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IWM vs. SMMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWM vs. SMMV

Last updated Aug 5, 2026
Documentation

IWM (iShares Russell 2000 ETF) and SMMV (iShares MSCI USA Small-Cap Min Vol Factor ETF) are both Small Cap Blend Equities funds from iShares - IWM tracks the Russell 2000 Index while SMMV tracks the MSCI USA Small Cap Minimum Volatility (USD) Index. Both are passively managed. Over the past 5 years, IWM returned 7.66%/yr vs 6.53%/yr for SMMV. Their correlation of 0.83 means they have usually moved in the same direction. IWM charges 0.19%/yr vs 0.20%/yr for SMMV.

Performance

IWM vs. SMMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2000 ETF (IWM) and iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IWM achieves a 23.08% return, which is significantly higher than SMMV's 10.68% return.

IWM

1D
1.85%
1M
1.39%
6M
15.29%
YTD
23.08%
1Y
38.74%
3Y*
17.20%
5Y*
7.66%
10Y*
10.83%
ALL TIME*
8.88%

SMMV

1D
0.78%
1M
1.80%
6M
8.42%
YTD
10.68%
1Y
16.22%
3Y*
12.84%
5Y*
6.53%
10Y*
—
ALL TIME*
8.84%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

IWM

iShares Russell 2000 ETF
$6.85B$6.35B$7.43B

SMMV

iShares MSCI USA Small-Cap Min Vol Factor ETF
$351.66K$331.41K$425.92K

IWM vs. SMMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWM
iShares Russell 2000 ETF		23.08%12.66%11.38%16.83%-20.48%14.54%20.03%25.39%-11.12%14.58%
SMMV
iShares MSCI USA Small-Cap Min Vol Factor ETF		10.68%6.42%18.29%5.63%-10.00%16.64%-2.88%24.21%1.15%14.31%

Correlation

The correlation between IWM and SMMV is 0.59, 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.

0.59

Correlation (3Y)
Balances recent behavior with more history.

0.79

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.84

Correlation (All Time)
Calculated using the full available price history since Sep 9, 2016

0.83

Over the past year, the correlation between IWM and SMMV has dropped to 0.59 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

IWM vs. SMMV - Sectors Allocation Comparison

Sectors
IWM
SMMV

Healthcare

20.0%
18.7%

Financial Services

18.3%
9.2%

Industrials

13.7%
13.6%

Technology

13.6%
13.7%

Consumer Cyclical

9.2%
5.3%

Real Estate

7.0%
12.5%

Energy

5.6%
5.2%

Basic Materials

4.5%
1.6%

Utilities

2.9%
7.5%

Consumer Defensive

2.8%
7.6%

Communication Services

2.0%
5.1%

Healthcare

IWM
20.0%
SMMV
18.7%

Financial Services

IWM
18.3%
SMMV
9.2%

Industrials

IWM
13.7%
SMMV
13.6%

Technology

IWM
13.6%
SMMV
13.7%

Consumer Cyclical

IWM
9.2%
SMMV
5.3%

Real Estate

IWM
7.0%
SMMV
12.5%

Energy

IWM
5.6%
SMMV
5.2%

Basic Materials

IWM
4.5%
SMMV
1.6%

Utilities

IWM
2.9%
SMMV
7.5%

Consumer Defensive

IWM
2.8%
SMMV
7.6%

Communication Services

IWM
2.0%
SMMV
5.1%

Compare stocks, funds, or ETFs

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

iShares Russell 2000 ETF

iShares MSCI USA Small-Cap Min Vol Factor ETF

Often compared with IWM:
IWM vs. SPYIWM vs. VTWOIWM vs. IJRIWM vs. AVUVIWM vs. VOOIWM vs. IWNIWM vs. IWO
Often compared with SMMV:
SMMV vs. SMLFSMMV vs. SMLVSMMV vs. USMVSMMV vs. XMU.TOSMMV vs. VBSMMV vs. IVVSMMV vs. IJS

Return for Risk

IWM vs. SMMV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
IWM
IWM Risk / Return Rank: 7979
Overall Rank
IWM Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
IWM Sortino Ratio Rank: 7979
Sortino Ratio Rank
IWM Omega Ratio Rank: 7272
Omega Ratio Rank
IWM Calmar Ratio Rank: 8484
Calmar Ratio Rank
IWM Martin Ratio Rank: 8383
Martin Ratio Rank
SMMV
SMMV Risk / Return Rank: 6262
Overall Rank
SMMV Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
SMMV Sortino Ratio Rank: 7070
Sortino Ratio Rank
SMMV Omega Ratio Rank: 6262
Omega Ratio Rank
SMMV Calmar Ratio Rank: 5858
Calmar Ratio Rank
SMMV Martin Ratio Rank: 5555
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.

