SMLF vs. RB

Last updated Jun 4, 2026

SMLF (iShares MSCI USA Small-Cap Multifactor ETF) and RB (ProShares Russell 2000 Dynamic Daily Buffer ETF) are both exchange-traded funds - SMLF is a Small Cap Blend Equities fund tracking the MSCI USA Small Cap Diversified Multi-Factor, while RB is a Defined Outcome fund tracking the Russell 2000. Both are passively managed. A 0.77 correlation means they provide meaningful diversification when combined. SMLF charges 0.30%/yr vs 0.58%/yr for RB.

Performance

SMLF vs. RB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and ProShares Russell 2000 Dynamic Daily Buffer ETF (RB). 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 RB's 6.95% 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%

RB

• 1D: 0.09%
• 1M: 1.63%
• YTD: 6.95%
• 6M: 9.59%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMLF vs. RB - Yearly Performance Comparison

	2026 (YTD)	2025
SMLF iShares MSCI USA Small-Cap Multifactor ETF	14.46%	11.66%
RB ProShares Russell 2000 Dynamic Daily Buffer ETF	6.95%	10.58%

Correlation

The correlation between SMLF and RB is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 27, 2025	0.77

Return for Risk

SMLF vs. RB — 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

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. RB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and ProShares Russell 2000 Dynamic Daily Buffer ETF (RB). 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	RB	Difference
Sharpe ratio Return per unit of total volatility	1.81	—	—
Sortino ratio Return per unit of downside risk	2.56	—	—
Omega ratio Gain probability vs. loss probability	1.31	—	—
Calmar ratio Return relative to maximum drawdown	3.57	—	—
Martin ratio Return relative to average drawdown	12.27	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SMLF	RB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	—	—
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	3.19	-2.66

Drawdowns

SMLF vs. RB - Drawdown Comparison

The maximum SMLF drawdown since its inception was -41.89%, which is greater than RB's maximum drawdown of -1.70%. Use the drawdown chart below to compare losses from any high point for SMLF and RB.

Drawdown Indicators

	SMLF	RB	Difference
Max Drawdown Largest peak-to-trough decline	-41.89%	-1.70%	-40.19%
Max Drawdown (1Y) Largest decline over 1 year	-8.71%	—	—
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%	-0.30%	-0.42%
Average Drawdown Average peak-to-trough decline	-6.60%	-0.41%	-6.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	—	—

Volatility

Volatility by Period

	SMLF	RB	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.80%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.31%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.21%	6.21%	+11.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.09%	6.21%	+14.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.78%	6.21%	+15.57%

SMLF vs. RB - Expense Ratio Comparison

SMLF has a 0.30% expense ratio, which is lower than RB's 0.58% expense ratio.

Dividends

SMLF vs. RB - Dividend Comparison

SMLF's dividend yield for the trailing twelve months is around 1.03%, less than RB's 1.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RB ProShares Russell 2000 Dynamic Daily Buffer ETF	1.99%	1.78%	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 RB in my portfolio?

SMLF and RB have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMLF or RB?

On fees, SMLF is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMLF or RB?

SMLF is cheaper with a 0.30% expense ratio, compared with 0.58% for RB.

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

RB has the higher dividend yield at 1.99%, compared with 1.03% for SMLF.

What is the main difference between SMLF and RB?

SMLF is categorized as Small Cap Blend Equities, while RB is Defined Outcome. SMLF tracks MSCI USA Small Cap Diversified Multi-Factor, while RB tracks Russell 2000. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.30% for SMLF and 0.58% for RB.