AFMCX vs. IWC
AFMCX (Acuitas US Microcap Fund) and IWC (iShares Micro-Cap ETF) are both Small Cap Blend Equities funds. Over the past 10 years, AFMCX returned 11.32%/yr vs 11.12%/yr for IWC. Their correlation of 0.95 means they have usually moved in the same direction. AFMCX charges 1.50%/yr vs 0.60%/yr for IWC.
Performance
AFMCX vs. IWC - Performance Comparison
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Returns By Period
In the year-to-date period, AFMCX achieves a 27.27% return, which is significantly higher than IWC's 19.50% return. Both investments have delivered pretty close results over the past 10 years, with AFMCX having a 11.32% annualized return and IWC not far behind at 11.12%.
AFMCX
- 1D
- 1.31%
- 1M
- -3.05%
- 6M
- 21.06%
- YTD
- 27.27%
- 1Y
- 50.61%
- 3Y*
- 17.26%
- 5Y*
- 8.16%
- 10Y*
- 11.32%
- ALL TIME*
- 10.90%
IWC
- 1D
- -0.70%
- 1M
- -5.03%
- 6M
- 12.92%
- YTD
- 19.50%
- 1Y
- 48.46%
- 3Y*
- 19.06%
- 5Y*
- 6.69%
- 10Y*
- 11.12%
- ALL TIME*
- 7.67%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $9.94M | $13.29M | $20.50M |
AFMCX vs. IWC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AFMCX Acuitas US Microcap Fund | 27.27% | 13.54% | 8.32% | 17.41% | -19.11% | 29.20% | 14.07% | 21.89% | -13.26% | 10.32% |
IWC iShares Micro-Cap ETF | 19.50% | 22.45% | 13.63% | 8.99% | -21.93% | 18.67% | 20.88% | 22.20% | -13.13% | 12.79% |
Correlation
The correlation between AFMCX and IWC is 0.91, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.94 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.95 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015 | 0.95 |
The correlation between AFMCX and IWC has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.
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Return for Risk
AFMCX vs. IWC — Risk / Return Rank
AFMCX
IWC
AFMCX vs. IWC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Acuitas US Microcap Fund (AFMCX) and iShares Micro-Cap ETF (IWC). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| AFMCX | IWC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.30 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 4.37 | 3.67 | +0.71 |
| Martin ratioReturn relative to average drawdown | 13.50 | 11.65 | +1.86 |
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Drawdowns
AFMCX vs. IWC - Drawdown Comparison
The maximum AFMCX drawdown since its inception was -51.65%, smaller than the maximum IWC drawdown of -64.61%. Use the drawdown chart below to compare losses from any high point for AFMCX and IWC.
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Drawdown Indicators
| AFMCX | IWC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.65% | -64.61% | +12.96% |
Max Drawdown (1Y)Largest decline over 1 year | -10.73% | -12.43% | +1.70% |
Max Drawdown (3Y)Largest decline over 3 years | -31.09% | -29.46% | -1.63% |
Max Drawdown (5Y)Largest decline over 5 years | -31.09% | -40.61% | +9.52% |
Max Drawdown (10Y)Largest decline over 10 years | -51.65% | -47.21% | -4.44% |
Current DrawdownCurrent decline from peak | -5.00% | -6.31% | +1.31% |
Average DrawdownAverage peak-to-trough decline | -10.04% | -15.18% | +5.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.47% | 3.91% | -0.44% |
Volatility
AFMCX vs. IWC - Volatility Comparison
Acuitas US Microcap Fund (AFMCX) has a higher volatility of 5.23% compared to iShares Micro-Cap ETF (IWC) at 4.63%. This indicates that AFMCX's price experiences larger fluctuations and is considered to be riskier than IWC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AFMCX | IWC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.23% | 4.63% | +0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 15.15% | 18.22% | -3.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.54% | 24.13% | -2.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.56% | 24.46% | -0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.00% | 24.48% | -0.48% |
AFMCX vs. IWC - Expense Ratio Comparison
AFMCX has a 1.50% expense ratio, which is higher than IWC's 0.60% expense ratio.
Dividends
AFMCX vs. IWC - Dividend Comparison
AFMCX's dividend yield for the trailing twelve months is around 3.72%, more than IWC's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AFMCX Acuitas US Microcap Fund | 3.72% | 4.74% | 3.18% | 0.00% | 6.40% | 8.34% | 0.00% | 0.10% | 28.38% | 3.58% | 0.92% | 6.58% |
IWC iShares Micro-Cap ETF | 1.01% | 1.10% | 1.06% | 1.17% | 1.18% | 0.78% | 0.98% | 1.19% | 1.01% | 1.09% | 1.16% | 1.49% |
Frequently Asked Questions
With a correlation of 0.91, AFMCX and IWC 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.
AFMCX has higher volatility (5.23%) compared to IWC (4.63%). In terms of maximum drawdown, AFMCX dropped -51.65% vs IWC's -64.61%.
AFMCX currently has the higher Sharpe Ratio (2.18 vs 1.89), 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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