SMLF vs. IWML
SMLF (iShares MSCI USA Small-Cap Multifactor ETF) and IWML (ETRACS 2x Leveraged US Size Factor TR ETN) are both exchange-traded funds - SMLF is a Small Cap Blend Equities fund tracking the MSCI USA Small Cap Diversified Multi-Factor, while IWML is a Leveraged Equities fund tracking the Russell 2000 Index. Both are passively managed. Over the past 5 years, SMLF returned 10.89%/yr vs 2.91%/yr for IWML. Their correlation of 0.94 suggests significant overlap in exposure. SMLF charges 0.30%/yr vs 0.95%/yr for IWML.
Performance
SMLF vs. IWML - Performance Comparison
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Returns By Period
In the year-to-date period, SMLF achieves a 14.46% return, which is significantly lower than IWML's 32.65% 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%
IWML
- 1D
- -2.04%
- 1M
- 6.57%
- YTD
- 32.65%
- 6M
- 29.46%
- 1Y
- 78.21%
- 3Y*
- 25.01%
- 5Y*
- 2.91%
- 10Y*
- —
SMLF vs. IWML - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SMLF iShares MSCI USA Small-Cap Multifactor ETF | 14.46% | 12.30% | 16.33% | 19.99% | -12.19% | 14.44% |
IWML ETRACS 2x Leveraged US Size Factor TR ETN | 32.65% | 9.64% | 15.70% | 22.31% | -41.80% | 2.08% |
Correlation
The correlation between SMLF and IWML is 0.89, 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 | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.94 |
The correlation between SMLF and IWML has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.
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Return for Risk
SMLF vs. IWML — Risk / Return Rank
SMLF
IWML
SMLF vs. IWML - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and ETRACS 2x Leveraged US Size Factor TR ETN (IWML). 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 | IWML | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.81 | 2.05 | -0.24 |
Sortino ratioReturn per unit of downside risk | 2.56 | 2.72 | -0.16 |
Omega ratioGain probability vs. loss probability | 1.31 | 1.33 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | 3.57 | 3.46 | +0.12 |
Martin ratioReturn relative to average drawdown | 12.27 | 12.11 | +0.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SMLF | IWML | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.81 | 2.05 | -0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.52 | 0.06 | +0.46 |
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 | 0.08 | +0.45 |
Drawdowns
SMLF vs. IWML - Drawdown Comparison
The maximum SMLF drawdown since its inception was -41.89%, smaller than the maximum IWML drawdown of -60.06%. Use the drawdown chart below to compare losses from any high point for SMLF and IWML.
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Drawdown Indicators
| SMLF | IWML | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.89% | -60.06% | +18.17% |
Max Drawdown (1Y)Largest decline over 1 year | -8.71% | -22.75% | +14.04% |
Max Drawdown (3Y)Largest decline over 3 years | -26.28% | -51.82% | +25.54% |
Max Drawdown (5Y)Largest decline over 5 years | -26.28% | -60.06% | +33.78% |
Max Drawdown (10Y)Largest decline over 10 years | -41.89% | — | — |
Current DrawdownCurrent decline from peak | -0.72% | -2.67% | +1.95% |
Average DrawdownAverage peak-to-trough decline | -6.60% | -31.91% | +25.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.53% | 6.48% | -3.95% |
Volatility
SMLF vs. IWML - Volatility Comparison
The current volatility for iShares MSCI USA Small-Cap Multifactor ETF (SMLF) is 4.80%, while ETRACS 2x Leveraged US Size Factor TR ETN (IWML) has a volatility of 9.79%. This indicates that SMLF experiences smaller price fluctuations and is considered to be less risky than IWML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMLF | IWML | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.80% | 9.79% | -4.99% |
Volatility (6M)Calculated over the trailing 6-month period | 12.31% | 27.49% | -15.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.21% | 38.36% | -21.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.09% | 46.08% | -24.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.78% | 46.17% | -24.39% |
SMLF vs. IWML - Expense Ratio Comparison
SMLF has a 0.30% expense ratio, which is lower than IWML's 0.95% expense ratio.
Dividends
SMLF vs. IWML - Dividend Comparison
SMLF's dividend yield for the trailing twelve months is around 1.03%, while IWML has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWML ETRACS 2x Leveraged US Size Factor TR ETN | 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
SMLF and IWML have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWML has higher volatility (9.79%) compared to SMLF (4.80%). In terms of maximum drawdown, SMLF dropped -41.89% vs IWML's -60.06%.
On 5-year performance, SMLF leads with 10.89% vs 2.91% for IWML. On fees, SMLF is cheaper at 0.30% 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.
Over the 5-year period, SMLF has performed better with a 10.89% return vs 2.91%. 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 0.95% for IWML.
SMLF has the higher dividend yield at 1.03%, compared with 0.00% for IWML.
SMLF is categorized as Small Cap Blend Equities, while IWML is Leveraged Equities. SMLF tracks MSCI USA Small Cap Diversified Multi-Factor, while IWML tracks Russell 2000 Index. They also come from different issuers: iShares and UBS. Their fees differ too: 0.30% for SMLF and 0.95% for IWML.
IWML currently has the higher Sharpe Ratio (2.05 vs 1.81), 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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