JMCRX vs. IWC

Last updated Jun 3, 2026

JMCRX (James Micro Cap Fund) and IWC (iShares Micro-Cap ETF) are both funds - JMCRX is a Small Cap Value Equities fund managed by James Advantage, while IWC is a Small Cap Blend Equities fund tracking the Russell Microcap Index. Over the past 10 years, JMCRX returned 9.07%/yr vs 11.58%/yr for IWC. Their correlation of 0.88 suggests significant overlap in exposure. JMCRX charges 1.51%/yr vs 0.60%/yr for IWC.

Performance

JMCRX vs. IWC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in James Micro Cap Fund (JMCRX) and iShares Micro-Cap ETF (IWC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JMCRX achieves a 13.25% return, which is significantly lower than IWC's 21.51% return. Over the past 10 years, JMCRX has underperformed IWC with an annualized return of 9.07%, while IWC has yielded a comparatively higher 11.58% annualized return.

JMCRX

• 1D: 0.00%
• 1M: -1.22%
• YTD: 13.25%
• 6M: 15.66%
• 1Y: 30.73%
• 3Y*: 15.42%
• 5Y*: 7.80%
• 10Y*: 9.07%

IWC

• 1D: -0.09%
• 1M: 5.14%
• YTD: 21.51%
• 6M: 25.02%
• 1Y: 61.79%
• 3Y*: 22.59%
• 5Y*: 5.97%
• 10Y*: 11.58%

*Multi-year figures are annualized to reflect compound growth (CAGR)

JMCRX vs. IWC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JMCRX James Micro Cap Fund	13.25%	4.37%	5.95%	31.72%	-17.33%	36.27%	-4.21%	30.55%	-16.62%	2.88%
IWC iShares Micro-Cap ETF	21.51%	22.45%	13.63%	8.99%	-21.93%	18.67%	20.88%	22.20%	-13.13%	12.79%

Correlation

The correlation between JMCRX and IWC is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jul 8, 2010	0.88

The correlation between JMCRX and IWC has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

Return for Risk

JMCRX vs. IWC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

JMCRX

JMCRX Risk / Return Rank: 37
JMCRX Sharpe Ratio Rank: 31
JMCRX Sortino Ratio Rank: 34
JMCRX Omega Ratio Rank: 28
JMCRX Calmar Ratio Rank: 57
JMCRX Martin Ratio Rank: 37

IWC

IWC Risk / Return Rank: 78
IWC Sharpe Ratio Rank: 80
IWC Sortino Ratio Rank: 75
IWC Omega Ratio Rank: 67
IWC Calmar Ratio Rank: 87
IWC Martin Ratio Rank: 81

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.

JMCRX vs. IWC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for James Micro Cap Fund (JMCRX) and iShares Micro-Cap ETF (IWC). 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.

	JMCRX	IWC	Difference
Sharpe ratio Return per unit of total volatility	1.62	2.64	-1.02
Sortino ratio Return per unit of downside risk	2.43	3.41	-0.97
Omega ratio Gain probability vs. loss probability	1.28	1.41	-0.13
Calmar ratio Return relative to maximum drawdown	2.92	4.97	-2.05
Martin ratio Return relative to average drawdown	8.18	16.48	-8.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JMCRX vs. IWC - Sharpe Ratio Comparison

The current JMCRX Sharpe Ratio is 1.62, which is lower than the IWC Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of JMCRX and IWC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JMCRX	IWC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.62	2.64	-1.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.25	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.48	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.32	+0.17

Drawdowns

JMCRX vs. IWC - Drawdown Comparison

The maximum JMCRX drawdown since its inception was -46.65%, smaller than the maximum IWC drawdown of -64.61%. Use the drawdown chart below to compare losses from any high point for JMCRX and IWC.

Drawdown Indicators

	JMCRX	IWC	Difference
Max Drawdown Largest peak-to-trough decline	-46.65%	-64.61%	+17.96%
Max Drawdown (1Y) Largest decline over 1 year	-9.92%	-12.43%	+2.51%
Max Drawdown (3Y) Largest decline over 3 years	-26.90%	-29.46%	+2.56%
Max Drawdown (5Y) Largest decline over 5 years	-26.90%	-40.68%	+13.78%
Max Drawdown (10Y) Largest decline over 10 years	-46.65%	-47.21%	+0.56%
Current Drawdown Current decline from peak	-3.35%	-0.83%	-2.52%
Average Drawdown Average peak-to-trough decline	-7.42%	-15.28%	+7.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	3.75%	-0.21%

Volatility

JMCRX vs. IWC - Volatility Comparison

The current volatility for James Micro Cap Fund (JMCRX) is 5.80%, while iShares Micro-Cap ETF (IWC) has a volatility of 6.90%. This indicates that JMCRX experiences smaller price fluctuations and is considered to be less risky than IWC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMCRX	IWC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.80%	6.90%	-1.10%
Volatility (6M) Calculated over the trailing 6-month period	12.92%	17.20%	-4.28%
Volatility (1Y) Calculated over the trailing 1-year period	18.51%	23.52%	-5.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.84%	24.40%	-3.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.67%	24.42%	-2.75%

JMCRX vs. IWC - Expense Ratio Comparison

JMCRX has a 1.51% expense ratio, which is higher than IWC's 0.60% expense ratio.

Dividends

JMCRX vs. IWC - Dividend Comparison

JMCRX's dividend yield for the trailing twelve months is around 0.90%, more than IWC's 0.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWC iShares Micro-Cap ETF	0.89%	1.10%	1.06%	1.17%	1.18%	0.78%	0.98%	1.19%	1.01%	1.09%	1.16%	1.49%
JMCRX James Micro Cap Fund	0.90%	1.02%	1.43%	0.63%	9.14%	3.84%	0.53%	6.35%	6.71%	7.80%	0.00%	0.09%

Frequently Asked Questions

Can I hold both JMCRX and IWC in my portfolio?

JMCRX and IWC have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JMCRX or IWC?

IWC has higher volatility (6.90%) compared to JMCRX (5.80%). In terms of maximum drawdown, JMCRX dropped -46.65% vs IWC's -64.61%.

Which has better risk-adjusted returns?

IWC currently has the higher Sharpe Ratio (2.64 vs 1.62), 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.