SMLF vs. SOXX

Last updated Jun 4, 2026

SMLF (iShares MSCI USA Small-Cap Multifactor ETF) and SOXX (iShares Semiconductor ETF) are both exchange-traded funds - SMLF is a Small Cap Blend Equities fund tracking the MSCI USA Small Cap Diversified Multi-Factor, while SOXX is a Semiconductors fund tracking the NYSE Semiconductor Index. Both are passively managed. Over the past 10 years, SMLF returned 12.36%/yr vs 35.79%/yr for SOXX. A 0.64 correlation means they provide meaningful diversification when combined. SMLF charges 0.30%/yr vs 0.34%/yr for SOXX.

Performance

SMLF vs. SOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and iShares Semiconductor ETF (SOXX). 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 lower than SOXX's 104.57% return. Over the past 10 years, SMLF has underperformed SOXX with an annualized return of 12.36%, while SOXX has yielded a comparatively higher 35.79% 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%

SOXX

• 1D: 1.76%
• 1M: 33.25%
• YTD: 104.57%
• 6M: 99.43%
• 1Y: 190.05%
• 3Y*: 57.39%
• 5Y*: 34.50%
• 10Y*: 35.79%

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

SMLF vs. SOXX - 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%
SOXX iShares Semiconductor ETF	104.57%	40.74%	12.92%	67.12%	-35.09%	44.09%	52.72%	62.42%	-6.49%	39.79%

Correlation

The correlation between SMLF and SOXX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since May 1, 2015	0.64

The correlation between SMLF and SOXX has been stable across timeframes, ranging from 0.63 to 0.70 - a consistent structural relationship.

SMLF vs. SOXX - Sectors Allocation Comparison

Sectors	SMLF	SOXX
Industrials	19.8%	-
Technology	16.6%	100.0%
Financial Services	15.0%	-
Healthcare	12.7%	-
Consumer Cyclical	11.8%	-
Real Estate	5.7%	-
Energy	4.8%	-
Basic Materials	4.6%	-
Consumer Defensive	3.7%	-
Communication Services	3.2%	-
Utilities	2.2%	-

Return for Risk

SMLF vs. SOXX — 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

SOXX

SOXX Risk / Return Rank: 97
SOXX Sharpe Ratio Rank: 98
SOXX Sortino Ratio Rank: 95
SOXX Omega Ratio Rank: 95
SOXX Calmar Ratio Rank: 97
SOXX Martin Ratio Rank: 97

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. SOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and iShares Semiconductor ETF (SOXX). 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	SOXX	Difference
Sharpe ratio Return per unit of total volatility	1.81	5.61	-3.79
Sortino ratio Return per unit of downside risk	2.56	5.36	-2.80
Omega ratio Gain probability vs. loss probability	1.31	1.74	-0.43
Calmar ratio Return relative to maximum drawdown	3.57	12.13	-8.56
Martin ratio Return relative to average drawdown	12.27	46.43	-34.17
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. SOXX - Sharpe Ratio Comparison

The current SMLF Sharpe Ratio is 1.81, which is lower than the SOXX Sharpe Ratio of 5.61. The chart below compares the historical Sharpe Ratios of SMLF and SOXX, 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	SOXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	5.61	-3.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.96	-0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	1.07	-0.51
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.45	+0.09

Drawdowns

SMLF vs. SOXX - Drawdown Comparison

The maximum SMLF drawdown since its inception was -41.89%, smaller than the maximum SOXX drawdown of -70.21%. Use the drawdown chart below to compare losses from any high point for SMLF and SOXX.

Drawdown Indicators

	SMLF	SOXX	Difference
Max Drawdown Largest peak-to-trough decline	-41.89%	-70.21%	+28.32%
Max Drawdown (1Y) Largest decline over 1 year	-8.71%	-15.77%	+7.06%
Max Drawdown (3Y) Largest decline over 3 years	-26.28%	-41.36%	+15.08%
Max Drawdown (5Y) Largest decline over 5 years	-26.28%	-45.75%	+19.47%
Max Drawdown (10Y) Largest decline over 10 years	-41.89%	-45.75%	+3.86%
Current Drawdown Current decline from peak	-0.72%	0.00%	-0.72%
Average Drawdown Average peak-to-trough decline	-6.60%	-19.97%	+13.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	4.11%	-1.58%

Volatility

SMLF vs. SOXX - Volatility Comparison

The current volatility for iShares MSCI USA Small-Cap Multifactor ETF (SMLF) is 4.80%, while iShares Semiconductor ETF (SOXX) has a volatility of 14.03%. This indicates that SMLF experiences smaller price fluctuations and is considered to be less risky than SOXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMLF	SOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.80%	14.03%	-9.23%
Volatility (6M) Calculated over the trailing 6-month period	12.31%	27.35%	-15.04%
Volatility (1Y) Calculated over the trailing 1-year period	17.21%	34.18%	-16.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.09%	36.11%	-15.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.78%	33.43%	-11.65%

SMLF vs. SOXX - Expense Ratio Comparison

SMLF has a 0.30% expense ratio, which is lower than SOXX's 0.34% expense ratio.

Dividends

SMLF vs. SOXX - Dividend Comparison

SMLF's dividend yield for the trailing twelve months is around 1.03%, more than SOXX's 0.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SOXX iShares Semiconductor ETF	0.27%	0.57%	0.67%	0.78%	1.26%	0.64%	0.81%	1.23%	1.37%	0.90%	1.08%	1.29%

Frequently Asked Questions

Can I hold both SMLF and SOXX in my portfolio?

SMLF and SOXX have a correlation of 0.63, 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 SOXX?

SOXX has higher volatility (14.03%) compared to SMLF (4.80%). In terms of maximum drawdown, SMLF dropped -41.89% vs SOXX's -70.21%.

Which ETF is better, SMLF or SOXX?

On 10-year performance, SOXX leads with 35.79% vs 12.36% for SMLF. 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.

Which ETF has performed better, SMLF or SOXX?

Over the 10-year period, SOXX has performed better with a 35.79% return vs 12.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMLF or SOXX?

SMLF is cheaper with a 0.30% expense ratio, compared with 0.34% for SOXX.

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

SMLF has the higher dividend yield at 1.03%, compared with 0.27% for SOXX.

What is the main difference between SMLF and SOXX?

SMLF is categorized as Small Cap Blend Equities, while SOXX is Semiconductors. SMLF tracks MSCI USA Small Cap Diversified Multi-Factor, while SOXX tracks NYSE Semiconductor Index. Their fees differ too: 0.30% for SMLF and 0.34% for SOXX.

Which has better risk-adjusted returns?

SOXX currently has the higher Sharpe Ratio (5.61 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.