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IWC vs. FDM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWC vs. FDM

Last updated Jun 23, 2026

IWC (iShares Micro-Cap ETF) and FDM (First Trust Dow Jones Select MicroCap Index Fund) are both Small Cap Blend Equities funds - IWC tracks the Russell Microcap Index while FDM tracks the Dow Jones Select Microcap Index. Both are passively managed. Over the past 10 years, IWC returned 12.07%/yr vs 12.20%/yr for FDM. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.60% expense ratio.

Performance

IWC vs. FDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Micro-Cap ETF (IWC) and First Trust Dow Jones Select MicroCap Index Fund (FDM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IWC achieves a 23.36% return, which is significantly higher than FDM's 13.00% return. Both investments have delivered pretty close results over the past 10 years, with IWC having a 12.07% annualized return and FDM not far ahead at 12.20%.

IWC

1D
0.82%
1M
4.00%
YTD
23.36%
6M
19.51%
1Y
59.41%
3Y*
23.10%
5Y*
6.01%
10Y*
12.07%

FDM

1D
0.29%
1M
3.86%
YTD
13.00%
6M
10.95%
1Y
31.34%
3Y*
19.66%
5Y*
9.59%
10Y*
12.20%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IWC vs. FDM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWC
iShares Micro-Cap ETF		23.36%22.45%13.63%8.99%-21.93%18.67%20.88%22.20%-13.13%12.79%
FDM
First Trust Dow Jones Select MicroCap Index Fund		13.00%18.64%13.00%12.76%-11.61%35.08%-4.04%27.45%-13.53%8.72%

Correlation

The correlation between IWC and FDM 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

0.85

Correlation (5Y)
Calculated over the trailing 5-year period

0.88

Correlation (10Y)
Calculated over the trailing 10-year period

0.88

Correlation (All Time)
Calculated using the full available price history since Sep 30, 2005

0.90

The correlation between IWC and FDM shifts across timeframes, from 0.76 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

IWC vs. FDM - Sectors Allocation Comparison

Sectors
IWC
FDM

Healthcare

26.8%
6.2%

Technology

21.7%
6.8%

Financial Services

17.6%
42.2%

Industrials

13.3%
14.9%

Consumer Cyclical

5.2%
10.4%

Basic Materials

4.1%
4.5%

Energy

4.0%
4.6%

Real Estate

3.3%
1.4%

Communication Services

1.9%
3.3%

Consumer Defensive

1.6%
4.5%

Utilities

0.5%
1.0%

Healthcare

IWC
26.8%
FDM
6.2%

Technology

IWC
21.7%
FDM
6.8%

Financial Services

IWC
17.6%
FDM
42.2%

Industrials

IWC
13.3%
FDM
14.9%

Consumer Cyclical

IWC
5.2%
FDM
10.4%

Basic Materials

IWC
4.1%
FDM
4.5%

Energy

IWC
4.0%
FDM
4.6%

Real Estate

IWC
3.3%
FDM
1.4%

Communication Services

IWC
1.9%
FDM
3.3%

Consumer Defensive

IWC
1.6%
FDM
4.5%

Utilities

IWC
0.5%
FDM
1.0%

Compare stocks, funds, or ETFs

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

iShares Micro-Cap ETF

First Trust Dow Jones Select MicroCap Index Fund

Often compared with IWC:
IWC vs. IWMIWC vs. SPYIWC vs. IWXIWC vs. PVIVXIWC vs. VOOIWC vs. VTIWC vs. VO
Often compared with FDM:
FDM vs. PVIVXFDM vs. DFSCXFDM vs. JMCRXFDM vs. VBFDM vs. SPYFDM vs. VOOFDM vs. SCHD

Return for Risk

IWC vs. FDM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWC
IWC Risk / Return Rank: 7777
Overall Rank
IWC Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
IWC Sortino Ratio Rank: 7373
Sortino Ratio Rank
IWC Omega Ratio Rank: 6666
Omega Ratio Rank
IWC Calmar Ratio Rank: 8787
Calmar Ratio Rank
IWC Martin Ratio Rank: 8181
Martin Ratio Rank
FDM
FDM Risk / Return Rank: 5555
Overall Rank
FDM Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
FDM Sortino Ratio Rank: 5151
Sortino Ratio Rank
FDM Omega Ratio Rank: 4646
Omega Ratio Rank
FDM Calmar Ratio Rank: 7070
Calmar Ratio Rank
FDM Martin Ratio Rank: 5959
Martin Ratio Rank
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.

