VIOV vs. SMCF

Last updated Jun 4, 2026

VIOV (Vanguard S&P Small-Cap 600 Value ETF) and SMCF (Themes US Small Cap Cash Flow Champions ETF) are both Small Cap Value Equities funds - VIOV tracks the S&P SmallCap 600 Value Index while SMCF tracks the Solactive US Small Cap Cash Flow Champions Index - Benchmark TR Gross. Both are passively managed. Over the past year, VIOV returned 37.06% vs 32.87% for SMCF. Their correlation of 0.85 suggests significant overlap in exposure. VIOV charges 0.10%/yr vs 0.29%/yr for SMCF.

Performance

VIOV vs. SMCF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Small-Cap 600 Value ETF (VIOV) and Themes US Small Cap Cash Flow Champions ETF (SMCF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIOV achieves a 15.28% return, which is significantly higher than SMCF's 13.75% return.

VIOV

• 1D: -1.28%
• 1M: 2.26%
• YTD: 15.28%
• 6M: 14.76%
• 1Y: 37.06%
• 3Y*: 14.29%
• 5Y*: 5.75%
• 10Y*: 10.23%

SMCF

• 1D: -1.14%
• 1M: -1.09%
• YTD: 13.75%
• 6M: 13.63%
• 1Y: 32.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VIOV vs. SMCF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VIOV Vanguard S&P Small-Cap 600 Value ETF	15.28%	6.63%	7.44%	4.48%
SMCF Themes US Small Cap Cash Flow Champions ETF	13.75%	9.56%	16.30%	4.47%

Correlation

The correlation between VIOV and SMCF is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Dec 14, 2023	0.85

The correlation between VIOV and SMCF has been stable across timeframes, ranging from 0.84 to 0.85 - a consistent structural relationship.

VIOV vs. SMCF - Sectors Allocation Comparison

Sectors	VIOV	SMCF
Financial Services	19.8%	50.0%
Consumer Cyclical	15.4%	2.6%
Industrials	12.7%	9.8%
Technology	10.6%	11.0%
Energy	9.1%	18.2%
Real Estate	8.8%	0.5%
Healthcare	7.5%	4.4%
Basic Materials	6.3%	0.6%
Consumer Defensive	3.8%	1.4%
Communication Services	3.4%	1.5%
Utilities	1.9%	-

Return for Risk

VIOV vs. SMCF — Risk / Return Rank

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

VIOV

VIOV Risk / Return Rank: 64
VIOV Sharpe Ratio Rank: 59
VIOV Sortino Ratio Rank: 61
VIOV Omega Ratio Rank: 55
VIOV Calmar Ratio Rank: 77
VIOV Martin Ratio Rank: 69

SMCF

SMCF Risk / Return Rank: 67
SMCF Sharpe Ratio Rank: 61
SMCF Sortino Ratio Rank: 63
SMCF Omega Ratio Rank: 59
SMCF Calmar Ratio Rank: 85
SMCF Martin Ratio Rank: 68

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.

VIOV vs. SMCF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 Value ETF (VIOV) and Themes US Small Cap Cash Flow Champions ETF (SMCF). 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.

	VIOV	SMCF	Difference
Sharpe ratio Return per unit of total volatility	2.03	2.05	-0.02
Sortino ratio Return per unit of downside risk	2.92	2.95	-0.03
Omega ratio Gain probability vs. loss probability	1.35	1.36	-0.02
Calmar ratio Return relative to maximum drawdown	3.99	4.63	-0.64
Martin ratio Return relative to average drawdown	13.00	12.46	+0.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIOV vs. SMCF - Sharpe Ratio Comparison

The current VIOV Sharpe Ratio is 2.03, which is comparable to the SMCF Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of VIOV and SMCF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VIOV	SMCF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.03	2.05	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.91	-0.38

Drawdowns

VIOV vs. SMCF - Drawdown Comparison

The maximum VIOV drawdown since its inception was -47.36%, which is greater than SMCF's maximum drawdown of -28.48%. Use the drawdown chart below to compare losses from any high point for VIOV and SMCF.

Drawdown Indicators

	VIOV	SMCF	Difference
Max Drawdown Largest peak-to-trough decline	-47.36%	-28.48%	-18.88%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-7.13%	-2.20%
Max Drawdown (3Y) Largest decline over 3 years	-28.44%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.44%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-47.36%	—	—
Current Drawdown Current decline from peak	-1.28%	-2.44%	+1.16%
Average Drawdown Average peak-to-trough decline	-7.38%	-5.29%	-2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	2.65%	+0.21%

Volatility

VIOV vs. SMCF - Volatility Comparison

Vanguard S&P Small-Cap 600 Value ETF (VIOV) has a higher volatility of 4.54% compared to Themes US Small Cap Cash Flow Champions ETF (SMCF) at 3.55%. This indicates that VIOV's price experiences larger fluctuations and is considered to be riskier than SMCF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIOV	SMCF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.54%	3.55%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	11.57%	10.00%	+1.57%
Volatility (1Y) Calculated over the trailing 1-year period	18.41%	16.18%	+2.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.95%	20.31%	+1.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.89%	20.31%	+3.58%

VIOV vs. SMCF - Expense Ratio Comparison

VIOV has a 0.10% expense ratio, which is lower than SMCF's 0.29% expense ratio.

Dividends

VIOV vs. SMCF - Dividend Comparison

VIOV's dividend yield for the trailing twelve months is around 1.59%, less than SMCF's 3.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMCF Themes US Small Cap Cash Flow Champions ETF	3.44%	3.91%	0.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VIOV Vanguard S&P Small-Cap 600 Value ETF	1.59%	1.69%	1.78%	2.18%	1.81%	1.59%	1.42%	1.60%	1.76%	1.43%	1.17%	1.32%

Frequently Asked Questions

Can I hold both VIOV and SMCF in my portfolio?

VIOV and SMCF have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIOV or SMCF?

VIOV has higher volatility (4.54%) compared to SMCF (3.55%). In terms of maximum drawdown, VIOV dropped -47.36% vs SMCF's -28.48%.

Which ETF is better, VIOV or SMCF?

On 1-year performance, VIOV leads with 37.06% vs 32.87% for SMCF. On fees, VIOV is cheaper at 0.10% per year. On volatility, SMCF has been the lower-risk option at 3.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIOV or SMCF?

Over the 1-year period, VIOV has performed better with a 37.06% return vs 32.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIOV or SMCF?

VIOV is cheaper with a 0.10% expense ratio, compared with 0.29% for SMCF.

Which ETF pays a higher dividend yield, VIOV or SMCF?

SMCF has the higher dividend yield at 3.44%, compared with 1.59% for VIOV.

What is the main difference between VIOV and SMCF?

VIOV tracks S&P SmallCap 600 Value Index, while SMCF tracks Solactive US Small Cap Cash Flow Champions Index - Benchmark TR Gross. They also come from different issuers: Vanguard and Themes. Their fees differ too: 0.10% for VIOV and 0.29% for SMCF.

Which has better risk-adjusted returns?

SMCF currently has the higher Sharpe Ratio (2.05 vs 2.03), 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.