SMLF vs. IBIT

Last updated Jun 4, 2026

SMLF (iShares MSCI USA Small-Cap Multifactor ETF) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - SMLF is a Small Cap Blend Equities fund tracking the MSCI USA Small Cap Diversified Multi-Factor, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, SMLF returned 30.98% vs -38.74% for IBIT. At a 0.44 correlation, their price movements are largely independent. SMLF charges 0.30%/yr vs 0.25%/yr for IBIT.

Performance

SMLF vs. IBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and iShares Bitcoin Trust ETF (IBIT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMLF achieves a 14.46% return, which is significantly higher than IBIT's -25.48% 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%

IBIT

• 1D: -2.76%
• 1M: -18.50%
• YTD: -25.48%
• 6M: -29.84%
• 1Y: -38.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SMLF vs. IBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMLF iShares MSCI USA Small-Cap Multifactor ETF	14.46%	12.30%	19.02%
IBIT iShares Bitcoin Trust ETF	-25.48%	-6.41%	99.21%

Correlation

The correlation between SMLF and IBIT is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024	0.44

Return for Risk

SMLF vs. IBIT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SMLF

SMLF Risk / Return Rank: 58
SMLF Sharpe Ratio Rank: 52
SMLF Sortino Ratio Rank: 52
SMLF Omega Ratio Rank: 48
SMLF Calmar Ratio Rank: 71
SMLF Martin Ratio Rank: 66

IBIT

IBIT Risk / Return Rank: 2
IBIT Sharpe Ratio Rank: 2
IBIT Sortino Ratio Rank: 2
IBIT Omega Ratio Rank: 2
IBIT Calmar Ratio Rank: 2
IBIT Martin Ratio Rank: 2

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. IBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and iShares Bitcoin Trust ETF (IBIT). 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.

	SMLF	IBIT	Difference
Sharpe ratio Return per unit of total volatility	1.81	-0.89	+2.70
Sortino ratio Return per unit of downside risk	2.56	-1.23	+3.78
Omega ratio Gain probability vs. loss probability	1.31	0.86	+0.45
Calmar ratio Return relative to maximum drawdown	3.57	-0.79	+4.36
Martin ratio Return relative to average drawdown	12.27	-1.36	+13.63
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. IBIT - Sharpe Ratio Comparison

The current SMLF Sharpe Ratio is 1.81, which is higher than the IBIT Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of SMLF and IBIT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SMLF	IBIT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	-0.89	+2.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.30	+0.24

Drawdowns

SMLF vs. IBIT - Drawdown Comparison

The maximum SMLF drawdown since its inception was -41.89%, smaller than the maximum IBIT drawdown of -49.36%. Use the drawdown chart below to compare losses from any high point for SMLF and IBIT.

Drawdown Indicators

	SMLF	IBIT	Difference
Max Drawdown Largest peak-to-trough decline	-41.89%	-49.36%	+7.47%
Max Drawdown (1Y) Largest decline over 1 year	-8.71%	-49.36%	+40.65%
Max Drawdown (3Y) Largest decline over 3 years	-26.28%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.28%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.89%	—	—
Current Drawdown Current decline from peak	-0.72%	-48.10%	+47.38%
Average Drawdown Average peak-to-trough decline	-6.60%	-16.02%	+9.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	28.44%	-25.91%

Volatility

SMLF vs. IBIT - Volatility Comparison

The current volatility for iShares MSCI USA Small-Cap Multifactor ETF (SMLF) is 4.80%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 9.50%. This indicates that SMLF experiences smaller price fluctuations and is considered to be less risky than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMLF	IBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.80%	9.50%	-4.70%
Volatility (6M) Calculated over the trailing 6-month period	12.31%	34.44%	-22.13%
Volatility (1Y) Calculated over the trailing 1-year period	17.21%	43.73%	-26.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.09%	50.19%	-29.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.78%	50.19%	-28.41%

SMLF vs. IBIT - Expense Ratio Comparison

SMLF has a 0.30% expense ratio, which is higher than IBIT's 0.25% expense ratio.

Dividends

SMLF vs. IBIT - Dividend Comparison

SMLF's dividend yield for the trailing twelve months is around 1.03%, while IBIT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBIT iShares Bitcoin Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both SMLF and IBIT in my portfolio?

SMLF and IBIT have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMLF or IBIT?

IBIT has higher volatility (9.50%) compared to SMLF (4.80%). In terms of maximum drawdown, SMLF dropped -41.89% vs IBIT's -49.36%.

Which ETF is better, SMLF or IBIT?

On 1-year performance, SMLF leads with 30.98% vs -38.74% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, SMLF has been the lower-risk option at 4.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMLF or IBIT?

Over the 1-year period, SMLF has performed better with a 30.98% return vs -38.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMLF or IBIT?

IBIT is cheaper with a 0.25% expense ratio, compared with 0.30% for SMLF.

Which ETF pays a higher dividend yield, SMLF or IBIT?

SMLF has the higher dividend yield at 1.03%, compared with 0.00% for IBIT.

What is the main difference between SMLF and IBIT?

SMLF is categorized as Small Cap Blend Equities, while IBIT is Cryptocurrency. SMLF tracks MSCI USA Small Cap Diversified Multi-Factor, while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant. Their fees differ too: 0.30% for SMLF and 0.25% for IBIT.

Which has better risk-adjusted returns?

SMLF currently has the higher Sharpe Ratio (1.81 vs -0.89), 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.