RB vs. SMLF
RB (ProShares Russell 2000 Dynamic Daily Buffer ETF) and SMLF (iShares MSCI USA Small-Cap Multifactor ETF) are both exchange-traded funds - RB is a Defined Outcome fund tracking the Russell 2000, 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 year, RB returned 19.41% vs 31.30% for SMLF. A 0.76 correlation means they provide meaningful diversification when combined. RB charges 0.58%/yr vs 0.30%/yr for SMLF.
Performance
RB vs. SMLF - Performance Comparison
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Returns By Period
In the year-to-date period, RB achieves a 7.87% return, which is significantly lower than SMLF's 18.23% return.
RB
- 1D
- -0.19%
- 1M
- 0.80%
- YTD
- 7.87%
- 6M
- 7.69%
- 1Y
- 19.41%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMLF
- 1D
- 0.33%
- 1M
- 2.96%
- YTD
- 18.23%
- 6M
- 15.93%
- 1Y
- 31.30%
- 3Y*
- 20.15%
- 5Y*
- 11.30%
- 10Y*
- 13.19%
RB vs. SMLF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
RB ProShares Russell 2000 Dynamic Daily Buffer ETF | 7.87% | 10.85% |
SMLF iShares MSCI USA Small-Cap Multifactor ETF | 18.23% | 13.09% |
Correlation
The correlation between RB and SMLF is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025 | 0.76 |
The correlation between RB and SMLF has been stable across timeframes, ranging from 0.76 to 0.76 - a consistent structural relationship.
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Return for Risk
RB vs. SMLF — Risk / Return Rank
RB
SMLF
RB vs. SMLF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Russell 2000 Dynamic Daily Buffer ETF (RB) 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.
| RB | SMLF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.14 | ||
| Sortino ratioReturn per unit of downside risk | +2.51 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 1.31 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 9.27 | 3.69 | +5.58 |
| Martin ratioReturn relative to average drawdown | 30.83 | 12.67 | +18.17 |
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Drawdowns
RB vs. SMLF - Drawdown Comparison
The maximum RB drawdown since its inception was -2.09%, smaller than the maximum SMLF drawdown of -41.89%. Use the drawdown chart below to compare losses from any high point for RB and SMLF.
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Drawdown Indicators
| RB | SMLF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.09% | -41.89% | +39.80% |
Max Drawdown (1Y)Largest decline over 1 year | -2.09% | -8.71% | +6.62% |
Max Drawdown (3Y)Largest decline over 3 years | — | -26.28% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -26.28% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.89% | — |
Current DrawdownCurrent decline from peak | -0.56% | 0.00% | -0.56% |
Average DrawdownAverage peak-to-trough decline | -0.43% | -6.57% | +6.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.63% | 2.53% | -1.90% |
Volatility
RB vs. SMLF - Volatility Comparison
The current volatility for ProShares Russell 2000 Dynamic Daily Buffer ETF (RB) is 2.66%, while iShares MSCI USA Small-Cap Multifactor ETF (SMLF) has a volatility of 5.16%. This indicates that RB experiences smaller price fluctuations and is considered to be less risky 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
| RB | SMLF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.66% | 5.16% | -2.50% |
Volatility (6M)Calculated over the trailing 6-month period | 4.75% | 12.85% | -8.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.52% | 17.56% | -11.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.52% | 21.11% | -14.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.52% | 21.77% | -15.25% |
RB vs. SMLF - Expense Ratio Comparison
RB has a 0.58% expense ratio, which is higher than SMLF's 0.30% expense ratio.
Dividends
RB vs. SMLF - Dividend Comparison
RB's dividend yield for the trailing twelve months is around 2.27%, more than SMLF's 1.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RB ProShares Russell 2000 Dynamic Daily Buffer ETF | 2.27% | 1.78% | 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 | 1.00% | 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
RB and SMLF have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMLF has higher volatility (5.16%) compared to RB (2.66%). In terms of maximum drawdown, RB dropped -2.09% vs SMLF's -41.89%.
On 1-year performance, SMLF leads with 31.30% vs 19.41% for RB. On fees, SMLF is cheaper at 0.30% per year. On volatility, RB has been the lower-risk option at 2.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SMLF has performed better with a 31.30% return vs 19.41%. 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 0.58% for RB.
RB has the higher dividend yield at 2.27%, compared with 1.00% for SMLF.
RB is categorized as Defined Outcome, while SMLF is Small Cap Blend Equities. RB tracks Russell 2000, while SMLF tracks MSCI USA Small Cap Diversified Multi-Factor. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.58% for RB and 0.30% for SMLF.
RB currently has the higher Sharpe Ratio (2.97 vs 1.84), 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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