VFLO vs. SMRI

Last updated Aug 4, 2026

VFLO (VictoryShares Free Cash Flow ETF) and SMRI (Bushido Capital US Equity ETF) are both Large Cap Value Equities funds. VFLO is passively managed, while SMRI is actively managed. Over the past year, VFLO returned 47.53% vs 41.31% for SMRI. Their 0.97 correlation means they have historically moved very closely together. VFLO charges 0.39%/yr vs 0.71%/yr for SMRI.

Performance

VFLO vs. SMRI - Performance Comparison

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

Returns By Period

In the year-to-date period, VFLO achieves a 27.47% return, which is significantly higher than SMRI's 23.66% return.

VFLO

• 1D: 0.52%
• 1M: 6.44%
• 6M: 26.76%
• YTD: 27.47%
• 1Y: 47.53%
• 3Y*: 25.26%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 26.88%

SMRI

• 1D: 0.51%
• 1M: 6.05%
• 6M: 23.81%
• YTD: 23.66%
• 1Y: 41.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 23.09%

*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)
SMRI Bushido Capital US Equity ETF	$788.40K	$487.27K	$377.44K
VFLO VictoryShares Free Cash Flow ETF	$87.61M	$73.14M	$52.34M

VFLO vs. SMRI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VFLO VictoryShares Free Cash Flow ETF	27.47%	17.51%	21.83%	8.16%
SMRI Bushido Capital US Equity ETF	23.66%	17.41%	19.16%	5.27%

Correlation

The correlation between VFLO and SMRI is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.97
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.97

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

Return for Risk

VFLO vs. SMRI — Risk / Return Rank

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

VFLO

VFLO Risk / Return Rank: 96
VFLO Sharpe Ratio Rank: 96
VFLO Sortino Ratio Rank: 96
VFLO Omega Ratio Rank: 95
VFLO Calmar Ratio Rank: 97
VFLO Martin Ratio Rank: 96

SMRI

SMRI Risk / Return Rank: 94
SMRI Sharpe Ratio Rank: 94
SMRI Sortino Ratio Rank: 94
SMRI Omega Ratio Rank: 93
SMRI Calmar Ratio Rank: 96
SMRI Martin Ratio Rank: 93

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.

VFLO vs. SMRI - Risk-Adjusted Trends Comparison

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

	VFLO	SMRI	Difference
Sharpe ratio: Return per unit of total volatility	3.11	2.81	+0.30
Sortino ratio: Return per unit of downside risk	4.31	3.89	+0.42
Omega ratio: Gain probability vs. loss probability	1.55	1.50	+0.05
Calmar ratio: Return relative to maximum drawdown	7.41	6.10	+1.31
Martin ratio: Return relative to average drawdown	24.91	17.90	+7.01

VFLO vs. SMRI - Sharpe Ratio Comparison

The current VFLO Sharpe Ratio is 3.11, which is comparable to the SMRI Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of VFLO and SMRI, 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

VFLO vs. SMRI - Drawdown Comparison

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

Drawdown Indicators

	VFLO	SMRI	Difference
Max Drawdown Largest peak-to-trough decline	-17.79%	-18.45%	+0.66%
Max Drawdown (1Y) Largest decline over 1 year	-6.44%	-6.80%	+0.36%
Max Drawdown (3Y) Largest decline over 3 years	-17.79%	—	—
Current Drawdown Current decline from peak	-0.44%	0.00%	-0.44%
Average Drawdown Average peak-to-trough decline	-2.43%	-2.71%	+0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	2.31%	-0.40%

Volatility

VFLO vs. SMRI - Volatility Comparison

VictoryShares Free Cash Flow ETF (VFLO) has a higher volatility of 3.87% compared to Bushido Capital US Equity ETF (SMRI) at 3.39%. This indicates that VFLO's price experiences larger fluctuations and is considered to be riskier than SMRI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFLO	SMRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.87%	3.39%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	12.12%	11.78%	+0.34%
Volatility (1Y) Calculated over the trailing 1-year period	15.41%	14.82%	+0.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.97%	15.83%	+0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.97%	15.83%	+0.14%

VFLO vs. SMRI - Expense Ratio Comparison

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

Dividends

VFLO vs. SMRI - Dividend Comparison

VFLO's dividend yield for the trailing twelve months is around 1.07%, more than SMRI's 0.85% yield.

Position	TTM	2025	2024	2023
SMRI Bushido Capital US Equity ETF	0.85%	1.32%	0.98%	0.45%
VFLO VictoryShares Free Cash Flow ETF	1.07%	1.60%	1.20%	0.71%

Frequently Asked Questions

Can I hold both VFLO and SMRI in my portfolio?

With a correlation of 0.97, VFLO and SMRI 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, VFLO or SMRI?

VFLO has higher volatility (3.87%) compared to SMRI (3.39%). In terms of maximum drawdown, VFLO dropped -17.79% vs SMRI's -18.45%.

Which ETF is better, VFLO or SMRI?

On 1-year performance, VFLO leads with 47.53% vs 41.31% for SMRI. On fees, VFLO is cheaper at 0.39% per year. On volatility, SMRI has been the lower-risk option at 3.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VFLO or SMRI?

Over the 1-year period, VFLO has performed better with a 47.53% return vs 41.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VFLO or SMRI?

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

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

VFLO has the higher dividend yield at 1.07%, compared with 0.85% for SMRI.

What is the main difference between VFLO and SMRI?

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

Which has better risk-adjusted returns?

VFLO currently has the higher Sharpe Ratio (3.11 vs 2.81), 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.