SMMD vs. SMIG

Last updated Jun 23, 2026

SMMD (iShares Russell 2500 ETF) and SMIG (Bahl & Gaynor Small/Mid Cap Income Growth ETF) are both exchange-traded funds - SMMD is a Small Cap Growth Equities fund tracking the Russell 2500 Index, while SMIG is a Small Cap Value Equities fund actively managed by Bahl & Gaynor. SMMD is passively managed, while SMIG is actively managed. Over the past 3 years, SMMD returned 19.59%/yr vs 13.63%/yr for SMIG. Their correlation of 0.88 suggests significant overlap in exposure. SMMD charges 0.15%/yr vs 0.60%/yr for SMIG.

Performance

SMMD vs. SMIG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2500 ETF (SMMD) and Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMMD achieves a 21.81% return, which is significantly higher than SMIG's 13.12% return.

SMMD

• 1D: 0.80%
• 1M: 4.69%
• YTD: 21.81%
• 6M: 18.80%
• 1Y: 39.62%
• 3Y*: 19.59%
• 5Y*: 8.24%
• 10Y*: —

SMIG

• 1D: 0.78%
• 1M: 1.50%
• YTD: 13.12%
• 6M: 11.92%
• 1Y: 15.97%
• 3Y*: 13.63%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SMMD vs. SMIG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SMMD iShares Russell 2500 ETF	21.81%	11.72%	11.87%	17.71%	-18.53%	1.48%
SMIG Bahl & Gaynor Small/Mid Cap Income Growth ETF	13.12%	0.78%	17.63%	13.62%	-11.83%	5.23%

Correlation

The correlation between SMMD and SMIG is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (All Time) Calculated using the full available price history since Aug 26, 2021	0.88

The correlation between SMMD and SMIG shifts across timeframes, from 0.78 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

SMMD vs. SMIG - Sectors Allocation Comparison

Sectors	SMMD	SMIG
Technology	22.7%	10.7%
Industrials	21.5%	18.2%
Financial Services	12.8%	21.1%
Healthcare	10.9%	2.7%
Consumer Cyclical	9.9%	13.5%
Real Estate	6.1%	9.8%
Energy	4.4%	10.4%
Basic Materials	4.0%	2.0%
Consumer Defensive	2.7%	1.9%
Utilities	2.6%	9.8%
Communication Services	1.9%	2.2%

Return for Risk

SMMD vs. SMIG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SMMD

SMMD Risk / Return Rank: 75
SMMD Sharpe Ratio Rank: 73
SMMD Sortino Ratio Rank: 72
SMMD Omega Ratio Rank: 65
SMMD Calmar Ratio Rank: 82
SMMD Martin Ratio Rank: 81

SMIG

SMIG Risk / Return Rank: 38
SMIG Sharpe Ratio Rank: 38
SMIG Sortino Ratio Rank: 41
SMIG Omega Ratio Rank: 35
SMIG Calmar Ratio Rank: 39
SMIG Martin Ratio Rank: 34

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. SMIG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2500 ETF (SMMD) and Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG). 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.

	SMMD	SMIG	Difference
Sharpe ratio: Return per unit of total volatility	2.25	1.33	+0.92
Sortino ratio: Return per unit of downside risk	3.10	2.02	+1.08
Omega ratio: Gain probability vs. loss probability	1.38	1.23	+0.15
Calmar ratio: Return relative to maximum drawdown	4.12	1.88	+2.24
Martin ratio: Return relative to average drawdown	15.62	4.89	+10.73

SMMD vs. SMIG - Sharpe Ratio Comparison

The current SMMD Sharpe Ratio is 2.25, which is higher than the SMIG Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of SMMD and SMIG, 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

SMMD vs. SMIG - Drawdown Comparison

The maximum SMMD drawdown since its inception was -41.06%, which is greater than SMIG's maximum drawdown of -19.65%. Use the drawdown chart below to compare losses from any high point for SMMD and SMIG.

Drawdown Indicators

	SMMD	SMIG	Difference
Max Drawdown Largest peak-to-trough decline	-41.06%	-19.65%	-21.41%
Max Drawdown (1Y) Largest decline over 1 year	-9.66%	-8.52%	-1.14%
Max Drawdown (3Y) Largest decline over 3 years	-25.50%	-19.23%	-6.27%
Max Drawdown (5Y) Largest decline over 5 years	-28.26%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.33%	-6.49%	-1.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	3.27%	-0.73%

Volatility

SMMD vs. SMIG - Volatility Comparison

iShares Russell 2500 ETF (SMMD) has a higher volatility of 5.75% compared to Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG) at 3.61%. This indicates that SMMD's price experiences larger fluctuations and is considered to be riskier than SMIG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMMD	SMIG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.75%	3.61%	+2.14%
Volatility (6M) Calculated over the trailing 6-month period	13.30%	8.47%	+4.83%
Volatility (1Y) Calculated over the trailing 1-year period	17.74%	12.08%	+5.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.90%	16.16%	+4.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.37%	16.16%	+6.21%

SMMD vs. SMIG - Expense Ratio Comparison

SMMD has a 0.15% expense ratio, which is lower than SMIG's 0.60% expense ratio.

Dividends

SMMD vs. SMIG - Dividend Comparison

SMMD's dividend yield for the trailing twelve months is around 1.05%, less than SMIG's 1.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMIG Bahl & Gaynor Small/Mid Cap Income Growth ETF	1.70%	1.82%	1.75%	1.91%	2.00%	0.50%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both SMMD and SMIG in my portfolio?

SMMD and SMIG have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMMD or SMIG?

SMMD has higher volatility (5.75%) compared to SMIG (3.61%). In terms of maximum drawdown, SMMD dropped -41.06% vs SMIG's -19.65%.

Which ETF is better, SMMD or SMIG?

On 3-year performance, SMMD leads with 19.59% vs 13.63% for SMIG. On fees, SMMD is cheaper at 0.15% per year. On volatility, SMIG has been the lower-risk option at 3.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMMD or SMIG?

Over the 3-year period, SMMD has performed better with a 19.59% return vs 13.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMMD or SMIG?

SMMD is cheaper with a 0.15% expense ratio, compared with 0.60% for SMIG.

Which ETF pays a higher dividend yield, SMMD or SMIG?

SMIG has the higher dividend yield at 1.70%, compared with 1.05% for SMMD.

What is the main difference between SMMD and SMIG?

SMMD is categorized as Small Cap Growth Equities, while SMIG is Small Cap Value Equities. They also come from different issuers: iShares and Bahl & Gaynor. Their fees differ too: 0.15% for SMMD and 0.60% for SMIG.

Which has better risk-adjusted returns?

SMMD currently has the higher Sharpe Ratio (2.25 vs 1.33), 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.