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SMMV vs. SMLF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMMV vs. SMLF

Last updated Jun 23, 2026

SMMV (iShares MSCI USA Small-Cap Min Vol Factor ETF) and SMLF (iShares MSCI USA Small-Cap Multifactor ETF) are both exchange-traded funds - SMMV is a Small Cap Growth Equities fund tracking the MSCI USA Small Cap Minimum Volatility (USD) Index, while SMLF is a Small Cap Blend Equities fund tracking the MSCI USA Small Cap Diversified Multi-Factor. Both are passively managed. Over the past 5 years, SMMV returned 5.15%/yr vs 11.57%/yr for SMLF. Their correlation of 0.85 suggests significant overlap in exposure. SMMV charges 0.20%/yr vs 0.30%/yr for SMLF.

Performance

SMMV vs. SMLF - 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 MSCI USA Small-Cap Multifactor ETF (SMLF). 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 2.88% return, which is significantly lower than SMLF's 17.27% return.

SMMV

1D
0.10%
1M
-0.74%
YTD
2.88%
6M
1.54%
1Y
8.20%
3Y*
11.50%
5Y*
5.15%
10Y*
—

SMLF

1D
0.39%
1M
4.30%
YTD
17.27%
6M
14.40%
1Y
34.32%
3Y*
20.78%
5Y*
11.57%
10Y*
12.77%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SMMV vs. SMLF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SMMV
iShares MSCI USA Small-Cap Min Vol Factor ETF		2.88%6.42%18.29%5.63%-10.00%16.64%-2.88%24.21%1.15%14.31%
SMLF
iShares MSCI USA Small-Cap Multifactor ETF		17.27%12.30%16.33%19.99%-12.19%26.53%8.38%21.56%-8.42%12.70%

Correlation

The correlation between SMMV and SMLF is 0.71, 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

0.71

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

0.81

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

0.86

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

0.85

The correlation between SMMV and SMLF shifts across timeframes, from 0.71 (1 year) to 0.86 (5 years), reflecting how their relationship changes across market environments.

SMMV vs. SMLF - Sectors Allocation Comparison

Sectors
SMMV
SMLF

Healthcare

17.6%
12.9%

Technology

14.5%
19.1%

Industrials

13.5%
19.5%

Real Estate

12.6%
5.6%

Financial Services

8.9%
14.3%

Consumer Defensive

8.0%
3.3%

Utilities

7.5%
2.0%

Communication Services

5.3%
3.2%

Energy

5.3%
4.3%

Consumer Cyclical

5.1%
11.4%

Basic Materials

1.6%
4.5%

Healthcare

SMMV
17.6%
SMLF
12.9%

Technology

SMMV
14.5%
SMLF
19.1%

Industrials

SMMV
13.5%
SMLF
19.5%

Real Estate

SMMV
12.6%
SMLF
5.6%

Financial Services

SMMV
8.9%
SMLF
14.3%

Consumer Defensive

SMMV
8.0%
SMLF
3.3%

Utilities

SMMV
7.5%
SMLF
2.0%

Communication Services

SMMV
5.3%
SMLF
3.2%

Energy

SMMV
5.3%
SMLF
4.3%

Consumer Cyclical

SMMV
5.1%
SMLF
11.4%

Basic Materials

SMMV
1.6%
SMLF
4.5%

Compare stocks, funds, or ETFs

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iShares MSCI USA Small-Cap Min Vol Factor ETF

iShares MSCI USA Small-Cap Multifactor ETF

Often compared with SMMV:
SMMV vs. SMLVSMMV vs. USMVSMMV vs. XMU.TOSMMV vs. VBSMMV vs. IWMSMMV vs. IVVSMMV vs. vbr
Often compared with SMLF:
SMLF vs. FSMDSMLF vs. SMLVSMLF vs. IWMSMLF vs. VBRSMLF vs. GSSCSMLF vs. FZIPXSMLF vs. FSSNX

Return for Risk

SMMV vs. SMLF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMMV
SMMV Risk / Return Rank: 2424
Overall Rank
SMMV Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
SMMV Sortino Ratio Rank: 2323
Sortino Ratio Rank
SMMV Omega Ratio Rank: 2222
Omega Ratio Rank
SMMV Calmar Ratio Rank: 2525
Calmar Ratio Rank
SMMV Martin Ratio Rank: 2727
Martin Ratio Rank
SMLF
SMLF Risk / Return Rank: 6666
Overall Rank
SMLF Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
SMLF Sortino Ratio Rank: 6060
Sortino Ratio Rank
SMLF Omega Ratio Rank: 5555
Omega Ratio Rank
SMLF Calmar Ratio Rank: 7979
Calmar Ratio Rank
SMLF Martin Ratio Rank: 7474
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.

