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SMMV vs. IWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMMV vs. IWM

Last updated Aug 2, 2026
Documentation

SMMV (iShares MSCI USA Small-Cap Min Vol Factor ETF) and IWM (iShares Russell 2000 ETF) are both Small Cap Blend Equities funds from iShares - SMMV tracks the MSCI USA Small Cap Minimum Volatility (USD) Index while IWM tracks the Russell 2000 Index. Both are passively managed. Over the past 5 years, SMMV returned 6.29%/yr vs 6.99%/yr for IWM. Their correlation of 0.83 means they have usually moved in the same direction. SMMV charges 0.20%/yr vs 0.19%/yr for IWM.

Performance

SMMV vs. IWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV) and iShares Russell 2000 ETF (IWM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SMMV achieves a 9.33% return, which is significantly lower than IWM's 18.79% return.

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%

IWM

1D
-0.48%
1M
-2.14%
6M
12.62%
YTD
18.79%
1Y
36.90%
3Y*
15.11%
5Y*
6.99%
10Y*
10.70%
ALL TIME*
8.73%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

IWM

iShares Russell 2000 ETF
$6.67B$6.32B$7.45B

SMMV

iShares MSCI USA Small-Cap Min Vol Factor ETF
$337.38K$347.17K$431.55K

SMMV vs. IWM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SMMV
iShares MSCI USA Small-Cap Min Vol Factor ETF		9.33%6.42%18.29%5.63%-10.00%16.64%-2.88%24.21%1.15%14.31%
IWM
iShares Russell 2000 ETF		18.79%12.66%11.38%16.83%-20.48%14.54%20.03%25.39%-11.12%14.58%

Correlation

The correlation between SMMV and IWM is 0.59, 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.

0.59

Correlation (3Y)
Balances recent behavior with more history.

0.79

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.84

Correlation (All Time)
Calculated using the full available price history since Sep 9, 2016

0.83

Over the past year, the correlation between SMMV and IWM has dropped to 0.59 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

SMMV vs. IWM - Sectors Allocation Comparison

Sectors
SMMV
IWM

Healthcare

18.7%
20.0%

Technology

13.7%
13.6%

Industrials

13.6%
13.7%

Real Estate

12.5%
7.0%

Financial Services

9.2%
18.3%

Consumer Defensive

7.6%
2.8%

Utilities

7.5%
2.9%

Consumer Cyclical

5.3%
9.2%

Energy

5.2%
5.6%

Communication Services

5.1%
2.0%

Basic Materials

1.6%
4.5%

Healthcare

SMMV
18.7%
IWM
20.0%

Technology

SMMV
13.7%
IWM
13.6%

Industrials

SMMV
13.6%
IWM
13.7%

Real Estate

SMMV
12.5%
IWM
7.0%

Financial Services

SMMV
9.2%
IWM
18.3%

Consumer Defensive

SMMV
7.6%
IWM
2.8%

Utilities

SMMV
7.5%
IWM
2.9%

Consumer Cyclical

SMMV
5.3%
IWM
9.2%

Energy

SMMV
5.2%
IWM
5.6%

Communication Services

SMMV
5.1%
IWM
2.0%

Basic Materials

SMMV
1.6%
IWM
4.5%

Compare stocks, funds, or ETFs

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

iShares MSCI USA Small-Cap Min Vol Factor ETF

iShares Russell 2000 ETF

Often compared with SMMV:
SMMV vs. SMLFSMMV vs. SMLVSMMV vs. USMVSMMV vs. XMU.TOSMMV vs. VBSMMV vs. IVVSMMV vs. IJS
Often compared with IWM:
IWM vs. SPYIWM vs. VTWOIWM vs. IJRIWM vs. AVUVIWM vs. VOOIWM vs. IWNIWM vs. IWO

Return for Risk

SMMV vs. IWM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
SMMV
SMMV Risk / Return Rank: 6666
Overall Rank
SMMV Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
SMMV Sortino Ratio Rank: 7575
Sortino Ratio Rank
SMMV Omega Ratio Rank: 6868
Omega Ratio Rank
SMMV Calmar Ratio Rank: 6363
Calmar Ratio Rank
SMMV Martin Ratio Rank: 5656
Martin Ratio Rank
IWM
IWM Risk / Return Rank: 7979
Overall Rank
IWM Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
IWM Sortino Ratio Rank: 7878
Sortino Ratio Rank
IWM Omega Ratio Rank: 7272
Omega Ratio Rank
IWM Calmar Ratio Rank: 8383
Calmar Ratio Rank
IWM Martin Ratio Rank: 8383
Martin Ratio Rank
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.

