AFSC vs. IWC
AFSC (abrdn Focused U.S. Small Cap Active ETF) and IWC (iShares Micro-Cap ETF) are both Small Cap Blend Equities funds. AFSC is actively managed, while IWC is passively managed. Over the past year, AFSC returned 34.76% vs 56.41% for IWC. Their correlation of 0.84 suggests significant overlap in exposure. AFSC charges 0.65%/yr vs 0.60%/yr for IWC.
Performance
AFSC vs. IWC - Performance Comparison
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Returns By Period
In the year-to-date period, AFSC achieves a 24.40% return, which is significantly higher than IWC's 22.38% return.
AFSC
- 1D
- -1.29%
- 1M
- 6.74%
- YTD
- 24.40%
- 6M
- 19.46%
- 1Y
- 34.76%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IWC
- 1D
- -0.79%
- 1M
- 3.18%
- YTD
- 22.38%
- 6M
- 19.49%
- 1Y
- 56.41%
- 3Y*
- 22.77%
- 5Y*
- 5.48%
- 10Y*
- 11.98%
AFSC vs. IWC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
AFSC abrdn Focused U.S. Small Cap Active ETF | 24.40% | 2.33% |
IWC iShares Micro-Cap ETF | 22.38% | 21.25% |
Correlation
The correlation between AFSC and IWC is 0.81, 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 | 0.81 |
Correlation (All Time) Calculated using the full available price history since Feb 18, 2025 | 0.84 |
The correlation between AFSC and IWC has been stable across timeframes, ranging from 0.81 to 0.84 - a consistent structural relationship.
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Return for Risk
AFSC vs. IWC — Risk / Return Rank
AFSC
IWC
AFSC vs. IWC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for abrdn Focused U.S. Small Cap Active ETF (AFSC) 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.
| AFSC | IWC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.36 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.40 | 4.56 | -1.17 |
| Martin ratioReturn relative to average drawdown | 12.89 | 14.85 | -1.95 |
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Drawdowns
AFSC vs. IWC - Drawdown Comparison
The maximum AFSC drawdown since its inception was -21.93%, smaller than the maximum IWC drawdown of -64.61%. Use the drawdown chart below to compare losses from any high point for AFSC and IWC.
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Drawdown Indicators
| AFSC | IWC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.93% | -64.61% | +42.68% |
Max Drawdown (1Y)Largest decline over 1 year | -10.29% | -12.43% | +2.14% |
Max Drawdown (3Y)Largest decline over 3 years | — | -29.46% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -40.61% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -47.21% | — |
Current DrawdownCurrent decline from peak | -1.29% | -0.79% | -0.50% |
Average DrawdownAverage peak-to-trough decline | -4.12% | -15.24% | +11.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.70% | 3.81% | -1.11% |
Volatility
AFSC vs. IWC - Volatility Comparison
The current volatility for abrdn Focused U.S. Small Cap Active ETF (AFSC) is 5.46%, while iShares Micro-Cap ETF (IWC) has a volatility of 8.51%. This indicates that AFSC experiences smaller price fluctuations and is considered to be less risky 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
| AFSC | IWC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.46% | 8.51% | -3.05% |
Volatility (6M)Calculated over the trailing 6-month period | 14.59% | 18.17% | -3.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.01% | 24.36% | -5.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.51% | 24.58% | -2.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.51% | 24.50% | -1.99% |
AFSC vs. IWC - Expense Ratio Comparison
AFSC has a 0.65% expense ratio, which is higher than IWC's 0.60% expense ratio.
Dividends
AFSC vs. IWC - Dividend Comparison
AFSC's dividend yield for the trailing twelve months is around 0.06%, less than IWC's 0.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AFSC abrdn Focused U.S. Small Cap Active ETF | 0.06% | 0.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IWC iShares Micro-Cap ETF | 0.98% | 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
AFSC and IWC have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWC has higher volatility (8.51%) compared to AFSC (5.46%). In terms of maximum drawdown, AFSC dropped -21.93% vs IWC's -64.61%.
On 1-year performance, IWC leads with 56.41% vs 34.76% for AFSC. On fees, IWC is cheaper at 0.60% per year. On volatility, AFSC has been the lower-risk option at 5.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IWC has performed better with a 56.41% return vs 34.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWC is cheaper with a 0.60% expense ratio, compared with 0.65% for AFSC.
IWC has the higher dividend yield at 0.98%, compared with 0.06% for AFSC.
They also come from different issuers: Aberdeen and iShares. Their fees differ too: 0.65% for AFSC and 0.60% for IWC.
IWC currently has the higher Sharpe Ratio (2.33 vs 1.84), 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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