ESML vs. SPFFX

Last updated Jun 4, 2026

ESML (iShares ESG Aware MSCI USA Small-Cap ETF) and SPFFX (Sphere 500 Fossil Free Fund) are both funds - ESML is a Small Cap Growth Equities fund tracking the MSCI USA Small Cap Extended ESG Focus Index, while SPFFX is a Large Cap Blend Equities fund managed by Reflection Asset Management. Over the past 3 years, ESML returned 17.27%/yr vs 23.46%/yr for SPFFX. Their correlation of 0.82 suggests significant overlap in exposure. ESML charges 0.17%/yr vs 0.11%/yr for SPFFX.

Performance

ESML vs. SPFFX - 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 Sphere 500 Fossil Free Fund (SPFFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ESML achieves a 16.26% return, which is significantly higher than SPFFX's 12.19% return.

ESML

• 1D: -0.47%
• 1M: 3.86%
• YTD: 16.26%
• 6M: 15.99%
• 1Y: 34.21%
• 3Y*: 17.27%
• 5Y*: 7.18%
• 10Y*: —

SPFFX

• 1D: 0.18%
• 1M: 7.09%
• YTD: 12.19%
• 6M: 12.17%
• 1Y: 29.81%
• 3Y*: 23.46%
• 5Y*: —
• 10Y*: —

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

ESML vs. SPFFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ESML iShares ESG Aware MSCI USA Small-Cap ETF	16.26%	10.62%	12.01%	17.27%	-17.28%	2.37%
SPFFX Sphere 500 Fossil Free Fund	12.19%	18.12%	25.13%	29.48%	-20.03%	9.04%

Correlation

The correlation between ESML and SPFFX is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (All Time) Calculated using the full available price history since Oct 6, 2021	0.82

The correlation between ESML and SPFFX has been stable across timeframes, ranging from 0.75 to 0.82 - a consistent structural relationship.

Return for Risk

ESML vs. SPFFX — Risk / Return Rank

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

ESML

ESML Risk / Return Rank: 66
ESML Sharpe Ratio Rank: 61
ESML Sortino Ratio Rank: 62
ESML Omega Ratio Rank: 57
ESML Calmar Ratio Rank: 75
ESML Martin Ratio Rank: 74

SPFFX

SPFFX Risk / Return Rank: 59
SPFFX Sharpe Ratio Rank: 63
SPFFX Sortino Ratio Rank: 56
SPFFX Omega Ratio Rank: 56
SPFFX Calmar Ratio Rank: 55
SPFFX Martin Ratio Rank: 63

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. SPFFX - 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 Sphere 500 Fossil Free Fund (SPFFX). 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.

	ESML	SPFFX	Difference
Sharpe ratio: Return per unit of total volatility	2.07	2.33	-0.26
Sortino ratio: Return per unit of downside risk	2.95	3.14	-0.19
Omega ratio: Gain probability vs. loss probability	1.35	1.42	-0.06
Calmar ratio: Return relative to maximum drawdown	3.80	2.85	+0.95
Martin ratio: Return relative to average drawdown	14.00	12.42	+1.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ESML vs. SPFFX - Sharpe Ratio Comparison

The current ESML Sharpe Ratio is 2.07, which is comparable to the SPFFX Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of ESML and SPFFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ESML	SPFFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	2.33	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.84	-0.38

Drawdowns

ESML vs. SPFFX - Drawdown Comparison

The maximum ESML drawdown since its inception was -41.97%, which is greater than SPFFX's maximum drawdown of -25.11%. Use the drawdown chart below to compare losses from any high point for ESML and SPFFX.

Drawdown Indicators

	ESML	SPFFX	Difference
Max Drawdown Largest peak-to-trough decline	-41.97%	-25.11%	-16.86%
Max Drawdown (1Y) Largest decline over 1 year	-9.04%	-10.75%	+1.71%
Max Drawdown (3Y) Largest decline over 3 years	-26.68%	-19.97%	-6.71%
Max Drawdown (5Y) Largest decline over 5 years	-28.61%	—	—
Current Drawdown Current decline from peak	-0.47%	0.00%	-0.47%
Average Drawdown Average peak-to-trough decline	-8.97%	-6.40%	-2.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.45%	2.47%	-0.02%

Volatility

ESML vs. SPFFX - Volatility Comparison

iShares ESG Aware MSCI USA Small-Cap ETF (ESML) has a higher volatility of 4.25% compared to Sphere 500 Fossil Free Fund (SPFFX) at 3.27%. This indicates that ESML's price experiences larger fluctuations and is considered to be riskier than SPFFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESML	SPFFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.25%	3.27%	+0.98%
Volatility (6M) Calculated over the trailing 6-month period	11.67%	10.12%	+1.55%
Volatility (1Y) Calculated over the trailing 1-year period	16.66%	13.19%	+3.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.23%	17.17%	+4.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.40%	17.17%	+6.23%

ESML vs. SPFFX - Expense Ratio Comparison

ESML has a 0.17% expense ratio, which is higher than SPFFX's 0.11% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ESML vs. SPFFX - Dividend Comparison

ESML's dividend yield for the trailing twelve months is around 0.95%, less than SPFFX's 6.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ESML iShares ESG Aware MSCI USA Small-Cap ETF	0.95%	1.08%	1.22%	1.31%	1.46%	0.94%	0.99%	1.10%	1.07%
SPFFX Sphere 500 Fossil Free Fund	6.06%	6.80%	1.06%	1.32%	0.73%	0.14%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ESML and SPFFX in my portfolio?

ESML and SPFFX have a correlation of 0.76, 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 SPFFX?

ESML has higher volatility (4.25%) compared to SPFFX (3.27%). In terms of maximum drawdown, ESML dropped -41.97% vs SPFFX's -25.11%.

Which has better risk-adjusted returns?

SPFFX currently has the higher Sharpe Ratio (2.33 vs 2.07), 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.