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SMLF vs. SMMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMLF vs. SMMV

Last updated Aug 2, 2026
Documentation

SMLF (iShares U.S. Small-Cap Equity Factor ETF) and SMMV (iShares MSCI USA Small-Cap Min Vol Factor ETF) are both Small Cap Blend Equities funds from iShares - SMLF tracks the STOXX U.S. Small-Cap Equity Factor Index while SMMV tracks the MSCI USA Small Cap Minimum Volatility (USD) Index. Both are passively managed. Over the past 5 years, SMLF returned 10.96%/yr vs 6.29%/yr for SMMV. Their correlation of 0.84 means they have usually moved in the same direction. SMLF charges 0.15%/yr vs 0.20%/yr for SMMV.

Performance

SMLF vs. SMMV - 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 iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SMLF achieves a 15.73% return, which is significantly higher than SMMV's 9.33% return.

SMLF

1D
-0.34%
1M
-2.11%
6M
11.39%
YTD
15.73%
1Y
27.75%
3Y*
16.57%
5Y*
10.96%
10Y*
12.07%
ALL TIME*
11.32%

SMMV

1D
-0.06%
1M
0.56%
6M
7.36%
YTD
9.33%
1Y
16.10%
3Y*
12.24%
5Y*
6.29%
10Y*
—
ALL TIME*
8.71%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

SMLF

iShares U.S. Small-Cap Equity Factor ETF
$11.55M$13.63M$14.55M

SMMV

iShares MSCI USA Small-Cap Min Vol Factor ETF
$337.38K$347.17K$431.55K

SMLF vs. SMMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SMLF
iShares U.S. Small-Cap Equity Factor ETF		15.73%12.30%16.33%19.99%-12.19%26.53%8.38%21.56%-8.42%12.70%
SMMV
iShares MSCI USA Small-Cap Min Vol Factor ETF		9.33%6.42%18.29%5.63%-10.00%16.64%-2.88%24.21%1.15%14.31%

Correlation

The correlation between SMLF and SMMV is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.61

Correlation (3Y)
Balances recent behavior with more history.

0.79

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.84

Correlation (All Time)
Calculated using the full available price history since Sep 9, 2016

0.84

Over the past year, the correlation between SMLF and SMMV has dropped to 0.61 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

SMLF vs. SMMV - Sectors Allocation Comparison

Sectors
SMLF
SMMV

Technology

19.2%
13.7%

Industrials

18.9%
13.6%

Healthcare

14.4%
18.7%

Financial Services

14.1%
9.2%

Consumer Cyclical

11.7%
5.3%

Real Estate

5.7%
12.5%

Basic Materials

4.2%
1.6%

Energy

3.9%
5.2%

Communication Services

2.9%
5.1%

Consumer Defensive

2.9%
7.6%

Utilities

2.0%
7.5%

Technology

SMLF
19.2%
SMMV
13.7%

Industrials

SMLF
18.9%
SMMV
13.6%

Healthcare

SMLF
14.4%
SMMV
18.7%

Financial Services

SMLF
14.1%
SMMV
9.2%

Consumer Cyclical

SMLF
11.7%
SMMV
5.3%

Real Estate

SMLF
5.7%
SMMV
12.5%

Basic Materials

SMLF
4.2%
SMMV
1.6%

Energy

SMLF
3.9%
SMMV
5.2%

Communication Services

SMLF
2.9%
SMMV
5.1%

Consumer Defensive

SMLF
2.9%
SMMV
7.6%

Utilities

SMLF
2.0%
SMMV
7.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares U.S. Small-Cap Equity Factor ETF

iShares MSCI USA Small-Cap Min Vol Factor ETF

Often compared with SMLF:
SMLF vs. FSMDSMLF vs. SMLVSMLF vs. IWMSMLF vs. VBRSMLF vs. GSSCSMLF vs. FZIPXSMLF vs. FSSNX
Often compared with SMMV:
SMMV vs. SMLVSMMV vs. USMVSMMV vs. XMU.TOSMMV vs. VBSMMV vs. IWMSMMV vs. IVVSMMV vs. IJS

Return for Risk

SMLF vs. SMMV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
SMLF
SMLF Risk / Return Rank: 7070
Overall Rank
SMLF Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
SMLF Sortino Ratio Rank: 6666
Sortino Ratio Rank
SMLF Omega Ratio Rank: 6060
Omega Ratio Rank
SMLF Calmar Ratio Rank: 8282
Calmar Ratio Rank
SMLF Martin Ratio Rank: 7979
Martin Ratio Rank
SMMV
SMMV Risk / Return Rank: 6666
Overall Rank
SMMV Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
SMMV Sortino Ratio Rank: 7575
Sortino Ratio Rank
SMMV Omega Ratio Rank: 6868
Omega Ratio Rank
SMMV Calmar Ratio Rank: 6363
Calmar Ratio Rank
SMMV Martin Ratio Rank: 5656
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SMLF vs. SMMV - 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 iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV). 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.

