Statistics · 2026 · ETFs
Small and Mid-Cap ETF Statistics (2026)
SCHA was the best-performing small- or mid-cap ETF over the past year, returning 19.7% with dividends reinvested, as of October 2, 2026. VO returned 9.5%. The S&P 500 fund SPY returned 16.7%. Each return runs from a month-end close to the October 2, 2026 price and is annualized over the actual days: the one-year figure covers September 30, 2025 to October 2, 2026, so it will not match an issuer's month-end one-year return. Over five years, 0 of the 7 funds beat it, so check the window before you judge small and mid caps.
Key takeaways
- SCHA returned 19.7% over the past year and VO returned 9.5%, a gap of 10.2 points.
- Over five years, 0 of 7 funds beat SPY’s 13.9% a year, and the best returned 8.4%.
- Expense ratios run from 0.03% for SCHA, VB, and VO to 0.23% for MDY, or $3 to $23 per $10,000 a year.
- The 4 small-cap funds had median volatility of 20.5%, against 18.2% for the 3 mid-cap funds.
- IWM held 1,986 stocks and IJR held 640 on October 1, 2026, per iShares.
Which small and mid-cap ETFs performed best?
SCHA led the group over one year at 19.7% with dividends reinvested, and IJR followed at 18.0%. Over five years the leader was IJH at 8.4% a year, and IJR and IWM tied for last at 6.5%. Leadership depends on the window you measure.
1. One-year gap: 10.2 percentage points
SCHA returned 19.7% over the past year and VO returned 9.5% (WealthyBud data · 7 funds, total return · October 2, 2026). All 7 funds have 121 month-end prices, so the 3- and 5-year figures cover every fund.
2. SCHA led the three-year run at 18.4% a year
SCHA compounded at 18.4% a year over three years, ahead of IWM at 18.0%. MDY came last at 14.9%, a spread of 3.5 points (WealthyBud data · 3-yr annualized total return · October 2, 2026).
3. Five-year spread: 1.9 points a year
IJH returned 8.4% a year and IJR and IWM tied for the lowest at 6.5% a year. Over ten years the range ran from 9.9% for IWM to 11.1% for VO (WealthyBud data · 5- and 10-yr annualized total return · October 2, 2026).
| Ticker | Fund | Expense ratio | 1-yr total return | 5-yr total return (ann.) | Volatility (ann.) | Trailing yield |
|---|---|---|---|---|---|---|
| IJH | iShares Core S&P Mid-Cap ETF | 0.05% | 13.8% | 8.4% | 18.3% | 1.23% |
| IJR | iShares Core S&P Small-Cap ETF | 0.06% | 18.0% | 6.5% | 20.4% | 1.23% |
| IWM | iShares Russell 2000 ETF | 0.19% | 17.4% | 6.5% | 20.9% | 0.97% |
| MDY | State Street SPDR S&P MIDCAP 400 ETF Trust | 0.23% | 13.5% | 8.2% | 18.2% | 1.05% |
| SCHA | Schwab U.S. Small-Cap ETF | 0.03% | 19.7% | 7.2% | 20.6% | 1.12% |
| VB | Vanguard Morningstar Small-Cap ETF | 0.03% | 15.1% | 7.3% | 19.1% | 1.26% |
| VO | Vanguard Morningstar Mid-Cap ETF | 0.03% | 9.5% | 7.7% | 17.0% | 1.02% |
| SPY | State Street SPDR S&P 500 ETF Trust | 0.0945% | 16.7% | 13.9% | 15.7% | 0.99% |
How much do small and mid-cap ETFs cost?
Expense ratios range from 0.03% for SCHA, VB, and VO to 0.23% for MDY, with a median of 0.05%. On $10,000 that is $3 to $23 a year. The S&P 500 fund SPY charges 0.0945%. The 4 small-cap funds’ median is 0.045% against 0.05% for the 3 mid-cap funds.
4. SCHA, VB, and VO cost 0.03% and MDY costs 0.23%
The cheapest group is SCHA, VB, and VO, and the next cheapest is IJH at 0.05%. The most expensive is MDY, a 7.7-fold difference (WealthyBud data · issuer-verified expense ratios · October 2, 2026).
5. The cost gap is $20 a year per $10,000
MDY costs $23 per $10,000 each year and SCHA costs $3 (WealthyBud data · expense ratio x $10,000 · October 2, 2026).
6. Median small-cap fee is 0.045%, median mid-cap fee is 0.05%
The 4 small-cap funds, IJR, IWM, SCHA, and VB, charge a median 0.045%. The 3 mid-cap funds, IJH, MDY, and VO, charge a median 0.05% (WealthyBud data · medians by size group · October 2, 2026).
7. iShares lists 0.06% for IJR and 0.19% for IWM
The IJR page states an expense ratio of 0.06% and net assets of $103.26 billion as of October 1, 2026. The IWM page states 0.19% and $77.43 billion, and the IJH page states 0.05% and $122.15 billion. IWM costs $13 more than IJR per $10,000 each year.
Compare major ETFs by fees and returns
How volatile are small and mid-cap ETFs?
IWM was the most volatile fund, with annualized volatility of 20.9%, against 17.0% for VO. IJR had the deepest drawdown at 36.1%, and VO the shallowest at 25.7% (month-end prices; lows within a month are not captured). Volatility measures monthly swings, while drawdown measures the worst fall from a peak.
8. IWM swung most: 20.9% annualized
IWM had the highest volatility, followed by SCHA at 20.6%. Volatility is the annualized standard deviation of the last 60 complete monthly returns through September 30, 2026 (WealthyBud data · annualized volatility · October 2, 2026).
9. VO moved least: 17.0%
VO was the calmest fund, and MDY was next at 18.2% (WealthyBud data · annualized volatility · October 2, 2026).
