PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
IWV vs. SMMD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWV vs. SMMD

Last updated Jun 14, 2026

IWV (iShares Russell 3000 ETF) and SMMD (iShares Russell 2500 ETF) are both exchange-traded funds - IWV is a Large Cap Blend Equities fund tracking the Russell 3000 Index, while SMMD is a Small Cap Growth Equities fund tracking the Russell 2500 Index. Both are passively managed. Over the past 5 years, IWV returned 12.07%/yr vs 7.65%/yr for SMMD. Their correlation of 0.85 suggests significant overlap in exposure. IWV charges 0.20%/yr vs 0.15%/yr for SMMD.

Performance

IWV vs. SMMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 3000 ETF (IWV) and iShares Russell 2500 ETF (SMMD). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, IWV achieves a 9.30% return, which is significantly lower than SMMD's 20.07% return.

IWV

1D
0.53%
1M
-0.32%
YTD
9.30%
6M
9.38%
1Y
25.70%
3Y*
20.32%
5Y*
12.07%
10Y*
14.84%

SMMD

1D
0.98%
1M
3.73%
YTD
20.07%
6M
17.82%
1Y
38.70%
3Y*
17.74%
5Y*
7.65%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IWV vs. SMMD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWV
iShares Russell 3000 ETF		9.30%16.96%23.49%25.82%-19.28%25.54%20.55%30.66%-5.43%11.88%
SMMD
iShares Russell 2500 ETF		20.07%11.72%11.87%17.71%-18.53%18.30%19.98%28.01%-10.58%11.27%

Correlation

The correlation between IWV and SMMD is 0.84, 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

0.84

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

0.85

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

0.89

Correlation (All Time)
Calculated using the full available price history since Jul 7, 2017

0.85

The correlation between IWV and SMMD has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

IWV vs. SMMD - Sectors Allocation Comparison

Sectors
IWV
SMMD

Technology

36.5%
24.5%

Financial Services

11.5%
11.6%

Communication Services

10.0%
1.8%

Consumer Cyclical

9.9%
9.2%

Industrials

9.1%
23.2%

Healthcare

8.9%
9.5%

Consumer Defensive

4.3%
2.5%

Energy

3.3%
4.7%

Real Estate

2.3%
6.0%

Utilities

2.1%
2.7%

Basic Materials

2.0%
4.0%

Technology

IWV
36.5%
SMMD
24.5%

Financial Services

IWV
11.5%
SMMD
11.6%

Communication Services

IWV
10.0%
SMMD
1.8%

Consumer Cyclical

IWV
9.9%
SMMD
9.2%

Industrials

IWV
9.1%
SMMD
23.2%

Healthcare

IWV
8.9%
SMMD
9.5%

Consumer Defensive

IWV
4.3%
SMMD
2.5%

Energy

IWV
3.3%
SMMD
4.7%

Real Estate

IWV
2.3%
SMMD
6.0%

Utilities

IWV
2.1%
SMMD
2.7%

Basic Materials

IWV
2.0%
SMMD
4.0%

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 3000 ETF

iShares Russell 2500 ETF

Often compared with IWV:
IWV vs. SPYIWV vs. VTIIWV vs. IWMIWV vs. ACWXIWV vs. VTHRIWV vs. IVVIWV vs. RSP
Often compared with SMMD:
SMMD vs. VOOSMMD vs. IJRSMMD vs. IMCVSMMD vs. IJHSMMD vs. DODGXSMMD vs. XJRSMMD vs. IMCG

Return for Risk

IWV vs. SMMD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWV
IWV Risk / Return Rank: 6868
Overall Rank
IWV Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
IWV Sortino Ratio Rank: 6767
Sortino Ratio Rank
IWV Omega Ratio Rank: 6868
Omega Ratio Rank
IWV Calmar Ratio Rank: 6262
Calmar Ratio Rank
IWV Martin Ratio Rank: 7575
Martin Ratio Rank
SMMD
SMMD Risk / Return Rank: 7575
Overall Rank
SMMD Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
SMMD Sortino Ratio Rank: 7474
Sortino Ratio Rank
SMMD Omega Ratio Rank: 6666
Omega Ratio Rank
SMMD Calmar Ratio Rank: 8181
Calmar Ratio Rank
SMMD Martin Ratio Rank: 8282
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.

