SPFFX vs. ESML

Last updated Jun 5, 2026

SPFFX (Sphere 500 Fossil Free Fund) and ESML (iShares ESG Aware MSCI USA Small-Cap ETF) are both funds - SPFFX is a Large Cap Blend Equities fund managed by Reflection Asset Management, while ESML is a Small Cap Growth Equities fund tracking the MSCI USA Small Cap Extended ESG Focus Index. Over the past 3 years, SPFFX returned 23.12%/yr vs 18.00%/yr for ESML. Their correlation of 0.82 suggests significant overlap in exposure. SPFFX charges 0.11%/yr vs 0.17%/yr for ESML.

Performance

SPFFX vs. ESML - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sphere 500 Fossil Free Fund (SPFFX) and iShares ESG Aware MSCI USA Small-Cap ETF (ESML). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPFFX achieves a 11.26% return, which is significantly lower than ESML's 17.14% return.

SPFFX

• 1D: -0.82%
• 1M: 5.18%
• YTD: 11.26%
• 6M: 11.14%
• 1Y: 28.42%
• 3Y*: 23.12%
• 5Y*: —
• 10Y*: —

ESML

• 1D: 0.75%
• 1M: 3.07%
• YTD: 17.14%
• 6M: 16.21%
• 1Y: 35.49%
• 3Y*: 18.00%
• 5Y*: 7.34%
• 10Y*: —

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

SPFFX vs. ESML - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPFFX Sphere 500 Fossil Free Fund	11.26%	18.12%	25.13%	29.48%	-20.03%	9.04%
ESML iShares ESG Aware MSCI USA Small-Cap ETF	17.14%	10.62%	12.01%	17.27%	-17.28%	2.37%

Correlation

The correlation between SPFFX and ESML is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (All Time) Calculated using the full available price history since Oct 6, 2021	0.82

The correlation between SPFFX and ESML has been stable across timeframes, ranging from 0.75 to 0.82 - a consistent structural relationship.

Return for Risk

SPFFX vs. ESML — Risk / Return Rank

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

SPFFX

SPFFX Risk / Return Rank: 53
SPFFX Sharpe Ratio Rank: 54
SPFFX Sortino Ratio Rank: 50
SPFFX Omega Ratio Rank: 51
SPFFX Calmar Ratio Rank: 50
SPFFX Martin Ratio Rank: 59

ESML

ESML Risk / Return Rank: 70
ESML Sharpe Ratio Rank: 66
ESML Sortino Ratio Rank: 68
ESML Omega Ratio Rank: 61
ESML Calmar Ratio Rank: 78
ESML Martin Ratio Rank: 77

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.

SPFFX vs. ESML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sphere 500 Fossil Free Fund (SPFFX) and iShares ESG Aware MSCI USA Small-Cap ETF (ESML). 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.

	SPFFX	ESML	Difference
Sharpe ratio: Return per unit of total volatility	2.19	2.15	+0.04
Sortino ratio: Return per unit of downside risk	2.97	3.05	-0.08
Omega ratio: Gain probability vs. loss probability	1.39	1.37	+0.02
Calmar ratio: Return relative to maximum drawdown	2.68	3.95	-1.26
Martin ratio: Return relative to average drawdown	11.68	14.52	-2.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPFFX vs. ESML - Sharpe Ratio Comparison

The current SPFFX Sharpe Ratio is 2.19, which is comparable to the ESML Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of SPFFX and ESML, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPFFX	ESML	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	2.15	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.46	+0.37

Drawdowns

SPFFX vs. ESML - Drawdown Comparison

The maximum SPFFX drawdown since its inception was -25.11%, smaller than the maximum ESML drawdown of -41.97%. Use the drawdown chart below to compare losses from any high point for SPFFX and ESML.

Drawdown Indicators

	SPFFX	ESML	Difference
Max Drawdown Largest peak-to-trough decline	-25.11%	-41.97%	+16.86%
Max Drawdown (1Y) Largest decline over 1 year	-10.75%	-9.04%	-1.71%
Max Drawdown (3Y) Largest decline over 3 years	-19.97%	-26.68%	+6.71%
Max Drawdown (5Y) Largest decline over 5 years	—	-28.61%	—
Current Drawdown Current decline from peak	-0.82%	0.00%	-0.82%
Average Drawdown Average peak-to-trough decline	-6.40%	-8.97%	+2.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	2.45%	+0.02%

Volatility

SPFFX vs. ESML - Volatility Comparison

The current volatility for Sphere 500 Fossil Free Fund (SPFFX) is 3.39%, while iShares ESG Aware MSCI USA Small-Cap ETF (ESML) has a volatility of 4.06%. This indicates that SPFFX experiences smaller price fluctuations and is considered to be less risky than ESML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPFFX	ESML	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.39%	4.06%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	10.15%	11.67%	-1.52%
Volatility (1Y) Calculated over the trailing 1-year period	13.22%	16.62%	-3.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.17%	21.23%	-4.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.17%	23.40%	-6.23%

SPFFX vs. ESML - Expense Ratio Comparison

SPFFX has a 0.11% expense ratio, which is lower than ESML's 0.17% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPFFX vs. ESML - Dividend Comparison

SPFFX's dividend yield for the trailing twelve months is around 6.11%, more than ESML's 0.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ESML iShares ESG Aware MSCI USA Small-Cap ETF	0.94%	1.08%	1.22%	1.31%	1.46%	0.94%	0.99%	1.10%	1.07%
SPFFX Sphere 500 Fossil Free Fund	6.11%	6.80%	1.06%	1.32%	0.73%	0.14%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPFFX and ESML in my portfolio?

SPFFX and ESML have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPFFX or ESML?

ESML has higher volatility (4.06%) compared to SPFFX (3.39%). In terms of maximum drawdown, SPFFX dropped -25.11% vs ESML's -41.97%.

Which has better risk-adjusted returns?

SPFFX currently has the higher Sharpe Ratio (2.19 vs 2.15), 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.