SMLF vs. ^SML

Last updated Apr 1, 2026

Compare and contrast key facts about iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and S&P Small-Cap 600 Index (^SML).

SMLF is a passively managed fund by iShares that tracks the performance of the MSCI USA Small Cap Diversified Multi-Factor. It was launched on Apr 28, 2015.

Performance

SMLF vs. ^SML - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and S&P Small-Cap 600 Index (^SML). The values are adjusted to include any dividend payments, if applicable.

SMLF vs. ^SML - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMLF iShares MSCI USA Small-Cap Multifactor ETF	1.08%	12.30%	16.33%	19.99%	-12.19%	26.53%	8.38%	21.56%	-8.42%	12.70%
^SML S&P Small-Cap 600 Index	3.10%	4.23%	6.82%	13.89%	-17.42%	25.27%	9.57%	20.86%	-9.75%	11.73%

Returns By Period

In the year-to-date period, SMLF achieves a 1.08% return, which is significantly lower than ^SML's 3.10% return. Over the past 10 years, SMLF has outperformed ^SML with an annualized return of 11.24%, while ^SML has yielded a comparatively lower 8.20% annualized return.

SMLF

• 1D: 3.34%
• 1M: -4.37%
• YTD: 1.08%
• 6M: 2.12%
• 1Y: 22.93%
• 3Y*: 15.22%
• 5Y*: 8.55%
• 10Y*: 11.24%

^SML

• 1D: 2.75%
• 1M: -4.28%
• YTD: 3.10%
• 6M: 4.41%
• 1Y: 18.49%
• 3Y*: 8.58%
• 5Y*: 2.46%
• 10Y*: 8.20%

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

Return for Risk

SMLF vs. ^SML — Risk / Return Rank

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

SMLF

SMLF Risk / Return Rank: 63
SMLF Sharpe Ratio Rank: 60
SMLF Sortino Ratio Rank: 63
SMLF Omega Ratio Rank: 59
SMLF Calmar Ratio Rank: 65
SMLF Martin Ratio Rank: 70

^SML

^SML Risk / Return Rank: 55
^SML Sharpe Ratio Rank: 53
^SML Sortino Ratio Rank: 55
^SML Omega Ratio Rank: 52
^SML Calmar Ratio Rank: 53
^SML Martin Ratio Rank: 61

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.

SMLF vs. ^SML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and S&P Small-Cap 600 Index (^SML). 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.

	SMLF	^SML	Difference
Sharpe ratio Return per unit of total volatility	1.02	0.82	+0.20
Sortino ratio Return per unit of downside risk	1.55	1.29	+0.25
Omega ratio Gain probability vs. loss probability	1.21	1.17	+0.04
Calmar ratio Return relative to maximum drawdown	1.56	1.28	+0.29
Martin ratio Return relative to average drawdown	6.74	5.10	+1.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMLF vs. ^SML - Sharpe Ratio Comparison

The current SMLF Sharpe Ratio is 1.02, which is comparable to the ^SML Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of SMLF and ^SML, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SMLF	^SML	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.02	0.82	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.11	+0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.35	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.40	+0.09

Correlation

The correlation between SMLF and ^SML is 0.91, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

SMLF vs. ^SML - Drawdown Comparison

The maximum SMLF drawdown since its inception was -41.89%, smaller than the maximum ^SML drawdown of -59.17%. Use the drawdown chart below to compare losses from any high point for SMLF and ^SML.

Drawdown Indicators

	SMLF	^SML	Difference
Max Drawdown Largest peak-to-trough decline	-41.89%	-59.17%	+17.28%
Max Drawdown (1Y) Largest decline over 1 year	-14.59%	-14.89%	+0.30%
Max Drawdown (5Y) Largest decline over 5 years	-26.28%	-28.39%	+2.11%
Max Drawdown (10Y) Largest decline over 10 years	-41.89%	-45.77%	+3.88%
Current Drawdown Current decline from peak	-5.66%	-6.05%	+0.39%
Average Drawdown Average peak-to-trough decline	-6.68%	-9.55%	+2.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	3.73%	-0.35%

Volatility

SMLF vs. ^SML - Volatility Comparison

iShares MSCI USA Small-Cap Multifactor ETF (SMLF) has a higher volatility of 7.09% compared to S&P Small-Cap 600 Index (^SML) at 6.28%. This indicates that SMLF's price experiences larger fluctuations and is considered to be riskier than ^SML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMLF	^SML	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.09%	6.28%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	13.36%	13.05%	+0.31%
Volatility (1Y) Calculated over the trailing 1-year period	22.67%	22.74%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.14%	21.56%	-0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.75%	23.20%	-1.45%