FSML vs. IWMW

Last updated Aug 6, 2026

FSML (Franklin Small Cap Enhanced ETF) and IWMW (iShares Russell 2000 BuyWrite ETF) are both exchange-traded funds - FSML is a Small Cap Blend Equities fund actively managed by Franklin Templeton, while IWMW is a Derivative Income fund tracking the Cboe FTSE Russell IWM 2% OTM BuyWrite Index. FSML is actively managed, while IWMW is passively managed. Their correlation of 0.88 means they have usually moved in the same direction. FSML charges 0.45%/yr vs 0.39%/yr for IWMW.

Performance

FSML vs. IWMW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Small Cap Enhanced ETF (FSML) and iShares Russell 2000 BuyWrite ETF (IWMW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSML achieves a 24.73% return, which is significantly higher than IWMW's 16.14% return.

FSML

• 1D: -0.58%
• 1M: 0.95%
• 6M: 17.92%
• YTD: 24.73%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

IWMW

• 1D: 0.13%
• 1M: 2.26%
• 6M: 14.29%
• YTD: 16.14%
• 1Y: 26.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.51%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FSML Franklin Small Cap Enhanced ETF	$110.20K	$77.53K	$1.26M
IWMW iShares Russell 2000 BuyWrite ETF	$647.07K	$528.72K	$531.31K

FSML vs. IWMW - Yearly Performance Comparison

	2026 (YTD)	2025
FSML Franklin Small Cap Enhanced ETF	24.73%	-3.75%
IWMW iShares Russell 2000 BuyWrite ETF	16.14%	-0.13%

Correlation

The correlation between FSML and IWMW is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 11, 2025	0.88

Return for Risk

FSML vs. IWMW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FSML

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

IWMW

IWMW Risk / Return Rank: 85
IWMW Sharpe Ratio Rank: 84
IWMW Sortino Ratio Rank: 81
IWMW Omega Ratio Rank: 88
IWMW Calmar Ratio Rank: 88
IWMW Martin Ratio Rank: 85

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.

FSML vs. IWMW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Small Cap Enhanced ETF (FSML) and iShares Russell 2000 BuyWrite ETF (IWMW). 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.

	FSML	IWMW	Difference
Sharpe ratio: Return per unit of total volatility	—	2.18	—
Sortino ratio: Return per unit of downside risk	—	2.95	—
Omega ratio: Gain probability vs. loss probability	—	1.43	—
Calmar ratio: Return relative to maximum drawdown	—	3.90	—
Martin ratio: Return relative to average drawdown	—	13.50	—

Drawdowns

FSML vs. IWMW - Drawdown Comparison

The maximum FSML drawdown since its inception was -10.83%, smaller than the maximum IWMW drawdown of -21.82%. Use the drawdown chart below to compare losses from any high point for FSML and IWMW.

Drawdown Indicators

	FSML	IWMW	Difference
Max Drawdown Largest peak-to-trough decline	-10.83%	-21.82%	+10.99%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.94%	—
Current Drawdown Current decline from peak	-0.98%	0.00%	-0.98%
Average Drawdown Average peak-to-trough decline	-2.44%	-3.59%	+1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.00%	—

Volatility

Volatility by Period

	FSML	IWMW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.14%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.40%	—
Volatility (1Y) Calculated over the trailing 1-year period	20.28%	12.46%	+7.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.28%	15.79%	+4.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.28%	15.79%	+4.49%

FSML vs. IWMW - Expense Ratio Comparison

FSML has a 0.45% expense ratio, which is higher than IWMW's 0.39% expense ratio.

Dividends

FSML vs. IWMW - Dividend Comparison

FSML's dividend yield for the trailing twelve months is around 0.39%, less than IWMW's 20.22% yield.

Position	TTM	2025	2024
FSML Franklin Small Cap Enhanced ETF	0.39%	0.06%	0.00%
IWMW iShares Russell 2000 BuyWrite ETF	20.22%	20.98%	17.73%

Frequently Asked Questions

Can I hold both FSML and IWMW in my portfolio?

FSML and IWMW have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FSML or IWMW?

On fees, IWMW is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FSML or IWMW?

IWMW is cheaper with a 0.39% expense ratio, compared with 0.45% for FSML.

Which ETF pays a higher dividend yield, FSML or IWMW?

IWMW has the higher dividend yield at 20.22%, compared with 0.39% for FSML.

What is the main difference between FSML and IWMW?

FSML is categorized as Small Cap Blend Equities, while IWMW is Derivative Income. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.45% for FSML and 0.39% for IWMW.