ESML vs. SAWS

Last updated Jun 24, 2026

ESML (iShares ESG Aware MSCI USA Small-Cap ETF) and SAWS (AAM Sawgrass U.S. Small Cap Quality Growth ETF) are both Small Cap Growth Equities funds. ESML is passively managed, while SAWS is actively managed. Over the past year, ESML returned 34.55% vs 30.13% for SAWS. Their correlation of 0.88 suggests significant overlap in exposure. ESML charges 0.17%/yr vs 0.55%/yr for SAWS.

Performance

ESML vs. SAWS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares ESG Aware MSCI USA Small-Cap ETF (ESML) and AAM Sawgrass U.S. Small Cap Quality Growth ETF (SAWS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ESML achieves a 18.00% return, which is significantly lower than SAWS's 19.49% return.

ESML

• 1D: -1.21%
• 1M: 3.69%
• YTD: 18.00%
• 6M: 15.71%
• 1Y: 34.55%
• 3Y*: 17.87%
• 5Y*: 7.24%
• 10Y*: —

SAWS

• 1D: -0.91%
• 1M: 8.58%
• YTD: 19.49%
• 6M: 16.46%
• 1Y: 30.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ESML vs. SAWS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ESML iShares ESG Aware MSCI USA Small-Cap ETF	18.00%	10.62%	2.57%
SAWS AAM Sawgrass U.S. Small Cap Quality Growth ETF	19.49%	7.26%	4.18%

Correlation

The correlation between ESML and SAWS is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Jul 31, 2024	0.88

The correlation between ESML and SAWS has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.

ESML vs. SAWS - Sectors Allocation Comparison

Sectors	ESML	SAWS
Technology	20.8%	16.1%
Industrials	17.8%	25.3%
Financial Services	13.8%	12.1%
Healthcare	12.8%	21.1%
Consumer Cyclical	10.7%	8.9%
Real Estate	6.5%	-
Energy	4.8%	5.3%
Basic Materials	4.0%	2.9%
Consumer Defensive	3.4%	7.6%
Utilities	2.8%	-
Communication Services	2.5%	0.7%

Return for Risk

ESML vs. SAWS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ESML

ESML Risk / Return Rank: 70
ESML Sharpe Ratio Rank: 66
ESML Sortino Ratio Rank: 67
ESML Omega Ratio Rank: 60
ESML Calmar Ratio Rank: 79
ESML Martin Ratio Rank: 78

SAWS

SAWS Risk / Return Rank: 56
SAWS Sharpe Ratio Rank: 52
SAWS Sortino Ratio Rank: 56
SAWS Omega Ratio Rank: 47
SAWS Calmar Ratio Rank: 65
SAWS Martin Ratio Rank: 59

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.

ESML vs. SAWS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Aware MSCI USA Small-Cap ETF (ESML) and AAM Sawgrass U.S. Small Cap Quality Growth ETF (SAWS). 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.

	ESML	SAWS	Difference
Sharpe ratio: Return per unit of total volatility	2.03	1.63	+0.39
Sortino ratio: Return per unit of downside risk	2.88	2.44	+0.45
Omega ratio: Gain probability vs. loss probability	1.34	1.28	+0.07
Calmar ratio: Return relative to maximum drawdown	3.84	2.96	+0.88
Martin ratio: Return relative to average drawdown	14.09	9.65	+4.44

ESML vs. SAWS - Sharpe Ratio Comparison

The current ESML Sharpe Ratio is 2.03, which is comparable to the SAWS Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of ESML and SAWS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ESML vs. SAWS - Drawdown Comparison

The maximum ESML drawdown since its inception was -41.97%, which is greater than SAWS's maximum drawdown of -22.04%. Use the drawdown chart below to compare losses from any high point for ESML and SAWS.

Drawdown Indicators

	ESML	SAWS	Difference
Max Drawdown Largest peak-to-trough decline	-41.97%	-22.04%	-19.93%
Max Drawdown (1Y) Largest decline over 1 year	-9.04%	-10.23%	+1.19%
Max Drawdown (3Y) Largest decline over 3 years	-26.68%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.61%	—	—
Current Drawdown Current decline from peak	-1.21%	-0.91%	-0.30%
Average Drawdown Average peak-to-trough decline	-8.91%	-5.47%	-3.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.46%	3.13%	-0.67%

Volatility

ESML vs. SAWS - Volatility Comparison

iShares ESG Aware MSCI USA Small-Cap ETF (ESML) and AAM Sawgrass U.S. Small Cap Quality Growth ETF (SAWS) have volatilities of 5.52% and 5.34%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESML	SAWS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.52%	5.34%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	12.38%	14.14%	-1.76%
Volatility (1Y) Calculated over the trailing 1-year period	17.15%	18.56%	-1.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.29%	21.02%	+0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.39%	21.02%	+2.37%

ESML vs. SAWS - Expense Ratio Comparison

ESML has a 0.17% expense ratio, which is lower than SAWS's 0.55% expense ratio.

Dividends

ESML vs. SAWS - Dividend Comparison

ESML's dividend yield for the trailing twelve months is around 0.92%, more than SAWS's 0.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ESML iShares ESG Aware MSCI USA Small-Cap ETF	0.92%	1.08%	1.22%	1.31%	1.46%	0.94%	0.99%	1.10%	1.07%
SAWS AAM Sawgrass U.S. Small Cap Quality Growth ETF	0.02%	0.02%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ESML and SAWS in my portfolio?

ESML and SAWS have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ESML or SAWS?

ESML has higher volatility (5.52%) compared to SAWS (5.34%). In terms of maximum drawdown, ESML dropped -41.97% vs SAWS's -22.04%.

Which ETF is better, ESML or SAWS?

On 1-year performance, ESML leads with 34.55% vs 30.13% for SAWS. On fees, ESML is cheaper at 0.17% per year. On volatility, SAWS has been the lower-risk option at 5.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ESML or SAWS?

Over the 1-year period, ESML has performed better with a 34.55% return vs 30.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ESML or SAWS?

ESML is cheaper with a 0.17% expense ratio, compared with 0.55% for SAWS.

Which ETF pays a higher dividend yield, ESML or SAWS?

ESML has the higher dividend yield at 0.92%, compared with 0.02% for SAWS.

What is the main difference between ESML and SAWS?

They also come from different issuers: iShares and AAM. Their fees differ too: 0.17% for ESML and 0.55% for SAWS.

Which has better risk-adjusted returns?

ESML currently has the higher Sharpe Ratio (2.03 vs 1.63), 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.