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SMMD vs. SCHA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMMD vs. SCHA

Last updated Jun 25, 2026

SMMD (iShares Russell 2500 ETF) and SCHA (Schwab U.S. Small-Cap ETF) are both exchange-traded funds - SMMD is a Small Cap Growth Equities fund tracking the Russell 2500 Index, while SCHA is a Small Cap Blend Equities fund tracking the Dow Jones U.S. Small-Cap Total Stock Market Index. Both are passively managed. Over the past 5 years, SMMD returned 7.64%/yr vs 7.22%/yr for SCHA. Their correlation of 0.95 suggests significant overlap in exposure. SMMD charges 0.15%/yr vs 0.04%/yr for SCHA.

Performance

SMMD vs. SCHA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2500 ETF (SMMD) and Schwab U.S. Small-Cap ETF (SCHA). 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 20.43% return, which is significantly lower than SCHA's 22.67% return.

SMMD

1D
0.30%
1M
3.50%
YTD
20.43%
6M
17.74%
1Y
35.27%
3Y*
19.14%
5Y*
7.64%
10Y*
—

SCHA

1D
0.11%
1M
4.68%
YTD
22.67%
6M
19.77%
1Y
40.05%
3Y*
19.89%
5Y*
7.22%
10Y*
11.73%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMMD vs. SCHA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SMMD
iShares Russell 2500 ETF		20.43%11.72%11.87%17.71%-18.53%18.30%19.98%28.01%-10.58%11.27%
SCHA
Schwab U.S. Small-Cap ETF		22.67%11.60%11.16%18.46%-19.81%16.45%19.34%26.50%-11.79%10.89%

Correlation

The correlation between SMMD and SCHA is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

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

0.99

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

0.99

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

0.99

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

0.95

The correlation between SMMD and SCHA has been stable across timeframes, ranging from 0.95 to 0.99 - a consistent structural relationship.

SMMD vs. SCHA - Sectors Allocation Comparison

Sectors
SMMD
SCHA

Technology

22.7%
24.3%

Industrials

21.5%
15.4%

Financial Services

12.8%
15.4%

Healthcare

10.9%
13.8%

Consumer Cyclical

9.9%
9.2%

Real Estate

6.1%
5.8%

Energy

4.4%
4.8%

Basic Materials

4.0%
4.1%

Consumer Defensive

2.7%
2.5%

Utilities

2.6%
2.1%

Communication Services

1.9%
2.3%

Technology

SMMD
22.7%
SCHA
24.3%

Industrials

SMMD
21.5%
SCHA
15.4%

Financial Services

SMMD
12.8%
SCHA
15.4%

Healthcare

SMMD
10.9%
SCHA
13.8%

Consumer Cyclical

SMMD
9.9%
SCHA
9.2%

Real Estate

SMMD
6.1%
SCHA
5.8%

Energy

SMMD
4.4%
SCHA
4.8%

Basic Materials

SMMD
4.0%
SCHA
4.1%

Consumer Defensive

SMMD
2.7%
SCHA
2.5%

Utilities

SMMD
2.6%
SCHA
2.1%

Communication Services

SMMD
1.9%
SCHA
2.3%

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

Schwab U.S. Small-Cap ETF

Often compared with SMMD:
SMMD vs. VOOSMMD vs. IJRSMMD vs. IMCVSMMD vs. IJHSMMD vs. DODGXSMMD vs. XJRSMMD vs. IMCG
Often compared with SCHA:
SCHA vs. VBSCHA vs. AVUVSCHA vs. SWSSXSCHA vs. IJRSCHA vs. SCHDSCHA vs. SCHBSCHA vs. SCHM

Return for Risk

SMMD vs. SCHA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMMD
SMMD Risk / Return Rank: 7272
Overall Rank
SMMD Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
SMMD Sortino Ratio Rank: 7070
Sortino Ratio Rank
SMMD Omega Ratio Rank: 6363
Omega Ratio Rank
SMMD Calmar Ratio Rank: 7979
Calmar Ratio Rank
SMMD Martin Ratio Rank: 7979
Martin Ratio Rank
SCHA
SCHA Risk / Return Rank: 7777
Overall Rank
SCHA Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
SCHA Sortino Ratio Rank: 7575
Sortino Ratio Rank
SCHA Omega Ratio Rank: 6767
Omega Ratio Rank
SCHA Calmar Ratio Rank: 8585
Calmar Ratio Rank
SCHA Martin Ratio Rank: 8484
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. SCHA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2500 ETF (SMMD) and Schwab U.S. Small-Cap ETF (SCHA). 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.

