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EWMC vs. IWC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWMC vs. IWC

Last updated Aug 2, 2026
Documentation

EWMC (Invesco S&P MidCap 400 GARP ETF) and IWC (iShares Micro-Cap ETF) are both Small Cap Blend Equities funds - EWMC tracks the S&P MidCap 400 GARP Index while IWC tracks the Russell Microcap Index. Both are passively managed. Over the past 10 years, EWMC returned 11.33%/yr vs 11.12%/yr for IWC. Their correlation of 0.83 means they have usually moved in the same direction. EWMC charges 0.35%/yr vs 0.60%/yr for IWC.

Performance

EWMC vs. IWC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap 400 GARP ETF (EWMC) and iShares Micro-Cap ETF (IWC). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EWMC achieves a 13.17% return, which is significantly lower than IWC's 19.50% return. Both investments have delivered pretty close results over the past 10 years, with EWMC having a 11.33% annualized return and IWC not far behind at 11.12%.

EWMC

1D
-0.35%
1M
2.06%
6M
11.71%
YTD
13.17%
1Y
21.04%
3Y*
13.73%
5Y*
9.29%
10Y*
11.33%
ALL TIME*
11.48%

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

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWMC

Invesco S&P MidCap 400 GARP ETF
$1.43M$1.18M$1.33M

IWC

iShares Micro-Cap ETF
$9.94M$13.29M$20.50M

EWMC vs. IWC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWMC
Invesco S&P MidCap 400 GARP ETF		13.17%7.81%15.67%18.79%-11.63%26.35%15.60%23.05%-12.45%13.05%
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 EWMC and IWC is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.65

Correlation (3Y)
Balances recent behavior with more history.

0.77

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.83

Correlation (10Y)
Provides a long-term view across more market conditions.

0.84

Correlation (All Time)
Calculated using the full available price history since Dec 8, 2010

0.83

The correlation between EWMC and IWC shifts across timeframes, from 0.65 (1 year) to 0.84 (10 years), reflecting how their relationship changes across market environments.

EWMC vs. IWC - Sectors Allocation Comparison

Sectors
EWMC
IWC

Industrials

17.9%
12.3%

Consumer Cyclical

16.0%
7.7%

Financial Services

13.8%
24.1%

Technology

13.3%
12.3%

Healthcare

9.8%
25.8%

Real Estate

7.8%
4.0%

Basic Materials

5.9%
4.3%

Energy

5.1%
3.1%

Consumer Defensive

5.0%
2.4%

Utilities

3.4%
0.7%

Communication Services

2.0%
3.0%

Industrials

EWMC
17.9%
IWC
12.3%

Consumer Cyclical

EWMC
16.0%
IWC
7.7%

Financial Services

EWMC
13.8%
IWC
24.1%

Technology

EWMC
13.3%
IWC
12.3%

Healthcare

EWMC
9.8%
IWC
25.8%

Real Estate

EWMC
7.8%
IWC
4.0%

Basic Materials

EWMC
5.9%
IWC
4.3%

Energy

EWMC
5.1%
IWC
3.1%

Consumer Defensive

EWMC
5.0%
IWC
2.4%

Utilities

EWMC
3.4%
IWC
0.7%

Communication Services

EWMC
2.0%
IWC
3.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco S&P MidCap 400 GARP ETF

iShares Micro-Cap ETF

Often compared with EWMC:
EWMC vs. RWJEWMC vs. VLUEWMC vs. VUGEWMC vs. XMMOEWMC vs. VOTEWMC vs. FDISEWMC vs. VOO
Often compared with IWC:
IWC vs. IWMIWC vs. FDMIWC vs. SPYIWC vs. IWXIWC vs. PVIVXIWC vs. VOOIWC vs. VT

Return for Risk

EWMC vs. IWC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWMC
EWMC Risk / Return Rank: 5858
Overall Rank
EWMC Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
EWMC Sortino Ratio Rank: 5353
Sortino Ratio Rank
EWMC Omega Ratio Rank: 4848
Omega Ratio Rank
EWMC Calmar Ratio Rank: 7373
Calmar Ratio Rank
EWMC Martin Ratio Rank: 6363
Martin Ratio Rank
IWC
IWC Risk / Return Rank: 8181
Overall Rank
IWC Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
IWC Sortino Ratio Rank: 7979
Sortino Ratio Rank
IWC Omega Ratio Rank: 7373
Omega Ratio Rank
IWC Calmar Ratio Rank: 8989
Calmar Ratio Rank
IWC Martin Ratio Rank: 8484
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EWMC vs. IWC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400 GARP ETF (EWMC) 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.

