SMLF vs. FZIPX
SMLF (iShares U.S. Small-Cap Equity Factor ETF) and FZIPX (Fidelity ZERO Extended Market Index Fund) are both funds - SMLF is a Small Cap Blend Equities fund tracking the STOXX U.S. Small-Cap Equity Factor Index, while FZIPX is a Mid Cap Blend Equities fund tracking the Fidelity U.S. Extended Investable Market Index. Both are passively managed. Over the past 5 years, SMLF returned 10.96%/yr vs 8.25%/yr for FZIPX. Their 0.97 correlation means they have historically moved very closely together. SMLF charges 0.15%/yr vs 0.00%/yr for FZIPX.
Performance
SMLF vs. FZIPX - Performance Comparison
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Returns By Period
In the year-to-date period, SMLF achieves a 15.73% return, which is significantly lower than FZIPX's 17.78% return.
SMLF
- 1D
- -0.34%
- 1M
- -2.11%
- 6M
- 11.39%
- YTD
- 15.73%
- 1Y
- 27.75%
- 3Y*
- 16.57%
- 5Y*
- 10.96%
- 10Y*
- 12.07%
- ALL TIME*
- 11.32%
FZIPX
- 1D
- 1.14%
- 1M
- -1.27%
- 6M
- 12.50%
- YTD
- 17.78%
- 1Y
- 30.97%
- 3Y*
- 15.28%
- 5Y*
- 8.25%
- 10Y*
- —
- ALL TIME*
- 10.12%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $11.55M | $13.63M | $14.55M |
SMLF vs. FZIPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SMLF iShares U.S. Small-Cap Equity Factor ETF | 15.73% | 12.30% | 16.33% | 19.99% | -12.19% | 26.53% | 8.38% | 21.56% | -17.11% |
FZIPX Fidelity ZERO Extended Market Index Fund | 17.78% | 12.51% | 12.39% | 18.13% | -18.01% | 21.31% | 16.64% | 26.50% | -17.57% |
Correlation
The correlation between SMLF and FZIPX is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.98 |
Correlation (3Y) Balances recent behavior with more history. | 0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.97 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2018 | 0.97 |
The correlation between SMLF and FZIPX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
SMLF vs. FZIPX — Risk / Return Rank
SMLF
FZIPX
SMLF vs. FZIPX - 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 Fidelity ZERO Extended Market Index Fund (FZIPX). 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 | FZIPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.28 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | 2.90 | +0.10 |
| Martin ratioReturn relative to average drawdown | 10.03 | 10.99 | -0.96 |
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Drawdowns
SMLF vs. FZIPX - Drawdown Comparison
The maximum SMLF drawdown since its inception was -41.89%, roughly equal to the maximum FZIPX drawdown of -42.71%. Use the drawdown chart below to compare losses from any high point for SMLF and FZIPX.
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Drawdown Indicators
| SMLF | FZIPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.89% | -42.71% | +0.82% |
Max Drawdown (1Y)Largest decline over 1 year | -8.71% | -9.61% | +0.90% |
Max Drawdown (3Y)Largest decline over 3 years | -26.28% | -25.16% | -1.12% |
Max Drawdown (5Y)Largest decline over 5 years | -26.28% | -28.19% | +1.91% |
Max Drawdown (10Y)Largest decline over 10 years | -41.89% | — | — |
Current DrawdownCurrent decline from peak | -3.26% | -2.14% | -1.12% |
Average DrawdownAverage peak-to-trough decline | -6.53% | -8.76% | +2.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 2.54% | +0.06% |
Volatility
SMLF vs. FZIPX - Volatility Comparison
iShares U.S. Small-Cap Equity Factor ETF (SMLF) has a higher volatility of 4.00% compared to Fidelity ZERO Extended Market Index Fund (FZIPX) at 3.57%. This indicates that SMLF's price experiences larger fluctuations and is considered to be riskier than FZIPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMLF | FZIPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.00% | 3.57% | +0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 12.80% | 12.66% | +0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.54% | 17.28% | +0.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.01% | 20.88% | +0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.76% | 23.67% | -1.91% |
SMLF vs. FZIPX - Expense Ratio Comparison
SMLF has a 0.15% expense ratio, which is higher than FZIPX's 0.00% expense ratio. However, 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. FZIPX - Dividend Comparison
SMLF's dividend yield for the trailing twelve months is around 1.02%, less than FZIPX's 1.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FZIPX Fidelity ZERO Extended Market Index Fund | 1.05% | 1.24% | 1.22% | 1.43% | 1.64% | 6.97% | 2.15% | 1.80% | 0.50% | 0.00% | 0.00% | 0.00% |
SMLF iShares U.S. Small-Cap Equity Factor 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
With a correlation of 0.98, SMLF and FZIPX 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 (4.00%) compared to FZIPX (3.57%). In terms of maximum drawdown, SMLF dropped -41.89% vs FZIPX's -42.71%.
FZIPX currently has the higher Sharpe Ratio (1.61 vs 1.49), 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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