SMIG vs. SFLO

Last updated Jun 24, 2026

SMIG (Bahl & Gaynor Small/Mid Cap Income Growth ETF) and SFLO (Victoryshares Small Cap Free Cash Flow ETF) are both exchange-traded funds - SMIG is a Small Cap Value Equities fund actively managed by Bahl & Gaynor, while SFLO is a Small Cap Blend Equities fund tracking the Victory US Small Cap Free Cash Flow Index. SMIG is actively managed, while SFLO is passively managed. Over the past year, SMIG returned 14.54% vs 28.87% for SFLO. A 0.71 correlation means they provide meaningful diversification when combined. SMIG charges 0.60%/yr vs 0.49%/yr for SFLO.

Performance

SMIG vs. SFLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG) and Victoryshares Small Cap Free Cash Flow ETF (SFLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SMIG having a 12.95% return and SFLO slightly lower at 12.77%.

SMIG

• 1D: -0.15%
• 1M: 1.34%
• YTD: 12.95%
• 6M: 11.75%
• 1Y: 14.54%
• 3Y*: 13.57%
• 5Y*: —
• 10Y*: —

SFLO

• 1D: 0.86%
• 1M: 0.50%
• YTD: 12.77%
• 6M: 11.84%
• 1Y: 28.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMIG vs. SFLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SMIG Bahl & Gaynor Small/Mid Cap Income Growth ETF	12.95%	0.78%	17.63%	1.99%
SFLO Victoryshares Small Cap Free Cash Flow ETF	12.77%	11.88%	6.54%	0.27%

Correlation

The correlation between SMIG and SFLO is 0.60, 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	0.60
Correlation (All Time) Calculated using the full available price history since Dec 21, 2023	0.71

The correlation between SMIG and SFLO shifts across timeframes, from 0.60 (1 year) to 0.71 (all time), reflecting how their relationship changes across market environments.

SMIG vs. SFLO - Sectors Allocation Comparison

Sectors	SMIG	SFLO
Financial Services	21.1%	0.2%
Industrials	18.2%	9.1%
Consumer Cyclical	13.5%	17.2%
Technology	10.7%	28.1%
Energy	10.4%	13.4%
Utilities	9.8%	0.1%
Real Estate	9.8%	0.1%
Healthcare	2.7%	18.9%
Communication Services	2.2%	7.0%
Basic Materials	2.0%	1.7%
Consumer Defensive	1.9%	4.4%

Return for Risk

SMIG vs. SFLO — Risk / Return Rank

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

SMIG

SMIG Risk / Return Rank: 36
SMIG Sharpe Ratio Rank: 37
SMIG Sortino Ratio Rank: 38
SMIG Omega Ratio Rank: 34
SMIG Calmar Ratio Rank: 37
SMIG Martin Ratio Rank: 32

SFLO

SFLO Risk / Return Rank: 60
SFLO Sharpe Ratio Rank: 52
SFLO Sortino Ratio Rank: 54
SFLO Omega Ratio Rank: 48
SFLO Calmar Ratio Rank: 77
SFLO Martin Ratio Rank: 69

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.

SMIG vs. SFLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG) and Victoryshares Small Cap Free Cash Flow ETF (SFLO). 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.

	SMIG	SFLO	Difference
Sharpe ratio: Return per unit of total volatility	1.22	1.67	-0.45
Sortino ratio: Return per unit of downside risk	1.86	2.43	-0.57
Omega ratio: Gain probability vs. loss probability	1.21	1.29	-0.08
Calmar ratio: Return relative to maximum drawdown	1.71	3.72	-2.00
Martin ratio: Return relative to average drawdown	4.45	11.95	-7.50

SMIG vs. SFLO - Sharpe Ratio Comparison

The current SMIG Sharpe Ratio is 1.22, which is comparable to the SFLO Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of SMIG and SFLO, 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

SMIG vs. SFLO - Drawdown Comparison

The maximum SMIG drawdown since its inception was -19.65%, smaller than the maximum SFLO drawdown of -26.63%. Use the drawdown chart below to compare losses from any high point for SMIG and SFLO.

Drawdown Indicators

	SMIG	SFLO	Difference
Max Drawdown Largest peak-to-trough decline	-19.65%	-26.63%	+6.98%
Max Drawdown (1Y) Largest decline over 1 year	-8.52%	-7.80%	-0.72%
Max Drawdown (3Y) Largest decline over 3 years	-19.23%	—	—
Current Drawdown Current decline from peak	-0.15%	-3.39%	+3.24%
Average Drawdown Average peak-to-trough decline	-6.48%	-4.29%	-2.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	2.42%	+0.85%

Volatility

SMIG vs. SFLO - Volatility Comparison

The current volatility for Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG) is 3.60%, while Victoryshares Small Cap Free Cash Flow ETF (SFLO) has a volatility of 5.20%. This indicates that SMIG experiences smaller price fluctuations and is considered to be less risky than SFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMIG	SFLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	5.20%	-1.60%
Volatility (6M) Calculated over the trailing 6-month period	8.48%	11.67%	-3.19%
Volatility (1Y) Calculated over the trailing 1-year period	12.05%	17.37%	-5.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.16%	20.45%	-4.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.16%	20.45%	-4.29%

SMIG vs. SFLO - Expense Ratio Comparison

SMIG has a 0.60% expense ratio, which is higher than SFLO's 0.49% expense ratio.

Dividends

SMIG vs. SFLO - Dividend Comparison

SMIG's dividend yield for the trailing twelve months is around 1.71%, more than SFLO's 0.82% yield.

Position	TTM	2025	2024	2023	2022	2021
SFLO Victoryshares Small Cap Free Cash Flow ETF	0.82%	1.04%	1.28%	0.00%	0.00%	0.00%
SMIG Bahl & Gaynor Small/Mid Cap Income Growth ETF	1.71%	1.82%	1.75%	1.91%	2.00%	0.50%

Frequently Asked Questions

Can I hold both SMIG and SFLO in my portfolio?

SMIG and SFLO have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMIG or SFLO?

SFLO has higher volatility (5.20%) compared to SMIG (3.60%). In terms of maximum drawdown, SMIG dropped -19.65% vs SFLO's -26.63%.

Which ETF is better, SMIG or SFLO?

On 1-year performance, SFLO leads with 28.87% vs 14.54% for SMIG. On fees, SFLO is cheaper at 0.49% per year. On volatility, SMIG has been the lower-risk option at 3.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMIG or SFLO?

Over the 1-year period, SFLO has performed better with a 28.87% return vs 14.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMIG or SFLO?

SFLO is cheaper with a 0.49% expense ratio, compared with 0.60% for SMIG.

Which ETF pays a higher dividend yield, SMIG or SFLO?

SMIG has the higher dividend yield at 1.71%, compared with 0.82% for SFLO.

What is the main difference between SMIG and SFLO?

SMIG is categorized as Small Cap Value Equities, while SFLO is Small Cap Blend Equities. They also come from different issuers: Bahl & Gaynor and Victory. Their fees differ too: 0.60% for SMIG and 0.49% for SFLO.

Which has better risk-adjusted returns?

SFLO currently has the higher Sharpe Ratio (1.67 vs 1.22), 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.