VLLU vs. SMRI

Last updated Jun 3, 2026

VLLU (Harbor AlphaEdge Large Cap Value ETF) and SMRI (Bushido Capital US Equity ETF) are both Large Cap Value Equities funds. VLLU is passively managed, while SMRI is actively managed. Over the past year, VLLU returned 26.23% vs 38.05% for SMRI. Their correlation of 0.81 suggests significant overlap in exposure. VLLU charges 0.25%/yr vs 0.71%/yr for SMRI.

Performance

VLLU vs. SMRI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor AlphaEdge Large Cap Value ETF (VLLU) 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, VLLU achieves a 11.14% return, which is significantly lower than SMRI's 18.77% return.

VLLU

• 1D: 0.59%
• 1M: 5.60%
• YTD: 11.14%
• 6M: 14.80%
• 1Y: 26.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMRI

• 1D: -1.02%
• 1M: 11.36%
• YTD: 18.77%
• 6M: 20.14%
• 1Y: 38.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VLLU vs. SMRI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VLLU Harbor AlphaEdge Large Cap Value ETF	11.14%	17.35%	2.68%
SMRI Bushido Capital US Equity ETF	18.77%	17.41%	7.68%

Correlation

The correlation between VLLU and SMRI 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 (All Time) Calculated using the full available price history since Sep 6, 2024	0.81

The correlation between VLLU and SMRI has been stable across timeframes, ranging from 0.77 to 0.81 - a consistent structural relationship.

Return for Risk

VLLU vs. SMRI — Risk / Return Rank

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

VLLU

VLLU Risk / Return Rank: 74
VLLU Sharpe Ratio Rank: 71
VLLU Sortino Ratio Rank: 76
VLLU Omega Ratio Rank: 68
VLLU Calmar Ratio Rank: 80
VLLU Martin Ratio Rank: 78

SMRI

SMRI Risk / Return Rank: 82
SMRI Sharpe Ratio Rank: 79
SMRI Sortino Ratio Rank: 81
SMRI Omega Ratio Rank: 76
SMRI Calmar Ratio Rank: 90
SMRI Martin Ratio Rank: 84

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.

VLLU vs. SMRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor AlphaEdge Large Cap Value ETF (VLLU) 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.

	VLLU	SMRI	Difference
Sharpe ratio Return per unit of total volatility	2.39	2.61	-0.22
Sortino ratio Return per unit of downside risk	3.48	3.72	-0.24
Omega ratio Gain probability vs. loss probability	1.42	1.46	-0.04
Calmar ratio Return relative to maximum drawdown	4.20	5.65	-1.45
Martin ratio Return relative to average drawdown	15.41	17.87	-2.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VLLU vs. SMRI - Sharpe Ratio Comparison

The current VLLU Sharpe Ratio is 2.39, which is comparable to the SMRI Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of VLLU 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.

Sharpe Ratios by Period

	VLLU	SMRI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	2.61	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	1.24	1.45	-0.21

Drawdowns

VLLU vs. SMRI - Drawdown Comparison

The maximum VLLU drawdown since its inception was -16.62%, smaller than the maximum SMRI drawdown of -18.45%. Use the drawdown chart below to compare losses from any high point for VLLU and SMRI.

Drawdown Indicators

	VLLU	SMRI	Difference
Max Drawdown Largest peak-to-trough decline	-16.62%	-18.45%	+1.83%
Max Drawdown (1Y) Largest decline over 1 year	-6.33%	-6.80%	+0.47%
Current Drawdown Current decline from peak	0.00%	-1.02%	+1.02%
Average Drawdown Average peak-to-trough decline	-2.45%	-2.71%	+0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	2.15%	-0.42%

Volatility

VLLU vs. SMRI - Volatility Comparison

The current volatility for Harbor AlphaEdge Large Cap Value ETF (VLLU) is 3.66%, while Bushido Capital US Equity ETF (SMRI) has a volatility of 5.43%. This indicates that VLLU experiences smaller price fluctuations and is considered to be less risky than SMRI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VLLU	SMRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.66%	5.43%	-1.77%
Volatility (6M) Calculated over the trailing 6-month period	8.21%	10.94%	-2.73%
Volatility (1Y) Calculated over the trailing 1-year period	11.01%	14.63%	-3.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.86%	15.85%	-0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.86%	15.85%	-0.99%

VLLU vs. SMRI - Expense Ratio Comparison

VLLU has a 0.25% expense ratio, which is lower than SMRI's 0.71% expense ratio.

Dividends

VLLU vs. SMRI - Dividend Comparison

VLLU's dividend yield for the trailing twelve months is around 1.37%, more than SMRI's 0.95% yield.

Position	TTM	2025	2024	2023
SMRI Bushido Capital US Equity ETF	0.95%	1.32%	0.98%	0.45%
VLLU Harbor AlphaEdge Large Cap Value ETF	1.37%	1.52%	0.90%	0.00%

Frequently Asked Questions

Can I hold both VLLU and SMRI in my portfolio?

VLLU and SMRI 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, VLLU or SMRI?

SMRI has higher volatility (5.43%) compared to VLLU (3.66%). In terms of maximum drawdown, VLLU dropped -16.62% vs SMRI's -18.45%.

Which ETF is better, VLLU or SMRI?

On 1-year performance, SMRI leads with 38.05% vs 26.23% for VLLU. On fees, VLLU is cheaper at 0.25% per year. On volatility, VLLU has been the lower-risk option at 3.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VLLU or SMRI?

Over the 1-year period, SMRI has performed better with a 38.05% return vs 26.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VLLU or SMRI?

VLLU is cheaper with a 0.25% expense ratio, compared with 0.71% for SMRI.

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

VLLU has the higher dividend yield at 1.37%, compared with 0.95% for SMRI.

What is the main difference between VLLU and SMRI?

They also come from different issuers: Harbor and Bushido. Their fees differ too: 0.25% for VLLU and 0.71% for SMRI.

Which has better risk-adjusted returns?

SMRI currently has the higher Sharpe Ratio (2.61 vs 2.39), 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.