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MMSC vs. IWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MMSC vs. IWM

Last updated Jun 4, 2026

MMSC (First Trust Multi-Manager Small Cap Opportunities ETF) and IWM (iShares Russell 2000 ETF) are both exchange-traded funds - MMSC is a Small Cap Growth Equities fund actively managed by First Trust, while IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index. MMSC is actively managed, while IWM is passively managed. Over the past 3 years, MMSC returned 22.52%/yr vs 17.88%/yr for IWM. Their correlation of 0.93 suggests significant overlap in exposure. MMSC charges 0.95%/yr vs 0.19%/yr for IWM.

Performance

MMSC vs. IWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Multi-Manager Small Cap Opportunities ETF (MMSC) and iShares Russell 2000 ETF (IWM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with MMSC having a 17.91% return and IWM slightly lower at 17.07%.

MMSC

1D
-0.56%
1M
5.15%
YTD
17.91%
6M
17.19%
1Y
42.14%
3Y*
22.52%
5Y*
—
10Y*
—

IWM

1D
-1.37%
1M
3.52%
YTD
17.07%
6M
15.83%
1Y
39.10%
3Y*
17.88%
5Y*
6.11%
10Y*
10.93%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MMSC vs. IWM - Yearly Performance Comparison

2026 (YTD)20252024202320222021
MMSC
First Trust Multi-Manager Small Cap Opportunities ETF		17.91%15.45%22.19%18.76%-30.98%1.01%
IWM
iShares Russell 2000 ETF		17.07%12.66%11.38%16.83%-20.48%-1.22%

Correlation

The correlation between MMSC and IWM is 0.91, 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

0.91

Correlation (3Y)
Calculated over the trailing 3-year period

0.91

Correlation (All Time)
Calculated using the full available price history since Oct 15, 2021

0.93

The correlation between MMSC and IWM has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

MMSC vs. IWM - Sectors Allocation Comparison

Sectors
MMSC
IWM

Industrials

27.4%
17.1%

Technology

23.4%
19.5%

Healthcare

22.2%
15.8%

Financial Services

8.1%
15.8%

Consumer Cyclical

7.2%
7.8%

Energy

6.7%
6.0%

Basic Materials

2.5%
4.5%

Consumer Defensive

1.4%
2.1%

Utilities

0.7%
3.0%

Communication Services

0.5%
2.0%

Real Estate

0.2%
5.7%

Industrials

MMSC
27.4%
IWM
17.1%

Technology

MMSC
23.4%
IWM
19.5%

Healthcare

MMSC
22.2%
IWM
15.8%

Financial Services

MMSC
8.1%
IWM
15.8%

Consumer Cyclical

MMSC
7.2%
IWM
7.8%

Energy

MMSC
6.7%
IWM
6.0%

Basic Materials

MMSC
2.5%
IWM
4.5%

Consumer Defensive

MMSC
1.4%
IWM
2.1%

Utilities

MMSC
0.7%
IWM
3.0%

Communication Services

MMSC
0.5%
IWM
2.0%

Real Estate

MMSC
0.2%
IWM
5.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust Multi-Manager Small Cap Opportunities ETF

iShares Russell 2000 ETF

Often compared with MMSC:
MMSC vs. PSCFMMSC vs. CBSEMMSC vs. XSMOMMSC vs. VBRMMSC vs. SPYMMSC vs. AVUVMMSC vs. XSVM
Often compared with IWM:
IWM vs. SPYIWM vs. VTWOIWM vs. IJRIWM vs. AVUVIWM vs. IWNIWM vs. VOOIWM vs. IWO

Return for Risk

MMSC vs. IWM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MMSC
MMSC Risk / Return Rank: 5757
Overall Rank
MMSC Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
MMSC Sortino Ratio Rank: 5353
Sortino Ratio Rank
MMSC Omega Ratio Rank: 5151
Omega Ratio Rank
MMSC Calmar Ratio Rank: 6161
Calmar Ratio Rank
MMSC Martin Ratio Rank: 6464
Martin Ratio Rank
IWM
IWM Risk / Return Rank: 6262
Overall Rank
IWM Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
IWM Sortino Ratio Rank: 5959
Sortino Ratio Rank
IWM Omega Ratio Rank: 5353
Omega Ratio Rank
IWM Calmar Ratio Rank: 7070
Calmar Ratio Rank
IWM Martin Ratio Rank: 6767
Martin Ratio Rank
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.

