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SMLF vs. VBR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMLF vs. VBR

Last updated Jun 23, 2026

SMLF (iShares MSCI USA Small-Cap Multifactor ETF) and VBR (Vanguard Small-Cap Value ETF) are both exchange-traded funds - SMLF is a Small Cap Blend Equities fund tracking the MSCI USA Small Cap Diversified Multi-Factor, while VBR is a Small Cap Value Equities fund tracking the CRSP US Small Cap Value Index. Both are passively managed. Over the past 10 years, SMLF returned 12.77%/yr vs 11.02%/yr for VBR. Their correlation of 0.89 suggests significant overlap in exposure. SMLF charges 0.30%/yr vs 0.05%/yr for VBR.

Performance

SMLF vs. VBR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and Vanguard Small-Cap Value ETF (VBR). 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 17.27% return, which is significantly higher than VBR's 13.42% return. Over the past 10 years, SMLF has outperformed VBR with an annualized return of 12.77%, while VBR has yielded a comparatively lower 11.02% annualized return.

SMLF

1D
0.39%
1M
4.30%
YTD
17.27%
6M
14.40%
1Y
34.32%
3Y*
20.78%
5Y*
11.57%
10Y*
12.77%

VBR

1D
0.18%
1M
2.65%
YTD
13.42%
6M
11.41%
1Y
27.72%
3Y*
16.95%
5Y*
8.85%
10Y*
11.02%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMLF vs. VBR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SMLF
iShares MSCI USA Small-Cap Multifactor ETF		17.27%12.30%16.33%19.99%-12.19%26.53%8.38%21.56%-8.42%12.70%
VBR
Vanguard Small-Cap Value ETF		13.42%9.09%12.40%16.00%-9.38%28.08%5.90%22.78%-12.28%11.81%

Correlation

The correlation between SMLF and VBR is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.92

Correlation (3Y)
Calculated over the trailing 3-year period

0.94

Correlation (5Y)
Calculated over the trailing 5-year period

0.96

Correlation (10Y)
Calculated over the trailing 10-year period

0.94

Correlation (All Time)
Calculated using the full available price history since Apr 30, 2015

0.89

The correlation between SMLF and VBR has been stable across timeframes, ranging from 0.89 to 0.96 - a consistent structural relationship.

SMLF vs. VBR - Sectors Allocation Comparison

Sectors
SMLF
VBR

Industrials

19.5%
17.4%

Technology

19.1%
12.1%

Financial Services

14.3%
17.5%

Healthcare

12.9%
8.3%

Consumer Cyclical

11.4%
12.5%

Real Estate

5.6%
10.5%

Basic Materials

4.5%
6.0%

Energy

4.3%
4.3%

Consumer Defensive

3.3%
4.0%

Communication Services

3.2%
2.8%

Utilities

2.0%
4.6%

Industrials

SMLF
19.5%
VBR
17.4%

Technology

SMLF
19.1%
VBR
12.1%

Financial Services

SMLF
14.3%
VBR
17.5%

Healthcare

SMLF
12.9%
VBR
8.3%

Consumer Cyclical

SMLF
11.4%
VBR
12.5%

Real Estate

SMLF
5.6%
VBR
10.5%

Basic Materials

SMLF
4.5%
VBR
6.0%

Energy

SMLF
4.3%
VBR
4.3%

Consumer Defensive

SMLF
3.3%
VBR
4.0%

Communication Services

SMLF
3.2%
VBR
2.8%

Utilities

SMLF
2.0%
VBR
4.6%

Compare stocks, funds, or ETFs

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

iShares MSCI USA Small-Cap Multifactor ETF

Vanguard Small-Cap Value ETF

Often compared with SMLF:
SMLF vs. FSMDSMLF vs. SMLVSMLF vs. IWMSMLF vs. SMMVSMLF vs. GSSCSMLF vs. FZIPXSMLF vs. FSSNX
Often compared with VBR:
VBR vs. AVUVVBR vs. VBVBR vs. VOOVBR vs. VBKVBR vs. VTIVBR vs. VIOVVBR vs. VSIAX

Return for Risk

SMLF vs. VBR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMLF
SMLF Risk / Return Rank: 6666
Overall Rank
SMLF Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
SMLF Sortino Ratio Rank: 6060
Sortino Ratio Rank
SMLF Omega Ratio Rank: 5555
Omega Ratio Rank
SMLF Calmar Ratio Rank: 7979
Calmar Ratio Rank
SMLF Martin Ratio Rank: 7474
Martin Ratio Rank
VBR
VBR Risk / Return Rank: 5959
Overall Rank
VBR Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
VBR Sortino Ratio Rank: 5858
Sortino Ratio Rank
VBR Omega Ratio Rank: 5252
Omega Ratio Rank
VBR Calmar Ratio Rank: 6565
Calmar Ratio Rank
VBR Martin Ratio Rank: 6363
Martin Ratio Rank
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. VBR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Small-Cap Multifactor ETF (SMLF) and Vanguard Small-Cap Value ETF (VBR). 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.

