SMDX vs. CSB

Last updated Jun 23, 2026

SMDX (Intech S&P Small-Mid Cap Diversified Alpha ETF) and CSB (VictoryShares US Small Cap High Dividend Volatility Wtd ETF) are both Small Cap Blend Equities funds. SMDX is actively managed, while CSB is passively managed. Over the past year, SMDX returned 31.76% vs 20.98% for CSB. Their correlation of 0.80 suggests significant overlap in exposure. Both charge a 0.35% expense ratio.

Performance

SMDX vs. CSB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Intech S&P Small-Mid Cap Diversified Alpha ETF (SMDX) and VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMDX achieves a 16.47% return, which is significantly higher than CSB's 10.17% return.

SMDX

• 1D: 0.42%
• 1M: 3.48%
• YTD: 16.47%
• 6M: 14.02%
• 1Y: 31.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CSB

• 1D: -0.13%
• 1M: -0.25%
• YTD: 10.17%
• 6M: 8.40%
• 1Y: 20.98%
• 3Y*: 12.53%
• 5Y*: 4.75%
• 10Y*: 10.04%

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

SMDX vs. CSB - Yearly Performance Comparison

	2026 (YTD)	2025
SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF	16.47%	14.46%
CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF	10.17%	2.94%

Correlation

The correlation between SMDX and CSB is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (All Time) Calculated using the full available price history since Feb 28, 2025	0.80

The correlation between SMDX and CSB has been stable across timeframes, ranging from 0.80 to 0.80 - a consistent structural relationship.

Return for Risk

SMDX vs. CSB — Risk / Return Rank

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

SMDX

SMDX Risk / Return Rank: 64
SMDX Sharpe Ratio Rank: 59
SMDX Sortino Ratio Rank: 62
SMDX Omega Ratio Rank: 56
SMDX Calmar Ratio Rank: 75
SMDX Martin Ratio Rank: 71

CSB

CSB Risk / Return Rank: 48
CSB Sharpe Ratio Rank: 43
CSB Sortino Ratio Rank: 45
CSB Omega Ratio Rank: 41
CSB Calmar Ratio Rank: 61
CSB Martin Ratio Rank: 51

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.

SMDX vs. CSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Intech S&P Small-Mid Cap Diversified Alpha ETF (SMDX) and VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB). 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.

	SMDX	CSB	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.46	+0.46
Sortino ratio: Return per unit of downside risk	2.80	2.21	+0.59
Omega ratio: Gain probability vs. loss probability	1.34	1.26	+0.08
Calmar ratio: Return relative to maximum drawdown	3.69	2.94	+0.75
Martin ratio: Return relative to average drawdown	12.81	8.48	+4.33

SMDX vs. CSB - Sharpe Ratio Comparison

The current SMDX Sharpe Ratio is 1.92, which is higher than the CSB Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of SMDX and CSB, 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

SMDX vs. CSB - Drawdown Comparison

The maximum SMDX drawdown since its inception was -14.52%, smaller than the maximum CSB drawdown of -42.07%. Use the drawdown chart below to compare losses from any high point for SMDX and CSB.

Drawdown Indicators

	SMDX	CSB	Difference
Max Drawdown Largest peak-to-trough decline	-14.52%	-42.07%	+27.55%
Max Drawdown (1Y) Largest decline over 1 year	-8.66%	-7.18%	-1.48%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.82%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.49%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.07%	—
Current Drawdown Current decline from peak	-0.13%	-1.75%	+1.62%
Average Drawdown Average peak-to-trough decline	-2.32%	-7.11%	+4.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	2.48%	+0.01%

Volatility

SMDX vs. CSB - Volatility Comparison

Intech S&P Small-Mid Cap Diversified Alpha ETF (SMDX) has a higher volatility of 4.14% compared to VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB) at 3.67%. This indicates that SMDX's price experiences larger fluctuations and is considered to be riskier than CSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMDX	CSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.14%	3.67%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	11.77%	9.23%	+2.54%
Volatility (1Y) Calculated over the trailing 1-year period	16.69%	14.48%	+2.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.01%	18.70%	+2.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.01%	21.31%	-0.30%

SMDX vs. CSB - Expense Ratio Comparison

Both SMDX and CSB have an expense ratio of 0.35%.

Dividends

SMDX vs. CSB - Dividend Comparison

SMDX's dividend yield for the trailing twelve months is around 0.52%, less than CSB's 3.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF	3.25%	3.54%	3.12%	3.45%	3.60%	3.11%	3.70%	3.19%	3.45%	3.19%	2.85%	1.57%
SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF	0.52%	0.61%	0.00%	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 SMDX and CSB in my portfolio?

SMDX and CSB have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMDX or CSB?

SMDX has higher volatility (4.14%) compared to CSB (3.67%). In terms of maximum drawdown, SMDX dropped -14.52% vs CSB's -42.07%.

Which ETF is better, SMDX or CSB?

On 1-year performance, SMDX leads with 31.76% vs 20.98% for CSB. Both ETFs have the same 0.35% expense ratio. On volatility, CSB has been the lower-risk option at 3.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMDX or CSB?

Over the 1-year period, SMDX has performed better with a 31.76% return vs 20.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMDX or CSB?

SMDX and CSB have the same expense ratio: 0.35% per year.

Which ETF pays a higher dividend yield, SMDX or CSB?

CSB has the higher dividend yield at 3.25%, compared with 0.52% for SMDX.

What is the main difference between SMDX and CSB?

They also come from different issuers: Intech and Crestview.

Which has better risk-adjusted returns?

SMDX currently has the higher Sharpe Ratio (1.92 vs 1.46), 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.