SIZE vs. CTEF

Last updated Jun 24, 2026

SIZE (iShares MSCI USA Size Factor ETF) and CTEF (Castellan Targeted Equity ETF) are both Mid Cap Blend Equities funds. SIZE is passively managed, while CTEF is actively managed. Over the past year, SIZE returned 17.11% vs 81.04% for CTEF. A 0.65 correlation means they provide meaningful diversification when combined. SIZE charges 0.15%/yr vs 0.45%/yr for CTEF.

Performance

SIZE vs. CTEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Size Factor ETF (SIZE) and Castellan Targeted Equity ETF (CTEF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SIZE achieves a 8.82% return, which is significantly lower than CTEF's 36.91% return.

SIZE

• 1D: -0.38%
• 1M: 0.73%
• YTD: 8.82%
• 6M: 7.67%
• 1Y: 17.11%
• 3Y*: 15.52%
• 5Y*: 7.90%
• 10Y*: 12.00%

CTEF

• 1D: -2.45%
• 1M: 13.53%
• YTD: 36.91%
• 6M: 33.85%
• 1Y: 81.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SIZE vs. CTEF - Yearly Performance Comparison

	2026 (YTD)	2025
SIZE iShares MSCI USA Size Factor ETF	8.82%	8.80%
CTEF Castellan Targeted Equity ETF	36.91%	33.10%

Correlation

The correlation between SIZE and CTEF is 0.65, 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	0.65
Correlation (All Time) Calculated using the full available price history since Jun 18, 2025	0.65

The correlation between SIZE and CTEF has been stable across timeframes, ranging from 0.65 to 0.65 - a consistent structural relationship.

Return for Risk

SIZE vs. CTEF — Risk / Return Rank

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

SIZE

SIZE Risk / Return Rank: 43
SIZE Sharpe Ratio Rank: 39
SIZE Sortino Ratio Rank: 40
SIZE Omega Ratio Rank: 37
SIZE Calmar Ratio Rank: 46
SIZE Martin Ratio Rank: 52

CTEF

CTEF Risk / Return Rank: 93
CTEF Sharpe Ratio Rank: 96
CTEF Sortino Ratio Rank: 94
CTEF Omega Ratio Rank: 92
CTEF Calmar Ratio Rank: 91
CTEF Martin Ratio Rank: 94

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.

SIZE vs. CTEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Size Factor ETF (SIZE) and Castellan Targeted Equity ETF (CTEF). 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.

	SIZE	CTEF	Difference
Sharpe ratio: Return per unit of total volatility	1.33	3.60	-2.27
Sortino ratio: Return per unit of downside risk	1.96	4.48	-2.52
Omega ratio: Gain probability vs. loss probability	1.23	1.57	-0.34
Calmar ratio: Return relative to maximum drawdown	2.16	5.43	-3.28
Martin ratio: Return relative to average drawdown	8.33	25.12	-16.79

SIZE vs. CTEF - Sharpe Ratio Comparison

The current SIZE Sharpe Ratio is 1.33, which is lower than the CTEF Sharpe Ratio of 3.60. The chart below compares the historical Sharpe Ratios of SIZE and CTEF, 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

SIZE vs. CTEF - Drawdown Comparison

The maximum SIZE drawdown since its inception was -39.15%, which is greater than CTEF's maximum drawdown of -15.00%. Use the drawdown chart below to compare losses from any high point for SIZE and CTEF.

Drawdown Indicators

	SIZE	CTEF	Difference
Max Drawdown Largest peak-to-trough decline	-39.15%	-15.00%	-24.15%
Max Drawdown (1Y) Largest decline over 1 year	-7.97%	-15.00%	+7.03%
Max Drawdown (3Y) Largest decline over 3 years	-18.71%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.03%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.15%	—	—
Current Drawdown Current decline from peak	-1.59%	-2.45%	+0.86%
Average Drawdown Average peak-to-trough decline	-4.17%	-1.75%	-2.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	3.24%	-1.18%

Volatility

SIZE vs. CTEF - Volatility Comparison

The current volatility for iShares MSCI USA Size Factor ETF (SIZE) is 3.87%, while Castellan Targeted Equity ETF (CTEF) has a volatility of 9.15%. This indicates that SIZE experiences smaller price fluctuations and is considered to be less risky than CTEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SIZE	CTEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.87%	9.15%	-5.28%
Volatility (6M) Calculated over the trailing 6-month period	9.83%	19.03%	-9.20%
Volatility (1Y) Calculated over the trailing 1-year period	12.98%	22.64%	-9.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.43%	22.56%	-5.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.70%	22.56%	-3.86%

SIZE vs. CTEF - Expense Ratio Comparison

SIZE has a 0.15% expense ratio, which is lower than CTEF's 0.45% expense ratio.

Dividends

SIZE vs. CTEF - Dividend Comparison

SIZE's dividend yield for the trailing twelve months is around 1.40%, more than CTEF's 0.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CTEF Castellan Targeted Equity ETF	0.06%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SIZE iShares MSCI USA Size Factor ETF	1.40%	1.50%	1.53%	1.42%	1.59%	1.19%	1.43%	1.35%	2.43%	1.58%	1.88%	1.95%

Frequently Asked Questions

Can I hold both SIZE and CTEF in my portfolio?

SIZE and CTEF have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SIZE or CTEF?

CTEF has higher volatility (9.15%) compared to SIZE (3.87%). In terms of maximum drawdown, SIZE dropped -39.15% vs CTEF's -15.00%.

Which ETF is better, SIZE or CTEF?

On 1-year performance, CTEF leads with 81.04% vs 17.11% for SIZE. On fees, SIZE is cheaper at 0.15% per year. On volatility, SIZE has been the lower-risk option at 3.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SIZE or CTEF?

Over the 1-year period, CTEF has performed better with a 81.04% return vs 17.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIZE or CTEF?

SIZE is cheaper with a 0.15% expense ratio, compared with 0.45% for CTEF.

Which ETF pays a higher dividend yield, SIZE or CTEF?

SIZE has the higher dividend yield at 1.40%, compared with 0.06% for CTEF.

What is the main difference between SIZE and CTEF?

They also come from different issuers: iShares and Castellan. Their fees differ too: 0.15% for SIZE and 0.45% for CTEF.

Which has better risk-adjusted returns?

CTEF currently has the higher Sharpe Ratio (3.60 vs 1.33), 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.