SMRI vs. VFLO

Last updated Jun 23, 2026

SMRI (Bushido Capital US Equity ETF) and VFLO (VictoryShares Free Cash Flow ETF) are both Large Cap Value Equities funds. SMRI is actively managed, while VFLO is passively managed. Over the past year, SMRI returned 27.78% vs 31.09% for VFLO. With a 0.97 correlation, they move nearly in lockstep. SMRI charges 0.71%/yr vs 0.39%/yr for VFLO.

Performance

SMRI vs. VFLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bushido Capital US Equity ETF (SMRI) and VictoryShares Free Cash Flow ETF (VFLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMRI achieves a 13.23% return, which is significantly lower than VFLO's 15.45% return.

SMRI

• 1D: 0.19%
• 1M: 1.93%
• YTD: 13.23%
• 6M: 11.81%
• 1Y: 27.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VFLO

• 1D: 0.13%
• 1M: 2.66%
• YTD: 15.45%
• 6M: 14.26%
• 1Y: 31.09%
• 3Y*: 23.98%
• 5Y*: —
• 10Y*: —

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

SMRI vs. VFLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SMRI Bushido Capital US Equity ETF	13.23%	17.41%	19.16%	5.27%
VFLO VictoryShares Free Cash Flow ETF	15.45%	17.51%	21.83%	8.16%

Correlation

The correlation between SMRI and VFLO is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.97

The correlation between SMRI and VFLO has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

Return for Risk

SMRI vs. VFLO — Risk / Return Rank

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

SMRI

SMRI Risk / Return Rank: 62
SMRI Sharpe Ratio Rank: 55
SMRI Sortino Ratio Rank: 56
SMRI Omega Ratio Rank: 54
SMRI Calmar Ratio Rank: 81
SMRI Martin Ratio Rank: 66

VFLO

VFLO Risk / Return Rank: 71
VFLO Sharpe Ratio Rank: 62
VFLO Sortino Ratio Rank: 64
VFLO Omega Ratio Rank: 59
VFLO Calmar Ratio Rank: 87
VFLO Martin Ratio Rank: 83

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.

SMRI vs. VFLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bushido Capital US Equity ETF (SMRI) and VictoryShares Free Cash Flow ETF (VFLO). 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.

	SMRI	VFLO	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.99	-0.16
Sortino ratio: Return per unit of downside risk	2.60	2.86	-0.25
Omega ratio: Gain probability vs. loss probability	1.33	1.35	-0.03
Calmar ratio: Return relative to maximum drawdown	4.10	4.85	-0.75
Martin ratio: Return relative to average drawdown	11.83	16.19	-4.36

SMRI vs. VFLO - Sharpe Ratio Comparison

The current SMRI Sharpe Ratio is 1.83, which is comparable to the VFLO Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of SMRI and VFLO, 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

SMRI vs. VFLO - Drawdown Comparison

The maximum SMRI drawdown since its inception was -18.45%, roughly equal to the maximum VFLO drawdown of -17.79%. Use the drawdown chart below to compare losses from any high point for SMRI and VFLO.

Drawdown Indicators

	SMRI	VFLO	Difference
Max Drawdown Largest peak-to-trough decline	-18.45%	-17.79%	-0.66%
Max Drawdown (1Y) Largest decline over 1 year	-6.80%	-6.44%	-0.36%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.79%	—
Current Drawdown Current decline from peak	-5.63%	-5.86%	+0.23%
Average Drawdown Average peak-to-trough decline	-2.73%	-2.45%	-0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	1.93%	+0.42%

Volatility

SMRI vs. VFLO - Volatility Comparison

The current volatility for Bushido Capital US Equity ETF (SMRI) is 7.18%, while VictoryShares Free Cash Flow ETF (VFLO) has a volatility of 7.63%. This indicates that SMRI experiences smaller price fluctuations and is considered to be less risky than VFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMRI	VFLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.18%	7.63%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	11.71%	11.88%	-0.17%
Volatility (1Y) Calculated over the trailing 1-year period	15.25%	15.69%	-0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.96%	16.06%	-0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.96%	16.06%	-0.10%

SMRI vs. VFLO - Expense Ratio Comparison

SMRI has a 0.71% expense ratio, which is higher than VFLO's 0.39% expense ratio.

Dividends

SMRI vs. VFLO - Dividend Comparison

SMRI's dividend yield for the trailing twelve months is around 0.99%, less than VFLO's 1.16% yield.

Position	TTM	2025	2024	2023
SMRI Bushido Capital US Equity ETF	0.99%	1.32%	0.98%	0.45%
VFLO VictoryShares Free Cash Flow ETF	1.16%	1.60%	1.20%	0.71%

Frequently Asked Questions

Can I hold both SMRI and VFLO in my portfolio?

With a correlation of 0.97, SMRI and VFLO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SMRI or VFLO?

VFLO has higher volatility (7.63%) compared to SMRI (7.18%). In terms of maximum drawdown, SMRI dropped -18.45% vs VFLO's -17.79%.

Which ETF is better, SMRI or VFLO?

On 1-year performance, VFLO leads with 31.09% vs 27.78% for SMRI. On fees, VFLO is cheaper at 0.39% per year. On volatility, SMRI has been the lower-risk option at 7.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMRI or VFLO?

Over the 1-year period, VFLO has performed better with a 31.09% return vs 27.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMRI or VFLO?

VFLO is cheaper with a 0.39% expense ratio, compared with 0.71% for SMRI.

Which ETF pays a higher dividend yield, SMRI or VFLO?

VFLO has the higher dividend yield at 1.16%, compared with 0.99% for SMRI.

What is the main difference between SMRI and VFLO?

They also come from different issuers: Bushido and Victory. Their fees differ too: 0.71% for SMRI and 0.39% for VFLO.

Which has better risk-adjusted returns?

VFLO currently has the higher Sharpe Ratio (1.99 vs 1.83), 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.