iShares MSCI USA Small-Cap ETF (MSML) Performance
MSML total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +11.1% since Dec 31, 2025
- 1 year
- +12.8% total return
- 5 years
- +5.7% a year
- 10 years
- +8.9% a year
- Since first price
- +8.6% a year since 2004
MSML trailing returns vs SPY, QQQ, AGG
| Period | MSML total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −1.0% | −1.0% | −1.0% | −5.0% | +0.9% |
| 3 months | −2.5% | −2.8% | +3.2% | +1.9% | −0.4% |
| 6 months | +2.4% | +1.7% | +7.8% | +8.4% | −1.5% |
| YTD | +11.1% | +10.1% | +12.3% | +15.1% | −1.0% |
| 1 year | +12.8% | +11.2% | +14.4% | +15.9% | −1.1% |
| 3 years | +69.5%+19.2%/yr | +62.6% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +31.8%+5.7%/yr | +22.5% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +135.6%+8.9%/yr | +103.9% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +337.6%+10.3%/yr | +253.5% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| 20 years | +344.1%+7.7%/yr | +241.8% | +696.9%+10.9%/yr | +1,839.9%+16.0%/yr | +79.6%+3.0%/yr |
| Since inceptionJul 2, 2004 | +532.6%+8.6%/yr | +377.9% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: MSML vs SPY
From Jul 2, 2004: MSML grew to $63,262, SPY to $101,216.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
MSML returns by calendar year
15 of 21 full years positive. Best 2009 (+39.8%), worst 2008 (−36.2%). 2026 is year to date.
MSML annual returns table
| Year | MSML | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +11.1% | −9.4% | +12.3% | +15.1% | −1.0% |
| 2025 | +12.5% | −23.4% | +17.7% | +20.8% | +7.2% |
| 2024 | +10.9% | −8.9% | +24.9% | +25.6% | +1.3% |
| 2023 | +19.5% | −17.5% | +26.2% | +54.9% | +5.7% |
| 2022 | −19.0% | −25.8% | −18.2% | −32.6% | −13.0% |
| 2021 | +17.5% | −11.3% | +28.7% | +27.4% | −1.8% |
| 2020 | +6.3% | −44.2% | +18.3% | +48.6% | +7.5% |
| 2019 | +29.4% | −8.7% | +31.2% | +39.0% | +8.5% |
| 2018 | −13.9% | −24.3% | −4.6% | −0.1% | +0.1% |
| 2017 | +13.0% | −5.7% | +21.7% | +32.7% | +3.6% |
| 2016 | +23.7% | −10.5% | +12.0% | +7.1% | +2.4% |
| 2015 | −6.1% | −15.3% | +1.2% | +9.4% | +0.5% |
| 2014 | +8.5% | −11.9% | +13.5% | +19.2% | +6.0% |
| 2013 | +37.0% | −6.7% | +32.3% | +36.6% | −2.0% |
| 2012 | +15.9% | −12.2% | +16.0% | +18.1% | +3.8% |
| 2011 | −5.0% | −30.5% | +1.9% | +3.4% | +7.7% |
| 2010 | +27.7% | −20.0% | +15.1% | +19.9% | +6.4% |
| 2009 | +39.8% | −31.8% | +26.4% | +54.7% | +3.0% |
| 2008 | −36.2% | −53.8% | −36.8% | −41.7% | +7.9% |
| 2007 | −5.7% | −17.4% | +5.1% | +19.0% | +6.6% |
| 2006 | +21.0% | −13.7% | +15.8% | +7.1% | +3.9% |
| 2005 | +6.1% | −10.8% | +4.8% | +1.6% | +2.3% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
MSML largest drawdowns
Now 7.4% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jul 13, 2007 | −61.2% | Mar 9, 2009 | Jan 18, 2011 | 1.7 years | 3.5 years |
| Jan 16, 2020 | −44.2% | Mar 23, 2020 | Nov 24, 2020 | 2 months | 10 months |
| Apr 29, 2011 | −30.5% | Oct 3, 2011 | Jan 2, 2013 | 5 months | 1.7 years |
| Nov 8, 2021 | −29.9% | Sep 26, 2022 | Oct 14, 2024 | 11 months | 2.9 years |
| Nov 25, 2024 | −26.2% | Apr 8, 2025 | Sep 11, 2025 | 4 months | 10 months |
| Aug 31, 2018 | −24.3% | Dec 24, 2018 | Nov 4, 2019 | 4 months | 1.2 years |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
MSML risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2004 |
|---|---|---|---|---|
| Annualized return | +16.4% | +6.4% | +8.6% | +8.8% |
| Volatility (annualized) | 17.7% | 19.7% | 20.2% | 19.7% |
| Sharpe ratio | 0.70 | 0.23 | 0.40 | — |
| Sortino ratio | 1.17 | 0.35 | 0.58 | — |
| Best month | +11.7% | +11.7% | +17.2% | +18.9% |
| Worst month | −8.0% | −9.8% | −23.4% | −23.4% |
| Best 12 months | +35.2% | +35.2% | +82.5% | +82.5% |
| Worst 12 months | −2.3% | −22.7% | −24.8% | −45.0% |
| Positive months | 64% | 57% | 65% | 63% |
| Beta vs S&P 500 | 1.12 | 1.07 | 1.15 | — |
| Correlation with S&P 500 | 0.79 | 0.85 | 0.87 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
MSML rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 256 | −45.0% | +11.0% | +82.5% | 70% |
| 3-year (a year) | 232 | −18.7% | +8.7% | +33.0% | 85% |
| 5-year (a year) | 208 | −1.2% | +7.4% | +27.9% | 99% |
| 10-year (a year) | 148 | +5.1% | +8.7% | +17.0% | 100% |
Every holding period starting at a month-end since 2004. Returns for 3 years and longer are annualized.
MSML performance overview
iShares MSCI USA Small-Cap ETF (MSML) returned +12.8% over the past year and +8.9% a year over ten years, with distributions reinvested. Since its first recorded price in 2004 it has returned +8.6% a year, turning $10,000 into about $63,262. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −61.2%, from Jul 13, 2007 to Mar 9, 2009, and it took 1.9 years to get back to the old high. MSML finished 15 of its 21 full calendar years with a gain; the best year was 2009 (+39.8%) and the worst 2008 (−36.2%). Volatility has been 19.7% a year.
Related: MSML chart, MSML dividends. See the MSML overview for the latest quote and fund facts.
MSML performance FAQ
What is the MSML return over the past year?
MSML returned +12.8% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 11.2%.
What is the average annual return of MSML?
MSML has returned +5.7% a year over 5 years, +8.9% a year over 10 years, +8.6% a year since July 2, 2004 (total return, distributions reinvested).
How much would $10,000 invested in MSML be worth?
$10,000 invested in MSML at its first recorded close on July 2, 2004 would be worth about $63,262 on October 23, 2026 with distributions reinvested.
What was the worst year for MSML?
The worst calendar year was 2008, with a total return of −36.2%. The best was 2009 at +39.8%.
What is the biggest drawdown of MSML?
The largest peak-to-trough decline was −61.2% between July 13, 2007 and March 9, 2009. It recovered to the old high on January 18, 2011, 1.9 years after the bottom.
How volatile is MSML?
Over the past 3 years MSML had an annualized volatility of 17.7% and a Sharpe ratio of 0.70 (excess return over 1–3 month T-bills per unit of risk).