iShares MSCI USA Small-Cap Multifactor ETF (SMLF) Performance
SMLF total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +13.6% since Dec 31, 2025
- 1 year
- +14.2% total return
- 5 years
- +9.8% a year
- 10 years
- +11.8% a year
- Since first price
- +11.0% a year since 2015
SMLF trailing returns vs SPY, QQQ, AGG
| Period | SMLF total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −0.3% | −0.3% | −1.0% | −5.0% | +0.9% |
| 3 months | −1.5% | −1.8% | +3.2% | +1.9% | −0.4% |
| 6 months | +3.7% | +3.2% | +7.8% | +8.4% | −1.5% |
| YTD | +13.6% | +12.8% | +12.3% | +15.1% | −1.0% |
| 1 year | +14.2% | +13.0% | +14.4% | +15.9% | −1.1% |
| 3 years | +79.6%+21.5%/yr | +73.6% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +59.7%+9.8%/yr | +49.8% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +205.4%+11.8%/yr | +169.9% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| Since inceptionApr 30, 2015 | +232.3%+11.0%/yr | +189.7% | — | — | — |
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: SMLF vs SPY
From Apr 30, 2015: SMLF grew to $33,229, SPY to $44,049.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
SMLF returns by calendar year
8 of 10 full years positive. Best 2021 (+26.5%), worst 2022 (−12.2%). 2026 is year to date.
SMLF annual returns table
| Year | SMLF | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +13.6% | −8.7% | +12.3% | +15.1% | −1.0% |
| 2025 | +12.3% | −23.8% | +17.7% | +20.8% | +7.2% |
| 2024 | +16.3% | −8.8% | +24.9% | +25.6% | +1.3% |
| 2023 | +20.0% | −15.1% | +26.2% | +54.9% | +5.7% |
| 2022 | −12.2% | −23.3% | −18.2% | −32.6% | −13.0% |
| 2021 | +26.5% | −9.9% | +28.7% | +27.4% | −1.8% |
| 2020 | +8.4% | −41.9% | +18.3% | +48.6% | +7.5% |
| 2019 | +21.6% | −10.0% | +31.2% | +39.0% | +8.5% |
| 2018 | −8.4% | −24.8% | −4.6% | −0.1% | +0.1% |
| 2017 | +12.7% | −5.7% | +21.7% | +32.7% | +3.6% |
| 2016 | +20.6% | −10.2% | +12.0% | +7.1% | +2.4% |
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.
SMLF largest drawdowns
Now 6.6% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 16, 2020 | −41.9% | Mar 18, 2020 | Nov 24, 2020 | 2 months | 10 months |
| Nov 25, 2024 | −26.3% | Apr 8, 2025 | Aug 28, 2025 | 4 months | 9 months |
| Nov 16, 2021 | −25.4% | Sep 26, 2022 | Dec 14, 2023 | 10 months | 2.1 years |
| Aug 29, 2018 | −24.8% | Dec 24, 2018 | Jan 16, 2020 | 4 months | 1.4 years |
| Jun 23, 2015 | −17.8% | Feb 11, 2016 | Jul 12, 2016 | 8 months | 1.1 years |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
SMLF risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2015 |
|---|---|---|---|---|
| Annualized return | +18.7% | +10.6% | +11.5% | +11.0% |
| Volatility (annualized) | 17.8% | 19.8% | 19.5% | 18.9% |
| Sharpe ratio | 0.81 | 0.43 | 0.54 | 0.54 |
| Sortino ratio | 1.41 | 0.69 | 0.82 | 0.81 |
| Best month | +11.7% | +12.8% | +13.5% | +13.5% |
| Worst month | −8.0% | −10.6% | −20.4% | −20.4% |
| Best 12 months | +40.5% | +40.5% | +78.5% | +78.5% |
| Worst 12 months | −0.9% | −15.6% | −24.5% | −24.5% |
| Positive months | 58% | 53% | 60% | 61% |
| Beta vs S&P 500 | 1.16 | 1.09 | 1.11 | — |
| Correlation with S&P 500 | 0.81 | 0.86 | 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.
SMLF rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 127 | −24.5% | +12.3% | +78.5% | 76% |
| 3-year (a year) | 103 | −4.5% | +10.7% | +21.7% | 98% |
| 5-year (a year) | 79 | +3.9% | +10.6% | +17.4% | 100% |
| 10-year (a year) | 19 | +9.0% | +11.5% | +13.1% | 100% |
Every holding period starting at a month-end since 2015. Returns for 3 years and longer are annualized.
SMLF performance overview
iShares MSCI USA Small-Cap Multifactor ETF (SMLF) returned +14.2% over the past year and +11.8% a year over ten years, with distributions reinvested. Since its first recorded price in 2015 it has returned +11.0% a year, turning $10,000 into about $33,229. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −41.9%, from Jan 16, 2020 to Mar 18, 2020, and it took 8 months to get back to the old high. SMLF finished 8 of its 10 full calendar years with a gain; the best year was 2021 (+26.5%) and the worst 2022 (−12.2%). Volatility has been 18.9% a year.
Related: SMLF chart, SMLF dividends. See the SMLF overview for the latest quote and fund facts.
SMLF performance FAQ
What is the SMLF return over the past year?
SMLF returned +14.2% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 13.0%.
What is the average annual return of SMLF?
SMLF has returned +9.8% a year over 5 years, +11.8% a year over 10 years, +11.0% a year since April 30, 2015 (total return, distributions reinvested).
How much would $10,000 invested in SMLF be worth?
$10,000 invested in SMLF at its first recorded close on April 30, 2015 would be worth about $33,229 on October 23, 2026 with distributions reinvested.
What was the worst year for SMLF?
The worst calendar year was 2022, with a total return of −12.2%. The best was 2021 at +26.5%.
What is the biggest drawdown of SMLF?
The largest peak-to-trough decline was −41.9% between January 16, 2020 and March 18, 2020. It recovered to the old high on November 24, 2020, 8 months after the bottom.
How volatile is SMLF?
Over the past 3 years SMLF had an annualized volatility of 17.8% and a Sharpe ratio of 0.81 (excess return over 1–3 month T-bills per unit of risk).