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SMMD vs. ACWI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMMD vs. ACWI

Last updated Jun 4, 2026

SMMD (iShares Russell 2500 ETF) and ACWI (iShares MSCI ACWI ETF) are both exchange-traded funds - SMMD is a Small Cap Growth Equities fund tracking the Russell 2500 Index, while ACWI is a Global Equities fund tracking the MSCI All Country World Index. Both are passively managed. Over the past 5 years, SMMD returned 7.64%/yr vs 11.28%/yr for ACWI. Their correlation of 0.82 suggests significant overlap in exposure. SMMD charges 0.15%/yr vs 0.32%/yr for ACWI.

Performance

SMMD vs. ACWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2500 ETF (SMMD) and iShares MSCI ACWI ETF (ACWI). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SMMD achieves a 18.37% return, which is significantly higher than ACWI's 12.13% return.

SMMD

1D
-0.63%
1M
4.41%
YTD
18.37%
6M
18.20%
1Y
36.03%
3Y*
18.53%
5Y*
7.64%
10Y*
—

ACWI

1D
-0.83%
1M
5.28%
YTD
12.13%
6M
12.96%
1Y
29.18%
3Y*
21.15%
5Y*
11.28%
10Y*
12.85%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMMD vs. ACWI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SMMD
iShares Russell 2500 ETF		18.37%11.72%11.87%17.71%-18.53%18.30%19.98%28.01%-10.58%10.82%
ACWI
iShares MSCI ACWI ETF		12.13%22.41%17.45%22.27%-18.39%18.66%16.34%26.59%-9.19%11.36%

Correlation

The correlation between SMMD and ACWI is 0.81, 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

0.81

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

0.83

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

0.87

Correlation (All Time)
Calculated using the full available price history since Jul 10, 2017

0.82

The correlation between SMMD and ACWI has been stable across timeframes, ranging from 0.81 to 0.87 - a consistent structural relationship.

SMMD vs. ACWI - Sectors Allocation Comparison

Sectors
SMMD
ACWI

Industrials

21.0%
10.9%

Technology

18.8%
29.4%

Financial Services

13.8%
16.1%

Healthcare

11.8%
8.1%

Consumer Cyclical

10.6%
9.3%

Real Estate

6.7%
1.8%

Energy

4.9%
4.2%

Basic Materials

4.4%
3.7%

Consumer Defensive

2.8%
5.0%

Utilities

2.7%
2.6%

Communication Services

2.5%
9.0%

Industrials

SMMD
21.0%
ACWI
10.9%

Technology

SMMD
18.8%
ACWI
29.4%

Financial Services

SMMD
13.8%
ACWI
16.1%

Healthcare

SMMD
11.8%
ACWI
8.1%

Consumer Cyclical

SMMD
10.6%
ACWI
9.3%

Real Estate

SMMD
6.7%
ACWI
1.8%

Energy

SMMD
4.9%
ACWI
4.2%

Basic Materials

SMMD
4.4%
ACWI
3.7%

Consumer Defensive

SMMD
2.8%
ACWI
5.0%

Utilities

SMMD
2.7%
ACWI
2.6%

Communication Services

SMMD
2.5%
ACWI
9.0%

Compare stocks, funds, or ETFs

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

iShares Russell 2500 ETF

iShares MSCI ACWI ETF

Often compared with SMMD:
SMMD vs. VOOSMMD vs. IJRSMMD vs. IMCVSMMD vs. IJHSMMD vs. DODGXSMMD vs. XJRSMMD vs. IMCG
Often compared with ACWI:
ACWI vs. VTACWI vs. SPYACWI vs. VWRL.LACWI vs. ACWXACWI vs. ACWI.LACWI vs. VOOACWI vs. VTI

Return for Risk

SMMD vs. ACWI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMMD
SMMD Risk / Return Rank: 6666
Overall Rank
SMMD Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
SMMD Sortino Ratio Rank: 6363
Sortino Ratio Rank
SMMD Omega Ratio Rank: 5858
Omega Ratio Rank
SMMD Calmar Ratio Rank: 7474
Calmar Ratio Rank
SMMD Martin Ratio Rank: 7575
Martin Ratio Rank
ACWI
ACWI Risk / Return Rank: 6666
Overall Rank
ACWI Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
ACWI Sortino Ratio Rank: 6767
Sortino Ratio Rank
ACWI Omega Ratio Rank: 6767
Omega Ratio Rank
ACWI Calmar Ratio Rank: 5959
Calmar Ratio Rank
ACWI Martin Ratio Rank: 7171
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.

