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SMLF vs. CSB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMLF vs. CSB

Last updated Jun 24, 2026

SMLF (iShares MSCI USA Small-Cap Multifactor ETF) and CSB (VictoryShares US Small Cap High Dividend Volatility Wtd ETF) are both Small Cap Blend Equities funds - SMLF tracks the MSCI USA Small Cap Diversified Multi-Factor while CSB tracks the Nasdaq Victory U.S. Small Cap High Dividend 100 Volatility Weighted Index. Both are passively managed. Over the past 10 years, SMLF returned 12.68%/yr vs 10.15%/yr for CSB. Their correlation of 0.82 suggests significant overlap in exposure. SMLF charges 0.30%/yr vs 0.35%/yr for CSB.

Performance

SMLF vs. CSB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SMLF achieves a 16.28% return, which is significantly higher than CSB's 11.28% return. Over the past 10 years, SMLF has outperformed CSB with an annualized return of 12.68%, while CSB has yielded a comparatively lower 10.15% annualized return.

SMLF

1D
-0.85%
1M
3.41%
YTD
16.28%
6M
14.19%
1Y
32.00%
3Y*
20.44%
5Y*
11.09%
10Y*
12.68%

CSB

1D
1.01%
1M
0.76%
YTD
11.28%
6M
10.03%
1Y
20.88%
3Y*
12.91%
5Y*
4.69%
10Y*
10.15%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMLF vs. CSB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SMLF
iShares MSCI USA Small-Cap Multifactor ETF		16.28%12.30%16.33%19.99%-12.19%26.53%8.38%21.56%-8.42%12.70%
CSB
VictoryShares US Small Cap High Dividend Volatility Wtd ETF		11.28%2.26%9.64%12.60%-13.11%27.04%11.30%21.12%-7.10%11.32%

Correlation

The correlation between SMLF and CSB is 0.71, 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

0.71

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

0.82

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

0.86

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

0.85

Correlation (All Time)
Calculated using the full available price history since Jul 8, 2015

0.82

The correlation between SMLF and CSB shifts across timeframes, from 0.71 (1 year) to 0.86 (5 years), reflecting how their relationship changes across market environments.

SMLF vs. CSB - Sectors Allocation Comparison

Sectors
SMLF
CSB

Industrials

19.5%
8.5%

Technology

19.1%
1.3%

Financial Services

14.3%
26.9%

Healthcare

12.9%
0.4%

Consumer Cyclical

11.4%
19.5%

Real Estate

5.6%

-

Basic Materials

4.5%
3.6%

Energy

4.3%
10.6%

Consumer Defensive

3.3%
4.0%

Communication Services

3.2%
4.0%

Utilities

2.0%
21.7%

Industrials

SMLF
19.5%
CSB
8.5%

Technology

SMLF
19.1%
CSB
1.3%

Financial Services

SMLF
14.3%
CSB
26.9%

Healthcare

SMLF
12.9%
CSB
0.4%

Consumer Cyclical

SMLF
11.4%
CSB
19.5%

Real Estate

SMLF
5.6%
CSB

-

Basic Materials

SMLF
4.5%
CSB
3.6%

Energy

SMLF
4.3%
CSB
10.6%

Consumer Defensive

SMLF
3.3%
CSB
4.0%

Communication Services

SMLF
3.2%
CSB
4.0%

Utilities

SMLF
2.0%
CSB
21.7%

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 Small-Cap Multifactor ETF

VictoryShares US Small Cap High Dividend Volatility Wtd ETF

Often compared with SMLF:
SMLF vs. FSMDSMLF vs. SMLVSMLF vs. IWMSMLF vs. SMMVSMLF vs. VBRSMLF vs. GSSCSMLF vs. FZIPX
Often compared with CSB:
CSB vs. VBCSB vs. AVUVCSB vs. FLQSCSB vs. SCHDCSB vs. XSVMCSB vs. SCHACSB vs. SDY

Return for Risk

SMLF vs. CSB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMLF
SMLF Risk / Return Rank: 6262
Overall Rank
SMLF Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
SMLF Sortino Ratio Rank: 5656
Sortino Ratio Rank
SMLF Omega Ratio Rank: 5151
Omega Ratio Rank
SMLF Calmar Ratio Rank: 7676
Calmar Ratio Rank
SMLF Martin Ratio Rank: 7272
Martin Ratio Rank
CSB
CSB Risk / Return Rank: 4949
Overall Rank
CSB Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
CSB Sortino Ratio Rank: 4646
Sortino Ratio Rank
CSB Omega Ratio Rank: 4242
Omega Ratio Rank
CSB Calmar Ratio Rank: 6363
Calmar Ratio Rank
CSB Martin Ratio Rank: 5252
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.