IWC vs. FDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Micro-Cap ETF (IWC) and First Trust Dow Jones Select MicroCap Index Fund (FDM). 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.

IWCFDMDifference
Sharpe ratioReturn per unit of total volatility
2.45
1.67

+0.78

Sortino ratioReturn per unit of downside risk
3.14
2.43

+0.70

Omega ratioGain probability vs. loss probability

1.38

1.29

+0.09

Calmar ratioReturn relative to maximum drawdown

4.80

3.39

+1.42

Martin ratioReturn relative to average drawdown

15.64

10.21

+5.43

IWC vs. FDM - Sharpe Ratio Comparison

The current IWC Sharpe Ratio is 2.45, which is higher than the FDM Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of IWC and FDM, 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

IWC vs. FDM - Drawdown Comparison

The maximum IWC drawdown since its inception was -64.61%, roughly equal to the maximum FDM drawdown of -63.45%. Use the drawdown chart below to compare losses from any high point for IWC and FDM.

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Drawdown Indicators

IWCFDMDifference

Max Drawdown

Largest peak-to-trough decline

-64.61%

-63.45%

-1.16%

Max Drawdown (1Y)

Largest decline over 1 year

-12.43%

-9.30%

-3.13%

Max Drawdown (3Y)

Largest decline over 3 years

-29.46%

-23.47%

-5.99%

Max Drawdown (5Y)

Largest decline over 5 years

-40.61%

-23.74%

-16.87%

Max Drawdown (10Y)

Largest decline over 10 years

-47.21%

-47.76%

+0.55%

Current Drawdown

Current decline from peak

0.00%

-0.51%

+0.51%

Average Drawdown

Average peak-to-trough decline

-15.25%

-11.32%

-3.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.81%

3.08%

+0.73%

Volatility

IWC vs. FDM - Volatility Comparison

iShares Micro-Cap ETF (IWC) has a higher volatility of 8.66% compared to First Trust Dow Jones Select MicroCap Index Fund (FDM) at 4.77%. This indicates that IWC's price experiences larger fluctuations and is considered to be riskier than FDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IWCFDMDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.66%

4.77%

+3.89%

Volatility (6M)

Calculated over the trailing 6-month period

18.16%

13.23%

+4.93%

Volatility (1Y)

Calculated over the trailing 1-year period

24.39%

18.87%

+5.52%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.58%

21.40%

+3.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.52%

23.38%

+1.14%

IWC vs. FDM - Expense Ratio Comparison

Both IWC and FDM have an expense ratio of 0.60%.

Dividends

IWC vs. FDM - Dividend Comparison

IWC's dividend yield for the trailing twelve months is around 0.98%, less than FDM's 1.22% yield.

PositionTTM20252024202320222021202020192018201720162015
FDM
First Trust Dow Jones Select MicroCap Index Fund		1.22%1.43%1.56%1.81%1.80%1.08%1.68%1.37%1.26%0.97%1.13%1.45%
IWC
iShares Micro-Cap ETF		0.98%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

IWC and FDM 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.

IWC has higher volatility (8.66%) compared to FDM (4.77%). In terms of maximum drawdown, IWC dropped -64.61% vs FDM's -63.45%.

On 10-year performance, FDM leads with 12.20% vs 12.07% for IWC. Both ETFs have the same 0.60% expense ratio. On volatility, FDM has been the lower-risk option at 4.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FDM has performed better with a 12.20% return vs 12.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWC and FDM have the same expense ratio: 0.60% per year.

FDM has the higher dividend yield at 1.22%, compared with 0.98% for IWC.

IWC tracks Russell Microcap Index, while FDM tracks Dow Jones Select Microcap Index. They also come from different issuers: iShares and First Trust.

IWC currently has the higher Sharpe Ratio (2.45 vs 1.67), 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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