SMLF vs. USFR
SMLF (iShares MSCI USA Small-Cap Multifactor ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - SMLF is a Small Cap Blend Equities fund tracking the MSCI USA Small Cap Diversified Multi-Factor, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. Both are passively managed. Over the past 10 years, SMLF returned 12.68%/yr vs 2.43%/yr for USFR. At a 0.00 correlation, their price movements are largely independent. SMLF charges 0.30%/yr vs 0.15%/yr for USFR.
Performance
SMLF vs. USFR - Performance Comparison
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Returns By Period
In the year-to-date period, SMLF achieves a 16.28% return, which is significantly higher than USFR's 1.82% return. Over the past 10 years, SMLF has outperformed USFR with an annualized return of 12.68%, while USFR has yielded a comparatively lower 2.43% annualized return.
SMLF
- 1D
- -0.85%
- 1M
- 3.41%
- YTD
- 16.28%
- 6M
- 14.19%
- 1Y
- 32.00%
- 3Y*
- 20.44%
- 5Y*
- 11.09%
- 10Y*
- 12.68%
USFR
- 1D
- 0.04%
- 1M
- 0.33%
- YTD
- 1.82%
- 6M
- 1.92%
- 1Y
- 3.99%
- 3Y*
- 4.74%
- 5Y*
- 3.71%
- 10Y*
- 2.43%
SMLF vs. USFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMLF iShares MSCI USA Small-Cap Multifactor ETF | 16.28% | 12.30% | 16.33% | 19.99% | -12.19% | 26.53% | 8.38% | 21.56% | -8.42% | 12.70% |
USFR WisdomTree Floating Rate Treasury Fund | 1.82% | 4.23% | 5.47% | 5.18% | 1.98% | -0.03% | 0.56% | 2.02% | 2.01% | 1.03% |
Correlation
The correlation between SMLF and USFR is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Apr 30, 2015 | 0.00 |
The correlation between SMLF and USFR shifts across timeframes, from -0.17 (1 year) to 0.00 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SMLF vs. USFR — Risk / Return Rank
SMLF
USFR
SMLF vs. USFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and WisdomTree Floating Rate Treasury Fund (USFR). 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 | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -12.84 | ||
| Sortino ratioReturn per unit of downside risk | -47.57 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 13.31 | -12.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.69 | 201.33 | -197.65 |
| Martin ratioReturn relative to average drawdown | 12.66 | 779.76 | -767.11 |
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Drawdowns
SMLF vs. USFR - Drawdown Comparison
The maximum SMLF drawdown since its inception was -41.89%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for SMLF and USFR.
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Drawdown Indicators
| SMLF | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.89% | -1.36% | -40.53% |
Max Drawdown (1Y)Largest decline over 1 year | -8.71% | -0.02% | -8.69% |
Max Drawdown (3Y)Largest decline over 3 years | -26.28% | -0.06% | -26.22% |
Max Drawdown (5Y)Largest decline over 5 years | -26.28% | -0.18% | -26.10% |
Max Drawdown (10Y)Largest decline over 10 years | -41.89% | -0.80% | -41.09% |
Current DrawdownCurrent decline from peak | -0.85% | 0.00% | -0.85% |
Average DrawdownAverage peak-to-trough decline | -6.57% | -0.15% | -6.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.53% | 0.01% | +2.52% |
Volatility
SMLF vs. USFR - Volatility Comparison
iShares MSCI USA Small-Cap Multifactor ETF (SMLF) has a higher volatility of 5.35% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.09%. This indicates that SMLF's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMLF | USFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.35% | 0.09% | +5.26% |
Volatility (6M)Calculated over the trailing 6-month period | 12.92% | 0.19% | +12.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.61% | 0.27% | +17.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.12% | 0.40% | +20.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.81% | 0.78% | +21.03% |
SMLF vs. USFR - Expense Ratio Comparison
SMLF has a 0.30% expense ratio, which is higher than USFR's 0.15% expense ratio.
Dividends
SMLF vs. USFR - Dividend Comparison
SMLF's dividend yield for the trailing twelve months is around 1.02%, less than USFR's 3.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMLF iShares MSCI USA Small-Cap Multifactor 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% |
USFR WisdomTree Floating Rate Treasury Fund | 3.90% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% | 0.00% |
Frequently Asked Questions
SMLF and USFR have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMLF has higher volatility (5.35%) compared to USFR (0.09%). In terms of maximum drawdown, SMLF dropped -41.89% vs USFR's -1.36%.
On 10-year performance, SMLF leads with 12.68% vs 2.43% for USFR. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SMLF has performed better with a 12.68% return vs 2.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USFR is cheaper with a 0.15% expense ratio, compared with 0.30% for SMLF.
USFR has the higher dividend yield at 3.90%, compared with 1.02% for SMLF.
SMLF is categorized as Small Cap Blend Equities, while USFR is Government Bonds. SMLF tracks MSCI USA Small Cap Diversified Multi-Factor, while USFR tracks Bloomberg U.S. Treasury Floating Rate Bond Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.30% for SMLF and 0.15% for USFR.
USFR currently has the higher Sharpe Ratio (14.67 vs 1.83), 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.
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