EWMCIWCDifference
Sharpe ratioReturn per unit of total volatility
1.26
1.89

-0.63

Sortino ratioReturn per unit of downside risk
1.88
2.56

-0.68

Omega ratioGain probability vs. loss probability

1.22

1.30

-0.08

Calmar ratioReturn relative to maximum drawdown

2.58

3.67

-1.09

Martin ratioReturn relative to average drawdown

7.67

11.65

-3.98

EWMC vs. IWC - Sharpe Ratio Comparison

The current EWMC Sharpe Ratio is 1.26, which is lower than the IWC Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of EWMC and IWC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EWMC vs. IWC - Drawdown Comparison

The maximum EWMC drawdown since its inception was -43.12%, smaller than the maximum IWC drawdown of -64.61%. Use the drawdown chart below to compare losses from any high point for EWMC and IWC.

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Drawdown Indicators

EWMCIWCDifference

Max Drawdown

Largest peak-to-trough decline

-43.12%

-64.61%

+21.49%

Max Drawdown (1Y)

Largest decline over 1 year

-7.62%

-12.43%

+4.81%

Max Drawdown (3Y)

Largest decline over 3 years

-28.09%

-29.46%

+1.37%

Max Drawdown (5Y)

Largest decline over 5 years

-28.09%

-40.61%

+12.52%

Max Drawdown (10Y)

Largest decline over 10 years

-43.12%

-47.21%

+4.09%

Current Drawdown

Current decline from peak

-1.19%

-6.31%

+5.12%

Average Drawdown

Average peak-to-trough decline

-5.66%

-15.18%

+9.52%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.56%

3.91%

-1.35%

Volatility

EWMC vs. IWC - Volatility Comparison

The current volatility for Invesco S&P MidCap 400 GARP ETF (EWMC) is 4.04%, while iShares Micro-Cap ETF (IWC) has a volatility of 4.63%. This indicates that EWMC 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

EWMCIWCDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.04%

4.63%

-0.59%

Volatility (6M)

Calculated over the trailing 6-month period

10.51%

18.22%

-7.71%

Volatility (1Y)

Calculated over the trailing 1-year period

15.65%

24.13%

-8.48%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.80%

24.46%

-3.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.19%

24.48%

-2.29%

EWMC vs. IWC - Expense Ratio Comparison

EWMC has a 0.35% expense ratio, which is lower than IWC's 0.60% expense ratio.

Dividends

EWMC vs. IWC - Dividend Comparison

EWMC's dividend yield for the trailing twelve months is around 0.70%, less than IWC's 1.01% yield.

PositionTTM20252024202320222021202020192018201720162015
EWMC
Invesco S&P MidCap 400 GARP ETF		0.70%1.19%0.95%0.96%1.28%0.92%1.16%1.25%1.50%1.14%1.00%1.43%
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

EWMC and IWC have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IWC has higher volatility (4.63%) compared to EWMC (4.04%). In terms of maximum drawdown, EWMC dropped -43.12% vs IWC's -64.61%.

On 10-year performance, EWMC leads with 11.33% vs 11.12% for IWC. On fees, EWMC is cheaper at 0.35% per year. On volatility, EWMC has been the lower-risk option at 4.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWMC has performed better with a 11.33% return vs 11.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWMC is cheaper with a 0.35% expense ratio, compared with 0.60% for IWC.

IWC has the higher dividend yield at 1.01%, compared with 0.70% for EWMC.

EWMC tracks S&P MidCap 400 GARP Index, while IWC tracks Russell Microcap Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.35% for EWMC and 0.60% for IWC.

IWC currently has the higher Sharpe Ratio (1.89 vs 1.26), 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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