SMLF vs. RMUNX

Last updated Jun 4, 2026

SMLF (iShares MSCI USA Small-Cap Multifactor ETF) and RMUNX (Invesco Rochester New York Municipals Fund) are both funds - SMLF is a Small Cap Blend Equities fund tracking the MSCI USA Small Cap Diversified Multi-Factor, while RMUNX is a Municipal Bonds fund managed by Invesco. Over the past 10 years, SMLF returned 12.36%/yr vs 3.76%/yr for RMUNX. At a 0.03 correlation, their price movements are largely independent. SMLF charges 0.30%/yr vs 0.78%/yr for RMUNX.

Performance

SMLF vs. RMUNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and Invesco Rochester New York Municipals Fund (RMUNX). 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 RMUNX's 1.78% return. Over the past 10 years, SMLF has outperformed RMUNX with an annualized return of 12.36%, while RMUNX has yielded a comparatively lower 3.76% annualized 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%

RMUNX

• 1D: 0.28%
• 1M: 1.17%
• YTD: 1.78%
• 6M: 1.97%
• 1Y: 6.41%
• 3Y*: 3.40%
• 5Y*: 0.06%
• 10Y*: 3.76%

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

SMLF vs. RMUNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMLF iShares MSCI USA Small-Cap Multifactor ETF	14.46%	12.30%	16.33%	19.99%	-12.19%	26.53%	8.38%	21.56%	-8.42%	12.70%
RMUNX Invesco Rochester New York Municipals Fund	1.78%	0.82%	2.37%	9.85%	-15.09%	6.83%	5.84%	13.22%	8.89%	3.69%

Correlation

The correlation between SMLF and RMUNX is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.03
Correlation (All Time) Calculated using the full available price history since May 1, 2015	0.03

The correlation between SMLF and RMUNX shifts across timeframes, from 0.03 (10 years) to 0.22 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SMLF vs. RMUNX — 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

RMUNX

RMUNX Risk / Return Rank: 32
RMUNX Sharpe Ratio Rank: 30
RMUNX Sortino Ratio Rank: 34
RMUNX Omega Ratio Rank: 39
RMUNX Calmar Ratio Rank: 32
RMUNX Martin Ratio Rank: 23

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. RMUNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and Invesco Rochester New York Municipals Fund (RMUNX). 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	RMUNX	Difference
Sharpe ratio Return per unit of total volatility	1.81	1.57	+0.24
Sortino ratio Return per unit of downside risk	2.56	2.42	+0.14
Omega ratio Gain probability vs. loss probability	1.31	1.33	-0.02
Calmar ratio Return relative to maximum drawdown	3.57	2.14	+1.43
Martin ratio Return relative to average drawdown	12.27	5.92	+6.35
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. RMUNX - Sharpe Ratio Comparison

The current SMLF Sharpe Ratio is 1.81, which is comparable to the RMUNX Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of SMLF and RMUNX, 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	RMUNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	1.57	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.01	+0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.63	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	1.04	-0.50

Drawdowns

SMLF vs. RMUNX - Drawdown Comparison

The maximum SMLF drawdown since its inception was -41.89%, which is greater than RMUNX's maximum drawdown of -36.55%. Use the drawdown chart below to compare losses from any high point for SMLF and RMUNX.

Drawdown Indicators

	SMLF	RMUNX	Difference
Max Drawdown Largest peak-to-trough decline	-41.89%	-36.55%	-5.34%
Max Drawdown (1Y) Largest decline over 1 year	-8.71%	-3.29%	-5.42%
Max Drawdown (3Y) Largest decline over 3 years	-26.28%	-10.10%	-16.18%
Max Drawdown (5Y) Largest decline over 5 years	-26.28%	-21.81%	-4.47%
Max Drawdown (10Y) Largest decline over 10 years	-41.89%	-21.81%	-20.08%
Current Drawdown Current decline from peak	-0.72%	-2.08%	+1.36%
Average Drawdown Average peak-to-trough decline	-6.60%	-3.25%	-3.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	1.69%	+0.84%

Volatility

SMLF vs. RMUNX - Volatility Comparison

iShares MSCI USA Small-Cap Multifactor ETF (SMLF) has a higher volatility of 4.80% compared to Invesco Rochester New York Municipals Fund (RMUNX) at 1.69%. This indicates that SMLF's price experiences larger fluctuations and is considered to be riskier than RMUNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMLF	RMUNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.80%	1.69%	+3.11%
Volatility (6M) Calculated over the trailing 6-month period	12.31%	3.12%	+9.19%
Volatility (1Y) Calculated over the trailing 1-year period	17.21%	4.51%	+12.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.09%	6.64%	+14.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.78%	6.00%	+15.78%

SMLF vs. RMUNX - Expense Ratio Comparison

SMLF has a 0.30% expense ratio, which is lower than RMUNX's 0.78% expense ratio.

Dividends

SMLF vs. RMUNX - Dividend Comparison

SMLF's dividend yield for the trailing twelve months is around 1.03%, less than RMUNX's 3.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RMUNX Invesco Rochester New York Municipals Fund	3.13%	5.30%	4.81%	3.77%	3.03%	3.24%	3.32%	3.43%	3.40%	4.34%	6.01%	6.55%
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 RMUNX in my portfolio?

SMLF and RMUNX have a correlation of 0.22, 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 RMUNX?

SMLF has higher volatility (4.80%) compared to RMUNX (1.69%). In terms of maximum drawdown, SMLF dropped -41.89% vs RMUNX's -36.55%.

Which has better risk-adjusted returns?

SMLF currently has the higher Sharpe Ratio (1.81 vs 1.57), 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.