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SMLF vs. DES
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMLF vs. DES

Last updated Jun 4, 2026

SMLF (iShares MSCI USA Small-Cap Multifactor ETF) and DES (WisdomTree U.S. SmallCap Dividend Fund) are both Small Cap Blend Equities funds - SMLF tracks the MSCI USA Small Cap Diversified Multi-Factor while DES tracks the WisdomTree SmallCap Dividend (TR). Both are passively managed. Over the past 10 years, SMLF returned 12.36%/yr vs 8.04%/yr for DES. Their correlation of 0.85 suggests significant overlap in exposure. SMLF charges 0.30%/yr vs 0.38%/yr for DES.

Performance

SMLF vs. DES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and WisdomTree U.S. SmallCap Dividend Fund (DES). 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 14.46% return, which is significantly lower than DES's 15.19% return. Over the past 10 years, SMLF has outperformed DES with an annualized return of 12.36%, while DES has yielded a comparatively lower 8.04% annualized 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%

DES

1D
-1.24%
1M
0.67%
YTD
15.19%
6M
14.26%
1Y
25.57%
3Y*
14.17%
5Y*
5.96%
10Y*
8.04%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMLF vs. DES - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SMLF
iShares MSCI USA Small-Cap Multifactor ETF		14.46%12.30%16.33%19.99%-12.19%26.53%8.38%21.56%-8.42%12.70%
DES
WisdomTree U.S. SmallCap Dividend Fund		15.19%0.25%9.93%16.50%-10.96%26.51%-4.26%20.26%-12.85%8.64%

Correlation

The correlation between SMLF and DES is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.82

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

0.88

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

0.90

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

0.90

Correlation (All Time)
Calculated using the full available price history since May 1, 2015

0.85

The correlation between SMLF and DES has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.

SMLF vs. DES - Sectors Allocation Comparison

Sectors
SMLF
DES

Industrials

19.8%
13.3%

Technology

16.6%
5.5%

Financial Services

15.0%
23.7%

Healthcare

12.7%
1.7%

Consumer Cyclical

11.8%
14.8%

Real Estate

5.7%
9.6%

Energy

4.8%
10.7%

Basic Materials

4.6%
6.0%

Consumer Defensive

3.7%
4.3%

Communication Services

3.2%
2.8%

Utilities

2.2%
4.6%

Industrials

SMLF
19.8%
DES
13.3%

Technology

SMLF
16.6%
DES
5.5%

Financial Services

SMLF
15.0%
DES
23.7%

Healthcare

SMLF
12.7%
DES
1.7%

Consumer Cyclical

SMLF
11.8%
DES
14.8%

Real Estate

SMLF
5.7%
DES
9.6%

Energy

SMLF
4.8%
DES
10.7%

Basic Materials

SMLF
4.6%
DES
6.0%

Consumer Defensive

SMLF
3.7%
DES
4.3%

Communication Services

SMLF
3.2%
DES
2.8%

Utilities

SMLF
2.2%
DES
4.6%

Compare stocks, funds, or ETFs

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iShares MSCI USA Small-Cap Multifactor ETF

WisdomTree U.S. SmallCap Dividend Fund

Often compared with SMLF:
SMLF vs. FSMDSMLF vs. SMLVSMLF vs. IWMSMLF vs. SMMVSMLF vs. VBRSMLF vs. GSSCSMLF vs. FZIPX
Often compared with DES:
DES vs. FDVVDES vs. AVUVDES vs. EESDES vs. IWNDES vs. SCHDDES vs. VBRDES vs. VXUS

Return for Risk

SMLF vs. DES — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMLF
SMLF Risk / Return Rank: 5858
Overall Rank
SMLF Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
SMLF Sortino Ratio Rank: 5252
Sortino Ratio Rank
SMLF Omega Ratio Rank: 4848
Omega Ratio Rank
SMLF Calmar Ratio Rank: 7171
Calmar Ratio Rank
SMLF Martin Ratio Rank: 6666
Martin Ratio Rank
DES
DES Risk / Return Rank: 5151
Overall Rank
DES Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
DES Sortino Ratio Rank: 4747
Sortino Ratio Rank
DES Omega Ratio Rank: 4343
Omega Ratio Rank
DES Calmar Ratio Rank: 6767
Calmar Ratio Rank
DES Martin Ratio Rank: 5555
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. DES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and WisdomTree U.S. SmallCap Dividend Fund (DES). 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.

