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IWN vs. SMCF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWN vs. SMCF

Last updated Aug 2, 2026
Documentation

IWN (iShares Russell 2000 Value ETF) and SMCF (Themes US Small Cap Cash Flow Champions ETF) are both Small Cap Value Equities funds - IWN tracks the Russell 2000 Value Index while SMCF tracks the Solactive US Small Cap Cash Flow Champions Index - Benchmark TR Gross. Both are passively managed. Over the past year, IWN returned 43.20% vs 36.42% for SMCF. Their correlation of 0.87 means they have usually moved in the same direction. IWN charges 0.24%/yr vs 0.29%/yr for SMCF.

Performance

IWN vs. SMCF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2000 Value ETF (IWN) and Themes US Small Cap Cash Flow Champions ETF (SMCF). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with IWN having a 22.87% return and SMCF slightly higher at 23.16%.

IWN

1D
-0.25%
1M
-0.04%
6M
14.84%
YTD
22.87%
1Y
43.20%
3Y*
15.76%
5Y*
8.77%
10Y*
10.28%
ALL TIME*
9.49%

SMCF

1D
-0.22%
1M
3.60%
6M
16.59%
YTD
23.16%
1Y
36.42%
3Y*
—
5Y*
—
10Y*
—
ALL TIME*
21.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

IWN

iShares Russell 2000 Value ETF
$142.85M$119.46M$143.70M

SMCF

Themes US Small Cap Cash Flow Champions ETF
$37.58K$22.20K$16.39K

IWN vs. SMCF - Yearly Performance Comparison

2026 (YTD)202520242023
IWN
iShares Russell 2000 Value ETF		22.87%12.40%7.63%8.14%
SMCF
Themes US Small Cap Cash Flow Champions ETF		23.16%9.56%16.30%7.07%

Correlation

The correlation between IWN and SMCF is 0.80, meaning they have usually moved in the same direction, including during past declines.

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

0.80

Correlation (All Time)
Calculated using the full available price history since Dec 13, 2023

0.87

The correlation between IWN and SMCF has been stable across timeframes, ranging from 0.80 to 0.87 - a consistent structural relationship.

IWN vs. SMCF - Sectors Allocation Comparison

Sectors
IWN
SMCF

Financial Services

28.1%
55.8%

Industrials

12.1%
10.4%

Real Estate

11.4%
0.5%

Healthcare

10.5%
7.3%

Consumer Cyclical

9.6%
3.8%

Technology

6.8%
9.3%

Energy

6.0%
7.7%

Utilities

5.2%

-

Basic Materials

4.2%
2.5%

Consumer Defensive

3.3%
1.3%

Communication Services

2.2%
0.9%

Financial Services

IWN
28.1%
SMCF
55.8%

Industrials

IWN
12.1%
SMCF
10.4%

Real Estate

IWN
11.4%
SMCF
0.5%

Healthcare

IWN
10.5%
SMCF
7.3%

Consumer Cyclical

IWN
9.6%
SMCF
3.8%

Technology

IWN
6.8%
SMCF
9.3%

Energy

IWN
6.0%
SMCF
7.7%

Utilities

IWN
5.2%
SMCF

-

Basic Materials

IWN
4.2%
SMCF
2.5%

Consumer Defensive

IWN
3.3%
SMCF
1.3%

Communication Services

IWN
2.2%
SMCF
0.9%

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 Value ETF

Themes US Small Cap Cash Flow Champions ETF

Often compared with IWN:
IWN vs. IWMIWN vs. IWOIWN vs. VTWOIWN vs. IJSIWN vs. IWSIWN vs. IWVIWN vs. IWX
Often compared with SMCF:
SMCF vs. SFLOSMCF vs. AVUVSMCF vs. DFSVSMCF vs. CALFSMCF vs. DSMCSMCF vs. MSTYSMCF vs. SDVY

Return for Risk

IWN vs. SMCF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
IWN
IWN Risk / Return Rank: 9292
Overall Rank
IWN Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
IWN Sortino Ratio Rank: 9292
Sortino Ratio Rank
IWN Omega Ratio Rank: 8989
Omega Ratio Rank
IWN Calmar Ratio Rank: 9494
Calmar Ratio Rank
IWN Martin Ratio Rank: 9393
Martin Ratio Rank
SMCF
SMCF Risk / Return Rank: 9090
Overall Rank
SMCF Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
SMCF Sortino Ratio Rank: 9090
Sortino Ratio Rank
SMCF Omega Ratio Rank: 8888
Omega Ratio Rank
SMCF Calmar Ratio Rank: 9494
Calmar Ratio Rank
SMCF Martin Ratio Rank: 8888
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.