SMLFVBRDifference
Sharpe ratioReturn per unit of total volatility
1.96
1.82

+0.14

Sortino ratioReturn per unit of downside risk
2.72
2.67

+0.06

Omega ratioGain probability vs. loss probability

1.33

1.31

+0.02

Calmar ratioReturn relative to maximum drawdown

3.96

3.14

+0.81

Martin ratioReturn relative to average drawdown

13.58

11.11

+2.47

SMLF vs. VBR - Sharpe Ratio Comparison

The current SMLF Sharpe Ratio is 1.96, which is comparable to the VBR Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of SMLF and VBR, 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. VBR - Drawdown Comparison

The maximum SMLF drawdown since its inception was -41.89%, smaller than the maximum VBR drawdown of -61.98%. Use the drawdown chart below to compare losses from any high point for SMLF and VBR.

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Drawdown Indicators

SMLFVBRDifference

Max Drawdown

Largest peak-to-trough decline

-41.89%

-61.98%

+20.09%

Max Drawdown (1Y)

Largest decline over 1 year

-8.71%

-8.85%

+0.14%

Max Drawdown (3Y)

Largest decline over 3 years

-26.28%

-24.19%

-2.09%

Max Drawdown (5Y)

Largest decline over 5 years

-26.28%

-24.19%

-2.09%

Max Drawdown (10Y)

Largest decline over 10 years

-41.89%

-45.28%

+3.39%

Current Drawdown

Current decline from peak

0.00%

-1.03%

+1.03%

Average Drawdown

Average peak-to-trough decline

-6.58%

-8.25%

+1.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.53%

2.50%

+0.03%

Volatility

SMLF vs. VBR - Volatility Comparison

iShares MSCI USA Small-Cap Multifactor ETF (SMLF) has a higher volatility of 5.25% compared to Vanguard Small-Cap Value ETF (VBR) at 3.97%. This indicates that SMLF's price experiences larger fluctuations and is considered to be riskier than VBR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMLFVBRDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.25%

3.97%

+1.28%

Volatility (6M)

Calculated over the trailing 6-month period

12.90%

10.66%

+2.24%

Volatility (1Y)

Calculated over the trailing 1-year period

17.62%

15.33%

+2.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.12%

19.73%

+1.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.82%

21.75%

+0.07%

SMLF vs. VBR - Expense Ratio Comparison

SMLF has a 0.30% expense ratio, which is higher than VBR's 0.05% expense ratio.

Dividends

SMLF vs. VBR - Dividend Comparison

SMLF's dividend yield for the trailing twelve months is around 1.01%, less than VBR's 1.73% yield.

PositionTTM20252024202320222021202020192018201720162015
SMLF
iShares MSCI USA Small-Cap Multifactor 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%
VBR
Vanguard Small-Cap Value ETF		1.73%1.95%1.98%2.12%2.03%1.75%1.68%2.06%2.35%1.79%1.77%1.99%

Frequently Asked Questions

With a correlation of 0.92, SMLF and VBR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

SMLF has higher volatility (5.25%) compared to VBR (3.97%). In terms of maximum drawdown, SMLF dropped -41.89% vs VBR's -61.98%.

On 10-year performance, SMLF leads with 12.77% vs 11.02% for VBR. On fees, VBR is cheaper at 0.05% per year. On volatility, VBR has been the lower-risk option at 3.97%. 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 12.77% return vs 11.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VBR is cheaper with a 0.05% expense ratio, compared with 0.30% for SMLF.

VBR has the higher dividend yield at 1.73%, compared with 1.01% for SMLF.

SMLF is categorized as Small Cap Blend Equities, while VBR is Small Cap Value Equities. SMLF tracks MSCI USA Small Cap Diversified Multi-Factor, while VBR tracks CRSP US Small Cap Value Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.30% for SMLF and 0.05% for VBR.

SMLF currently has the higher Sharpe Ratio (1.96 vs 1.82), 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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