SMMD vs. ACWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2500 ETF (SMMD) and iShares MSCI ACWI ETF (ACWI). 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.

SMMDACWIDifference
Sharpe ratioReturn per unit of total volatility
2.11
2.29

-0.18

Sortino ratioReturn per unit of downside risk
2.96
3.17

-0.21

Omega ratioGain probability vs. loss probability

1.36

1.41

-0.06

Calmar ratioReturn relative to maximum drawdown

3.75

3.01

+0.73

Martin ratioReturn relative to average drawdown

14.29

13.53

+0.77

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMMD vs. ACWI - Sharpe Ratio Comparison

The current SMMD Sharpe Ratio is 2.11, which is comparable to the ACWI Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of SMMD and ACWI, 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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Sharpe Ratios by Period

SMMDACWIDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.11

2.29

-0.18

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.37

0.71

-0.34

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.75

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.50

0.43

+0.07

Drawdowns

SMMD vs. ACWI - Drawdown Comparison

The maximum SMMD drawdown since its inception was -41.06%, smaller than the maximum ACWI drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for SMMD and ACWI.

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Drawdown Indicators

SMMDACWIDifference

Max Drawdown

Largest peak-to-trough decline

-41.06%

-56.00%

+14.94%

Max Drawdown (1Y)

Largest decline over 1 year

-9.66%

-9.73%

+0.07%

Max Drawdown (3Y)

Largest decline over 3 years

-25.50%

-16.55%

-8.95%

Max Drawdown (5Y)

Largest decline over 5 years

-28.26%

-26.42%

-1.84%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.53%

—

Current Drawdown

Current decline from peak

-0.63%

-0.83%

+0.20%

Average Drawdown

Average peak-to-trough decline

-8.37%

-8.61%

+0.24%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.53%

2.16%

+0.37%

Volatility

SMMD vs. ACWI - Volatility Comparison

iShares Russell 2500 ETF (SMMD) has a higher volatility of 5.17% compared to iShares MSCI ACWI ETF (ACWI) at 3.93%. This indicates that SMMD's price experiences larger fluctuations and is considered to be riskier than ACWI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMMDACWIDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.17%

3.93%

+1.24%

Volatility (6M)

Calculated over the trailing 6-month period

12.58%

10.29%

+2.29%

Volatility (1Y)

Calculated over the trailing 1-year period

17.20%

12.78%

+4.42%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.82%

16.05%

+4.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.37%

17.11%

+5.26%

SMMD vs. ACWI - Expense Ratio Comparison

SMMD has a 0.15% expense ratio, which is lower than ACWI's 0.32% expense ratio.

Dividends

SMMD vs. ACWI - Dividend Comparison

SMMD's dividend yield for the trailing twelve months is around 1.05%, less than ACWI's 1.38% yield.

PositionTTM20252024202320222021202020192018201720162015
ACWI
iShares MSCI ACWI ETF		1.38%1.55%1.70%1.88%1.79%1.71%1.43%2.33%2.18%1.94%2.19%2.56%
SMMD
iShares Russell 2500 ETF		1.05%1.28%1.27%1.44%1.79%1.12%1.31%1.50%2.45%0.68%0.00%0.00%

Frequently Asked Questions

SMMD and ACWI have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SMMD has higher volatility (5.17%) compared to ACWI (3.93%). In terms of maximum drawdown, SMMD dropped -41.06% vs ACWI's -56.00%.

On 5-year performance, ACWI leads with 11.28% vs 7.64% for SMMD. On fees, SMMD is cheaper at 0.15% per year. On volatility, ACWI has been the lower-risk option at 3.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, ACWI has performed better with a 11.28% return vs 7.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SMMD is cheaper with a 0.15% expense ratio, compared with 0.32% for ACWI.

ACWI has the higher dividend yield at 1.38%, compared with 1.05% for SMMD.

SMMD is categorized as Small Cap Growth Equities, while ACWI is Global Equities. SMMD tracks Russell 2500 Index, while ACWI tracks MSCI All Country World Index. Their fees differ too: 0.15% for SMMD and 0.32% for ACWI.

ACWI currently has the higher Sharpe Ratio (2.29 vs 2.11), 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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