SMLL vs. SMMV

Last updated Aug 2, 2026

SMLL (Harbor Active Small Cap ETF) and SMMV (iShares MSCI USA Small-Cap Min Vol Factor ETF) are both Small Cap Blend Equities funds. SMLL is actively managed, while SMMV is passively managed. Over the past year, SMLL returned 5.80% vs 16.10% for SMMV. Their 0.79 correlation means they have sometimes moved together and sometimes differently. SMLL charges 0.80%/yr vs 0.20%/yr for SMMV.

Performance

SMLL vs. SMMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Active Small Cap ETF (SMLL) and iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMLL achieves a 7.95% return, which is significantly lower than SMMV's 9.33% return.

SMLL

• 1D: 0.06%
• 1M: 0.10%
• 6M: 5.67%
• YTD: 7.95%
• 1Y: 5.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.30%

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

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SMLL Harbor Active Small Cap ETF	$12.67K	$15.57K	$37.20K
SMMV iShares MSCI USA Small-Cap Min Vol Factor ETF	$337.38K	$347.17K	$431.55K

SMLL vs. SMMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMLL Harbor Active Small Cap ETF	7.95%	-6.31%	11.18%
SMMV iShares MSCI USA Small-Cap Min Vol Factor ETF	9.33%	6.42%	4.56%

Correlation

The correlation between SMLL and SMMV is 0.76, 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.	0.76
Correlation (All Time) Calculated using the full available price history since Aug 29, 2024	0.79

The correlation between SMLL and SMMV has been stable across timeframes, ranging from 0.76 to 0.79 - a consistent structural relationship.

SMLL vs. SMMV - Sectors Allocation Comparison

Sectors	SMLL	SMMV
Industrials	31.6%	13.6%
Financial Services	19.7%	9.2%
Technology	15.7%	13.7%
Consumer Cyclical	9.6%	5.3%
Real Estate	6.0%	12.5%
Energy	5.6%	5.2%
Healthcare	5.4%	18.7%
Basic Materials	5.1%	1.6%
Consumer Defensive	0.9%	7.6%
Utilities	0.5%	7.5%
Communication Services	-	5.1%

Return for Risk

SMLL vs. SMMV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SMLL

SMLL Risk / Return Rank: 15
SMLL Sharpe Ratio Rank: 15
SMLL Sortino Ratio Rank: 15
SMLL Omega Ratio Rank: 15
SMLL Calmar Ratio Rank: 15
SMLL Martin Ratio Rank: 14

SMMV

SMMV Risk / Return Rank: 66
SMMV Sharpe Ratio Rank: 69
SMMV Sortino Ratio Rank: 75
SMMV Omega Ratio Rank: 68
SMMV Calmar Ratio Rank: 63
SMMV Martin Ratio Rank: 56

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.

SMLL vs. SMMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Active Small Cap ETF (SMLL) 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.

	SMLL	SMMV	Difference
Sharpe ratio: Return per unit of total volatility	0.19	1.58	-1.39
Sortino ratio: Return per unit of downside risk	0.41	2.42	-2.01
Omega ratio: Gain probability vs. loss probability	1.05	1.28	-0.24
Calmar ratio: Return relative to maximum drawdown	0.22	2.19	-1.97
Martin ratio: Return relative to average drawdown	0.44	6.75	-6.31

SMLL vs. SMMV - Sharpe Ratio Comparison

The current SMLL Sharpe Ratio is 0.19, which is lower than the SMMV Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of SMLL 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.

Drawdowns

SMLL vs. SMMV - Drawdown Comparison

The maximum SMLL drawdown since its inception was -23.56%, smaller than the maximum SMMV drawdown of -38.77%. Use the drawdown chart below to compare losses from any high point for SMLL and SMMV.

Drawdown Indicators

	SMLL	SMMV	Difference
Max Drawdown Largest peak-to-trough decline	-23.56%	-38.77%	+15.21%
Max Drawdown (1Y) Largest decline over 1 year	-15.53%	-7.02%	-8.51%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.68%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.00%	—
Current Drawdown Current decline from peak	-6.17%	-1.07%	-5.10%
Average Drawdown Average peak-to-trough decline	-8.64%	-5.04%	-3.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.74%	2.28%	+5.46%

Volatility

SMLL vs. SMMV - Volatility Comparison

Harbor Active Small Cap ETF (SMLL) has a higher volatility of 5.20% compared to iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV) at 2.85%. This indicates that SMLL'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.

Volatility by Period

	SMLL	SMMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.20%	2.85%	+2.35%
Volatility (6M) Calculated over the trailing 6-month period	12.09%	6.98%	+5.11%
Volatility (1Y) Calculated over the trailing 1-year period	17.56%	9.75%	+7.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.09%	13.44%	+6.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.09%	15.62%	+4.47%

SMLL vs. SMMV - Expense Ratio Comparison

SMLL has a 0.80% expense ratio, which is higher than SMMV's 0.20% expense ratio.

Dividends

SMLL vs. SMMV - Dividend Comparison

SMLL's dividend yield for the trailing twelve months is around 2.19%, more than SMMV's 1.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SMLL Harbor Active Small Cap ETF	2.19%	2.37%	0.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both SMLL and SMMV in my portfolio?

SMLL and SMMV 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, SMLL or SMMV?

SMLL has higher volatility (5.20%) compared to SMMV (2.85%). In terms of maximum drawdown, SMLL dropped -23.56% vs SMMV's -38.77%.

Which ETF is better, SMLL or SMMV?

On 1-year performance, SMMV leads with 16.10% vs 5.80% for SMLL. On fees, SMMV is cheaper at 0.20% 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.

Which ETF has performed better, SMLL or SMMV?

Over the 1-year period, SMMV has performed better with a 16.10% return vs 5.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMLL or SMMV?

SMMV is cheaper with a 0.20% expense ratio, compared with 0.80% for SMLL.

Which ETF pays a higher dividend yield, SMLL or SMMV?

SMLL has the higher dividend yield at 2.19%, compared with 1.66% for SMMV.

What is the main difference between SMLL and SMMV?

They also come from different issuers: Harbor and iShares. Their fees differ too: 0.80% for SMLL and 0.20% for SMMV.

Which has better risk-adjusted returns?

SMMV currently has the higher Sharpe Ratio (1.58 vs 0.19), 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.