Data as of Oct 28, 2026.
IWC vs SMLF: Differences, Returns & Fees
Over the year to Oct 28, 2026, IWC returned +16.5% to SMLF's +14.8%; 3% of their weight is in the same names.
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Net assets on Oct 27, 2026: $1.2bn for iShares Micro-Cap ETF and $4.2bn for iShares U.S. Small-Cap Equity Factor ETF.
Pair scorecard
SMLF costs 0.45 points a year less; their one-year returns differ by 1.7 points; SMLF is 3.5 times larger.
| Measure | IWC | SMLF |
|---|---|---|
| Return | ||
| Total return, 1 year | +16.5% | +14.8% |
| Drawdown | ||
| Below its high | 9.5%, high on Aug 14, 2026 | 5.2%, high on Aug 14, 2026 |
| Benchmark | ||
| What it tracks | Russell Microcap Index | STOXX U.S. Small-Cap Equity Factor Index |
| Cost and size | ||
| Expense ratio | 0.60% | 0.15% |
| Net assets, as of Oct 27, 2026 | $1.2bn | $4.2bn |
| Holdings | ||
| Holdings in common | 3% | |
| Top ten holdings, share of the fund | 5.9% | 6.4% |
Holdings in common uses holdings dated Oct 27, 2026. Method
Risk and return
May 8, 2015 to Oct 23, 2026 · 598 weekly returnsSMLF returned more: +225.7% to +157.8%. SMLF swung less: 21.0% to 23.8%. SMLF fell less at its worst: −40.4% to −45.2%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | IWC | SMLF | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +157.8% | +225.7% | SMLF | Price change plus distributions, reinvested. |
| Annualized | +8.6% | +10.8% | SMLF | Total return as a yearly rate. |
| Price return | +125.8% | +183.9% | SMLF | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 23.8% | 21.0% | SMLF | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 16.5% | 14.6% | SMLF | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −45.2% | −40.4% | SMLF | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.37 | 0.49 | SMLF | Return above Treasury bills per unit of volatility. |
| Sortino | 0.54 | 0.70 | SMLF | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.19 | 0.27 | SMLF | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 598 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, IWC and SMLF hold 3% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
3% in common
Only in one fund ↓
Side by side
IWC and SMLF on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
IWC and SMLF are built for the same job. How do they differ in cost, holdings and results?
- What each follows. IWC follows Russell Microcap Index and SMLF follows STOXX U.S. Small-Cap Equity Factor Index.
- Holdings in common. 3% of the weight is in the same securities (holdings dated Oct 27, 2026).
- Cost. IWC charges 0.60% of assets a year and SMLF 0.15%, a gap of 0.45 points.
Data as of Oct 28, 2026.
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Over the year to Oct 28, 2026 it returned +16.5% with distributions reinvested, against +13.3% for its benchmark, the Russell 3000 Index.
IWC tracks the Russell Microcap. The prospectus expense ratio is 0.60% a year. By its holdings published by its issuer for Oct 27, 2026, 92% of the fund by weight is stocks the S&P 500 also holds, across 1,365 positions, with the top ten at 5.9%. It sat 9.5% below its high of Aug 14, 2026 on Oct 28, 2026.
SMLF
SMLF tracks an index. Over the year to Oct 28, 2026 it returned +14.8% with distributions reinvested. The prospectus expense ratio is 0.15% a year. By its holdings published by its issuer for Oct 27, 2026, 11% of the fund by weight is stocks the S&P 500 also holds, across 962 positions, with the top ten at 6.4%. It sat 5.2% below its high of Aug 14, 2026 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, IWC or SMLF?
- In the year to Oct 28, 2026, with distributions reinvested, IWC returned +16.5% and SMLF +14.8%.
- Which is cheaper, IWC or SMLF?
- SMLF is cheaper, by 0.45 percentage points a year. That is about $45 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, IWC against SMLF, data as of Oct 28, 2026. https://etfiq.com/compare/any/iwc-vs-smlf
ETFIQ. (Oct 28, 2026). IWC against SMLF. Retrieved from https://etfiq.com/compare/any/iwc-vs-smlf
[IWC against SMLF (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/iwc-vs-smlf)
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