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SIZE vs. SCHM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SIZE vs. SCHM

Last updated Jun 24, 2026

SIZE (iShares MSCI USA Size Factor ETF) and SCHM (Schwab US Mid-Cap ETF) are both Mid Cap Blend Equities funds - SIZE tracks the MSCI USA Low Size Index while SCHM tracks the Dow Jones US Total Stock Market Mid-Cap. Both are passively managed. Over the past 10 years, SIZE returned 12.00%/yr vs 11.71%/yr for SCHM. Their correlation of 0.89 suggests significant overlap in exposure. SIZE charges 0.15%/yr vs 0.04%/yr for SCHM.

Performance

SIZE vs. SCHM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Size Factor ETF (SIZE) and Schwab US Mid-Cap ETF (SCHM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SIZE achieves a 8.82% return, which is significantly lower than SCHM's 19.11% return. Both investments have delivered pretty close results over the past 10 years, with SIZE having a 12.00% annualized return and SCHM not far behind at 11.71%.

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%

SCHM

1D
-1.73%
1M
2.88%
YTD
19.11%
6M
16.97%
1Y
31.33%
3Y*
17.85%
5Y*
8.08%
10Y*
11.71%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SIZE vs. SCHM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SIZE
iShares MSCI USA Size Factor ETF		8.82%10.51%14.37%17.78%-15.86%25.05%16.26%28.97%-6.59%18.76%
SCHM
Schwab US Mid-Cap ETF		19.11%10.17%11.98%16.69%-17.07%19.36%15.26%27.48%-8.77%19.60%

Correlation

The correlation between SIZE and SCHM is 0.91, 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

0.91

Correlation (3Y)
Calculated over the trailing 3-year period

0.95

Correlation (5Y)
Calculated over the trailing 5-year period

0.96

Correlation (10Y)
Calculated over the trailing 10-year period

0.95

Correlation (All Time)
Calculated using the full available price history since Apr 18, 2013

0.89

The correlation between SIZE and SCHM has been stable across timeframes, ranging from 0.89 to 0.96 - a consistent structural relationship.

SIZE vs. SCHM - Sectors Allocation Comparison

Sectors
SIZE
SCHM

Technology

20.0%
22.1%

Industrials

15.3%
21.7%

Financial Services

14.7%
10.9%

Consumer Cyclical

11.2%
10.8%

Healthcare

10.7%
10.9%

Utilities

5.4%
2.9%

Consumer Defensive

5.3%
3.4%

Real Estate

5.3%
6.4%

Basic Materials

4.3%
4.7%

Communication Services

3.9%
2.6%

Energy

3.7%
3.4%

Technology

SIZE
20.0%
SCHM
22.1%

Industrials

SIZE
15.3%
SCHM
21.7%

Financial Services

SIZE
14.7%
SCHM
10.9%

Consumer Cyclical

SIZE
11.2%
SCHM
10.8%

Healthcare

SIZE
10.7%
SCHM
10.9%

Utilities

SIZE
5.4%
SCHM
2.9%

Consumer Defensive

SIZE
5.3%
SCHM
3.4%

Real Estate

SIZE
5.3%
SCHM
6.4%

Basic Materials

SIZE
4.3%
SCHM
4.7%

Communication Services

SIZE
3.9%
SCHM
2.6%

Energy

SIZE
3.7%
SCHM
3.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI USA Size Factor ETF

Schwab US Mid-Cap ETF

Often compared with SIZE:
SIZE vs. XLGSIZE vs. SPYSIZE vs. QUALSIZE vs. QDVA.DESIZE vs. VIGSIZE vs. VOOSIZE vs. IJH
Often compared with SCHM:
SCHM vs. VOSCHM vs. SCHASCHM vs. VOOSCHM vs. IJHSCHM vs. SWMCXSCHM vs. VOTSCHM vs. SPMD

Return for Risk

SIZE vs. SCHM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SIZE
SIZE Risk / Return Rank: 4343
Overall Rank
SIZE Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
SIZE Sortino Ratio Rank: 4040
Sortino Ratio Rank
SIZE Omega Ratio Rank: 3737
Omega Ratio Rank
SIZE Calmar Ratio Rank: 4646
Calmar Ratio Rank
SIZE Martin Ratio Rank: 5252
Martin Ratio Rank
SCHM
SCHM Risk / Return Rank: 6464
Overall Rank
SCHM Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
SCHM Sortino Ratio Rank: 6060
Sortino Ratio Rank
SCHM Omega Ratio Rank: 5656
Omega Ratio Rank
SCHM Calmar Ratio Rank: 7070
Calmar Ratio Rank
SCHM Martin Ratio Rank: 7474
Martin Ratio Rank
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. SCHM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Size Factor ETF (SIZE) and Schwab US Mid-Cap ETF (SCHM). 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.

