SMLF vs. SMLV

Last updated Jul 12, 2026

SMLF (iShares U.S. Small-Cap Equity Factor ETF) and SMLV (SPDR SSGA US Small Cap Low Volatility Index ETF) are both exchange-traded funds - SMLF is a Small Cap Blend Equities fund tracking the STOXX U.S. Small-Cap Equity Factor Index, while SMLV is a Volatility Hedged Equity fund tracking the SSGA US Small Cap Low Volatility Index. Both are passively managed. Over the past 10 years, SMLF returned 12.25%/yr vs 10.51%/yr for SMLV. Their correlation of 0.83 suggests significant overlap in exposure. SMLF charges 0.15%/yr vs 0.12%/yr for SMLV.

Performance

SMLF vs. SMLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Small-Cap Equity Factor ETF (SMLF) and SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMLF achieves a 17.50% return, which is significantly lower than SMLV's 21.18% return. Over the past 10 years, SMLF has outperformed SMLV with an annualized return of 12.25%, while SMLV has yielded a comparatively lower 10.51% annualized return.

SMLF

• 1D: -0.31%
• 1M: 1.01%
• 6M: 11.97%
• YTD: 17.50%
• 1Y: 27.97%
• 3Y*: 18.44%
• 5Y*: 11.29%
• 10Y*: 12.25%

SMLV

• 1D: 0.36%
• 1M: 2.41%
• 6M: 17.35%
• YTD: 21.18%
• 1Y: 26.39%
• 3Y*: 18.10%
• 5Y*: 9.85%
• 10Y*: 10.51%

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

SMLF vs. SMLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMLF iShares U.S. Small-Cap Equity Factor ETF	17.50%	12.30%	16.33%	19.99%	-12.19%	26.53%	8.38%	21.56%	-8.42%	12.70%
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	21.18%	5.66%	16.77%	7.52%	-7.69%	27.67%	-1.55%	24.10%	-6.62%	5.68%

Correlation

The correlation between SMLF and SMLV is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Apr 30, 2015	0.83

The correlation between SMLF and SMLV shifts across timeframes, from 0.76 (1 year) to 0.88 (10 years), reflecting how their relationship changes across market environments.

SMLF vs. SMLV - Sectors Allocation Comparison

Sectors	SMLF	SMLV
Industrials	19.5%	14.2%
Technology	19.1%	11.7%
Financial Services	14.3%	30.4%
Healthcare	12.9%	8.7%
Consumer Cyclical	11.4%	8.9%
Real Estate	5.6%	12.3%
Basic Materials	4.5%	3.4%
Energy	4.3%	1.6%
Consumer Defensive	3.3%	4.0%
Communication Services	3.2%	2.2%
Utilities	2.0%	2.8%

Return for Risk

SMLF vs. SMLV — Risk / Return Rank

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

SMLF

SMLF Risk / Return Rank: 61
SMLF Sharpe Ratio Rank: 55
SMLF Sortino Ratio Rank: 55
SMLF Omega Ratio Rank: 50
SMLF Calmar Ratio Rank: 74
SMLF Martin Ratio Rank: 71

SMLV

SMLV Risk / Return Rank: 66
SMLV Sharpe Ratio Rank: 60
SMLV Sortino Ratio Rank: 61
SMLV Omega Ratio Rank: 61
SMLV Calmar Ratio Rank: 80
SMLV 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. SMLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Small-Cap Equity Factor ETF (SMLF) and SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV). 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.

	SMLF	SMLV	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.60	-0.09
Sortino ratio: Return per unit of downside risk	2.16	2.31	-0.15
Omega ratio: Gain probability vs. loss probability	1.26	1.29	-0.04
Calmar ratio: Return relative to maximum drawdown	3.04	3.38	-0.34
Martin ratio: Return relative to average drawdown	10.41	9.52	+0.89

SMLF vs. SMLV - Sharpe Ratio Comparison

The current SMLF Sharpe Ratio is 1.50, which is comparable to the SMLV Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of SMLF and SMLV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SMLF vs. SMLV - Drawdown Comparison

The maximum SMLF drawdown since its inception was -41.89%, roughly equal to the maximum SMLV drawdown of -42.45%. Use the drawdown chart below to compare losses from any high point for SMLF and SMLV.

Drawdown Indicators

	SMLF	SMLV	Difference
Max Drawdown Largest peak-to-trough decline	-41.89%	-42.45%	+0.56%
Max Drawdown (1Y) Largest decline over 1 year	-8.71%	-7.34%	-1.37%
Max Drawdown (3Y) Largest decline over 3 years	-26.28%	-20.40%	-5.88%
Max Drawdown (5Y) Largest decline over 5 years	-26.28%	-20.40%	-5.88%
Max Drawdown (10Y) Largest decline over 10 years	-41.89%	-42.45%	+0.56%
Current Drawdown Current decline from peak	-1.78%	-0.96%	-0.82%
Average Drawdown Average peak-to-trough decline	-6.55%	-5.42%	-1.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.55%	2.64%	-0.09%

Volatility

SMLF vs. SMLV - Volatility Comparison

iShares U.S. Small-Cap Equity Factor ETF (SMLF) has a higher volatility of 4.92% compared to SPDR SSGA US Small Cap Low Volatility Index ETF (SMLV) at 3.50%. This indicates that SMLF's price experiences larger fluctuations and is considered to be riskier than SMLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMLF	SMLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.92%	3.50%	+1.42%
Volatility (6M) Calculated over the trailing 6-month period	12.84%	10.01%	+2.83%
Volatility (1Y) Calculated over the trailing 1-year period	17.64%	15.53%	+2.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.09%	18.24%	+2.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.75%	20.89%	+0.86%

SMLF vs. SMLV - Expense Ratio Comparison

SMLF has a 0.15% expense ratio, which is higher than SMLV's 0.12% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SMLF vs. SMLV - Dividend Comparison

SMLF's dividend yield for the trailing twelve months is around 1.01%, less than SMLV's 2.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMLF iShares U.S. Small-Cap Equity Factor 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%
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF	2.25%	2.74%	2.68%	2.68%	2.40%	2.12%	2.47%	2.62%	3.15%	7.92%	3.04%	2.63%

Frequently Asked Questions

Can I hold both SMLF and SMLV in my portfolio?

SMLF and SMLV have a correlation of 0.76, 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 SMLV?

SMLF has higher volatility (4.92%) compared to SMLV (3.50%). In terms of maximum drawdown, SMLF dropped -41.89% vs SMLV's -42.45%.

Which ETF is better, SMLF or SMLV?

On 10-year performance, SMLF leads with 12.25% vs 10.51% for SMLV. On fees, SMLV is cheaper at 0.12% per year. On volatility, SMLV has been the lower-risk option at 3.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMLF or SMLV?

Over the 10-year period, SMLF has performed better with a 12.25% return vs 10.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMLF or SMLV?

SMLV is cheaper with a 0.12% expense ratio, compared with 0.15% for SMLF.

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

SMLV has the higher dividend yield at 2.25%, compared with 1.01% for SMLF.

What is the main difference between SMLF and SMLV?

SMLF is categorized as Small Cap Blend Equities, while SMLV is Volatility Hedged Equity. SMLF tracks STOXX U.S. Small-Cap Equity Factor Index, while SMLV tracks SSGA US Small Cap Low Volatility Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for SMLF and 0.12% for SMLV.

Which has better risk-adjusted returns?

SMLV currently has the higher Sharpe Ratio (1.60 vs 1.50), 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.