IWV vs. SMMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 3000 ETF (IWV) and iShares Russell 2500 ETF (SMMD). 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.

IWVSMMDDifference
Sharpe ratioReturn per unit of total volatility
1.94
2.06

-0.12

Sortino ratioReturn per unit of downside risk
2.64
2.86

-0.22

Omega ratioGain probability vs. loss probability

1.35

1.35

0.00

Calmar ratioReturn relative to maximum drawdown

2.74

3.78

-1.04

Martin ratioReturn relative to average drawdown

12.28

14.33

-2.05

IWV vs. SMMD - Sharpe Ratio Comparison

The current IWV Sharpe Ratio is 1.94, which is comparable to the SMMD Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of IWV and SMMD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

IWV vs. SMMD - Drawdown Comparison

The maximum IWV drawdown since its inception was -55.61%, which is greater than SMMD's maximum drawdown of -41.06%. Use the drawdown chart below to compare losses from any high point for IWV and SMMD.

Loading charts...

Drawdown Indicators

IWVSMMDDifference

Max Drawdown

Largest peak-to-trough decline

-55.61%

-41.06%

-14.55%

Max Drawdown (1Y)

Largest decline over 1 year

-8.89%

-9.66%

+0.77%

Max Drawdown (3Y)

Largest decline over 3 years

-19.28%

-25.50%

+6.22%

Max Drawdown (5Y)

Largest decline over 5 years

-25.11%

-28.26%

+3.15%

Max Drawdown (10Y)

Largest decline over 10 years

-35.22%

—

—

Current Drawdown

Current decline from peak

-2.09%

0.00%

-2.09%

Average Drawdown

Average peak-to-trough decline

-10.58%

-8.35%

-2.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.98%

2.55%

-0.57%

Volatility

IWV vs. SMMD - Volatility Comparison

The current volatility for iShares Russell 3000 ETF (IWV) is 4.44%, while iShares Russell 2500 ETF (SMMD) has a volatility of 6.26%. This indicates that IWV experiences smaller price fluctuations and is considered to be less risky than SMMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

IWVSMMDDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.44%

6.26%

-1.82%

Volatility (6M)

Calculated over the trailing 6-month period

9.75%

13.30%

-3.55%

Volatility (1Y)

Calculated over the trailing 1-year period

12.57%

17.74%

-5.17%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.30%

20.91%

-3.61%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.43%

22.38%

-3.95%

IWV vs. SMMD - Expense Ratio Comparison

IWV has a 0.20% expense ratio, which is higher than SMMD's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IWV vs. SMMD - Dividend Comparison

IWV's dividend yield for the trailing twelve months is around 0.87%, less than SMMD's 1.04% yield.

PositionTTM20252024202320222021202020192018201720162015
IWV
iShares Russell 3000 ETF		0.87%0.96%1.08%1.30%1.56%1.04%1.30%1.69%1.97%1.58%1.79%1.99%
SMMD
iShares Russell 2500 ETF		1.04%1.28%1.27%1.44%1.79%1.12%1.31%1.50%2.45%0.68%0.00%0.00%

Frequently Asked Questions

IWV and SMMD have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SMMD has higher volatility (6.26%) compared to IWV (4.44%). In terms of maximum drawdown, IWV dropped -55.61% vs SMMD's -41.06%.

On 5-year performance, IWV leads with 12.07% vs 7.65% for SMMD. On fees, SMMD is cheaper at 0.15% per year. On volatility, IWV has been the lower-risk option at 4.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, IWV has performed better with a 12.07% return vs 7.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SMMD is cheaper with a 0.15% expense ratio, compared with 0.20% for IWV.

SMMD has the higher dividend yield at 1.04%, compared with 0.87% for IWV.

IWV is categorized as Large Cap Blend Equities, while SMMD is Small Cap Growth Equities. IWV tracks Russell 3000 Index, while SMMD tracks Russell 2500 Index. Their fees differ too: 0.20% for IWV and 0.15% for SMMD.

SMMD currently has the higher Sharpe Ratio (2.06 vs 1.94), 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

Find the right allocation for IWV and SMMD

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer