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SMLF vs. FNDA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMLF vs. FNDA

Last updated Jul 17, 2026
Documentation

SMLF (iShares U.S. Small-Cap Equity Factor ETF) and FNDA (Schwab Fundamental U.S. Small Company ETF) are both Small Cap Blend Equities funds - SMLF tracks the STOXX U.S. Small-Cap Equity Factor Index while FNDA tracks the RAFI Fundamental High Liquidity U.S. Small Index. Both are passively managed. Over the past 10 years, SMLF returned 12.14%/yr vs 11.01%/yr for FNDA. Their correlation of 0.90 suggests significant overlap in exposure. SMLF charges 0.15%/yr vs 0.25%/yr for FNDA.

Performance

SMLF vs. FNDA - 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 Schwab Fundamental U.S. Small Company ETF (FNDA). 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 16.74% return, which is significantly lower than FNDA's 20.82% return. Over the past 10 years, SMLF has outperformed FNDA with an annualized return of 12.14%, while FNDA has yielded a comparatively lower 11.01% annualized return.

SMLF

1D
-0.16%
1M
0.42%
6M
9.80%
YTD
16.74%
1Y
27.80%
3Y*
17.58%
5Y*
12.07%
10Y*
12.14%

FNDA

1D
0.91%
1M
2.67%
6M
12.04%
YTD
20.82%
1Y
30.96%
3Y*
14.92%
5Y*
9.51%
10Y*
11.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMLF vs. FNDA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SMLF
iShares U.S. Small-Cap Equity Factor ETF		16.74%12.30%16.33%19.99%-12.19%26.53%8.38%21.56%-8.42%12.70%
FNDA
Schwab Fundamental U.S. Small Company ETF		20.82%7.44%9.00%20.29%-14.83%31.12%8.44%24.34%-12.12%12.68%

Correlation

The correlation between SMLF and FNDA is 0.93, 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

0.93

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

0.96

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

0.97

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

0.95

Correlation (All Time)
Calculated using the full available price history since Apr 30, 2015

0.90

The correlation between SMLF and FNDA has been stable across timeframes, ranging from 0.90 to 0.97 - a consistent structural relationship.

SMLF vs. FNDA - Sectors Allocation Comparison

Sectors
SMLF
FNDA

Industrials

19.5%
19.3%

Technology

19.1%
16.2%

Financial Services

14.3%
14.1%

Healthcare

12.9%
7.1%

Consumer Cyclical

11.4%
12.2%

Real Estate

5.6%
9.8%

Basic Materials

4.5%
5.2%

Energy

4.3%
5.5%

Consumer Defensive

3.3%
3.9%

Communication Services

3.2%
4.0%

Utilities

2.0%
2.7%

Industrials

SMLF
19.5%
FNDA
19.3%

Technology

SMLF
19.1%
FNDA
16.2%

Financial Services

SMLF
14.3%
FNDA
14.1%

Healthcare

SMLF
12.9%
FNDA
7.1%

Consumer Cyclical

SMLF
11.4%
FNDA
12.2%

Real Estate

SMLF
5.6%
FNDA
9.8%

Basic Materials

SMLF
4.5%
FNDA
5.2%

Energy

SMLF
4.3%
FNDA
5.5%

Consumer Defensive

SMLF
3.3%
FNDA
3.9%

Communication Services

SMLF
3.2%
FNDA
4.0%

Utilities

SMLF
2.0%
FNDA
2.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares U.S. Small-Cap Equity Factor ETF

Schwab Fundamental U.S. Small Company ETF

Often compared with SMLF:
SMLF vs. FSMDSMLF vs. SMLVSMLF vs. IWMSMLF vs. SMMVSMLF vs. VBRSMLF vs. GSSCSMLF vs. FZIPX
Often compared with FNDA:
FNDA vs. SCHAFNDA vs. FNDCFNDA vs. VBKFNDA vs. IFRAFNDA vs. IGFFNDA vs. SPYFNDA vs. LRGF

Return for Risk

SMLF vs. FNDA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMLF
SMLF Risk / Return Rank: 6565
Overall Rank
SMLF Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
SMLF Sortino Ratio Rank: 6060
Sortino Ratio Rank
SMLF Omega Ratio Rank: 5454
Omega Ratio Rank
SMLF Calmar Ratio Rank: 7878
Calmar Ratio Rank
SMLF Martin Ratio Rank: 7474
Martin Ratio Rank
FNDA
FNDA Risk / Return Rank: 7373
Overall Rank
FNDA Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
FNDA Sortino Ratio Rank: 7474
Sortino Ratio Rank
FNDA Omega Ratio Rank: 6666
Omega Ratio Rank
FNDA Calmar Ratio Rank: 8080
Calmar Ratio Rank
FNDA Martin Ratio Rank: 7474
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. FNDA - 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 Schwab Fundamental U.S. Small Company ETF (FNDA). 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.

SMLFFNDADifference
Sharpe ratioReturn per unit of total volatility
1.59
1.82

-0.23

Sortino ratioReturn per unit of downside risk
2.29
2.65

-0.37

Omega ratioGain probability vs. loss probability

1.27

1.32

-0.04

Calmar ratioReturn relative to maximum drawdown

3.20

3.32

-0.12

Martin ratioReturn relative to average drawdown

10.90

10.73

+0.17

SMLF vs. FNDA - Sharpe Ratio Comparison

The current SMLF Sharpe Ratio is 1.59, which is comparable to the FNDA Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of SMLF and FNDA, 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. FNDA - Drawdown Comparison

The maximum SMLF drawdown since its inception was -41.89%, smaller than the maximum FNDA drawdown of -44.64%. Use the drawdown chart below to compare losses from any high point for SMLF and FNDA.

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Drawdown Indicators

SMLFFNDADifference

Max Drawdown

Largest peak-to-trough decline

-41.89%

-44.64%

+2.75%

Max Drawdown (1Y)

Largest decline over 1 year

-8.71%

-9.36%

+0.65%

Max Drawdown (3Y)

Largest decline over 3 years

-26.28%

-25.92%

-0.36%

Max Drawdown (5Y)

Largest decline over 5 years

-26.28%

-25.92%

-0.36%

Max Drawdown (10Y)

Largest decline over 10 years

-41.89%

-44.64%

+2.75%

Current Drawdown

Current decline from peak

-2.42%

-0.42%

-2.00%

Average Drawdown

Average peak-to-trough decline

-6.54%

-6.64%

+0.10%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.56%

2.89%

-0.33%

Volatility

SMLF vs. FNDA - Volatility Comparison

iShares U.S. Small-Cap Equity Factor ETF (SMLF) and Schwab Fundamental U.S. Small Company ETF (FNDA) have volatilities of 3.82% and 3.81%, 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.

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Volatility by Period

SMLFFNDADifference

Volatility (1M)

Calculated over the trailing 1-month period

3.82%

3.81%

+0.01%

Volatility (6M)

Calculated over the trailing 6-month period

12.86%

12.11%

+0.75%

Volatility (1Y)

Calculated over the trailing 1-year period

17.52%

17.07%

+0.45%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.07%

20.81%

+0.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.75%

22.31%

-0.56%

SMLF vs. FNDA - Expense Ratio Comparison

SMLF has a 0.15% expense ratio, which is lower than FNDA's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SMLF vs. FNDA - Dividend Comparison

SMLF's dividend yield for the trailing twelve months is around 1.01%, less than FNDA's 1.10% yield.

PositionTTM20252024202320222021202020192018201720162015
FNDA
Schwab Fundamental U.S. Small Company ETF		1.10%1.22%1.53%1.37%1.38%1.15%1.31%1.38%1.64%1.30%1.18%1.33%
SMLF
iShares U.S. Small-Cap Equity Factor ETF		1.01%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

With a correlation of 0.93, SMLF and FNDA 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.

SMLF has higher volatility (3.82%) compared to FNDA (3.81%). In terms of maximum drawdown, SMLF dropped -41.89% vs FNDA's -44.64%.

On 10-year performance, SMLF leads with 12.14% vs 11.01% for FNDA. On fees, SMLF is cheaper at 0.15% per year. Their volatility is very similar. 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 12.14% return vs 11.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SMLF is cheaper with a 0.15% expense ratio, compared with 0.25% for FNDA.

FNDA has the higher dividend yield at 1.10%, compared with 1.01% for SMLF.

SMLF tracks STOXX U.S. Small-Cap Equity Factor Index, while FNDA tracks RAFI Fundamental High Liquidity U.S. Small Index. They also come from different issuers: iShares and Charles Schwab. Their fees differ too: 0.15% for SMLF and 0.25% for FNDA.

FNDA currently has the higher Sharpe Ratio (1.82 vs 1.59), 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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