SMLF vs. ASCE

Last updated Jun 4, 2026

SMLF (iShares MSCI USA Small-Cap Multifactor ETF) and ASCE (Allspring SMID Core ETF) are both Small Cap Blend Equities funds. SMLF is passively managed, while ASCE is actively managed. Their correlation of 0.91 suggests significant overlap in exposure. SMLF charges 0.30%/yr vs 0.38%/yr for ASCE.

Performance

SMLF vs. ASCE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and Allspring SMID Core ETF (ASCE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMLF achieves a 14.46% return, which is significantly lower than ASCE's 22.25% return.

SMLF

• 1D: -0.72%
• 1M: 4.07%
• YTD: 14.46%
• 6M: 14.20%
• 1Y: 30.98%
• 3Y*: 19.85%
• 5Y*: 10.89%
• 10Y*: 12.36%

ASCE

• 1D: -0.38%
• 1M: 5.38%
• YTD: 22.25%
• 6M: 21.06%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMLF vs. ASCE - Yearly Performance Comparison

	2026 (YTD)	2025
SMLF iShares MSCI USA Small-Cap Multifactor ETF	14.46%	8.70%
ASCE Allspring SMID Core ETF	22.25%	8.61%

Correlation

The correlation between SMLF and ASCE 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 (All Time) Calculated using the full available price history since Jul 9, 2025	0.91

Return for Risk

SMLF vs. ASCE — Risk / Return Rank

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

SMLF

SMLF Risk / Return Rank: 58
SMLF Sharpe Ratio Rank: 52
SMLF Sortino Ratio Rank: 52
SMLF Omega Ratio Rank: 48
SMLF Calmar Ratio Rank: 71
SMLF Martin Ratio Rank: 66

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. ASCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and Allspring SMID Core ETF (ASCE). 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	ASCE	Difference
Sharpe ratio Return per unit of total volatility	1.81	—	—
Sortino ratio Return per unit of downside risk	2.56	—	—
Omega ratio Gain probability vs. loss probability	1.31	—	—
Calmar ratio Return relative to maximum drawdown	3.57	—	—
Martin ratio Return relative to average drawdown	12.27	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SMLF	ASCE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	1.92	-1.38

Drawdowns

SMLF vs. ASCE - Drawdown Comparison

The maximum SMLF drawdown since its inception was -41.89%, which is greater than ASCE's maximum drawdown of -9.22%. Use the drawdown chart below to compare losses from any high point for SMLF and ASCE.

Drawdown Indicators

	SMLF	ASCE	Difference
Max Drawdown Largest peak-to-trough decline	-41.89%	-9.22%	-32.67%
Max Drawdown (1Y) Largest decline over 1 year	-8.71%	—	—
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	-0.72%	-0.38%	-0.34%
Average Drawdown Average peak-to-trough decline	-6.60%	-2.10%	-4.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	—	—

Volatility

Volatility by Period

	SMLF	ASCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.80%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.31%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.21%	19.25%	-2.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.09%	19.25%	+1.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.78%	19.25%	+2.53%

SMLF vs. ASCE - Expense Ratio Comparison

SMLF has a 0.30% expense ratio, which is lower than ASCE's 0.38% expense ratio.

Dividends

SMLF vs. ASCE - Dividend Comparison

SMLF's dividend yield for the trailing twelve months is around 1.03%, more than ASCE's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASCE Allspring SMID Core ETF	0.18%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMLF iShares MSCI USA Small-Cap Multifactor ETF	1.03%	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 ASCE in my portfolio?

With a correlation of 0.91, SMLF and ASCE 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.

Which ETF is better, SMLF or ASCE?

On fees, SMLF is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMLF or ASCE?

SMLF is cheaper with a 0.30% expense ratio, compared with 0.38% for ASCE.

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

SMLF has the higher dividend yield at 1.03%, compared with 0.18% for ASCE.

What is the main difference between SMLF and ASCE?

They also come from different issuers: iShares and Allspring. Their fees differ too: 0.30% for SMLF and 0.38% for ASCE.