SMMV vs. VBR

Last updated Jun 23, 2026

SMMV (iShares MSCI USA Small-Cap Min Vol Factor ETF) and VBR (Vanguard Small-Cap Value 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 VBR is a Small Cap Value Equities fund tracking the CRSP US Small Cap Value Index. Both are passively managed. Over the past 5 years, SMMV returned 5.15%/yr vs 8.85%/yr for VBR. Their correlation of 0.85 suggests significant overlap in exposure. SMMV charges 0.20%/yr vs 0.05%/yr for VBR.

Performance

SMMV vs. VBR - 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 Vanguard Small-Cap Value ETF (VBR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMMV achieves a 2.88% return, which is significantly lower than VBR's 13.42% return.

SMMV

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

VBR

• 1D: 0.18%
• 1M: 2.65%
• YTD: 13.42%
• 6M: 11.41%
• 1Y: 27.72%
• 3Y*: 16.95%
• 5Y*: 8.85%
• 10Y*: 11.02%

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

SMMV vs. VBR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
VBR Vanguard Small-Cap Value ETF	13.42%	9.09%	12.40%	16.00%	-9.38%	28.08%	5.90%	22.78%	-12.28%	11.81%

Correlation

The correlation between SMMV and VBR is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Sep 9, 2016	0.85

The correlation between SMMV and VBR has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.

SMMV vs. VBR - Sectors Allocation Comparison

Sectors	SMMV	VBR
Healthcare	17.6%	8.3%
Technology	14.5%	12.1%
Industrials	13.5%	17.4%
Real Estate	12.6%	10.5%
Financial Services	8.9%	17.5%
Consumer Defensive	8.0%	4.0%
Utilities	7.5%	4.6%
Communication Services	5.3%	2.8%
Energy	5.3%	4.3%
Consumer Cyclical	5.1%	12.5%
Basic Materials	1.6%	6.0%

Return for Risk

SMMV vs. VBR — Risk / Return Rank

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

SMMV

SMMV Risk / Return Rank: 24
SMMV Sharpe Ratio Rank: 24
SMMV Sortino Ratio Rank: 23
SMMV Omega Ratio Rank: 22
SMMV Calmar Ratio Rank: 25
SMMV Martin Ratio Rank: 27

VBR

VBR Risk / Return Rank: 59
VBR Sharpe Ratio Rank: 56
VBR Sortino Ratio Rank: 58
VBR Omega Ratio Rank: 52
VBR Calmar Ratio Rank: 65
VBR Martin Ratio Rank: 63

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. VBR - 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 Vanguard Small-Cap Value ETF (VBR). 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.

	SMMV	VBR	Difference
Sharpe ratio: Return per unit of total volatility	0.84	1.82	-0.98
Sortino ratio: Return per unit of downside risk	1.27	2.67	-1.39
Omega ratio: Gain probability vs. loss probability	1.15	1.31	-0.17
Calmar ratio: Return relative to maximum drawdown	1.17	3.14	-1.97
Martin ratio: Return relative to average drawdown	3.54	11.11	-7.57

SMMV vs. VBR - Sharpe Ratio Comparison

The current SMMV Sharpe Ratio is 0.84, which is lower than the VBR Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of SMMV and VBR, 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

SMMV vs. VBR - Drawdown Comparison

The maximum SMMV drawdown since its inception was -38.77%, smaller than the maximum VBR drawdown of -61.98%. Use the drawdown chart below to compare losses from any high point for SMMV and VBR.

Drawdown Indicators

	SMMV	VBR	Difference
Max Drawdown Largest peak-to-trough decline	-38.77%	-61.98%	+23.21%
Max Drawdown (1Y) Largest decline over 1 year	-7.02%	-8.85%	+1.83%
Max Drawdown (3Y) Largest decline over 3 years	-13.68%	-24.19%	+10.51%
Max Drawdown (5Y) Largest decline over 5 years	-18.00%	-24.19%	+6.19%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.28%	—
Current Drawdown Current decline from peak	-3.66%	-1.03%	-2.63%
Average Drawdown Average peak-to-trough decline	-5.09%	-8.25%	+3.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	2.50%	-0.18%

Volatility

SMMV vs. VBR - Volatility Comparison

The current volatility for iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV) is 2.27%, while Vanguard Small-Cap Value ETF (VBR) has a volatility of 3.97%. This indicates that SMMV experiences smaller price fluctuations and is considered to be less risky than VBR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMMV	VBR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.27%	3.97%	-1.70%
Volatility (6M) Calculated over the trailing 6-month period	6.44%	10.66%	-4.22%
Volatility (1Y) Calculated over the trailing 1-year period	9.81%	15.33%	-5.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.47%	19.73%	-6.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.66%	21.75%	-6.09%

SMMV vs. VBR - Expense Ratio Comparison

SMMV has a 0.20% expense ratio, which is higher than VBR's 0.05% 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. VBR - Dividend Comparison

SMMV's dividend yield for the trailing twelve months is around 1.76%, more than VBR's 1.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VBR Vanguard Small-Cap Value ETF	1.73%	1.95%	1.98%	2.12%	2.03%	1.75%	1.68%	2.06%	2.35%	1.79%	1.77%	1.99%

Frequently Asked Questions

Can I hold both SMMV and VBR in my portfolio?

SMMV and VBR have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMMV or VBR?

VBR has higher volatility (3.97%) compared to SMMV (2.27%). In terms of maximum drawdown, SMMV dropped -38.77% vs VBR's -61.98%.

Which ETF is better, SMMV or VBR?

On 5-year performance, VBR leads with 8.85% vs 5.15% for SMMV. On fees, VBR is cheaper at 0.05% 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.

Which ETF has performed better, SMMV or VBR?

Over the 5-year period, VBR has performed better with a 8.85% return vs 5.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMMV or VBR?

VBR is cheaper with a 0.05% expense ratio, compared with 0.20% for SMMV.

Which ETF pays a higher dividend yield, SMMV or VBR?

SMMV has the higher dividend yield at 1.76%, compared with 1.73% for VBR.

What is the main difference between SMMV and VBR?

SMMV is categorized as Small Cap Growth Equities, while VBR is Small Cap Value Equities. SMMV tracks MSCI USA Small Cap Minimum Volatility (USD) Index, while VBR tracks CRSP US Small Cap Value Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.20% for SMMV and 0.05% for VBR.

Which has better risk-adjusted returns?

VBR currently has the higher Sharpe Ratio (1.82 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.