SMLFDESDifference
Sharpe ratioReturn per unit of total volatility
1.81
1.57

+0.25

Sortino ratioReturn per unit of downside risk
2.56
2.36

+0.19

Omega ratioGain probability vs. loss probability

1.31

1.28

+0.03

Calmar ratioReturn relative to maximum drawdown

3.57

3.36

+0.21

Martin ratioReturn relative to average drawdown

12.27

9.57

+2.69

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. DES - Sharpe Ratio Comparison

The current SMLF Sharpe Ratio is 1.81, which is comparable to the DES Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of SMLF and DES, 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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Sharpe Ratios by Period

SMLFDESDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.81

1.57

+0.25

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.52

0.31

+0.21

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.57

0.37

+0.20

Sharpe Ratio (All Time)

Calculated using the full available price history

0.54

0.31

+0.22

Drawdowns

SMLF vs. DES - Drawdown Comparison

The maximum SMLF drawdown since its inception was -41.89%, smaller than the maximum DES drawdown of -65.48%. Use the drawdown chart below to compare losses from any high point for SMLF and DES.

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Drawdown Indicators

SMLFDESDifference

Max Drawdown

Largest peak-to-trough decline

-41.89%

-65.48%

+23.59%

Max Drawdown (1Y)

Largest decline over 1 year

-8.71%

-7.64%

-1.07%

Max Drawdown (3Y)

Largest decline over 3 years

-26.28%

-25.16%

-1.12%

Max Drawdown (5Y)

Largest decline over 5 years

-26.28%

-25.16%

-1.12%

Max Drawdown (10Y)

Largest decline over 10 years

-41.89%

-45.65%

+3.76%

Current Drawdown

Current decline from peak

-0.72%

-1.52%

+0.80%

Average Drawdown

Average peak-to-trough decline

-6.60%

-9.68%

+3.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.53%

2.68%

-0.15%

Volatility

SMLF vs. DES - Volatility Comparison

iShares MSCI USA Small-Cap Multifactor ETF (SMLF) has a higher volatility of 4.80% compared to WisdomTree U.S. SmallCap Dividend Fund (DES) at 4.19%. This indicates that SMLF's price experiences larger fluctuations and is considered to be riskier than DES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMLFDESDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.80%

4.19%

+0.61%

Volatility (6M)

Calculated over the trailing 6-month period

12.31%

11.02%

+1.29%

Volatility (1Y)

Calculated over the trailing 1-year period

17.21%

16.46%

+0.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.09%

19.57%

+1.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.78%

21.97%

-0.19%

SMLF vs. DES - Expense Ratio Comparison

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

Dividends

SMLF vs. DES - Dividend Comparison

SMLF's dividend yield for the trailing twelve months is around 1.03%, less than DES's 2.40% yield.

PositionTTM20252024202320222021202020192018201720162015
DES
WisdomTree U.S. SmallCap Dividend Fund		2.40%2.85%2.81%2.65%2.89%2.31%2.75%2.68%3.65%2.89%2.70%3.09%
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

SMLF and DES have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SMLF has higher volatility (4.80%) compared to DES (4.19%). In terms of maximum drawdown, SMLF dropped -41.89% vs DES's -65.48%.

On 10-year performance, SMLF leads with 12.36% vs 8.04% for DES. On fees, SMLF is cheaper at 0.30% per year. On volatility, DES has been the lower-risk option at 4.19%. 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 12.36% return vs 8.04%. 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 0.38% for DES.

DES has the higher dividend yield at 2.40%, compared with 1.03% for SMLF.

SMLF tracks MSCI USA Small Cap Diversified Multi-Factor, while DES tracks WisdomTree SmallCap Dividend (TR). They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.30% for SMLF and 0.38% for DES.

SMLF currently has the higher Sharpe Ratio (1.81 vs 1.56), 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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