WCEO vs. SMLF

Last updated Jun 4, 2026

WCEO (Hypatia Women CEO ETF) and SMLF (iShares MSCI USA Small-Cap Multifactor ETF) are both Small Cap Blend Equities funds. WCEO is actively managed, while SMLF is passively managed. Over the past 3 years, WCEO returned 14.56%/yr vs 19.85%/yr for SMLF. Their correlation of 0.94 suggests significant overlap in exposure. WCEO charges 0.85%/yr vs 0.30%/yr for SMLF.

Performance

WCEO vs. SMLF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hypatia Women CEO ETF (WCEO) and iShares MSCI USA Small-Cap Multifactor ETF (SMLF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WCEO achieves a 11.34% return, which is significantly lower than SMLF's 14.46% return.

WCEO

• 1D: -0.81%
• 1M: 2.32%
• YTD: 11.34%
• 6M: 12.19%
• 1Y: 29.95%
• 3Y*: 14.56%
• 5Y*: —
• 10Y*: —

SMLF

• 1D: -0.72%
• 1M: 4.07%
• YTD: 14.46%
• 6M: 14.20%
• 1Y: 30.98%
• 3Y*: 19.85%
• 5Y*: 10.89%
• 10Y*: 12.36%

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

WCEO vs. SMLF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
WCEO Hypatia Women CEO ETF	11.34%	9.77%	8.28%	11.35%
SMLF iShares MSCI USA Small-Cap Multifactor ETF	14.46%	12.30%	16.33%	17.13%

Correlation

The correlation between WCEO and SMLF is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 10, 2023	0.94

The correlation between WCEO and SMLF has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

WCEO vs. SMLF - Sectors Allocation Comparison

Sectors	WCEO	SMLF
Financial Services	15.8%	15.0%
Technology	15.8%	16.6%
Consumer Cyclical	15.2%	11.8%
Industrials	13.0%	19.8%
Healthcare	11.8%	12.7%
Energy	6.9%	4.8%
Real Estate	6.2%	5.7%
Basic Materials	5.1%	4.6%
Communication Services	4.5%	3.2%
Consumer Defensive	3.5%	3.7%
Utilities	2.3%	2.2%

Return for Risk

WCEO vs. SMLF — Risk / Return Rank

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

WCEO

WCEO Risk / Return Rank: 66
WCEO Sharpe Ratio Rank: 58
WCEO Sortino Ratio Rank: 62
WCEO Omega Ratio Rank: 55
WCEO Calmar Ratio Rank: 82
WCEO Martin Ratio Rank: 72

SMLF

SMLF Risk / Return Rank: 58
SMLF Sharpe Ratio Rank: 52
SMLF Sortino Ratio Rank: 52
SMLF Omega Ratio Rank: 48
SMLF Calmar Ratio Rank: 71
SMLF Martin Ratio Rank: 66

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.

WCEO vs. SMLF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hypatia Women CEO ETF (WCEO) 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.

	WCEO	SMLF	Difference
Sharpe ratio: Return per unit of total volatility	1.98	1.81	+0.17
Sortino ratio: Return per unit of downside risk	2.92	2.56	+0.37
Omega ratio: Gain probability vs. loss probability	1.34	1.31	+0.03
Calmar ratio: Return relative to maximum drawdown	4.33	3.57	+0.75
Martin ratio: Return relative to average drawdown	13.47	12.27	+1.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WCEO vs. SMLF - Sharpe Ratio Comparison

The current WCEO Sharpe Ratio is 1.98, which is comparable to the SMLF Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of WCEO 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.

Sharpe Ratios by Period

	WCEO	SMLF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	1.81	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.52	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.54	+0.13

Drawdowns

WCEO vs. SMLF - Drawdown Comparison

The maximum WCEO drawdown since its inception was -25.88%, smaller than the maximum SMLF drawdown of -41.89%. Use the drawdown chart below to compare losses from any high point for WCEO and SMLF.

Drawdown Indicators

	WCEO	SMLF	Difference
Max Drawdown Largest peak-to-trough decline	-25.88%	-41.89%	+16.01%
Max Drawdown (1Y) Largest decline over 1 year	-6.96%	-8.71%	+1.75%
Max Drawdown (3Y) Largest decline over 3 years	-25.88%	-26.28%	+0.40%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.28%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.89%	—
Current Drawdown Current decline from peak	-0.81%	-0.72%	-0.09%
Average Drawdown Average peak-to-trough decline	-5.52%	-6.60%	+1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	2.53%	-0.30%

Volatility

WCEO vs. SMLF - Volatility Comparison

The current volatility for Hypatia Women CEO ETF (WCEO) is 3.34%, while iShares MSCI USA Small-Cap Multifactor ETF (SMLF) has a volatility of 4.80%. This indicates that WCEO 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.

Volatility by Period

	WCEO	SMLF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.34%	4.80%	-1.46%
Volatility (6M) Calculated over the trailing 6-month period	10.22%	12.31%	-2.09%
Volatility (1Y) Calculated over the trailing 1-year period	15.22%	17.21%	-1.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.13%	21.09%	-2.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.13%	21.78%	-3.65%

WCEO vs. SMLF - Expense Ratio Comparison

WCEO has a 0.85% expense ratio, which is higher than SMLF's 0.30% expense ratio.

Dividends

WCEO vs. SMLF - Dividend Comparison

WCEO's dividend yield for the trailing twelve months is around 0.58%, less than SMLF's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMLF iShares MSCI USA Small-Cap Multifactor ETF	1.03%	1.14%	1.33%	1.13%	1.23%	1.07%	1.33%	1.39%	1.17%	0.93%	0.78%	0.79%
WCEO Hypatia Women CEO ETF	0.58%	0.64%	0.88%	0.93%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WCEO and SMLF in my portfolio?

With a correlation of 0.91, WCEO and SMLF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, WCEO or SMLF?

SMLF has higher volatility (4.80%) compared to WCEO (3.34%). In terms of maximum drawdown, WCEO dropped -25.88% vs SMLF's -41.89%.

Which ETF is better, WCEO or SMLF?

On 3-year performance, SMLF leads with 19.85% vs 14.56% for WCEO. On fees, SMLF is cheaper at 0.30% per year. On volatility, WCEO has been the lower-risk option at 3.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WCEO or SMLF?

Over the 3-year period, SMLF has performed better with a 19.85% return vs 14.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WCEO or SMLF?

SMLF is cheaper with a 0.30% expense ratio, compared with 0.85% for WCEO.

Which ETF pays a higher dividend yield, WCEO or SMLF?

SMLF has the higher dividend yield at 1.03%, compared with 0.58% for WCEO.

What is the main difference between WCEO and SMLF?

They also come from different issuers: Hypatia Capital and iShares. Their fees differ too: 0.85% for WCEO and 0.30% for SMLF.

Which has better risk-adjusted returns?

WCEO currently has the higher Sharpe Ratio (1.98 vs 1.81), 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.