SMCF vs. USRD

Last updated Aug 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 37.67% vs 14.85% for USRD. Their 0.60 correlation means they have sometimes moved together and sometimes differently. 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 24.28% return, which is significantly higher than USRD's 11.87% return.

SMCF

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

USRD

• 1D: 0.00%
• 1M: -2.25%
• 6M: 10.67%
• YTD: 11.87%
• 1Y: 14.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.58%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SMCF Themes US Small Cap Cash Flow Champions ETF	$40.53K	$23.18K	$16.60K
USRD Themes US R&D Champions ETF	$1.97K	$8.97K	$6.57K

SMCF vs. USRD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SMCF Themes US Small Cap Cash Flow Champions ETF	24.28%	9.56%	16.30%	7.07%
USRD Themes US R&D Champions ETF	11.87%	12.44%	15.53%	5.32%

Correlation

The correlation between SMCF and USRD is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (All Time) Calculated using the full available price history since Dec 13, 2023	0.60

The correlation between SMCF and USRD shifts across timeframes, from 0.48 (1 year) to 0.60 (all time), reflecting how their relationship changes across market environments.

SMCF vs. USRD - Sectors Allocation Comparison

Sectors	SMCF	USRD
Financial Services	55.8%	-
Industrials	10.4%	4.4%
Technology	9.3%	68.0%
Energy	7.7%	-
Healthcare	7.3%	13.3%
Consumer Cyclical	3.8%	7.1%
Basic Materials	2.5%	2.1%
Consumer Defensive	1.3%	1.9%
Communication Services	0.9%	3.4%
Real Estate	0.5%	1.5%
Utilities	-	-

Return for Risk

SMCF vs. USRD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SMCF

SMCF Risk / Return Rank: 92
SMCF Sharpe Ratio Rank: 92
SMCF Sortino Ratio Rank: 93
SMCF Omega Ratio Rank: 91
SMCF Calmar Ratio Rank: 95
SMCF Martin Ratio Rank: 89

USRD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. 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.

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	USRD	Difference
Sharpe ratio: Return per unit of total volatility	2.48	0.62	+1.86
Sortino ratio: Return per unit of downside risk	3.55	0.98	+2.57
Omega ratio: Gain probability vs. loss probability	1.45	1.12	+0.33
Calmar ratio: Return relative to maximum drawdown	5.31	0.83	+4.48
Martin ratio: Return relative to average drawdown	14.66	2.23	+12.43

SMCF vs. USRD - Sharpe Ratio Comparison

The current SMCF Sharpe Ratio is 2.48, which is higher than the USRD Sharpe Ratio of 0.62. 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.

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	-0.10%	-7.79%	+7.69%
Average Drawdown Average peak-to-trough decline	-4.99%	-3.87%	-1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	5.13%	-2.55%

Volatility

SMCF vs. USRD - Volatility Comparison

The current volatility for Themes US Small Cap Cash Flow Champions ETF (SMCF) is 3.33%, while Themes US R&D Champions ETF (USRD) has a volatility of 3.96%. 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	3.33%	3.96%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	9.07%	14.94%	-5.87%
Volatility (1Y) Calculated over the trailing 1-year period	15.27%	18.13%	-2.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.89%	19.34%	+0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.89%	19.34%	+0.55%

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 3.15%, while USRD has not paid dividends to shareholders.

Position	TTM	2025	2024
SMCF Themes US Small Cap Cash Flow Champions ETF	3.15%	3.91%	0.61%
USRD Themes US R&D Champions ETF	0.38%	0.42%	2.44%

Frequently Asked Questions

Can I hold both SMCF and USRD in my portfolio?

SMCF and USRD have a correlation of 0.48, 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 (3.96%) compared to SMCF (3.33%). 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 37.67% vs 14.85% for USRD. Both ETFs have the same 0.29% expense ratio. 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.

Which ETF has performed better, SMCF or USRD?

Over the 1-year period, SMCF has performed better with a 37.67% return vs 14.85%. 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 3.15%, compared with 0.38% 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 (2.48 vs 0.62), 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.