SMMV vs. IWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV) and iShares Russell 2000 ETF (IWM). 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.

SMMVIWMDifference
Sharpe ratioReturn per unit of total volatility
1.58
1.77

-0.19

Sortino ratioReturn per unit of downside risk
2.42
2.51

-0.09

Omega ratioGain probability vs. loss probability

1.28

1.30

-0.01

Calmar ratioReturn relative to maximum drawdown

2.19

3.11

-0.91

Martin ratioReturn relative to average drawdown

6.75

11.02

-4.27

SMMV vs. IWM - Sharpe Ratio Comparison

The current SMMV Sharpe Ratio is 1.58, which is comparable to the IWM Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of SMMV and IWM, 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

SMMV vs. IWM - Drawdown Comparison

The maximum SMMV drawdown since its inception was -38.77%, smaller than the maximum IWM drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for SMMV and IWM.

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Drawdown Indicators

SMMVIWMDifference

Max Drawdown

Largest peak-to-trough decline

-38.77%

-59.05%

+20.28%

Max Drawdown (1Y)

Largest decline over 1 year

-7.02%

-11.03%

+4.01%

Max Drawdown (3Y)

Largest decline over 3 years

-13.68%

-27.50%

+13.82%

Max Drawdown (5Y)

Largest decline over 5 years

-18.00%

-31.91%

+13.91%

Max Drawdown (10Y)

Largest decline over 10 years

—

-41.13%

—

Current Drawdown

Current decline from peak

-1.07%

-3.08%

+2.01%

Average Drawdown

Average peak-to-trough decline

-5.04%

-10.71%

+5.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.28%

3.11%

-0.83%

Volatility

SMMV vs. IWM - Volatility Comparison

The current volatility for iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV) is 2.85%, while iShares Russell 2000 ETF (IWM) has a volatility of 3.82%. This indicates that SMMV experiences smaller price fluctuations and is considered to be less risky than IWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMMVIWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.85%

3.82%

-0.97%

Volatility (6M)

Calculated over the trailing 6-month period

6.98%

14.12%

-7.14%

Volatility (1Y)

Calculated over the trailing 1-year period

9.75%

19.41%

-9.66%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.44%

22.48%

-9.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.62%

23.01%

-7.39%

SMMV vs. IWM - Expense Ratio Comparison

SMMV has a 0.20% expense ratio, which is higher than IWM's 0.19% 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

SMMV vs. IWM - Dividend Comparison

SMMV's dividend yield for the trailing twelve months is around 1.66%, more than IWM's 0.91% yield.

PositionTTM20252024202320222021202020192018201720162015
IWM
iShares Russell 2000 ETF		0.91%1.04%1.15%1.35%1.48%0.94%1.04%1.26%1.40%1.26%1.38%1.54%
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%0.00%

Frequently Asked Questions

SMMV and IWM have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IWM has higher volatility (3.82%) compared to SMMV (2.85%). In terms of maximum drawdown, SMMV dropped -38.77% vs IWM's -59.05%.

On 5-year performance, IWM leads with 6.99% vs 6.29% for SMMV. On fees, IWM is cheaper at 0.19% 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.

Over the 5-year period, IWM has performed better with a 6.99% return vs 6.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWM is cheaper with a 0.19% expense ratio, compared with 0.20% for SMMV.

SMMV has the higher dividend yield at 1.66%, compared with 0.91% for IWM.

SMMV tracks MSCI USA Small Cap Minimum Volatility (USD) Index, while IWM tracks Russell 2000 Index. Their fees differ too: 0.20% for SMMV and 0.19% for IWM.

IWM currently has the higher Sharpe Ratio (1.77 vs 1.58), 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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