SMCF vs. MSTY

Last updated Apr 1, 2026

Compare and contrast key facts about Themes US Small Cap Cash Flow Champions ETF (SMCF) and YieldMax™ MSTR Option Income Strategy ETF (MSTY).

SMCF and MSTY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SMCF is a passively managed fund by Themes that tracks the performance of the Solactive US Small Cap Cash Flow Champions Index - Benchmark TR Gross. It was launched on Dec 12, 2023. MSTY is an actively managed fund by YieldMax. It was launched on Feb 21, 2024.

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.

SMCF vs. MSTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMCF Themes US Small Cap Cash Flow Champions ETF	6.42%	9.56%	13.93%
MSTY YieldMax™ MSTR Option Income Strategy ETF	-13.58%	-42.71%	200.20%

Returns By Period

In the year-to-date period, SMCF achieves a 6.42% return, which is significantly higher than MSTY's -13.58% return.

SMCF

• 1D: 1.46%
• 1M: -0.04%
• YTD: 6.42%
• 6M: 8.57%
• 1Y: 25.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTY

• 1D: 2.45%
• 1M: -1.67%
• YTD: -13.58%
• 6M: -54.23%
• 1Y: -48.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMCF vs. MSTY - Expense Ratio Comparison

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

MSTY

YieldMax™ MSTR Option Income Strategy ETF

SMCF

Themes US Small Cap Cash Flow Champions ETF

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: 63
SMCF Sharpe Ratio Rank: 63
SMCF Sortino Ratio Rank: 62
SMCF Omega Ratio Rank: 64
SMCF Calmar Ratio Rank: 62
SMCF Martin Ratio Rank: 62

MSTY

MSTY Risk / Return Rank: 2
MSTY Sharpe Ratio Rank: 2
MSTY Sortino Ratio Rank: 2
MSTY Omega Ratio Rank: 2
MSTY Calmar Ratio Rank: 2
MSTY Martin Ratio Rank: 3

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.

	SMCF	MSTY	Difference
Sharpe ratio Return per unit of total volatility	1.09	-0.77	+1.86
Sortino ratio Return per unit of downside risk	1.58	-1.05	+2.63
Omega ratio Gain probability vs. loss probability	1.23	0.88	+0.36
Calmar ratio Return relative to maximum drawdown	1.55	-0.68	+2.23
Martin ratio Return relative to average drawdown	6.16	-1.22	+7.38
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. MSTY - Sharpe Ratio Comparison

The current SMCF Sharpe Ratio is 1.09, which is higher than the MSTY Sharpe Ratio of -0.77. The chart below compares the historical Sharpe Ratios of SMCF and MSTY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SMCF	MSTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.09	-0.77	+1.86
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.29	+0.51

Correlation

The correlation between SMCF and MSTY is 0.35, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

SMCF vs. MSTY - Dividend Comparison

SMCF's dividend yield for the trailing twelve months is around 3.68%, less than MSTY's 298.73% yield.

	TTM	2025	2024
SMCF Themes US Small Cap Cash Flow Champions ETF	3.68%	3.91%	0.61%
MSTY YieldMax™ MSTR Option Income Strategy ETF	298.73%	294.61%	104.56%

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	-16.56%	-71.79%	+55.23%
Current Drawdown Current decline from peak	-3.37%	-66.02%	+62.65%
Average Drawdown Average peak-to-trough decline	-5.61%	-23.37%	+17.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	40.02%	-35.85%

Volatility

SMCF vs. MSTY - Volatility Comparison

The current volatility for Themes US Small Cap Cash Flow Champions ETF (SMCF) is 4.02%, while YieldMax™ MSTR Option Income Strategy ETF (MSTY) has a volatility of 14.90%. 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	4.02%	14.90%	-10.88%
Volatility (6M) Calculated over the trailing 6-month period	11.96%	48.86%	-36.90%
Volatility (1Y) Calculated over the trailing 1-year period	23.41%	63.88%	-40.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.84%	72.67%	-51.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.84%	72.67%	-51.83%