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SMLF vs. GSSC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMLF vs. GSSC

Last updated Jun 23, 2026

SMLF (iShares MSCI USA Small-Cap Multifactor ETF) and GSSC (Goldman Sachs ActiveBeta US Small Cap Equity ETF) are both exchange-traded funds - SMLF is a Small Cap Blend Equities fund tracking the MSCI USA Small Cap Diversified Multi-Factor, while GSSC is a Small Cap Growth Equities fund tracking the Goldman Sachs ActiveBeta U.S. Small Cap Equity Index. Both are passively managed. Over the past 5 years, SMLF returned 11.57%/yr vs 8.08%/yr for GSSC. With a 0.95 correlation, they move nearly in lockstep. SMLF charges 0.30%/yr vs 0.20%/yr for GSSC.

Performance

SMLF vs. GSSC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and Goldman Sachs ActiveBeta US Small Cap Equity ETF (GSSC). 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 17.27% return, which is significantly lower than GSSC's 18.44% return.

SMLF

1D
0.39%
1M
4.30%
YTD
17.27%
6M
14.40%
1Y
34.32%
3Y*
20.78%
5Y*
11.57%
10Y*
12.77%

GSSC

1D
0.42%
1M
5.78%
YTD
18.44%
6M
15.44%
1Y
36.17%
3Y*
18.57%
5Y*
8.08%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMLF vs. GSSC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SMLF
iShares MSCI USA Small-Cap Multifactor ETF		17.27%12.30%16.33%19.99%-12.19%26.53%8.38%21.56%-8.42%8.91%
GSSC
Goldman Sachs ActiveBeta US Small Cap Equity ETF		18.44%10.76%11.14%17.27%-16.81%24.13%16.02%23.14%-9.24%8.39%

Correlation

The correlation between SMLF and GSSC is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

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

0.96

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

0.96

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

0.97

Correlation (All Time)
Calculated using the full available price history since Jun 29, 2017

0.95

The correlation between SMLF and GSSC has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

SMLF vs. GSSC - Sectors Allocation Comparison

Sectors
SMLF
GSSC

Industrials

19.5%
17.6%

Technology

19.1%
18.2%

Financial Services

14.3%
16.6%

Healthcare

12.9%
16.6%

Consumer Cyclical

11.4%
10.1%

Real Estate

5.6%
4.3%

Basic Materials

4.5%
3.9%

Energy

4.3%
4.3%

Consumer Defensive

3.3%
3.8%

Communication Services

3.2%
2.6%

Utilities

2.0%
2.1%

Industrials

SMLF
19.5%
GSSC
17.6%

Technology

SMLF
19.1%
GSSC
18.2%

Financial Services

SMLF
14.3%
GSSC
16.6%

Healthcare

SMLF
12.9%
GSSC
16.6%

Consumer Cyclical

SMLF
11.4%
GSSC
10.1%

Real Estate

SMLF
5.6%
GSSC
4.3%

Basic Materials

SMLF
4.5%
GSSC
3.9%

Energy

SMLF
4.3%
GSSC
4.3%

Consumer Defensive

SMLF
3.3%
GSSC
3.8%

Communication Services

SMLF
3.2%
GSSC
2.6%

Utilities

SMLF
2.0%
GSSC
2.1%

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

Goldman Sachs ActiveBeta US Small Cap Equity ETF

Often compared with SMLF:
SMLF vs. FSMDSMLF vs. SMLVSMLF vs. IWMSMLF vs. SMMVSMLF vs. VBRSMLF vs. FZIPXSMLF vs. FSSNX
Often compared with GSSC:
GSSC vs. GSUSGSSC vs. VBGSSC vs. SPSMGSSC vs. VOOGSSC vs. VTIGSSC vs. FNDAGSSC vs. IJR

Return for Risk

SMLF vs. GSSC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMLF
SMLF Risk / Return Rank: 6666
Overall Rank
SMLF Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
SMLF Sortino Ratio Rank: 6060
Sortino Ratio Rank
SMLF Omega Ratio Rank: 5555
Omega Ratio Rank
SMLF Calmar Ratio Rank: 7979
Calmar Ratio Rank
SMLF Martin Ratio Rank: 7474
Martin Ratio Rank
GSSC
GSSC Risk / Return Rank: 6161
Overall Rank
GSSC Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
GSSC Sortino Ratio Rank: 5959
Sortino Ratio Rank
GSSC Omega Ratio Rank: 5252
Omega Ratio Rank
GSSC Calmar Ratio Rank: 7070
Calmar Ratio Rank
GSSC Martin Ratio Rank: 6565
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. GSSC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and Goldman Sachs ActiveBeta US Small Cap Equity ETF (GSSC). 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.

