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IWC vs. OUSM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWC vs. OUSM

Last updated Jun 24, 2026

IWC (iShares Micro-Cap ETF) and OUSM (OShares U.S. Small-Cap Quality Dividend ETF) are both Small Cap Blend Equities funds - IWC tracks the Russell Microcap Index while OUSM tracks the O'Shares US Small-Cap Quality Dividend Index. Both are passively managed. Over the past 5 years, IWC returned 5.48%/yr vs 8.11%/yr for OUSM. A 0.79 correlation means they provide meaningful diversification when combined. IWC charges 0.60%/yr vs 0.48%/yr for OUSM.

Performance

IWC vs. OUSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Micro-Cap ETF (IWC) and OShares U.S. Small-Cap Quality Dividend ETF (OUSM). 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 22.38% return, which is significantly higher than OUSM's 8.17% return.

IWC

1D
-0.79%
1M
3.18%
YTD
22.38%
6M
19.49%
1Y
56.41%
3Y*
22.77%
5Y*
5.48%
10Y*
11.98%

OUSM

1D
-0.15%
1M
0.91%
YTD
8.17%
6M
6.58%
1Y
12.02%
3Y*
11.94%
5Y*
8.11%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IWC vs. OUSM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWC
iShares Micro-Cap ETF		22.38%22.45%13.63%8.99%-21.93%18.67%20.88%22.20%-13.13%12.79%
OUSM
OShares U.S. Small-Cap Quality Dividend ETF		8.17%2.17%13.45%18.82%-7.89%21.45%7.64%28.04%-10.60%10.85%

Correlation

The correlation between IWC and OUSM is 0.60, 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

0.60

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

0.74

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

0.78

Correlation (All Time)
Calculated using the full available price history since Dec 30, 2016

0.79

The correlation between IWC and OUSM shifts across timeframes, from 0.60 (1 year) to 0.79 (all time), reflecting how their relationship changes across market environments.

IWC vs. OUSM - Sectors Allocation Comparison

Sectors
IWC
OUSM

Healthcare

26.8%
9.9%

Technology

21.7%
14.5%

Financial Services

17.6%
20.4%

Industrials

13.3%
22.2%

Consumer Cyclical

5.2%
19.5%

Basic Materials

4.1%
1.3%

Energy

4.0%
0.3%

Real Estate

3.3%

-

Communication Services

1.9%
3.5%

Consumer Defensive

1.6%
4.6%

Utilities

0.5%
3.8%

Healthcare

IWC
26.8%
OUSM
9.9%

Technology

IWC
21.7%
OUSM
14.5%

Financial Services

IWC
17.6%
OUSM
20.4%

Industrials

IWC
13.3%
OUSM
22.2%

Consumer Cyclical

IWC
5.2%
OUSM
19.5%

Basic Materials

IWC
4.1%
OUSM
1.3%

Energy

IWC
4.0%
OUSM
0.3%

Real Estate

IWC
3.3%
OUSM

-

Communication Services

IWC
1.9%
OUSM
3.5%

Consumer Defensive

IWC
1.6%
OUSM
4.6%

Utilities

IWC
0.5%
OUSM
3.8%

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

OShares U.S. Small-Cap Quality Dividend ETF

Often compared with IWC:
IWC vs. IWMIWC vs. FDMIWC vs. SPYIWC vs. IWXIWC vs. PVIVXIWC vs. VOOIWC vs. VT
Often compared with OUSM:
OUSM vs. FTHNXOUSM vs. VOOOUSM vs. SMINOUSM vs. DIVBOUSM vs. SCHGOUSM vs. VTIOUSM vs. COWZ

Return for Risk

IWC vs. OUSM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWC
IWC Risk / Return Rank: 7575
Overall Rank
IWC Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
IWC Sortino Ratio Rank: 7171
Sortino Ratio Rank
IWC Omega Ratio Rank: 6363
Omega Ratio Rank
IWC Calmar Ratio Rank: 8686
Calmar Ratio Rank
IWC Martin Ratio Rank: 8080
Martin Ratio Rank
OUSM
OUSM Risk / Return Rank: 2727
Overall Rank
OUSM Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
OUSM Sortino Ratio Rank: 2828
Sortino Ratio Rank
OUSM Omega Ratio Rank: 2525
Omega Ratio Rank
OUSM Calmar Ratio Rank: 2828
Calmar Ratio Rank
OUSM Martin Ratio Rank: 2929
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. OUSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Micro-Cap ETF (IWC) and OShares U.S. Small-Cap Quality Dividend ETF (OUSM). 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.

