IWML vs. SMLF
IWML (ETRACS 2x Leveraged US Size Factor TR ETN) and SMLF (iShares MSCI USA Small-Cap Multifactor ETF) are both exchange-traded funds - IWML is a Leveraged Equities fund tracking the Russell 2000 Index, while SMLF is a Small Cap Blend Equities fund tracking the MSCI USA Small Cap Diversified Multi-Factor. Both are passively managed. Over the past 5 years, IWML returned 2.86%/yr vs 11.57%/yr for SMLF. Their correlation of 0.94 suggests significant overlap in exposure. IWML charges 0.95%/yr vs 0.30%/yr for SMLF.
Performance
IWML vs. SMLF - Performance Comparison
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Returns By Period
In the year-to-date period, IWML achieves a 34.16% return, which is significantly higher than SMLF's 17.27% return.
IWML
- 1D
- 0.00%
- 1M
- 2.77%
- YTD
- 34.16%
- 6M
- 26.53%
- 1Y
- 79.12%
- 3Y*
- 26.07%
- 5Y*
- 2.86%
- 10Y*
- —
SMLF
- 1D
- 0.39%
- 1M
- 4.30%
- YTD
- 17.27%
- 6M
- 14.40%
- 1Y
- 34.32%
- 3Y*
- 20.78%
- 5Y*
- 11.57%
- 10Y*
- 12.77%
IWML vs. SMLF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IWML ETRACS 2x Leveraged US Size Factor TR ETN | 34.16% | 9.64% | 15.70% | 22.31% | -41.80% | 2.08% |
SMLF iShares MSCI USA Small-Cap Multifactor ETF | 17.27% | 12.30% | 16.33% | 19.99% | -12.19% | 15.49% |
Correlation
The correlation between IWML and SMLF is 0.88, 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 | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.94 |
The correlation between IWML and SMLF has been stable across timeframes, ranging from 0.88 to 0.94 - a consistent structural relationship.
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Return for Risk
IWML vs. SMLF — Risk / Return Rank
IWML
SMLF
IWML vs. SMLF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged US Size Factor TR ETN (IWML) and iShares MSCI USA Small-Cap Multifactor ETF (SMLF). 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.
| IWML | SMLF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.33 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.50 | 3.96 | -0.46 |
| Martin ratioReturn relative to average drawdown | 12.20 | 13.58 | -1.38 |
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Drawdowns
IWML vs. SMLF - Drawdown Comparison
The maximum IWML drawdown since its inception was -60.06%, which is greater than SMLF's maximum drawdown of -41.89%. Use the drawdown chart below to compare losses from any high point for IWML and SMLF.
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Drawdown Indicators
| IWML | SMLF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.06% | -41.89% | -18.17% |
Max Drawdown (1Y)Largest decline over 1 year | -22.75% | -8.71% | -14.04% |
Max Drawdown (3Y)Largest decline over 3 years | -51.82% | -26.28% | -25.54% |
Max Drawdown (5Y)Largest decline over 5 years | -60.06% | -26.28% | -33.78% |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.89% | — |
Current DrawdownCurrent decline from peak | -3.51% | 0.00% | -3.51% |
Average DrawdownAverage peak-to-trough decline | -31.63% | -6.58% | -25.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.51% | 2.53% | +3.98% |
Volatility
IWML vs. SMLF - Volatility Comparison
ETRACS 2x Leveraged US Size Factor TR ETN (IWML) has a higher volatility of 11.01% compared to iShares MSCI USA Small-Cap Multifactor ETF (SMLF) at 5.25%. This indicates that IWML's price experiences larger fluctuations and is considered to be riskier than SMLF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWML | SMLF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.01% | 5.25% | +5.76% |
Volatility (6M)Calculated over the trailing 6-month period | 28.25% | 12.90% | +15.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.07% | 17.62% | +21.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.16% | 21.12% | +25.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.13% | 21.82% | +24.31% |
IWML vs. SMLF - Expense Ratio Comparison
IWML has a 0.95% expense ratio, which is higher than SMLF's 0.30% expense ratio.
Dividends
IWML vs. SMLF - Dividend Comparison
IWML has not paid dividends to shareholders, while SMLF's dividend yield for the trailing twelve months is around 1.01%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWML ETRACS 2x Leveraged US Size Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SMLF iShares MSCI USA Small-Cap Multifactor ETF | 1.01% | 1.14% | 1.33% | 1.13% | 1.23% | 1.07% | 1.33% | 1.39% | 1.17% | 0.93% | 0.78% | 0.79% |
Frequently Asked Questions
IWML and SMLF have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWML has higher volatility (11.01%) compared to SMLF (5.25%). In terms of maximum drawdown, IWML dropped -60.06% vs SMLF's -41.89%.
On 5-year performance, SMLF leads with 11.57% vs 2.86% for IWML. On fees, SMLF is cheaper at 0.30% per year. On volatility, SMLF has been the lower-risk option at 5.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SMLF has performed better with a 11.57% return vs 2.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMLF is cheaper with a 0.30% expense ratio, compared with 0.95% for IWML.
SMLF has the higher dividend yield at 1.01%, compared with 0.00% for IWML.
IWML is categorized as Leveraged Equities, while SMLF is Small Cap Blend Equities. IWML tracks Russell 2000 Index, while SMLF tracks MSCI USA Small Cap Diversified Multi-Factor. They also come from different issuers: UBS and iShares. Their fees differ too: 0.95% for IWML and 0.30% for SMLF.
IWML currently has the higher Sharpe Ratio (2.04 vs 1.96), 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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