MMSC vs. IWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Multi-Manager Small Cap Opportunities ETF (MMSC) and iShares Russell 2000 ETF (IWM). 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.

MMSCIWMDifference
Sharpe ratioReturn per unit of total volatility
1.90
2.05

-0.15

Sortino ratioReturn per unit of downside risk
2.56
2.85

-0.29

Omega ratioGain probability vs. loss probability

1.32

1.34

-0.02

Calmar ratioReturn relative to maximum drawdown

3.00

3.56

-0.56

Martin ratioReturn relative to average drawdown

11.46

12.64

-1.18

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MMSC vs. IWM - Sharpe Ratio Comparison

The current MMSC Sharpe Ratio is 1.90, which is comparable to the IWM Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of MMSC and IWM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

MMSCIWMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.90

2.05

-0.15

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.27

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.48

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.29

0.37

-0.07

Drawdowns

MMSC vs. IWM - Drawdown Comparison

The maximum MMSC drawdown since its inception was -40.82%, smaller than the maximum IWM drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for MMSC and IWM.

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Drawdown Indicators

MMSCIWMDifference

Max Drawdown

Largest peak-to-trough decline

-40.82%

-59.05%

+18.23%

Max Drawdown (1Y)

Largest decline over 1 year

-14.10%

-11.03%

-3.07%

Max Drawdown (3Y)

Largest decline over 3 years

-29.76%

-27.50%

-2.26%

Max Drawdown (5Y)

Largest decline over 5 years

—

-31.91%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-41.13%

—

Current Drawdown

Current decline from peak

-0.70%

-1.49%

+0.79%

Average Drawdown

Average peak-to-trough decline

-18.78%

-10.77%

-8.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.69%

3.10%

+0.59%

Volatility

MMSC vs. IWM - Volatility Comparison

First Trust Multi-Manager Small Cap Opportunities ETF (MMSC) has a higher volatility of 6.69% compared to iShares Russell 2000 ETF (IWM) at 5.75%. This indicates that MMSC's price experiences larger fluctuations and is considered to be riskier than IWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MMSCIWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.69%

5.75%

+0.94%

Volatility (6M)

Calculated over the trailing 6-month period

17.11%

13.53%

+3.58%

Volatility (1Y)

Calculated over the trailing 1-year period

22.35%

19.20%

+3.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.46%

22.52%

+1.94%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.46%

23.04%

+1.42%

MMSC vs. IWM - Expense Ratio Comparison

MMSC has a 0.95% expense ratio, which is higher than IWM's 0.19% expense ratio.

Dividends

MMSC vs. IWM - Dividend Comparison

MMSC has not paid dividends to shareholders, while IWM's dividend yield for the trailing twelve months is around 0.88%.

PositionTTM20252024202320222021202020192018201720162015
IWM
iShares Russell 2000 ETF		0.88%1.04%1.15%1.35%1.48%0.94%1.04%1.26%1.40%1.26%1.38%1.54%
MMSC
First Trust Multi-Manager Small Cap Opportunities ETF		0.00%0.00%0.41%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.91, MMSC and IWM 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.

MMSC has higher volatility (6.69%) compared to IWM (5.75%). In terms of maximum drawdown, MMSC dropped -40.82% vs IWM's -59.05%.

On 3-year performance, MMSC leads with 22.52% vs 17.88% for IWM. On fees, IWM is cheaper at 0.19% per year. On volatility, IWM has been the lower-risk option at 5.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, MMSC has performed better with a 22.52% return vs 17.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWM is cheaper with a 0.19% expense ratio, compared with 0.95% for MMSC.

IWM has the higher dividend yield at 0.88%, compared with 0.00% for MMSC.

MMSC is categorized as Small Cap Growth Equities, while IWM is Small Cap Blend Equities. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.95% for MMSC and 0.19% for IWM.

IWM currently has the higher Sharpe Ratio (2.05 vs 1.90), 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.

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