SMIDX vs. FEZ

Last updated Jun 24, 2026

SMIDX (SMI Dynamic Allocation Fund) and FEZ (State Street SPDR EURO STOXX 50 ETF) are both funds - SMIDX is a Tactical Allocation fund managed by SMI Funds, while FEZ is a Europe Equities fund tracking the EURO STOXX 50 Index. Over the past 10 years, SMIDX returned 6.47%/yr vs 11.53%/yr for FEZ. A 0.62 correlation means they provide meaningful diversification when combined. SMIDX charges 1.19%/yr vs 0.29%/yr for FEZ.

Performance

SMIDX vs. FEZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SMI Dynamic Allocation Fund (SMIDX) and State Street SPDR EURO STOXX 50 ETF (FEZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMIDX achieves a 10.26% return, which is significantly higher than FEZ's 6.43% return. Over the past 10 years, SMIDX has underperformed FEZ with an annualized return of 6.47%, while FEZ has yielded a comparatively higher 11.53% annualized return.

SMIDX

• 1D: 0.00%
• 1M: 0.48%
• YTD: 10.26%
• 6M: 8.81%
• 1Y: 26.17%
• 3Y*: 15.70%
• 5Y*: 6.97%
• 10Y*: 6.47%

FEZ

• 1D: -1.75%
• 1M: 1.84%
• YTD: 6.43%
• 6M: 6.45%
• 1Y: 19.20%
• 3Y*: 18.06%
• 5Y*: 10.43%
• 10Y*: 11.53%

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

SMIDX vs. FEZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMIDX SMI Dynamic Allocation Fund	10.26%	22.50%	12.76%	8.39%	-19.12%	14.00%	9.64%	9.47%	-6.12%	14.11%
FEZ State Street SPDR EURO STOXX 50 ETF	6.43%	37.81%	3.57%	27.16%	-14.27%	14.84%	4.84%	26.04%	-15.85%	24.80%

Correlation

The correlation between SMIDX and FEZ is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Mar 1, 2013	0.62

The correlation between SMIDX and FEZ shifts across timeframes, from 0.61 (10 years) to 0.77 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SMIDX vs. FEZ — Risk / Return Rank

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

SMIDX

SMIDX Risk / Return Rank: 61
SMIDX Sharpe Ratio Rank: 58
SMIDX Sortino Ratio Rank: 49
SMIDX Omega Ratio Rank: 60
SMIDX Calmar Ratio Rank: 70
SMIDX Martin Ratio Rank: 66

FEZ

FEZ Risk / Return Rank: 30
FEZ Sharpe Ratio Rank: 30
FEZ Sortino Ratio Rank: 30
FEZ Omega Ratio Rank: 28
FEZ Calmar Ratio Rank: 29
FEZ Martin Ratio Rank: 34

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.

SMIDX vs. FEZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SMI Dynamic Allocation Fund (SMIDX) and State Street SPDR EURO STOXX 50 ETF (FEZ). 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.

	SMIDX	FEZ	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.05	+1.01
Sortino ratio: Return per unit of downside risk	2.71	1.58	+1.13
Omega ratio: Gain probability vs. loss probability	1.39	1.19	+0.20
Calmar ratio: Return relative to maximum drawdown	3.08	1.42	+1.66
Martin ratio: Return relative to average drawdown	12.09	4.82	+7.27

SMIDX vs. FEZ - Sharpe Ratio Comparison

The current SMIDX Sharpe Ratio is 2.06, which is higher than the FEZ Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of SMIDX and FEZ, 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

SMIDX vs. FEZ - Drawdown Comparison

The maximum SMIDX drawdown since its inception was -21.99%, smaller than the maximum FEZ drawdown of -64.21%. Use the drawdown chart below to compare losses from any high point for SMIDX and FEZ.

Drawdown Indicators

	SMIDX	FEZ	Difference
Max Drawdown Largest peak-to-trough decline	-21.99%	-64.21%	+42.22%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-13.63%	+4.90%
Max Drawdown (3Y) Largest decline over 3 years	-10.11%	-15.85%	+5.74%
Max Drawdown (5Y) Largest decline over 5 years	-21.99%	-35.05%	+13.06%
Max Drawdown (10Y) Largest decline over 10 years	-21.99%	-39.69%	+17.70%
Current Drawdown Current decline from peak	-1.67%	-2.33%	+0.66%
Average Drawdown Average peak-to-trough decline	-6.30%	-17.04%	+10.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	3.99%	-1.77%

Volatility

SMIDX vs. FEZ - Volatility Comparison

The current volatility for SMI Dynamic Allocation Fund (SMIDX) is 5.50%, while State Street SPDR EURO STOXX 50 ETF (FEZ) has a volatility of 5.85%. This indicates that SMIDX experiences smaller price fluctuations and is considered to be less risky than FEZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMIDX	FEZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.50%	5.85%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	11.37%	15.57%	-4.20%
Volatility (1Y) Calculated over the trailing 1-year period	13.05%	18.40%	-5.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.87%	20.70%	-9.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.31%	20.75%	-10.44%

SMIDX vs. FEZ - Expense Ratio Comparison

SMIDX has a 1.19% expense ratio, which is higher than FEZ's 0.29% expense ratio.

Dividends

SMIDX vs. FEZ - Dividend Comparison

SMIDX's dividend yield for the trailing twelve months is around 10.73%, more than FEZ's 2.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEZ State Street SPDR EURO STOXX 50 ETF	2.64%	2.78%	2.94%	2.75%	3.06%	2.61%	2.13%	2.61%	3.45%	2.44%	3.35%	3.03%
SMIDX SMI Dynamic Allocation Fund	10.73%	11.83%	6.43%	0.19%	0.00%	7.91%	5.32%	1.22%	1.53%	0.92%	0.25%	1.27%

Frequently Asked Questions

Can I hold both SMIDX and FEZ in my portfolio?

SMIDX and FEZ have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMIDX or FEZ?

FEZ has higher volatility (5.85%) compared to SMIDX (5.50%). In terms of maximum drawdown, SMIDX dropped -21.99% vs FEZ's -64.21%.

Which has better risk-adjusted returns?

SMIDX currently has the higher Sharpe Ratio (2.06 vs 1.05), 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.