SMCF vs. USRD

Last updated Jun 4, 2026

SMCF (Themes US Small Cap Cash Flow Champions ETF) and USRD (Themes US R&D Champions 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 USRD is a Large Cap Blend Equities fund tracking the Solactive US R&D Champions Index. Both are passively managed. Over the past year, SMCF returned 32.87% vs 31.55% for USRD. A 0.61 correlation means they provide meaningful diversification when combined. Both charge a 0.29% expense ratio.

Performance

SMCF vs. USRD - 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 Themes US R&D Champions ETF (USRD). 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 lower than USRD's 19.83% return.

SMCF

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

USRD

• 1D: -1.22%
• 1M: 13.66%
• YTD: 19.83%
• 6M: 18.09%
• 1Y: 31.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMCF vs. USRD - 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%
USRD Themes US R&D Champions ETF	19.83%	12.44%	15.53%	3.66%

Correlation

The correlation between SMCF and USRD is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (All Time) Calculated using the full available price history since Dec 14, 2023	0.61

The correlation between SMCF and USRD has been stable across timeframes, ranging from 0.51 to 0.61 - a consistent structural relationship.

SMCF vs. USRD - Sectors Allocation Comparison

Sectors	SMCF	USRD
Financial Services	50.0%	-
Energy	18.2%	-
Technology	11.0%	58.5%
Industrials	9.8%	9.3%
Healthcare	4.4%	14.4%
Consumer Cyclical	2.6%	5.4%
Communication Services	1.5%	7.2%
Consumer Defensive	1.4%	1.9%
Basic Materials	0.6%	2.1%
Real Estate	0.5%	1.1%
Utilities	-	-

Return for Risk

SMCF vs. USRD — 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

USRD

USRD Risk / Return Rank: 52
USRD Sharpe Ratio Rank: 56
USRD Sortino Ratio Rank: 55
USRD Omega Ratio Rank: 53
USRD Calmar Ratio Rank: 48
USRD Martin Ratio Rank: 45

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. USRD - 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 Themes US R&D Champions ETF (USRD). 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	USRD	Difference
Sharpe ratio: Return per unit of total volatility	2.05	1.89	+0.16
Sortino ratio: Return per unit of downside risk	2.95	2.63	+0.32
Omega ratio: Gain probability vs. loss probability	1.36	1.33	+0.04
Calmar ratio: Return relative to maximum drawdown	4.63	2.35	+2.28
Martin ratio: Return relative to average drawdown	12.46	7.30	+5.16
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. USRD - Sharpe Ratio Comparison

The current SMCF Sharpe Ratio is 2.05, which is comparable to the USRD Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of SMCF and USRD, 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	USRD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	1.89	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	1.12	-0.21

Drawdowns

SMCF vs. USRD - Drawdown Comparison

The maximum SMCF drawdown since its inception was -28.48%, which is greater than USRD's maximum drawdown of -23.79%. Use the drawdown chart below to compare losses from any high point for SMCF and USRD.

Drawdown Indicators

	SMCF	USRD	Difference
Max Drawdown Largest peak-to-trough decline	-28.48%	-23.79%	-4.69%
Max Drawdown (1Y) Largest decline over 1 year	-7.13%	-13.49%	+6.36%
Current Drawdown Current decline from peak	-2.44%	-1.22%	-1.22%
Average Drawdown Average peak-to-trough decline	-5.29%	-3.70%	-1.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	4.33%	-1.68%

Volatility

SMCF vs. USRD - Volatility Comparison

The current volatility for Themes US Small Cap Cash Flow Champions ETF (SMCF) is 3.55%, while Themes US R&D Champions ETF (USRD) has a volatility of 5.55%. This indicates that SMCF experiences smaller price fluctuations and is considered to be less risky than USRD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMCF	USRD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.55%	5.55%	-2.00%
Volatility (6M) Calculated over the trailing 6-month period	10.00%	13.33%	-3.33%
Volatility (1Y) Calculated over the trailing 1-year period	16.18%	16.79%	-0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.31%	19.24%	+1.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.31%	19.24%	+1.07%

SMCF vs. USRD - Expense Ratio Comparison

Both SMCF and USRD have an expense ratio of 0.29%.

Dividends

SMCF vs. USRD - Dividend Comparison

SMCF's dividend yield for the trailing twelve months is around 3.44%, more than USRD's 0.35% yield.

Position	TTM	2025	2024
SMCF Themes US Small Cap Cash Flow Champions ETF	3.44%	3.91%	0.61%
USRD Themes US R&D Champions ETF	0.35%	0.42%	2.44%

Frequently Asked Questions

Can I hold both SMCF and USRD in my portfolio?

SMCF and USRD have a correlation of 0.51, 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 USRD?

USRD has higher volatility (5.55%) compared to SMCF (3.55%). In terms of maximum drawdown, SMCF dropped -28.48% vs USRD's -23.79%.

Which ETF is better, SMCF or USRD?

On 1-year performance, SMCF leads with 32.87% vs 31.55% for USRD. Both ETFs have the same 0.29% expense ratio. 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 USRD?

Over the 1-year period, SMCF has performed better with a 32.87% return vs 31.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMCF or USRD?

SMCF and USRD have the same expense ratio: 0.29% per year.

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

SMCF has the higher dividend yield at 3.44%, compared with 0.35% for USRD.

What is the main difference between SMCF and USRD?

SMCF is categorized as Small Cap Value Equities, while USRD is Large Cap Blend Equities. SMCF tracks Solactive US Small Cap Cash Flow Champions Index - Benchmark TR Gross, while USRD tracks Solactive US R&D Champions Index.

Which has better risk-adjusted returns?

SMCF currently has the higher Sharpe Ratio (2.05 vs 1.89), 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.