Is Syfe Equity 100 more risky than an index tracking S&P500?

Have a look at Syfe Equity100 investment strategy:

https://www.syfe.com/magazine/equity100-a-deep-...

Equity100 invests in S&P500 ETF and more. It is more diversified into global markets than S&P alone. It uses a smart beta approach for a better risk-adjusted returns.

In theory, Equity100 should be less risky than S&P500. Its last 10 years average annual return beats that of S&P500 and MSCI World Index:

But past performance is not guaranteed in future performance. It is important to understand their investment strategy and whether you are convinced by their approach.