SMLFSMMVDifference
Sharpe ratioReturn per unit of total volatility
1.49
1.58

-0.09

Sortino ratioReturn per unit of downside risk
2.16
2.42

-0.26

Omega ratioGain probability vs. loss probability

1.26

1.28

-0.02

Calmar ratioReturn relative to maximum drawdown

3.00

2.19

+0.81

Martin ratioReturn relative to average drawdown

10.03

6.75

+3.28

SMLF vs. SMMV - Sharpe Ratio Comparison

The current SMLF Sharpe Ratio is 1.49, which is comparable to the SMMV Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of SMLF and SMMV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SMLF vs. SMMV - Drawdown Comparison

The maximum SMLF drawdown since its inception was -41.89%, which is greater than SMMV's maximum drawdown of -38.77%. Use the drawdown chart below to compare losses from any high point for SMLF and SMMV.

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Drawdown Indicators

SMLFSMMVDifference

Max Drawdown

Largest peak-to-trough decline

-41.89%

-38.77%

-3.12%

Max Drawdown (1Y)

Largest decline over 1 year

-8.71%

-7.02%

-1.69%

Max Drawdown (3Y)

Largest decline over 3 years

-26.28%

-13.68%

-12.60%

Max Drawdown (5Y)

Largest decline over 5 years

-26.28%

-18.00%

-8.28%

Max Drawdown (10Y)

Largest decline over 10 years

-41.89%

—

—

Current Drawdown

Current decline from peak

-3.26%

-1.07%

-2.19%

Average Drawdown

Average peak-to-trough decline

-6.53%

-5.04%

-1.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.60%

2.28%

+0.32%

Volatility

SMLF vs. SMMV - Volatility Comparison

iShares U.S. Small-Cap Equity Factor ETF (SMLF) has a higher volatility of 4.00% compared to iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV) at 2.85%. This indicates that SMLF's price experiences larger fluctuations and is considered to be riskier than SMMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMLFSMMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.00%

2.85%

+1.15%

Volatility (6M)

Calculated over the trailing 6-month period

12.80%

6.98%

+5.82%

Volatility (1Y)

Calculated over the trailing 1-year period

17.54%

9.75%

+7.79%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.01%

13.44%

+7.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.76%

15.62%

+6.14%

SMLF vs. SMMV - Expense Ratio Comparison

SMLF has a 0.15% expense ratio, which is lower than SMMV's 0.20% expense ratio. Despite the difference, 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. SMMV - Dividend Comparison

SMLF's dividend yield for the trailing twelve months is around 1.02%, less than SMMV's 1.66% yield.

PositionTTM20252024202320222021202020192018201720162015
SMLF
iShares U.S. Small-Cap Equity Factor ETF		1.02%1.14%1.33%1.13%1.23%1.07%1.33%1.39%1.17%0.93%0.78%0.79%
SMMV
iShares MSCI USA Small-Cap Min Vol Factor ETF		1.66%1.77%1.76%2.30%1.67%1.08%1.39%1.64%1.72%1.63%0.79%0.00%

Frequently Asked Questions

SMLF and SMMV have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SMLF has higher volatility (4.00%) compared to SMMV (2.85%). In terms of maximum drawdown, SMLF dropped -41.89% vs SMMV's -38.77%.

On 5-year performance, SMLF leads with 10.96% vs 6.29% for SMMV. On fees, SMLF is cheaper at 0.15% per year. On volatility, SMMV has been the lower-risk option at 2.85%. 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 10.96% return vs 6.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SMLF is cheaper with a 0.15% expense ratio, compared with 0.20% for SMMV.

SMMV has the higher dividend yield at 1.66%, compared with 1.02% for SMLF.

SMLF tracks STOXX U.S. Small-Cap Equity Factor Index, while SMMV tracks MSCI USA Small Cap Minimum Volatility (USD) Index. Their fees differ too: 0.15% for SMLF and 0.20% for SMMV.

SMMV currently has the higher Sharpe Ratio (1.58 vs 1.49), 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.

Portfolio Optimizer

Find the right allocation for SMLF and SMMV

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

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