SMAP vs. IWC

Last updated Jun 3, 2026

SMAP (Amplify Small-Mid Cap Equity ETF) and IWC (iShares Micro-Cap ETF) are both Small Cap Blend Equities funds. SMAP is actively managed, while IWC is passively managed. Over the past year, SMAP returned 13.42% vs 61.79% for IWC. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.60% expense ratio.

Performance

SMAP vs. IWC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Small-Mid Cap Equity ETF (SMAP) and iShares Micro-Cap ETF (IWC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMAP achieves a 7.25% return, which is significantly lower than IWC's 21.51% return.

SMAP

• 1D: 0.00%
• 1M: 1.58%
• YTD: 7.25%
• 6M: 6.87%
• 1Y: 13.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWC

• 1D: -0.09%
• 1M: 5.14%
• YTD: 21.51%
• 6M: 25.02%
• 1Y: 61.79%
• 3Y*: 22.59%
• 5Y*: 5.97%
• 10Y*: 11.58%

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

SMAP vs. IWC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMAP Amplify Small-Mid Cap Equity ETF	7.25%	3.65%	-2.34%
IWC iShares Micro-Cap ETF	21.51%	22.45%	4.74%

Correlation

The correlation between SMAP and IWC is 0.74, 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	0.74
Correlation (All Time) Calculated using the full available price history since Oct 24, 2024	0.77

The correlation between SMAP and IWC has been stable across timeframes, ranging from 0.74 to 0.77 - a consistent structural relationship.

SMAP vs. IWC - Sectors Allocation Comparison

Sectors	SMAP	IWC
Industrials	22.3%	13.3%
Healthcare	17.5%	28.1%
Technology	13.9%	18.4%
Financial Services	13.1%	18.1%
Consumer Cyclical	11.1%	5.3%
Basic Materials	7.9%	4.4%
Energy	6.6%	4.7%
Real Estate	5.6%	3.5%
Consumer Defensive	2.0%	1.9%
Communication Services	-	1.8%
Utilities	-	0.6%

Return for Risk

SMAP vs. IWC — Risk / Return Rank

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

SMAP

SMAP Risk / Return Rank: 26
SMAP Sharpe Ratio Rank: 24
SMAP Sortino Ratio Rank: 25
SMAP Omega Ratio Rank: 23
SMAP Calmar Ratio Rank: 27
SMAP Martin Ratio Rank: 30

IWC

IWC Risk / Return Rank: 78
IWC Sharpe Ratio Rank: 80
IWC Sortino Ratio Rank: 75
IWC Omega Ratio Rank: 67
IWC Calmar Ratio Rank: 87
IWC Martin Ratio Rank: 81

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.

SMAP vs. IWC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Small-Mid Cap Equity ETF (SMAP) and iShares Micro-Cap ETF (IWC). 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.

	SMAP	IWC	Difference
Sharpe ratio Return per unit of total volatility	0.86	2.64	-1.78
Sortino ratio Return per unit of downside risk	1.36	3.41	-2.05
Omega ratio Gain probability vs. loss probability	1.16	1.41	-0.25
Calmar ratio Return relative to maximum drawdown	1.31	4.97	-3.65
Martin ratio Return relative to average drawdown	4.52	16.48	-11.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMAP vs. IWC - Sharpe Ratio Comparison

The current SMAP Sharpe Ratio is 0.86, which is lower than the IWC Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of SMAP and IWC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SMAP	IWC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.86	2.64	-1.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.25	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.32	-0.05

Drawdowns

SMAP vs. IWC - Drawdown Comparison

The maximum SMAP drawdown since its inception was -24.12%, smaller than the maximum IWC drawdown of -64.61%. Use the drawdown chart below to compare losses from any high point for SMAP and IWC.

Drawdown Indicators

	SMAP	IWC	Difference
Max Drawdown Largest peak-to-trough decline	-24.12%	-64.61%	+40.49%
Max Drawdown (1Y) Largest decline over 1 year	-10.01%	-12.43%	+2.42%
Max Drawdown (3Y) Largest decline over 3 years	—	-29.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-40.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-47.21%	—
Current Drawdown Current decline from peak	-0.35%	-0.83%	+0.48%
Average Drawdown Average peak-to-trough decline	-7.02%	-15.28%	+8.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	3.75%	-0.84%

Volatility

SMAP vs. IWC - Volatility Comparison

The current volatility for Amplify Small-Mid Cap Equity ETF (SMAP) is 3.49%, while iShares Micro-Cap ETF (IWC) has a volatility of 6.90%. This indicates that SMAP experiences smaller price fluctuations and is considered to be less risky than IWC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMAP	IWC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.49%	6.90%	-3.41%
Volatility (6M) Calculated over the trailing 6-month period	11.47%	17.20%	-5.73%
Volatility (1Y) Calculated over the trailing 1-year period	15.69%	23.52%	-7.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.66%	24.40%	-4.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.66%	24.42%	-4.76%

SMAP vs. IWC - Expense Ratio Comparison

Both SMAP and IWC have an expense ratio of 0.60%.

Dividends

SMAP vs. IWC - Dividend Comparison

SMAP's dividend yield for the trailing twelve months is around 0.42%, less than IWC's 0.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWC iShares Micro-Cap ETF	0.89%	1.10%	1.06%	1.17%	1.18%	0.78%	0.98%	1.19%	1.01%	1.09%	1.16%	1.49%
SMAP Amplify Small-Mid Cap Equity ETF	0.42%	0.48%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMAP and IWC in my portfolio?

SMAP and IWC have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMAP or IWC?

IWC has higher volatility (6.90%) compared to SMAP (3.49%). In terms of maximum drawdown, SMAP dropped -24.12% vs IWC's -64.61%.

Which ETF is better, SMAP or IWC?

On 1-year performance, IWC leads with 61.79% vs 13.42% for SMAP. Both ETFs have the same 0.60% expense ratio. On volatility, SMAP has been the lower-risk option at 3.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMAP or IWC?

Over the 1-year period, IWC has performed better with a 61.79% return vs 13.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMAP or IWC?

SMAP and IWC have the same expense ratio: 0.60% per year.

Which ETF pays a higher dividend yield, SMAP or IWC?

IWC has the higher dividend yield at 0.89%, compared with 0.42% for SMAP.

What is the main difference between SMAP and IWC?

They also come from different issuers: Amplify and iShares.

Which has better risk-adjusted returns?

IWC currently has the higher Sharpe Ratio (2.64 vs 0.86), 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.