MMSC vs. IWM
MMSC (First Trust Multi-Manager Small Cap Opportunities ETF) and IWM (iShares Russell 2000 ETF) are both exchange-traded funds - MMSC is a Small Cap Growth Equities fund actively managed by First Trust, while IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index. MMSC is actively managed, while IWM is passively managed. Over the past 3 years, MMSC returned 18.15%/yr vs 15.11%/yr for IWM. Their correlation of 0.93 means they have usually moved in the same direction. MMSC charges 0.95%/yr vs 0.19%/yr for IWM.
Performance
MMSC vs. IWM - Performance Comparison
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Returns By Period
In the year-to-date period, MMSC achieves a 13.92% return, which is significantly lower than IWM's 18.79% return.
MMSC
- 1D
- -0.15%
- 1M
- -4.59%
- 6M
- 8.24%
- YTD
- 13.92%
- 1Y
- 31.80%
- 3Y*
- 18.15%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 6.19%
IWM
- 1D
- -0.48%
- 1M
- -2.14%
- 6M
- 12.62%
- YTD
- 18.79%
- 1Y
- 36.90%
- 3Y*
- 15.11%
- 5Y*
- 6.99%
- 10Y*
- 10.70%
- ALL TIME*
- 8.73%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.67B | $6.32B | $7.45B | |
| $114.94K | $131.01K | $135.54K |
MMSC vs. IWM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MMSC First Trust Multi-Manager Small Cap Opportunities ETF | 13.92% | 15.45% | 22.19% | 18.76% | -30.98% | 1.25% |
IWM iShares Russell 2000 ETF | 18.79% | 12.66% | 11.38% | 16.83% | -20.48% | 0.25% |
Correlation
The correlation between MMSC and IWM is 0.93, 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. | 0.93 |
Correlation (3Y) Balances recent behavior with more history. | 0.91 |
Correlation (All Time) Calculated using the full available price history since Oct 14, 2021 | 0.93 |
The correlation between MMSC and IWM has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.
MMSC vs. IWM - Sectors Allocation Comparison
Sectors
MMSC
IWM
Industrials
Technology
Healthcare
Consumer Cyclical
Financial Services
Energy
Basic Materials
Consumer Defensive
Communication Services
Real Estate
Utilities
Industrials
MMSC
IWM
Technology
MMSC
IWM
Healthcare
MMSC
IWM
Consumer Cyclical
MMSC
IWM
Financial Services
MMSC
IWM
Energy
MMSC
IWM
Basic Materials
MMSC
IWM
Consumer Defensive
MMSC
IWM
Communication Services
MMSC
IWM
Real Estate
MMSC
IWM
Utilities
MMSC
IWM
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Return for Risk
MMSC vs. IWM — Risk / Return Rank
MMSC
IWM
MMSC vs. IWM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Multi-Manager Small Cap Opportunities ETF (MMSC) and iShares Russell 2000 ETF (IWM). 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.
| MMSC | IWM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.30 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | 3.11 | -0.99 |
| Martin ratioReturn relative to average drawdown | 7.33 | 11.02 | -3.68 |
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Drawdowns
MMSC vs. IWM - Drawdown Comparison
The maximum MMSC drawdown since its inception was -40.82%, smaller than the maximum IWM drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for MMSC and IWM.
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Drawdown Indicators
| MMSC | IWM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.82% | -59.05% | +18.23% |
Max Drawdown (1Y)Largest decline over 1 year | -14.10% | -11.03% | -3.07% |
Max Drawdown (3Y)Largest decline over 3 years | -29.76% | -27.50% | -2.26% |
Max Drawdown (5Y)Largest decline over 5 years | — | -31.91% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.13% | — |
Current DrawdownCurrent decline from peak | -7.71% | -3.08% | -4.63% |
Average DrawdownAverage peak-to-trough decline | -18.26% | -10.71% | -7.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.06% | 3.11% | +0.95% |
Volatility
MMSC vs. IWM - Volatility Comparison
First Trust Multi-Manager Small Cap Opportunities ETF (MMSC) has a higher volatility of 6.38% compared to iShares Russell 2000 ETF (IWM) at 3.82%. This indicates that MMSC's price experiences larger fluctuations and is considered to be riskier than IWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MMSC | IWM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.38% | 3.82% | +2.56% |
Volatility (6M)Calculated over the trailing 6-month period | 18.89% | 14.12% | +4.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.13% | 19.41% | +4.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.52% | 22.48% | +2.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.52% | 23.01% | +1.51% |
MMSC vs. IWM - Expense Ratio Comparison
MMSC has a 0.95% expense ratio, which is higher than IWM's 0.19% expense ratio.
Dividends
MMSC vs. IWM - Dividend Comparison
MMSC has not paid dividends to shareholders, while IWM's dividend yield for the trailing twelve months is around 0.91%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWM iShares Russell 2000 ETF | 0.91% | 1.04% | 1.15% | 1.35% | 1.48% | 0.94% | 1.04% | 1.26% | 1.40% | 1.26% | 1.38% | 1.54% |
MMSC First Trust Multi-Manager Small Cap Opportunities ETF | 0.00% | 0.00% | 0.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.93, MMSC and IWM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
MMSC has higher volatility (6.38%) compared to IWM (3.82%). In terms of maximum drawdown, MMSC dropped -40.82% vs IWM's -59.05%.
On 3-year performance, MMSC leads with 18.15% vs 15.11% for IWM. On fees, IWM is cheaper at 0.19% per year. On volatility, IWM has been the lower-risk option at 3.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, MMSC has performed better with a 18.15% return vs 15.11%. 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 0.95% for MMSC.
IWM has the higher dividend yield at 0.91%, compared with 0.00% for MMSC.
MMSC is categorized as Small Cap Growth Equities, while IWM is Small Cap Blend Equities. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.95% for MMSC and 0.19% for IWM.
IWM currently has the higher Sharpe Ratio (1.77 vs 1.24), 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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