SMMDSCHADifference
Sharpe ratioReturn per unit of total volatility
2.00
2.15

-0.15

Sortino ratioReturn per unit of downside risk
2.80
3.00

-0.20

Omega ratioGain probability vs. loss probability

1.34

1.36

-0.02

Calmar ratioReturn relative to maximum drawdown

3.67

4.23

-0.57

Martin ratioReturn relative to average drawdown

13.89

15.49

-1.60

SMMD vs. SCHA - Sharpe Ratio Comparison

The current SMMD Sharpe Ratio is 2.00, which is comparable to the SCHA Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of SMMD and SCHA, 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. SCHA - Drawdown Comparison

The maximum SMMD drawdown since its inception was -41.06%, roughly equal to the maximum SCHA drawdown of -42.41%. Use the drawdown chart below to compare losses from any high point for SMMD and SCHA.

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Drawdown Indicators

SMMDSCHADifference

Max Drawdown

Largest peak-to-trough decline

-41.06%

-42.41%

+1.35%

Max Drawdown (1Y)

Largest decline over 1 year

-9.66%

-9.50%

-0.16%

Max Drawdown (3Y)

Largest decline over 3 years

-25.50%

-27.29%

+1.79%

Max Drawdown (5Y)

Largest decline over 5 years

-28.26%

-30.79%

+2.53%

Max Drawdown (10Y)

Largest decline over 10 years

—

-42.41%

—

Current Drawdown

Current decline from peak

-1.13%

-1.61%

+0.48%

Average Drawdown

Average peak-to-trough decline

-8.32%

-7.56%

-0.76%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.55%

2.59%

-0.04%

Volatility

SMMD vs. SCHA - Volatility Comparison

The current volatility for iShares Russell 2500 ETF (SMMD) is 5.93%, while Schwab U.S. Small-Cap ETF (SCHA) has a volatility of 6.71%. This indicates that SMMD experiences smaller price fluctuations and is considered to be less risky than SCHA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMMDSCHADifference

Volatility (1M)

Calculated over the trailing 1-month period

5.93%

6.71%

-0.78%

Volatility (6M)

Calculated over the trailing 6-month period

13.36%

13.91%

-0.55%

Volatility (1Y)

Calculated over the trailing 1-year period

17.75%

18.75%

-1.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.91%

22.04%

-1.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.37%

22.75%

-0.38%

SMMD vs. SCHA - Expense Ratio Comparison

SMMD has a 0.15% expense ratio, which is higher than SCHA's 0.04% expense ratio. However, 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. SCHA - Dividend Comparison

SMMD's dividend yield for the trailing twelve months is around 1.07%, more than SCHA's 0.98% yield.

PositionTTM20252024202320222021202020192018201720162015
SCHA
Schwab U.S. Small-Cap ETF		0.98%1.26%1.51%1.42%1.37%1.19%1.05%1.39%1.58%1.24%1.50%1.48%
SMMD
iShares Russell 2500 ETF		1.07%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

With a correlation of 0.99, SMMD and SCHA 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.

SCHA has higher volatility (6.71%) compared to SMMD (5.93%). In terms of maximum drawdown, SMMD dropped -41.06% vs SCHA's -42.41%.

On 5-year performance, SMMD leads with 7.64% vs 7.22% for SCHA. On fees, SCHA is cheaper at 0.04% per year. On volatility, SMMD has been the lower-risk option at 5.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, SMMD has performed better with a 7.64% return vs 7.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SCHA is cheaper with a 0.04% expense ratio, compared with 0.15% for SMMD.

SMMD has the higher dividend yield at 1.07%, compared with 0.98% for SCHA.

SMMD is categorized as Small Cap Growth Equities, while SCHA is Small Cap Blend Equities. SMMD tracks Russell 2500 Index, while SCHA tracks Dow Jones U.S. Small-Cap Total Stock Market Index. They also come from different issuers: iShares and Charles Schwab. Their fees differ too: 0.15% for SMMD and 0.04% for SCHA.

SCHA currently has the higher Sharpe Ratio (2.15 vs 2.00), 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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