SMLFGSSCDifference
Sharpe ratioReturn per unit of total volatility
1.96
1.93

+0.04

Sortino ratioReturn per unit of downside risk
2.72
2.70

+0.02

Omega ratioGain probability vs. loss probability

1.33

1.32

+0.01

Calmar ratioReturn relative to maximum drawdown

3.96

3.44

+0.52

Martin ratioReturn relative to average drawdown

13.58

11.50

+2.08

SMLF vs. GSSC - Sharpe Ratio Comparison

The current SMLF Sharpe Ratio is 1.96, which is comparable to the GSSC Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of SMLF and GSSC, 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. GSSC - Drawdown Comparison

The maximum SMLF drawdown since its inception was -41.89%, roughly equal to the maximum GSSC drawdown of -41.38%. Use the drawdown chart below to compare losses from any high point for SMLF and GSSC.

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Drawdown Indicators

SMLFGSSCDifference

Max Drawdown

Largest peak-to-trough decline

-41.89%

-41.38%

-0.51%

Max Drawdown (1Y)

Largest decline over 1 year

-8.71%

-10.56%

+1.85%

Max Drawdown (3Y)

Largest decline over 3 years

-26.28%

-26.05%

-0.23%

Max Drawdown (5Y)

Largest decline over 5 years

-26.28%

-27.81%

+1.53%

Max Drawdown (10Y)

Largest decline over 10 years

-41.89%

—

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-6.58%

-8.98%

+2.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.53%

3.15%

-0.62%

Volatility

SMLF vs. GSSC - Volatility Comparison

The current volatility for iShares MSCI USA Small-Cap Multifactor ETF (SMLF) is 5.25%, while Goldman Sachs ActiveBeta US Small Cap Equity ETF (GSSC) has a volatility of 5.56%. This indicates that SMLF experiences smaller price fluctuations and is considered to be less risky than GSSC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMLFGSSCDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.25%

5.56%

-0.31%

Volatility (6M)

Calculated over the trailing 6-month period

12.90%

13.35%

-0.45%

Volatility (1Y)

Calculated over the trailing 1-year period

17.62%

18.91%

-1.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.12%

21.30%

-0.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.82%

23.01%

-1.19%

SMLF vs. GSSC - Expense Ratio Comparison

SMLF has a 0.30% expense ratio, which is higher than GSSC's 0.20% expense ratio.

Dividends

SMLF vs. GSSC - Dividend Comparison

SMLF's dividend yield for the trailing twelve months is around 1.01%, less than GSSC's 1.03% yield.

PositionTTM20252024202320222021202020192018201720162015
GSSC
Goldman Sachs ActiveBeta US Small Cap Equity ETF		1.03%1.17%1.42%1.33%1.31%1.00%0.94%1.24%1.21%0.73%0.00%0.00%
SMLF
iShares MSCI USA Small-Cap Multifactor 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 0.96, SMLF and GSSC 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.

GSSC has higher volatility (5.56%) compared to SMLF (5.25%). In terms of maximum drawdown, SMLF dropped -41.89% vs GSSC's -41.38%.

On 5-year performance, SMLF leads with 11.57% vs 8.08% for GSSC. On fees, GSSC is cheaper at 0.20% per year. On volatility, SMLF has been the lower-risk option at 5.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, SMLF has performed better with a 11.57% return vs 8.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

GSSC is cheaper with a 0.20% expense ratio, compared with 0.30% for SMLF.

GSSC has the higher dividend yield at 1.03%, compared with 1.01% for SMLF.

SMLF is categorized as Small Cap Blend Equities, while GSSC is Small Cap Growth Equities. SMLF tracks MSCI USA Small Cap Diversified Multi-Factor, while GSSC tracks Goldman Sachs ActiveBeta U.S. Small Cap Equity Index. They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.30% for SMLF and 0.20% for GSSC.

SMLF currently has the higher Sharpe Ratio (1.96 vs 1.93), 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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