SMMV vs. SMLF - 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 MSCI USA Small-Cap Multifactor ETF (SMLF). 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.

SMMVSMLFDifference
Sharpe ratioReturn per unit of total volatility
0.84
1.96

-1.12

Sortino ratioReturn per unit of downside risk
1.27
2.72

-1.45

Omega ratioGain probability vs. loss probability

1.15

1.33

-0.18

Calmar ratioReturn relative to maximum drawdown

1.17

3.96

-2.78

Martin ratioReturn relative to average drawdown

3.54

13.58

-10.03

SMMV vs. SMLF - Sharpe Ratio Comparison

The current SMMV Sharpe Ratio is 0.84, which is lower than the SMLF Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of SMMV and SMLF, 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. SMLF - Drawdown Comparison

The maximum SMMV drawdown since its inception was -38.77%, smaller than the maximum SMLF drawdown of -41.89%. Use the drawdown chart below to compare losses from any high point for SMMV and SMLF.

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Drawdown Indicators

SMMVSMLFDifference

Max Drawdown

Largest peak-to-trough decline

-38.77%

-41.89%

+3.12%

Max Drawdown (1Y)

Largest decline over 1 year

-7.02%

-8.71%

+1.69%

Max Drawdown (3Y)

Largest decline over 3 years

-13.68%

-26.28%

+12.60%

Max Drawdown (5Y)

Largest decline over 5 years

-18.00%

-26.28%

+8.28%

Max Drawdown (10Y)

Largest decline over 10 years

—

-41.89%

—

Current Drawdown

Current decline from peak

-3.66%

0.00%

-3.66%

Average Drawdown

Average peak-to-trough decline

-5.09%

-6.58%

+1.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.32%

2.53%

-0.21%

Volatility

SMMV vs. SMLF - Volatility Comparison

The current volatility for iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV) is 2.27%, while iShares MSCI USA Small-Cap Multifactor ETF (SMLF) has a volatility of 5.25%. This indicates that SMMV experiences smaller price fluctuations and is considered to be less risky than SMLF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SMMVSMLFDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.27%

5.25%

-2.98%

Volatility (6M)

Calculated over the trailing 6-month period

6.44%

12.90%

-6.46%

Volatility (1Y)

Calculated over the trailing 1-year period

9.81%

17.62%

-7.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.47%

21.12%

-7.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.66%

21.82%

-6.16%

SMMV vs. SMLF - Expense Ratio Comparison

SMMV has a 0.20% expense ratio, which is lower than SMLF's 0.30% expense ratio.

Dividends

SMMV vs. SMLF - Dividend Comparison

SMMV's dividend yield for the trailing twelve months is around 1.76%, more than SMLF's 1.01% yield.

PositionTTM20252024202320222021202020192018201720162015
SMLF
iShares MSCI USA Small-Cap Multifactor ETF		1.01%1.14%1.33%1.13%1.23%1.07%1.33%1.39%1.17%0.93%0.78%0.79%
SMMV
iShares MSCI USA Small-Cap Min Vol Factor ETF		1.76%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 SMLF have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SMLF has higher volatility (5.25%) compared to SMMV (2.27%). In terms of maximum drawdown, SMMV dropped -38.77% vs SMLF's -41.89%.

On 5-year performance, SMLF leads with 11.57% vs 5.15% for SMMV. On fees, SMMV is cheaper at 0.20% per year. On volatility, SMMV has been the lower-risk option at 2.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, SMLF has performed better with a 11.57% return vs 5.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SMMV is cheaper with a 0.20% expense ratio, compared with 0.30% for SMLF.

SMMV has the higher dividend yield at 1.76%, compared with 1.01% for SMLF.

SMMV is categorized as Small Cap Growth Equities, while SMLF is Small Cap Blend Equities. SMMV tracks MSCI USA Small Cap Minimum Volatility (USD) Index, while SMLF tracks MSCI USA Small Cap Diversified Multi-Factor. Their fees differ too: 0.20% for SMMV and 0.30% for SMLF.

SMLF currently has the higher Sharpe Ratio (1.96 vs 0.84), 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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