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IWC vs. ISMD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWC vs. ISMD

Last updated Jun 23, 2026

IWC (iShares Micro-Cap ETF) and ISMD (Inspire Small/Mid Cap Impact ETF) are both Small Cap Blend Equities funds - IWC tracks the Russell Microcap Index while ISMD tracks the Inspire Small/Mid Cap Impact Equal Weight Index. Both are passively managed. Over the past 5 years, IWC returned 6.01%/yr vs 8.71%/yr for ISMD. Their correlation of 0.87 suggests significant overlap in exposure. IWC charges 0.60%/yr vs 0.57%/yr for ISMD.

Performance

IWC vs. ISMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Micro-Cap ETF (IWC) and Inspire Small/Mid Cap Impact ETF (ISMD). 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 lower than ISMD's 25.75% return.

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%

ISMD

1D
0.09%
1M
4.88%
YTD
25.75%
6M
23.26%
1Y
41.83%
3Y*
17.53%
5Y*
8.71%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IWC vs. ISMD - 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%12.25%
ISMD
Inspire Small/Mid Cap Impact ETF		25.75%4.14%9.53%16.74%-13.44%29.38%7.45%24.62%-12.63%8.73%

Correlation

The correlation between IWC and ISMD is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.81

Correlation (3Y)
Calculated over the trailing 3-year period

0.87

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

0.88

Correlation (All Time)
Calculated using the full available price history since Feb 28, 2017

0.87

The correlation between IWC and ISMD has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.

IWC vs. ISMD - Sectors Allocation Comparison

Sectors
IWC
ISMD

Healthcare

26.8%
10.4%

Technology

21.7%
17.6%

Financial Services

17.6%
15.0%

Industrials

13.3%
16.7%

Consumer Cyclical

5.2%
11.0%

Basic Materials

4.1%
4.8%

Energy

4.0%
3.7%

Real Estate

3.3%
8.1%

Communication Services

1.9%
2.8%

Consumer Defensive

1.6%
5.3%

Utilities

0.5%
3.1%

Healthcare

IWC
26.8%
ISMD
10.4%

Technology

IWC
21.7%
ISMD
17.6%

Financial Services

IWC
17.6%
ISMD
15.0%

Industrials

IWC
13.3%
ISMD
16.7%

Consumer Cyclical

IWC
5.2%
ISMD
11.0%

Basic Materials

IWC
4.1%
ISMD
4.8%

Energy

IWC
4.0%
ISMD
3.7%

Real Estate

IWC
3.3%
ISMD
8.1%

Communication Services

IWC
1.9%
ISMD
2.8%

Consumer Defensive

IWC
1.6%
ISMD
5.3%

Utilities

IWC
0.5%
ISMD
3.1%

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

Inspire Small/Mid Cap Impact ETF

Often compared with IWC:
IWC vs. IWMIWC vs. FDMIWC vs. SPYIWC vs. IWXIWC vs. PVIVXIWC vs. VOOIWC vs. VT
Often compared with ISMD:
ISMD vs. SPMOISMD vs. TPSCISMD vs. TAAGXISMD vs. XMMOISMD vs. TPHDISMD vs. BIBLISMD vs. ^GSPC

Return for Risk

IWC vs. ISMD — 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
ISMD
ISMD Risk / Return Rank: 7474
Overall Rank
ISMD Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
ISMD Sortino Ratio Rank: 7272
Sortino Ratio Rank
ISMD Omega Ratio Rank: 6565
Omega Ratio Rank
ISMD Calmar Ratio Rank: 8484
Calmar Ratio Rank
ISMD Martin Ratio Rank: 7575
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. ISMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Micro-Cap ETF (IWC) and Inspire Small/Mid Cap Impact ETF (ISMD). 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.

IWCISMDDifference
Sharpe ratioReturn per unit of total volatility
2.45
2.24

+0.21

Sortino ratioReturn per unit of downside risk
3.14
3.11

+0.03

Omega ratioGain probability vs. loss probability

1.38

1.38

0.00

Calmar ratioReturn relative to maximum drawdown

4.80

4.36

+0.44

Martin ratioReturn relative to average drawdown

15.64

13.71

+1.93

IWC vs. ISMD - Sharpe Ratio Comparison

The current IWC Sharpe Ratio is 2.45, which is comparable to the ISMD Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of IWC and ISMD, 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. ISMD - Drawdown Comparison

The maximum IWC drawdown since its inception was -64.61%, which is greater than ISMD's maximum drawdown of -44.60%. Use the drawdown chart below to compare losses from any high point for IWC and ISMD.

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Drawdown Indicators

IWCISMDDifference

Max Drawdown

Largest peak-to-trough decline

-64.61%

-44.60%

-20.01%

Max Drawdown (1Y)

Largest decline over 1 year

-12.43%

-9.64%

-2.79%

Max Drawdown (3Y)

Largest decline over 3 years

-29.46%

-26.64%

-2.82%

Max Drawdown (5Y)

Largest decline over 5 years

-40.61%

-26.64%

-13.97%

Max Drawdown (10Y)

Largest decline over 10 years

-47.21%

—

—

Current Drawdown

Current decline from peak

0.00%

-0.17%

+0.17%

Average Drawdown

Average peak-to-trough decline

-15.25%

-8.13%

-7.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.81%

3.06%

+0.75%

Volatility

IWC vs. ISMD - Volatility Comparison

iShares Micro-Cap ETF (IWC) has a higher volatility of 8.66% compared to Inspire Small/Mid Cap Impact ETF (ISMD) at 5.62%. This indicates that IWC's price experiences larger fluctuations and is considered to be riskier than ISMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IWCISMDDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.66%

5.62%

+3.04%

Volatility (6M)

Calculated over the trailing 6-month period

18.16%

13.04%

+5.12%

Volatility (1Y)

Calculated over the trailing 1-year period

24.39%

18.79%

+5.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.58%

20.88%

+3.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.52%

23.72%

+0.80%

IWC vs. ISMD - Expense Ratio Comparison

IWC has a 0.60% expense ratio, which is higher than ISMD's 0.57% expense ratio.

Dividends

IWC vs. ISMD - Dividend Comparison

IWC's dividend yield for the trailing twelve months is around 0.98%, more than ISMD's 0.92% yield.

PositionTTM20252024202320222021202020192018201720162015
ISMD
Inspire Small/Mid Cap Impact ETF		0.92%1.21%1.24%1.17%1.28%9.35%0.99%0.88%1.35%2.02%0.00%0.00%
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 ISMD have a correlation of 0.81, 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 ISMD (5.62%). In terms of maximum drawdown, IWC dropped -64.61% vs ISMD's -44.60%.

On 5-year performance, ISMD leads with 8.71% vs 6.01% for IWC. On fees, ISMD is cheaper at 0.57% per year. On volatility, ISMD has been the lower-risk option at 5.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, ISMD has performed better with a 8.71% return vs 6.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ISMD is cheaper with a 0.57% expense ratio, compared with 0.60% for IWC.

IWC has the higher dividend yield at 0.98%, compared with 0.92% for ISMD.

IWC tracks Russell Microcap Index, while ISMD tracks Inspire Small/Mid Cap Impact Equal Weight Index. They also come from different issuers: iShares and Inspire. Their fees differ too: 0.60% for IWC and 0.57% for ISMD.

IWC currently has the higher Sharpe Ratio (2.45 vs 2.24), 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.

Portfolio Optimizer

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