IWM vs. SMMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 ETF (IWM) and iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV). 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.

IWMSMMVDifference
Sharpe ratioReturn per unit of total volatility
2.02
1.68

+0.34

Sortino ratioReturn per unit of downside risk
2.82
2.56

+0.26

Omega ratioGain probability vs. loss probability

1.34

1.30

+0.04

Calmar ratioReturn relative to maximum drawdown

3.53

2.32

+1.21

Martin ratioReturn relative to average drawdown

12.51

7.14

+5.36

IWM vs. SMMV - Sharpe Ratio Comparison

The current IWM Sharpe Ratio is 2.02, which is comparable to the SMMV Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of IWM and SMMV, 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

IWM vs. SMMV - Drawdown Comparison

The maximum IWM drawdown since its inception was -59.05%, which is greater than SMMV's maximum drawdown of -38.77%. Use the drawdown chart below to compare losses from any high point for IWM and SMMV.

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Drawdown Indicators

IWMSMMVDifference

Max Drawdown

Largest peak-to-trough decline

-59.05%

-38.77%

-20.28%

Max Drawdown (1Y)

Largest decline over 1 year

-11.03%

-7.02%

-4.01%

Max Drawdown (3Y)

Largest decline over 3 years

-27.50%

-13.68%

-13.82%

Max Drawdown (5Y)

Largest decline over 5 years

-31.91%

-18.00%

-13.91%

Max Drawdown (10Y)

Largest decline over 10 years

-41.13%

—

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-10.71%

-5.03%

-5.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.11%

2.28%

+0.83%

Volatility

IWM vs. SMMV - Volatility Comparison

iShares Russell 2000 ETF (IWM) has a higher volatility of 4.58% compared to iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV) at 2.71%. This indicates that IWM's price experiences larger fluctuations and is considered to be riskier than SMMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IWMSMMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.58%

2.71%

+1.87%

Volatility (6M)

Calculated over the trailing 6-month period

14.21%

7.02%

+7.19%

Volatility (1Y)

Calculated over the trailing 1-year period

19.40%

9.74%

+9.66%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.50%

13.44%

+9.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.02%

15.61%

+7.41%

IWM vs. SMMV - Expense Ratio Comparison

IWM has a 0.19% expense ratio, which is lower than SMMV's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IWM vs. SMMV - Dividend Comparison

IWM's dividend yield for the trailing twelve months is around 0.88%, less than SMMV's 1.64% yield.

PositionTTM20252024202320222021202020192018201720162015
IWM
iShares Russell 2000 ETF		0.88%1.04%1.15%1.35%1.48%0.94%1.04%1.26%1.40%1.26%1.38%1.54%
SMMV
iShares MSCI USA Small-Cap Min Vol Factor ETF		1.64%1.77%1.76%2.30%1.67%1.08%1.39%1.64%1.72%1.63%0.79%0.00%

Frequently Asked Questions

IWM and SMMV have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IWM has higher volatility (4.58%) compared to SMMV (2.71%). In terms of maximum drawdown, IWM dropped -59.05% vs SMMV's -38.77%.

On 5-year performance, IWM leads with 7.66% vs 6.53% for SMMV. On fees, IWM is cheaper at 0.19% per year. On volatility, SMMV has been the lower-risk option at 2.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, IWM has performed better with a 7.66% return vs 6.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWM is cheaper with a 0.19% expense ratio, compared with 0.20% for SMMV.

SMMV has the higher dividend yield at 1.64%, compared with 0.88% for IWM.

IWM tracks Russell 2000 Index, while SMMV tracks MSCI USA Small Cap Minimum Volatility (USD) Index. Their fees differ too: 0.19% for IWM and 0.20% for SMMV.

IWM currently has the higher Sharpe Ratio (2.02 vs 1.68), 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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