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IWC vs. SFLO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWC vs. SFLO

Last updated Aug 2, 2026
Documentation

IWC (iShares Micro-Cap ETF) and SFLO (Victoryshares Small Cap Free Cash Flow ETF) are both Small Cap Blend Equities funds - IWC tracks the Russell Microcap Index while SFLO tracks the Victory US Small Cap Free Cash Flow Index. Both are passively managed. Over the past year, IWC returned 48.46% vs 44.31% for SFLO. Their 0.72 correlation means they have sometimes moved together and sometimes differently. IWC charges 0.60%/yr vs 0.49%/yr for SFLO.

Performance

IWC vs. SFLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Micro-Cap ETF (IWC) and Victoryshares Small Cap Free Cash Flow ETF (SFLO). 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 19.50% return, which is significantly lower than SFLO's 27.87% return.

IWC

1D
-0.70%
1M
-5.03%
6M
12.92%
YTD
19.50%
1Y
48.46%
3Y*
19.06%
5Y*
6.69%
10Y*
11.12%
ALL TIME*
7.67%

SFLO

1D
0.33%
1M
6.46%
6M
25.77%
YTD
27.87%
1Y
44.31%
3Y*
—
5Y*
—
10Y*
—
ALL TIME*
17.65%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

IWC

iShares Micro-Cap ETF
$9.94M$13.29M$20.50M

SFLO

Victoryshares Small Cap Free Cash Flow ETF
$4.38M$3.53M$2.43M

IWC vs. SFLO - Yearly Performance Comparison

2026 (YTD)202520242023
IWC
iShares Micro-Cap ETF		19.50%22.45%13.63%3.58%
SFLO
Victoryshares Small Cap Free Cash Flow ETF		27.87%11.88%6.54%0.27%

Correlation

The correlation between IWC and SFLO is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.55

Correlation (All Time)
Calculated using the full available price history since Dec 21, 2023

0.72

The correlation between IWC and SFLO shifts across timeframes, from 0.55 (1 year) to 0.72 (all time), reflecting how their relationship changes across market environments.

IWC vs. SFLO - Sectors Allocation Comparison

Sectors
IWC
SFLO

Healthcare

25.8%
16.3%

Financial Services

24.1%
0.2%

Industrials

12.3%
8.3%

Technology

12.3%
32.1%

Consumer Cyclical

7.7%
12.6%

Basic Materials

4.3%
0.8%

Real Estate

4.0%
0.1%

Energy

3.1%
15.4%

Communication Services

3.0%
8.2%

Consumer Defensive

2.4%
6.1%

Utilities

0.7%
0.1%

Healthcare

IWC
25.8%
SFLO
16.3%

Financial Services

IWC
24.1%
SFLO
0.2%

Industrials

IWC
12.3%
SFLO
8.3%

Technology

IWC
12.3%
SFLO
32.1%

Consumer Cyclical

IWC
7.7%
SFLO
12.6%

Basic Materials

IWC
4.3%
SFLO
0.8%

Real Estate

IWC
4.0%
SFLO
0.1%

Energy

IWC
3.1%
SFLO
15.4%

Communication Services

IWC
3.0%
SFLO
8.2%

Consumer Defensive

IWC
2.4%
SFLO
6.1%

Utilities

IWC
0.7%
SFLO
0.1%

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

Victoryshares Small Cap Free Cash Flow ETF

Often compared with IWC:
IWC vs. IWMIWC vs. FDMIWC vs. SPYIWC vs. IWXIWC vs. PVIVXIWC vs. VOOIWC vs. VT
Often compared with SFLO:
SFLO vs. AVUVSFLO vs. SMCFSFLO vs. DSMCSFLO vs. SMIGSFLO vs. CALFSFLO vs. COWZSFLO vs. ECML

Return for Risk

IWC vs. SFLO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
IWC
IWC Risk / Return Rank: 8181
Overall Rank
IWC Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
IWC Sortino Ratio Rank: 7979
Sortino Ratio Rank
IWC Omega Ratio Rank: 7373
Omega Ratio Rank
IWC Calmar Ratio Rank: 8989
Calmar Ratio Rank
IWC Martin Ratio Rank: 8484
Martin Ratio Rank
SFLO
SFLO Risk / Return Rank: 9292
Overall Rank
SFLO Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
SFLO Sortino Ratio Rank: 9191
Sortino Ratio Rank
SFLO Omega Ratio Rank: 8888
Omega Ratio Rank
SFLO Calmar Ratio Rank: 9595
Calmar Ratio Rank
SFLO Martin Ratio Rank: 9494
Martin Ratio Rank
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.

