BRSIX vs. IWC
BRSIX (Bridgeway Ultra Small Company Market Fund) and IWC (iShares Micro-Cap ETF) are both funds - BRSIX is a Small Cap Value Equities fund managed by Bridgeway, while IWC is a Small Cap Blend Equities fund tracking the Russell Microcap Index. Over the past 10 years, BRSIX returned 7.51%/yr vs 11.12%/yr for IWC. Their correlation of 0.95 means they have usually moved in the same direction. BRSIX charges 0.78%/yr vs 0.60%/yr for IWC.
Performance
BRSIX vs. IWC - Performance Comparison
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Returns By Period
In the year-to-date period, BRSIX achieves a 12.68% return, which is significantly lower than IWC's 19.50% return. Over the past 10 years, BRSIX has underperformed IWC with an annualized return of 7.51%, while IWC has yielded a comparatively higher 11.12% annualized return.
BRSIX
- 1D
- 0.00%
- 1M
- -7.25%
- 6M
- 8.92%
- YTD
- 12.68%
- 1Y
- 43.07%
- 3Y*
- 16.11%
- 5Y*
- 0.01%
- 10Y*
- 7.51%
- ALL TIME*
- 9.26%
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 |
BRSIX vs. IWC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BRSIX Bridgeway Ultra Small Company Market Fund | 12.68% | 20.09% | 14.92% | 11.46% | -23.43% | -1.93% | 25.50% | 15.34% | -17.23% | 12.29% |
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 BRSIX 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. | 0.93 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.93 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.92 |
Correlation (All Time) Calculated using the full available price history since Aug 16, 2005 | 0.95 |
The correlation between BRSIX 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
BRSIX vs. IWC — Risk / Return Rank
BRSIX
IWC
BRSIX vs. IWC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bridgeway Ultra Small Company Market Fund (BRSIX) 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.
| BRSIX | IWC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.30 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.34 | 3.67 | -0.32 |
| Martin ratioReturn relative to average drawdown | 9.75 | 11.65 | -1.90 |
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Drawdowns
BRSIX vs. IWC - Drawdown Comparison
The maximum BRSIX drawdown since its inception was -61.79%, roughly equal to the maximum IWC drawdown of -64.61%. Use the drawdown chart below to compare losses from any high point for BRSIX and IWC.
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Drawdown Indicators
| BRSIX | IWC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.79% | -64.61% | +2.82% |
Max Drawdown (1Y)Largest decline over 1 year | -11.46% | -12.43% | +0.97% |
Max Drawdown (3Y)Largest decline over 3 years | -30.80% | -29.46% | -1.34% |
Max Drawdown (5Y)Largest decline over 5 years | -52.26% | -40.61% | -11.65% |
Max Drawdown (10Y)Largest decline over 10 years | -54.09% | -47.21% | -6.88% |
Current DrawdownCurrent decline from peak | -8.71% | -6.31% | -2.40% |
Average DrawdownAverage peak-to-trough decline | -15.58% | -15.18% | -0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.93% | 3.91% | +0.02% |
Volatility
BRSIX vs. IWC - Volatility Comparison
The current volatility for Bridgeway Ultra Small Company Market Fund (BRSIX) is 3.82%, while iShares Micro-Cap ETF (IWC) has a volatility of 4.63%. This indicates that BRSIX 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
| BRSIX | IWC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.82% | 4.63% | -0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 16.02% | 18.22% | -2.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.36% | 24.13% | -0.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.52% | 24.46% | +0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.18% | 24.48% | -0.30% |
BRSIX vs. IWC - Expense Ratio Comparison
BRSIX has a 0.78% expense ratio, which is higher than IWC's 0.60% expense ratio.
Dividends
BRSIX vs. IWC - Dividend Comparison
BRSIX's dividend yield for the trailing twelve months is around 8.56%, more than IWC's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BRSIX Bridgeway Ultra Small Company Market Fund | 8.56% | 1.03% | 0.62% | 0.89% | 2.12% | 1.32% | 3.46% | 1.30% | 16.12% | 13.71% | 8.25% | 12.77% |
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, BRSIX 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.
IWC has higher volatility (4.63%) compared to BRSIX (3.82%). In terms of maximum drawdown, BRSIX dropped -61.79% vs IWC's -64.61%.
IWC currently has the higher Sharpe Ratio (1.89 vs 1.64), 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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