IWN vs. SMCF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 Value ETF (IWN) and Themes US Small Cap Cash Flow Champions ETF (SMCF). 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.

IWNSMCFDifference
Sharpe ratioReturn per unit of total volatility
2.33
2.22

+0.12

Sortino ratioReturn per unit of downside risk
3.31
3.19

+0.12

Omega ratioGain probability vs. loss probability

1.41

1.40

+0.01

Calmar ratioReturn relative to maximum drawdown

4.79

4.77

+0.01

Martin ratioReturn relative to average drawdown

17.22

13.18

+4.04

IWN vs. SMCF - Sharpe Ratio Comparison

The current IWN Sharpe Ratio is 2.33, which is comparable to the SMCF Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of IWN and SMCF, 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

IWN vs. SMCF - Drawdown Comparison

The maximum IWN drawdown since its inception was -61.55%, which is greater than SMCF's maximum drawdown of -28.48%. Use the drawdown chart below to compare losses from any high point for IWN and SMCF.

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Drawdown Indicators

IWNSMCFDifference

Max Drawdown

Largest peak-to-trough decline

-61.55%

-28.48%

-33.07%

Max Drawdown (1Y)

Largest decline over 1 year

-8.45%

-7.13%

-1.32%

Max Drawdown (3Y)

Largest decline over 3 years

-26.70%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-26.70%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-46.08%

—

—

Current Drawdown

Current decline from peak

-1.31%

-1.01%

-0.30%

Average Drawdown

Average peak-to-trough decline

-10.10%

-4.99%

-5.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.35%

2.58%

-0.23%

Volatility

IWN vs. SMCF - Volatility Comparison

iShares Russell 2000 Value ETF (IWN) and Themes US Small Cap Cash Flow Champions ETF (SMCF) have volatilities of 3.21% and 3.25%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IWNSMCFDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.21%

3.25%

-0.04%

Volatility (6M)

Calculated over the trailing 6-month period

11.81%

9.06%

+2.75%

Volatility (1Y)

Calculated over the trailing 1-year period

17.38%

15.36%

+2.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.22%

19.89%

+1.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.33%

19.89%

+3.44%

IWN vs. SMCF - Expense Ratio Comparison

IWN has a 0.24% expense ratio, which is lower than SMCF's 0.29% expense ratio.

Dividends

IWN vs. SMCF - Dividend Comparison

IWN's dividend yield for the trailing twelve months is around 1.44%, less than SMCF's 3.18% yield.

PositionTTM20252024202320222021202020192018201720162015
IWN
iShares Russell 2000 Value ETF		1.44%1.70%1.80%2.04%2.12%1.48%1.60%1.92%1.99%1.78%1.74%2.15%
SMCF
Themes US Small Cap Cash Flow Champions ETF		3.18%3.91%0.61%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

IWN and SMCF have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SMCF has higher volatility (3.25%) compared to IWN (3.21%). In terms of maximum drawdown, IWN dropped -61.55% vs SMCF's -28.48%.

On 1-year performance, IWN leads with 43.20% vs 36.42% for SMCF. On fees, IWN is cheaper at 0.24% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, IWN has performed better with a 43.20% return vs 36.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWN is cheaper with a 0.24% expense ratio, compared with 0.29% for SMCF.

SMCF has the higher dividend yield at 3.18%, compared with 1.44% for IWN.

IWN tracks Russell 2000 Value Index, while SMCF tracks Solactive US Small Cap Cash Flow Champions Index - Benchmark TR Gross. They also come from different issuers: iShares and Themes. Their fees differ too: 0.24% for IWN and 0.29% for SMCF.

IWN currently has the higher Sharpe Ratio (2.33 vs 2.22), 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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