SAWS vs. ESML

Last updated Jun 23, 2026

SAWS (AAM Sawgrass U.S. Small Cap Quality Growth ETF) and ESML (iShares ESG Aware MSCI USA Small-Cap ETF) are both Small Cap Growth Equities funds. SAWS is actively managed, while ESML is passively managed. Over the past year, SAWS returned 33.07% vs 37.51% for ESML. Their correlation of 0.88 suggests significant overlap in exposure. SAWS charges 0.55%/yr vs 0.17%/yr for ESML.

Performance

SAWS vs. ESML - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAM Sawgrass U.S. Small Cap Quality Growth ETF (SAWS) and iShares ESG Aware MSCI USA Small-Cap ETF (ESML). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SAWS achieves a 20.59% return, which is significantly higher than ESML's 19.45% return.

SAWS

• 1D: 1.11%
• 1M: 9.58%
• YTD: 20.59%
• 6M: 17.27%
• 1Y: 33.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ESML

• 1D: 0.35%
• 1M: 4.96%
• YTD: 19.45%
• 6M: 16.51%
• 1Y: 37.51%
• 3Y*: 18.35%
• 5Y*: 7.74%
• 10Y*: —

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

SAWS vs. ESML - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SAWS AAM Sawgrass U.S. Small Cap Quality Growth ETF	20.59%	7.26%	4.18%
ESML iShares ESG Aware MSCI USA Small-Cap ETF	19.45%	10.62%	2.57%

Correlation

The correlation between SAWS and ESML 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 (All Time) Calculated using the full available price history since Jul 31, 2024	0.88

The correlation between SAWS and ESML has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.

SAWS vs. ESML - Sectors Allocation Comparison

Sectors	SAWS	ESML
Industrials	25.3%	17.8%
Healthcare	21.1%	12.8%
Technology	16.1%	20.8%
Financial Services	12.1%	13.8%
Consumer Cyclical	8.9%	10.7%
Consumer Defensive	7.6%	3.4%
Energy	5.3%	4.8%
Basic Materials	2.9%	4.0%
Communication Services	0.7%	2.5%
Real Estate	-	6.5%
Utilities	-	2.8%

Return for Risk

SAWS vs. ESML — Risk / Return Rank

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

SAWS

SAWS Risk / Return Rank: 58
SAWS Sharpe Ratio Rank: 54
SAWS Sortino Ratio Rank: 57
SAWS Omega Ratio Rank: 49
SAWS Calmar Ratio Rank: 67
SAWS Martin Ratio Rank: 61

ESML

ESML Risk / Return Rank: 74
ESML Sharpe Ratio Rank: 71
ESML Sortino Ratio Rank: 72
ESML Omega Ratio Rank: 64
ESML Calmar Ratio Rank: 82
ESML Martin Ratio Rank: 80

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.

SAWS vs. ESML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAM Sawgrass U.S. Small Cap Quality Growth ETF (SAWS) and iShares ESG Aware MSCI USA Small-Cap ETF (ESML). 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.

	SAWS	ESML	Difference
Sharpe ratio: Return per unit of total volatility	1.79	2.20	-0.41
Sortino ratio: Return per unit of downside risk	2.64	3.10	-0.46
Omega ratio: Gain probability vs. loss probability	1.30	1.37	-0.07
Calmar ratio: Return relative to maximum drawdown	3.25	4.17	-0.92
Martin ratio: Return relative to average drawdown	10.59	15.31	-4.72

SAWS vs. ESML - Sharpe Ratio Comparison

The current SAWS Sharpe Ratio is 1.79, which is comparable to the ESML Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of SAWS and ESML, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SAWS vs. ESML - Drawdown Comparison

The maximum SAWS drawdown since its inception was -22.04%, smaller than the maximum ESML drawdown of -41.97%. Use the drawdown chart below to compare losses from any high point for SAWS and ESML.

Drawdown Indicators

	SAWS	ESML	Difference
Max Drawdown Largest peak-to-trough decline	-22.04%	-41.97%	+19.93%
Max Drawdown (1Y) Largest decline over 1 year	-10.23%	-9.04%	-1.19%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.68%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-28.61%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.48%	-8.92%	+3.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	2.46%	+0.67%

Volatility

SAWS vs. ESML - Volatility Comparison

AAM Sawgrass U.S. Small Cap Quality Growth ETF (SAWS) and iShares ESG Aware MSCI USA Small-Cap ETF (ESML) have volatilities of 5.21% and 5.34%, 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.

Volatility by Period

	SAWS	ESML	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.21%	5.34%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	14.12%	12.30%	+1.82%
Volatility (1Y) Calculated over the trailing 1-year period	18.57%	17.13%	+1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.03%	21.28%	-0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.03%	23.39%	-2.36%

SAWS vs. ESML - Expense Ratio Comparison

SAWS has a 0.55% expense ratio, which is higher than ESML's 0.17% expense ratio.

Dividends

SAWS vs. ESML - Dividend Comparison

SAWS's dividend yield for the trailing twelve months is around 0.02%, less than ESML's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ESML iShares ESG Aware MSCI USA Small-Cap ETF	0.91%	1.08%	1.22%	1.31%	1.46%	0.94%	0.99%	1.10%	1.07%
SAWS AAM Sawgrass U.S. Small Cap Quality Growth ETF	0.02%	0.02%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SAWS and ESML in my portfolio?

SAWS and ESML 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.

Which is riskier, SAWS or ESML?

ESML has higher volatility (5.34%) compared to SAWS (5.21%). In terms of maximum drawdown, SAWS dropped -22.04% vs ESML's -41.97%.

Which ETF is better, SAWS or ESML?

On 1-year performance, ESML leads with 37.51% vs 33.07% for SAWS. On fees, ESML is cheaper at 0.17% per year. On volatility, SAWS has been the lower-risk option at 5.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SAWS or ESML?

Over the 1-year period, ESML has performed better with a 37.51% return vs 33.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SAWS or ESML?

ESML is cheaper with a 0.17% expense ratio, compared with 0.55% for SAWS.

Which ETF pays a higher dividend yield, SAWS or ESML?

ESML has the higher dividend yield at 0.91%, compared with 0.02% for SAWS.

What is the main difference between SAWS and ESML?

They also come from different issuers: AAM and iShares. Their fees differ too: 0.55% for SAWS and 0.17% for ESML.

Which has better risk-adjusted returns?

ESML currently has the higher Sharpe Ratio (2.20 vs 1.79), 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.