Bushido Capital US Equity ETF (SMRI) Performance
SMRI total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +32.7% since Dec 31, 2025
- 1 year
- +37.9% total return
- 3 years
- +27.2% a year
- Since first price
- +24.0% a year since 2023
SMRI trailing returns vs SPY, QQQ, AGG
| Period | SMRI total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +4.3% | +3.3% | −1.0% | −5.0% | +0.9% |
| 3 months | +12.9% | +11.8% | +3.2% | +1.9% | −0.4% |
| 6 months | +29.0% | +27.7% | +7.8% | +8.4% | −1.5% |
| YTD | +32.7% | +31.1% | +12.3% | +15.1% | −1.0% |
| 1 year | +37.9% | +35.7% | +14.4% | +15.9% | −1.1% |
| 3 years | +105.9%+27.2%/yr | +97.7% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionSep 14, 2023 | +95.2%+24.0%/yr | +87.4% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: SMRI vs SPY
From Sep 14, 2023: SMRI grew to $19,516, SPY to $17,559.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
SMRI returns by calendar year
2 of 2 full years positive. Best 2024 (+19.2%), worst 2025 (+17.4%). 2026 is year to date.
SMRI annual returns table
| Year | SMRI | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +32.7% | −8.7% | +12.3% | +15.1% | −1.0% |
| 2025 | +17.4% | −17.1% | +17.7% | +20.8% | +7.2% |
| 2024 | +19.2% | −8.2% | +24.9% | +25.6% | +1.3% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
SMRI largest drawdowns
Now 2.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Dec 6, 2024 | −18.4% | Apr 8, 2025 | Jul 1, 2025 | 4 months | 7 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
SMRI risk statistics
| Statistic | 3 years |
|---|---|
| Annualized return | +23.9% |
| Volatility (annualized) | 16.1% |
| Sharpe ratio | 1.15 |
| Sortino ratio | 2.32 |
| Best month | +10.9% |
| Worst month | −7.6% |
| Best 12 months | +44.5% |
| Worst 12 months | +5.5% |
| Positive months | 64% |
| Beta vs S&P 500 | 0.88 |
| Correlation with S&P 500 | 0.68 |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
SMRI rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 26 | +5.5% | +18.0% | +44.5% | 100% |
| 3-year (a year) | 2 | +23.9% | +25.7% | +27.4% | 100% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
SMRI performance overview
Bushido Capital US Equity ETF (SMRI) returned +37.9% over the past year, with distributions reinvested. Since its first recorded price in 2023 it has returned +24.0% a year, turning $10,000 into about $19,516. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −18.4%, from Dec 6, 2024 to Apr 8, 2025, and it took 3 months to get back to the old high. Volatility has been 16.1% a year.
Related: SMRI chart, SMRI holdings, SMRI dividends, SMRI valuation. See the SMRI overview for the latest quote and fund facts.
SMRI performance FAQ
What is the SMRI return over the past year?
SMRI returned +37.9% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 35.7%.
How much would $10,000 invested in SMRI be worth?
$10,000 invested in SMRI at its first recorded close on September 14, 2023 would be worth about $19,516 on October 23, 2026 with distributions reinvested.
What was the worst year for SMRI?
The worst calendar year was 2025, with a total return of +17.4%. The best was 2024 at +19.2%.
What is the biggest drawdown of SMRI?
The largest peak-to-trough decline was −18.4% between December 6, 2024 and April 8, 2025. It recovered to the old high on July 1, 2025, 3 months after the bottom.
How volatile is SMRI?
Over the past 3 years SMRI had an annualized volatility of 16.1% and a Sharpe ratio of 1.15 (excess return over 1–3 month T-bills per unit of risk).