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SMMD vs. IWV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMMD vs. IWV

Last updated Jun 14, 2026

SMMD (iShares Russell 2500 ETF) and IWV (iShares Russell 3000 ETF) are both exchange-traded funds - SMMD is a Small Cap Growth Equities fund tracking the Russell 2500 Index, while IWV is a Large Cap Blend Equities fund tracking the Russell 3000 Index. Both are passively managed. Over the past 5 years, SMMD returned 7.65%/yr vs 12.07%/yr for IWV. Their correlation of 0.85 suggests significant overlap in exposure. SMMD charges 0.15%/yr vs 0.20%/yr for IWV.

Performance

SMMD vs. IWV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2500 ETF (SMMD) and iShares Russell 3000 ETF (IWV). 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 20.07% return, which is significantly higher than IWV's 9.30% return.

SMMD

1D
0.98%
1M
3.73%
YTD
20.07%
6M
17.82%
1Y
38.70%
3Y*
17.74%
5Y*
7.65%
10Y*
—

IWV

1D
0.53%
1M
-0.32%
YTD
9.30%
6M
9.38%
1Y
25.70%
3Y*
20.32%
5Y*
12.07%
10Y*
14.84%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMMD vs. IWV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SMMD
iShares Russell 2500 ETF		20.07%11.72%11.87%17.71%-18.53%18.30%19.98%28.01%-10.58%11.27%
IWV
iShares Russell 3000 ETF		9.30%16.96%23.49%25.82%-19.28%25.54%20.55%30.66%-5.43%11.88%

Correlation

The correlation between SMMD and IWV is 0.84, 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

0.84

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

0.85

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

0.89

Correlation (All Time)
Calculated using the full available price history since Jul 7, 2017

0.85

The correlation between SMMD and IWV has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

SMMD vs. IWV - Sectors Allocation Comparison

Sectors
SMMD
IWV

Technology

24.5%
36.5%

Industrials

23.2%
9.1%

Financial Services

11.6%
11.5%

Healthcare

9.5%
8.9%

Consumer Cyclical

9.2%
9.9%

Real Estate

6.0%
2.3%

Energy

4.7%
3.3%

Basic Materials

4.0%
2.0%

Utilities

2.7%
2.1%

Consumer Defensive

2.5%
4.3%

Communication Services

1.8%
10.0%

Technology

SMMD
24.5%
IWV
36.5%

Industrials

SMMD
23.2%
IWV
9.1%

Financial Services

SMMD
11.6%
IWV
11.5%

Healthcare

SMMD
9.5%
IWV
8.9%

Consumer Cyclical

SMMD
9.2%
IWV
9.9%

Real Estate

SMMD
6.0%
IWV
2.3%

Energy

SMMD
4.7%
IWV
3.3%

Basic Materials

SMMD
4.0%
IWV
2.0%

Utilities

SMMD
2.7%
IWV
2.1%

Consumer Defensive

SMMD
2.5%
IWV
4.3%

Communication Services

SMMD
1.8%
IWV
10.0%

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 Russell 3000 ETF

Often compared with SMMD:
SMMD vs. VOOSMMD vs. IJRSMMD vs. IMCVSMMD vs. IJHSMMD vs. DODGXSMMD vs. XJRSMMD vs. IMCG
Often compared with IWV:
IWV vs. SPYIWV vs. VTIIWV vs. IWMIWV vs. ACWXIWV vs. VTHRIWV vs. IVVIWV vs. RSP

Return for Risk

SMMD vs. IWV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMMD
SMMD Risk / Return Rank: 7575
Overall Rank
SMMD Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
SMMD Sortino Ratio Rank: 7474
Sortino Ratio Rank
SMMD Omega Ratio Rank: 6666
Omega Ratio Rank
SMMD Calmar Ratio Rank: 8181
Calmar Ratio Rank
SMMD Martin Ratio Rank: 8282
Martin Ratio Rank
IWV
IWV Risk / Return Rank: 6868
Overall Rank
IWV Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
IWV Sortino Ratio Rank: 6767
Sortino Ratio Rank
IWV Omega Ratio Rank: 6868
Omega Ratio Rank
IWV Calmar Ratio Rank: 6262
Calmar Ratio Rank
IWV Martin Ratio Rank: 7575
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. IWV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2500 ETF (SMMD) and iShares Russell 3000 ETF (IWV). 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.