IWC vs. SFLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Micro-Cap ETF (IWC) and Victoryshares Small Cap Free Cash Flow ETF (SFLO). 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.

IWCSFLODifference
Sharpe ratioReturn per unit of total volatility
1.89
2.30

-0.41

Sortino ratioReturn per unit of downside risk
2.56
3.26

-0.70

Omega ratioGain probability vs. loss probability

1.30

1.39

-0.09

Calmar ratioReturn relative to maximum drawdown

3.67

5.22

-1.55

Martin ratioReturn relative to average drawdown

11.65

17.48

-5.83

IWC vs. SFLO - Sharpe Ratio Comparison

The current IWC Sharpe Ratio is 1.89, which is comparable to the SFLO Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of IWC and SFLO, 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. SFLO - Drawdown Comparison

The maximum IWC drawdown since its inception was -64.61%, which is greater than SFLO's maximum drawdown of -26.63%. Use the drawdown chart below to compare losses from any high point for IWC and SFLO.

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Drawdown Indicators

IWCSFLODifference

Max Drawdown

Largest peak-to-trough decline

-64.61%

-26.63%

-37.98%

Max Drawdown (1Y)

Largest decline over 1 year

-12.43%

-7.80%

-4.63%

Max Drawdown (3Y)

Largest decline over 3 years

-29.46%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-40.61%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-47.21%

—

—

Current Drawdown

Current decline from peak

-6.31%

-1.26%

-5.05%

Average Drawdown

Average peak-to-trough decline

-15.18%

-4.15%

-11.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.91%

2.33%

+1.58%

Volatility

IWC vs. SFLO - Volatility Comparison

The current volatility for iShares Micro-Cap ETF (IWC) is 4.63%, while Victoryshares Small Cap Free Cash Flow ETF (SFLO) has a volatility of 5.58%. This indicates that IWC experiences smaller price fluctuations and is considered to be less risky than SFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IWCSFLODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.63%

5.58%

-0.95%

Volatility (6M)

Calculated over the trailing 6-month period

18.22%

13.04%

+5.18%

Volatility (1Y)

Calculated over the trailing 1-year period

24.13%

17.73%

+6.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.46%

20.50%

+3.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.48%

20.50%

+3.98%

IWC vs. SFLO - Expense Ratio Comparison

IWC has a 0.60% expense ratio, which is higher than SFLO's 0.49% expense ratio.

Dividends

IWC vs. SFLO - Dividend Comparison

IWC's dividend yield for the trailing twelve months is around 1.01%, more than SFLO's 0.72% yield.

PositionTTM20252024202320222021202020192018201720162015
IWC
iShares Micro-Cap ETF		1.01%1.10%1.06%1.17%1.18%0.78%0.98%1.19%1.01%1.09%1.16%1.49%
SFLO
Victoryshares Small Cap Free Cash Flow ETF		0.72%1.04%1.28%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

IWC and SFLO have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SFLO has higher volatility (5.58%) compared to IWC (4.63%). In terms of maximum drawdown, IWC dropped -64.61% vs SFLO's -26.63%.

On 1-year performance, IWC leads with 48.46% vs 44.31% for SFLO. On fees, SFLO is cheaper at 0.49% per year. On volatility, IWC has been the lower-risk option at 4.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, IWC has performed better with a 48.46% return vs 44.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SFLO is cheaper with a 0.49% expense ratio, compared with 0.60% for IWC.

IWC has the higher dividend yield at 1.01%, compared with 0.72% for SFLO.

IWC tracks Russell Microcap Index, while SFLO tracks Victory US Small Cap Free Cash Flow Index. They also come from different issuers: iShares and Victory. Their fees differ too: 0.60% for IWC and 0.49% for SFLO.

SFLO currently has the higher Sharpe Ratio (2.30 vs 1.89), 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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