SMLF vs. AFSC

Last updated Aug 6, 2026

SMLF (iShares U.S. Small-Cap Equity Factor ETF) and AFSC (abrdn Focused U.S. Small Cap Active ETF) are both Small Cap Blend Equities funds. SMLF is passively managed, while AFSC is actively managed. Over the past year, SMLF returned 29.94% vs 38.76% for AFSC. Their correlation of 0.90 means they have usually moved in the same direction. SMLF charges 0.15%/yr vs 0.65%/yr for AFSC.

Performance

SMLF vs. AFSC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Small-Cap Equity Factor ETF (SMLF) and abrdn Focused U.S. Small Cap Active ETF (AFSC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMLF achieves a 19.60% return, which is significantly lower than AFSC's 30.31% return.

SMLF

• 1D: -0.64%
• 1M: 0.37%
• 6M: 14.62%
• YTD: 19.60%
• 1Y: 29.94%
• 3Y*: 18.47%
• 5Y*: 11.52%
• 10Y*: 12.34%
• ALL TIME*: 11.64%

AFSC

• 1D: 0.58%
• 1M: 2.69%
• 6M: 23.36%
• YTD: 30.31%
• 1Y: 38.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.80%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AFSC abrdn Focused U.S. Small Cap Active ETF	$11.87K	$12.37K	$12.47K
SMLF iShares U.S. Small-Cap Equity Factor ETF	$12.62M	$13.04M	$14.55M

SMLF vs. AFSC - Yearly Performance Comparison

	2026 (YTD)	2025
SMLF iShares U.S. Small-Cap Equity Factor ETF	19.60%	7.12%
AFSC abrdn Focused U.S. Small Cap Active ETF	30.31%	2.33%

Correlation

The correlation between SMLF and AFSC is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (All Time) Calculated using the full available price history since Feb 18, 2025	0.90

The correlation between SMLF and AFSC has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

Return for Risk

SMLF vs. AFSC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SMLF

SMLF Risk / Return Rank: 70
SMLF Sharpe Ratio Rank: 64
SMLF Sortino Ratio Rank: 65
SMLF Omega Ratio Rank: 58
SMLF Calmar Ratio Rank: 83
SMLF Martin Ratio Rank: 79

AFSC

AFSC Risk / Return Rank: 80
AFSC Sharpe Ratio Rank: 79
AFSC Sortino Ratio Rank: 79
AFSC Omega Ratio Rank: 70
AFSC Calmar Ratio Rank: 87
AFSC Martin Ratio Rank: 86

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SMLF vs. AFSC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Small-Cap Equity Factor ETF (SMLF) and abrdn Focused U.S. Small Cap Active ETF (AFSC). 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.

	SMLF	AFSC	Difference
Sharpe ratio: Return per unit of total volatility	1.71	2.04	-0.33
Sortino ratio: Return per unit of downside risk	2.44	2.88	-0.44
Omega ratio: Gain probability vs. loss probability	1.29	1.33	-0.04
Calmar ratio: Return relative to maximum drawdown	3.45	3.79	-0.33
Martin ratio: Return relative to average drawdown	11.53	13.86	-2.32

SMLF vs. AFSC - Sharpe Ratio Comparison

The current SMLF Sharpe Ratio is 1.71, which is comparable to the AFSC Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of SMLF and AFSC, 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

SMLF vs. AFSC - Drawdown Comparison

The maximum SMLF drawdown since its inception was -41.89%, which is greater than AFSC's maximum drawdown of -21.93%. Use the drawdown chart below to compare losses from any high point for SMLF and AFSC.

Drawdown Indicators

	SMLF	AFSC	Difference
Max Drawdown Largest peak-to-trough decline	-41.89%	-21.93%	-19.96%
Max Drawdown (1Y) Largest decline over 1 year	-8.71%	-10.29%	+1.58%
Max Drawdown (3Y) Largest decline over 3 years	-26.28%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.28%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.89%	—	—
Current Drawdown Current decline from peak	-0.64%	0.00%	-0.64%
Average Drawdown Average peak-to-trough decline	-6.52%	-3.98%	-2.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	2.81%	-0.21%

Volatility

SMLF vs. AFSC - Volatility Comparison

iShares U.S. Small-Cap Equity Factor ETF (SMLF) and abrdn Focused U.S. Small Cap Active ETF (AFSC) have volatilities of 4.63% and 4.78%, 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

	SMLF	AFSC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.63%	4.78%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	13.01%	14.61%	-1.60%
Volatility (1Y) Calculated over the trailing 1-year period	17.61%	19.11%	-1.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.05%	22.09%	-1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.78%	22.09%	-0.31%

SMLF vs. AFSC - Expense Ratio Comparison

SMLF has a 0.15% expense ratio, which is lower than AFSC's 0.65% expense ratio.

Dividends

SMLF vs. AFSC - Dividend Comparison

SMLF's dividend yield for the trailing twelve months is around 0.99%, more than AFSC's 0.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFSC abrdn Focused U.S. Small Cap Active 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%
SMLF iShares U.S. Small-Cap Equity Factor ETF	0.99%	1.14%	1.33%	1.13%	1.23%	1.07%	1.33%	1.39%	1.17%	0.93%	0.78%	0.79%

Frequently Asked Questions

Can I hold both SMLF and AFSC in my portfolio?

SMLF and AFSC have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMLF or AFSC?

AFSC has higher volatility (4.78%) compared to SMLF (4.63%). In terms of maximum drawdown, SMLF dropped -41.89% vs AFSC's -21.93%.

Which ETF is better, SMLF or AFSC?

On 1-year performance, AFSC leads with 38.76% vs 29.94% for SMLF. On fees, SMLF is cheaper at 0.15% per year. On volatility, SMLF has been the lower-risk option at 4.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMLF or AFSC?

Over the 1-year period, AFSC has performed better with a 38.76% return vs 29.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMLF or AFSC?

SMLF is cheaper with a 0.15% expense ratio, compared with 0.65% for AFSC.

Which ETF pays a higher dividend yield, SMLF or AFSC?

SMLF has the higher dividend yield at 0.99%, compared with 0.06% for AFSC.

What is the main difference between SMLF and AFSC?

They also come from different issuers: iShares and Aberdeen. Their fees differ too: 0.15% for SMLF and 0.65% for AFSC.

Which has better risk-adjusted returns?

AFSC currently has the higher Sharpe Ratio (2.04 vs 1.71), 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.