SMMDIWVDifference
Sharpe ratioReturn per unit of total volatility
2.06
1.94

+0.12

Sortino ratioReturn per unit of downside risk
2.86
2.64

+0.22

Omega ratioGain probability vs. loss probability

1.35

1.35

0.00

Calmar ratioReturn relative to maximum drawdown

3.78

2.74

+1.04

Martin ratioReturn relative to average drawdown

14.33

12.28

+2.05

SMMD vs. IWV - Sharpe Ratio Comparison

The current SMMD Sharpe Ratio is 2.06, which is comparable to the IWV Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of SMMD and IWV, 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

SMMD vs. IWV - Drawdown Comparison

The maximum SMMD drawdown since its inception was -41.06%, smaller than the maximum IWV drawdown of -55.61%. Use the drawdown chart below to compare losses from any high point for SMMD and IWV.

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Drawdown Indicators

SMMDIWVDifference

Max Drawdown

Largest peak-to-trough decline

-41.06%

-55.61%

+14.55%

Max Drawdown (1Y)

Largest decline over 1 year

-9.66%

-8.89%

-0.77%

Max Drawdown (3Y)

Largest decline over 3 years

-25.50%

-19.28%

-6.22%

Max Drawdown (5Y)

Largest decline over 5 years

-28.26%

-25.11%

-3.15%

Max Drawdown (10Y)

Largest decline over 10 years

—

-35.22%

—

Current Drawdown

Current decline from peak

0.00%

-2.09%

+2.09%

Average Drawdown

Average peak-to-trough decline

-8.35%

-10.58%

+2.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.55%

1.98%

+0.57%

Volatility

SMMD vs. IWV - Volatility Comparison

iShares Russell 2500 ETF (SMMD) has a higher volatility of 6.26% compared to iShares Russell 3000 ETF (IWV) at 4.44%. This indicates that SMMD's price experiences larger fluctuations and is considered to be riskier than IWV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMMDIWVDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.26%

4.44%

+1.82%

Volatility (6M)

Calculated over the trailing 6-month period

13.30%

9.75%

+3.55%

Volatility (1Y)

Calculated over the trailing 1-year period

17.74%

12.57%

+5.17%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.91%

17.30%

+3.61%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.38%

18.43%

+3.95%

SMMD vs. IWV - Expense Ratio Comparison

SMMD has a 0.15% expense ratio, which is lower than IWV's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SMMD vs. IWV - Dividend Comparison

SMMD's dividend yield for the trailing twelve months is around 1.04%, more than IWV's 0.87% yield.

PositionTTM20252024202320222021202020192018201720162015
IWV
iShares Russell 3000 ETF		0.87%0.96%1.08%1.30%1.56%1.04%1.30%1.69%1.97%1.58%1.79%1.99%
SMMD
iShares Russell 2500 ETF		1.04%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 IWV have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SMMD has higher volatility (6.26%) compared to IWV (4.44%). In terms of maximum drawdown, SMMD dropped -41.06% vs IWV's -55.61%.

On 5-year performance, IWV leads with 12.07% vs 7.65% for SMMD. On fees, SMMD is cheaper at 0.15% per year. On volatility, IWV has been the lower-risk option at 4.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, IWV has performed better with a 12.07% return vs 7.65%. 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 0.20% for IWV.

SMMD has the higher dividend yield at 1.04%, compared with 0.87% for IWV.

SMMD is categorized as Small Cap Growth Equities, while IWV is Large Cap Blend Equities. SMMD tracks Russell 2500 Index, while IWV tracks Russell 3000 Index. Their fees differ too: 0.15% for SMMD and 0.20% for IWV.

SMMD currently has the higher Sharpe Ratio (2.06 vs 1.94), 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.

Portfolio Optimizer

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