correlation of 0.30, 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 MSTY?

MSTY has higher volatility (19.32%) compared to SMCF (3.23%). In terms of maximum drawdown, SMCF dropped -28.48% vs MSTY's -71.79%.

Which ETF is better, SMCF or MSTY?

On 1-year performance, SMCF leads with 32.75% vs -66.58% for MSTY. 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, SMCF or MSTY?

Over the 1-year period, SMCF has performed better with a 32.75% return vs -66.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMCF or MSTY?

SMCF is cheaper with a 0.29% expense ratio, compared with 0.99% for MSTY.

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

MSTY has the higher dividend yield at 286.06%, compared with 3.37% for SMCF.

What is the main difference between SMCF and MSTY?

SMCF is categorized as Small Cap Value Equities, while MSTY is Derivative Income. They also come from different issuers: Themes and YieldMax. Their fees differ too: 0.29% for SMCF and 0.99% for MSTY.

Which has better risk-adjusted returns?

SMCF currently has the higher Sharpe Ratio (2.04 vs -1.08), 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.