SMLF vs. CSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB). 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.

SMLFCSBDifference
Sharpe ratioReturn per unit of total volatility
1.83
1.45

+0.37

Sortino ratioReturn per unit of downside risk
2.56
2.20

+0.36

Omega ratioGain probability vs. loss probability

1.31

1.26

+0.05

Calmar ratioReturn relative to maximum drawdown

3.69

2.92

+0.77

Martin ratioReturn relative to average drawdown

12.66

8.44

+4.22

SMLF vs. CSB - Sharpe Ratio Comparison

The current SMLF Sharpe Ratio is 1.83, which is comparable to the CSB Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of SMLF and CSB, 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

SMLF vs. CSB - Drawdown Comparison

The maximum SMLF drawdown since its inception was -41.89%, roughly equal to the maximum CSB drawdown of -42.07%. Use the drawdown chart below to compare losses from any high point for SMLF and CSB.

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Drawdown Indicators

SMLFCSBDifference

Max Drawdown

Largest peak-to-trough decline

-41.89%

-42.07%

+0.18%

Max Drawdown (1Y)

Largest decline over 1 year

-8.71%

-7.18%

-1.53%

Max Drawdown (3Y)

Largest decline over 3 years

-26.28%

-21.82%

-4.46%

Max Drawdown (5Y)

Largest decline over 5 years

-26.28%

-24.49%

-1.79%

Max Drawdown (10Y)

Largest decline over 10 years

-41.89%

-42.07%

+0.18%

Current Drawdown

Current decline from peak

-0.85%

-0.75%

-0.10%

Average Drawdown

Average peak-to-trough decline

-6.57%

-7.11%

+0.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.53%

2.48%

+0.05%

Volatility

SMLF vs. CSB - Volatility Comparison

iShares MSCI USA Small-Cap Multifactor ETF (SMLF) has a higher volatility of 5.35% compared to VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB) at 3.79%. This indicates that SMLF's price experiences larger fluctuations and is considered to be riskier than CSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMLFCSBDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.35%

3.79%

+1.56%

Volatility (6M)

Calculated over the trailing 6-month period

12.92%

9.28%

+3.64%

Volatility (1Y)

Calculated over the trailing 1-year period

17.61%

14.48%

+3.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.12%

18.71%

+2.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.81%

21.31%

+0.50%

SMLF vs. CSB - Expense Ratio Comparison

SMLF has a 0.30% expense ratio, which is lower than CSB's 0.35% expense ratio.

Dividends

SMLF vs. CSB - Dividend Comparison

SMLF's dividend yield for the trailing twelve months is around 1.02%, less than CSB's 3.22% yield.

PositionTTM20252024202320222021202020192018201720162015
CSB
VictoryShares US Small Cap High Dividend Volatility Wtd ETF		3.22%3.54%3.12%3.45%3.60%3.11%3.70%3.19%3.45%3.19%2.85%1.57%
SMLF
iShares MSCI USA Small-Cap Multifactor ETF		1.02%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

SMLF and CSB have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SMLF has higher volatility (5.35%) compared to CSB (3.79%). In terms of maximum drawdown, SMLF dropped -41.89% vs CSB's -42.07%.

On 10-year performance, SMLF leads with 12.68% vs 10.15% for CSB. On fees, SMLF is cheaper at 0.30% per year. On volatility, CSB has been the lower-risk option at 3.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SMLF has performed better with a 12.68% return vs 10.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SMLF is cheaper with a 0.30% expense ratio, compared with 0.35% for CSB.

CSB has the higher dividend yield at 3.22%, compared with 1.02% for SMLF.

SMLF tracks MSCI USA Small Cap Diversified Multi-Factor, while CSB tracks Nasdaq Victory U.S. Small Cap High Dividend 100 Volatility Weighted Index. They also come from different issuers: iShares and Crestview. Their fees differ too: 0.30% for SMLF and 0.35% for CSB.

SMLF currently has the higher Sharpe Ratio (1.83 vs 1.45), 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.

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