SMCF vs. SGOVX

Last updated Jun 5, 2026

SMCF (Themes US Small Cap Cash Flow Champions ETF) and SGOVX (First Eagle Overseas Fund) are both funds - SMCF is a Small Cap Value Equities fund tracking the Solactive US Small Cap Cash Flow Champions Index - Benchmark TR Gross, while SGOVX is a Foreign Large Cap Equities fund managed by First Eagle. Over the past year, SMCF returned 35.72% vs 27.99% for SGOVX. At a 0.49 correlation, their price movements are largely independent. SMCF charges 0.29%/yr vs 1.16%/yr for SGOVX.

Performance

SMCF vs. SGOVX - 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 First Eagle Overseas Fund (SGOVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMCF achieves a 15.16% return, which is significantly higher than SGOVX's 9.61% return.

SMCF

• 1D: 1.24%
• 1M: -1.23%
• YTD: 15.16%
• 6M: 14.89%
• 1Y: 35.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SGOVX

• 1D: -0.92%
• 1M: 1.59%
• YTD: 9.61%
• 6M: 11.70%
• 1Y: 27.99%
• 3Y*: 18.70%
• 5Y*: 9.69%
• 10Y*: 8.22%

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

SMCF vs. SGOVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SMCF Themes US Small Cap Cash Flow Champions ETF	15.16%	9.56%	16.30%	4.47%
SGOVX First Eagle Overseas Fund	9.61%	38.69%	6.16%	2.02%

Correlation

The correlation between SMCF and SGOVX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (All Time) Calculated using the full available price history since Dec 14, 2023	0.49

Return for Risk

SMCF vs. SGOVX — Risk / Return Rank

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

SMCF

SMCF Risk / Return Rank: 74
SMCF Sharpe Ratio Rank: 69
SMCF Sortino Ratio Rank: 72
SMCF Omega Ratio Rank: 67
SMCF Calmar Ratio Rank: 88
SMCF Martin Ratio Rank: 72

SGOVX

SGOVX Risk / Return Rank: 53
SGOVX Sharpe Ratio Rank: 64
SGOVX Sortino Ratio Rank: 54
SGOVX Omega Ratio Rank: 63
SGOVX Calmar Ratio Rank: 44
SGOVX Martin Ratio Rank: 40

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. SGOVX - 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 First Eagle Overseas Fund (SGOVX). 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	SGOVX	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.36	-0.13
Sortino ratio: Return per unit of downside risk	3.18	3.09	+0.08
Omega ratio: Gain probability vs. loss probability	1.40	1.44	-0.05
Calmar ratio: Return relative to maximum drawdown	5.03	2.53	+2.51
Martin ratio: Return relative to average drawdown	13.54	8.59	+4.94
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. SGOVX - Sharpe Ratio Comparison

The current SMCF Sharpe Ratio is 2.23, which is comparable to the SGOVX Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of SMCF and SGOVX, 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	SGOVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	2.36	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.72	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	0.88	+0.05

Drawdowns

SMCF vs. SGOVX - Drawdown Comparison

The maximum SMCF drawdown since its inception was -28.48%, smaller than the maximum SGOVX drawdown of -35.68%. Use the drawdown chart below to compare losses from any high point for SMCF and SGOVX.

Drawdown Indicators

	SMCF	SGOVX	Difference
Max Drawdown Largest peak-to-trough decline	-28.48%	-35.68%	+7.20%
Max Drawdown (1Y) Largest decline over 1 year	-7.13%	-11.38%	+4.25%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.38%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-21.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-24.85%	—
Current Drawdown Current decline from peak	-1.23%	-3.78%	+2.55%
Average Drawdown Average peak-to-trough decline	-5.28%	-4.46%	-0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	3.34%	-0.69%

Volatility

SMCF vs. SGOVX - Volatility Comparison

Themes US Small Cap Cash Flow Champions ETF (SMCF) and First Eagle Overseas Fund (SGOVX) have volatilities of 3.49% and 3.50%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMCF	SGOVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.49%	3.50%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	10.06%	10.26%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	16.13%	12.20%	+3.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.31%	11.89%	+8.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.31%	11.42%	+8.89%

SMCF vs. SGOVX - Expense Ratio Comparison

SMCF has a 0.29% expense ratio, which is lower than SGOVX's 1.16% expense ratio.

Dividends

SMCF vs. SGOVX - Dividend Comparison

SMCF's dividend yield for the trailing twelve months is around 3.40%, less than SGOVX's 7.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SGOVX First Eagle Overseas Fund	7.73%	8.47%	8.43%	2.24%	3.62%	5.76%	0.21%	5.54%	3.05%	3.40%	3.59%	1.32%
SMCF Themes US Small Cap Cash Flow Champions ETF	3.40%	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 SGOVX in my portfolio?

SMCF and SGOVX have a correlation of 0.44, 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 SGOVX?

SGOVX has higher volatility (3.50%) compared to SMCF (3.49%). In terms of maximum drawdown, SMCF dropped -28.48% vs SGOVX's -35.68%.

Which has better risk-adjusted returns?

SGOVX currently has the higher Sharpe Ratio (2.36 vs 2.23), 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.