IWCOUSMDifference
Sharpe ratioReturn per unit of total volatility
2.33
0.92

+1.41

Sortino ratioReturn per unit of downside risk
3.01
1.47

+1.55

Omega ratioGain probability vs. loss probability

1.36

1.16

+0.20

Calmar ratioReturn relative to maximum drawdown

4.56

1.31

+3.25

Martin ratioReturn relative to average drawdown

14.85

3.83

+11.02

IWC vs. OUSM - Sharpe Ratio Comparison

The current IWC Sharpe Ratio is 2.33, which is higher than the OUSM Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of IWC and OUSM, 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. OUSM - Drawdown Comparison

The maximum IWC drawdown since its inception was -64.61%, which is greater than OUSM's maximum drawdown of -39.84%. Use the drawdown chart below to compare losses from any high point for IWC and OUSM.

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Drawdown Indicators

IWCOUSMDifference

Max Drawdown

Largest peak-to-trough decline

-64.61%

-39.84%

-24.77%

Max Drawdown (1Y)

Largest decline over 1 year

-12.43%

-9.21%

-3.22%

Max Drawdown (3Y)

Largest decline over 3 years

-29.46%

-19.44%

-10.02%

Max Drawdown (5Y)

Largest decline over 5 years

-40.61%

-19.44%

-21.17%

Max Drawdown (10Y)

Largest decline over 10 years

-47.21%

—

—

Current Drawdown

Current decline from peak

-0.79%

-0.50%

-0.29%

Average Drawdown

Average peak-to-trough decline

-15.24%

-5.19%

-10.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.81%

3.15%

+0.66%

Volatility

IWC vs. OUSM - Volatility Comparison

iShares Micro-Cap ETF (IWC) has a higher volatility of 8.51% compared to OShares U.S. Small-Cap Quality Dividend ETF (OUSM) at 3.31%. This indicates that IWC's price experiences larger fluctuations and is considered to be riskier than OUSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IWCOUSMDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.51%

3.31%

+5.20%

Volatility (6M)

Calculated over the trailing 6-month period

18.17%

9.33%

+8.84%

Volatility (1Y)

Calculated over the trailing 1-year period

24.36%

13.17%

+11.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.58%

16.28%

+8.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.50%

18.91%

+5.59%

IWC vs. OUSM - Expense Ratio Comparison

IWC has a 0.60% expense ratio, which is higher than OUSM's 0.48% expense ratio.

Dividends

IWC vs. OUSM - Dividend Comparison

IWC's dividend yield for the trailing twelve months is around 0.98%, less than OUSM's 2.04% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
OUSM
OShares U.S. Small-Cap Quality Dividend ETF		2.04%2.09%1.62%1.64%1.98%1.55%2.02%1.99%2.63%2.17%0.00%0.00%

Frequently Asked Questions

IWC and OUSM have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IWC has higher volatility (8.51%) compared to OUSM (3.31%). In terms of maximum drawdown, IWC dropped -64.61% vs OUSM's -39.84%.

On 5-year performance, OUSM leads with 8.11% vs 5.48% for IWC. On fees, OUSM is cheaper at 0.48% per year. On volatility, OUSM has been the lower-risk option at 3.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, OUSM has performed better with a 8.11% return vs 5.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

OUSM is cheaper with a 0.48% expense ratio, compared with 0.60% for IWC.

OUSM has the higher dividend yield at 2.04%, compared with 0.98% for IWC.

IWC tracks Russell Microcap Index, while OUSM tracks O'Shares US Small-Cap Quality Dividend Index. They also come from different issuers: iShares and O'Shares Investments. Their fees differ too: 0.60% for IWC and 0.48% for OUSM.

IWC currently has the higher Sharpe Ratio (2.33 vs 0.92), 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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