IWC vs. AFSM
Compare and contrast key facts about iShares Microcap ETF (IWC) and First Trust Active Factor Small Cap ETF (AFSM).
IWC and AFSM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IWC is a passively managed fund by iShares that tracks the performance of the Russell Microcap Index. It was launched on Aug 12, 2005. AFSM is an actively managed fund by First Trust. It was launched on Dec 3, 2019.
Performance
IWC vs. AFSM - Performance Comparison
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IWC vs. AFSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IWC iShares Microcap ETF | 1.36% | 22.45% | 13.63% | 8.99% | -21.93% | 18.67% | 20.88% | 6.03% |
AFSM First Trust Active Factor Small Cap ETF | 0.06% | 9.99% | 10.55% | 22.23% | -17.50% | 26.03% | 8.44% | 2.63% |
Returns By Period
In the year-to-date period, IWC achieves a 1.36% return, which is significantly higher than AFSM's 0.06% return.
IWC
- 1D
- 4.11%
- 1M
- -4.95%
- YTD
- 1.36%
- 6M
- 7.71%
- 1Y
- 45.56%
- 3Y*
- 16.51%
- 5Y*
- 2.52%
- 10Y*
- 10.08%
AFSM
- 1D
- 3.20%
- 1M
- -4.89%
- YTD
- 0.06%
- 6M
- 0.77%
- 1Y
- 18.24%
- 3Y*
- 13.07%
- 5Y*
- 6.13%
- 10Y*
- —
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IWC vs. AFSM - Expense Ratio Comparison
IWC has a 0.60% expense ratio, which is lower than AFSM's 0.77% expense ratio.
Return for Risk
IWC vs. AFSM — Risk / Return Rank
IWC
AFSM
IWC vs. AFSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Microcap ETF (IWC) and First Trust Active Factor Small Cap ETF (AFSM). 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.
| IWC | AFSM | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.74 | 0.86 | +0.89 |
Sortino ratioReturn per unit of downside risk | 2.38 | 1.34 | +1.04 |
Omega ratioGain probability vs. loss probability | 1.30 | 1.17 | +0.12 |
Calmar ratioReturn relative to maximum drawdown | 3.27 | 1.57 | +1.70 |
Martin ratioReturn relative to average drawdown | 10.63 | 5.76 | +4.86 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IWC | AFSM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.74 | 0.86 | +0.89 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.10 | 0.30 | -0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | 0.35 | -0.07 |
Correlation
The correlation between IWC and AFSM is 0.90, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
IWC vs. AFSM - Dividend Comparison
IWC's dividend yield for the trailing twelve months is around 1.06%, more than AFSM's 0.55% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWC iShares Microcap ETF | 1.06% | 1.10% | 1.06% | 1.17% | 1.18% | 0.78% | 0.98% | 1.19% | 1.01% | 1.09% | 1.16% | 1.49% |
AFSM First Trust Active Factor Small Cap ETF | 0.55% | 0.58% | 0.58% | 0.92% | 1.28% | 0.35% | 0.53% | 0.32% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
IWC vs. AFSM - Drawdown Comparison
The maximum IWC drawdown since its inception was -64.61%, which is greater than AFSM's maximum drawdown of -43.54%. Use the drawdown chart below to compare losses from any high point for IWC and AFSM.
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Drawdown Indicators
| IWC | AFSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.61% | -43.54% | -21.07% |
Max Drawdown (1Y)Largest decline over 1 year | -13.35% | -12.41% | -0.94% |
Max Drawdown (5Y)Largest decline over 5 years | -40.68% | -28.27% | -12.41% |
Max Drawdown (10Y)Largest decline over 10 years | -47.21% | — | — |
Current DrawdownCurrent decline from peak | -8.83% | -6.67% | -2.16% |
Average DrawdownAverage peak-to-trough decline | -15.39% | -9.71% | -5.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.11% | 3.39% | +0.72% |
Volatility
IWC vs. AFSM - Volatility Comparison
iShares Microcap ETF (IWC) has a higher volatility of 9.16% compared to First Trust Active Factor Small Cap ETF (AFSM) at 7.78%. This indicates that IWC's price experiences larger fluctuations and is considered to be riskier than AFSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWC | AFSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.16% | 7.78% | +1.38% |
Volatility (6M)Calculated over the trailing 6-month period | 18.06% | 13.43% | +4.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.33% | 21.43% | +4.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.40% | 20.86% | +3.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.30% | 25.57% | -1.27% |