SIZESCHMDifference
Sharpe ratioReturn per unit of total volatility
1.33
1.93

-0.61

Sortino ratioReturn per unit of downside risk
1.96
2.72

-0.75

Omega ratioGain probability vs. loss probability

1.23

1.34

-0.10

Calmar ratioReturn relative to maximum drawdown

2.16

3.38

-1.22

Martin ratioReturn relative to average drawdown

8.33

13.48

-5.15

SIZE vs. SCHM - Sharpe Ratio Comparison

The current SIZE Sharpe Ratio is 1.33, which is lower than the SCHM Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of SIZE and SCHM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SIZE vs. SCHM - Drawdown Comparison

The maximum SIZE drawdown since its inception was -39.15%, smaller than the maximum SCHM drawdown of -42.43%. Use the drawdown chart below to compare losses from any high point for SIZE and SCHM.

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Drawdown Indicators

SIZESCHMDifference

Max Drawdown

Largest peak-to-trough decline

-39.15%

-42.43%

+3.28%

Max Drawdown (1Y)

Largest decline over 1 year

-7.97%

-9.32%

+1.35%

Max Drawdown (3Y)

Largest decline over 3 years

-18.71%

-23.27%

+4.56%

Max Drawdown (5Y)

Largest decline over 5 years

-24.03%

-26.46%

+2.43%

Max Drawdown (10Y)

Largest decline over 10 years

-39.15%

-42.43%

+3.28%

Current Drawdown

Current decline from peak

-1.59%

-1.73%

+0.14%

Average Drawdown

Average peak-to-trough decline

-4.17%

-5.64%

+1.47%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.06%

2.33%

-0.27%

Volatility

SIZE vs. SCHM - Volatility Comparison

The current volatility for iShares MSCI USA Size Factor ETF (SIZE) is 3.87%, while Schwab US Mid-Cap ETF (SCHM) has a volatility of 5.75%. This indicates that SIZE experiences smaller price fluctuations and is considered to be less risky than SCHM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SIZESCHMDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.87%

5.75%

-1.88%

Volatility (6M)

Calculated over the trailing 6-month period

9.83%

12.61%

-2.78%

Volatility (1Y)

Calculated over the trailing 1-year period

12.98%

16.30%

-3.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.43%

19.67%

-2.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.70%

20.49%

-1.79%

SIZE vs. SCHM - Expense Ratio Comparison

SIZE has a 0.15% expense ratio, which is higher than SCHM's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SIZE vs. SCHM - Dividend Comparison

SIZE's dividend yield for the trailing twelve months is around 1.40%, more than SCHM's 1.22% yield.

PositionTTM20252024202320222021202020192018201720162015
SCHM
Schwab US Mid-Cap ETF		1.22%1.46%1.43%1.50%1.67%1.13%1.31%1.48%1.56%1.27%1.51%1.54%
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

With a correlation of 0.91, SIZE and SCHM 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.

SCHM has higher volatility (5.75%) compared to SIZE (3.87%). In terms of maximum drawdown, SIZE dropped -39.15% vs SCHM's -42.43%.

On 10-year performance, SIZE leads with 12.00% vs 11.71% for SCHM. On fees, SCHM is cheaper at 0.04% 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.

Over the 10-year period, SIZE has performed better with a 12.00% return vs 11.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SCHM is cheaper with a 0.04% expense ratio, compared with 0.15% for SIZE.

SIZE has the higher dividend yield at 1.40%, compared with 1.22% for SCHM.

SIZE tracks MSCI USA Low Size Index, while SCHM tracks Dow Jones US Total Stock Market Mid-Cap. They also come from different issuers: iShares and Charles Schwab. Their fees differ too: 0.15% for SIZE and 0.04% for SCHM.

SCHM currently has the higher Sharpe Ratio (1.93 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.

Portfolio Optimizer

Find the right allocation for SIZE and SCHM

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