10. IJR fell 36.1% peak to trough
IJR had the deepest drawdown, with IWM and SCHA tied for next at 32.3%. VO fell the least, at 25.7%. Drawdown uses 121 month-end prices from September 30, 2016 to September 30, 2026 plus the October 2, 2026 price; lows within a month are not captured and the dataset does not record when each low occurred. (WealthyBud data · max drawdown · October 2, 2026)
Have small caps lagged large caps?
Over five years, 0 of 7 small- and mid-cap funds beat the S&P 500 fund SPY, which returned 13.9% a year. Over one year 3 beat it, over three years 0 did, and over ten years 0 did. The answer changes with the window.
11. 0 of 7 funds beat the S&P 500 over five years
SPY returned 13.9% a year. The best fund here, IJH, returned 8.4%, a gap of 5.5 points; the weakest, tied between IJR and IWM, trailed by 7.4 points (WealthyBud data · 5-yr annualized total return vs SPY · October 2, 2026).
12. 3 of 7 beat the index over one year, 0 over three
SPY returned 16.7% over one year and 23.1% a year over three. SCHA, IJR, and IWM beat it over one year, and no fund beat it over three (WealthyBud data · 1- and 3-yr total return vs SPY · October 2, 2026).
13. Ten-year record: VO 11.1% a year vs 15.3% for SPY
Over ten years, 0 of 7 funds beat the index. VO was the best at 11.1% a year, 4.3 points below SPY, and IWM the weakest at 9.9% (WealthyBud data · 10-yr annualized total return; all funds have 121 month-end prices · October 2, 2026).
14. 0 of 7 funds were less volatile than the index
SPY measured 15.7% and a worst drawdown of 23.9% (month-end prices; lows within a month are not captured). No fund came in below that volatility, and 0 of 7 funds had a shallower drawdown (WealthyBud data · volatility and drawdown vs SPY · October 2, 2026).
Did mid-cap ETFs beat small-cap ETFs?
Mid-cap funds had a median five-year return of 8.2% a year, ahead of the 6.9% median for small-cap funds. Over one year the small-cap median was 17.7% against 13.5% for mid caps. Each group is only 4 or 3 funds, so treat medians as descriptions.
15. Five-year median: mid caps 8.2%, small caps 6.9%
Medians for mid-cap funds were 13.5% over one year, 15.2% a year over three and 10.6% over ten. Small-cap medians were 17.7%, 17.4% and 10.1%; the one-year lead went to small caps by 4.2 points (WealthyBud data · medians by size group · October 2, 2026).
16. Median volatility: small caps 20.5%, mid caps 18.2%
Median worst drawdown was 32.3% for small-cap funds and 29.6% for mid-cap funds (month-end prices; lows within a month are not captured). Median trailing yield was 1.17% and 1.05%, against 0.99% for SPY; 6 of 7 funds out-yielded it (WealthyBud data · medians by size group · October 2, 2026).
| Group | Expense ratio | 1-yr return | 3-yr return (ann.) | 5-yr return (ann.) | 10-yr return (ann.) | Volatility | Worst drawdown (month-end) |
|---|---|---|---|---|---|---|---|
| Small-cap (IJR, IWM, SCHA, and VB) | 0.045% | 17.7% | 17.4% | 6.9% | 10.1% | 20.5% | 32.3% |
| Mid-cap (IJH, MDY, and VO) | 0.05% | 13.5% | 15.2% | 8.2% | 10.6% | 18.2% | 29.6% |
Why do IWM and IJR returns differ?
IWM and IJR track different indexes. IWM follows the Russell 2000 and held 1,986 stocks on October 1, 2026, while IJR follows the S&P SmallCap 600 and held 640. Over five years IWM returned 6.48% a year and IJR returned 6.53%.
17. IWM held 1,986 stocks; IJR held 640
iShares lists 1,986 holdings for IWM on its fund page and 640 for IJR on its fund page, both as of October 1, 2026. IWM holds 3.1 times as many names (WealthyBud’s calculation from those counts).
18. FTSE Russell defines the Russell 2000 by market-cap rank
FTSE Russell’s Russell US Equity Indexes methodology (v7.2, August 2026) lists the Russell 2000 Index as “Companies #1,001-3,000” in descending total market capitalization. It also says that “Reconstitution occurs on the fourth Friday in June and the second Friday in December.”
19. IWM and IJR returned 6.48% and 6.53% a year over five years
IWM returned 17.44%, 18.03%, 6.48% and 9.89% over one, three, five and ten years (three-, five- and ten-year figures annualized). IJR returned 17.98%, 15.38%, 6.53% and 9.98%. IWM’s volatility was 20.9% against 20.4%, and its worst drawdown was 32.3% against 36.1% (month-end prices; lows within a month are not captured) (WealthyBud data · IWM vs IJR · October 2, 2026).
- IWM costs more than IJR, at 0.19% against 0.06%, which is $13 more per $10,000 each year.
- The five-year gap is 0.05 points, and the ten-year gap is 0.09 points; IJR was slightly ahead in both, but gaps under 0.1 points are near-ties.
- The data here cannot attribute the gap to any single index rule, since the two funds differ in holdings, weights and fees at once.
What this means for investors
Pick the index before the ticker. IWM and IJR both hold U.S. small caps, but they track different indexes and held 1,986 and 640 stocks. Compare the index, the fee and the holdings count together.
Fees compound. SCHA, VB, and VO cost 0.03%, which is $3 per $10,000 a year. MDY costs $23.
Expect rough stretches. IJR fell 36.1% at its worst (month-end prices; lows within a month are not captured), against 23.9% for SPY. See stock market concentration statistics for why the largest stocks can dominate index returns, and growth vs. value ETF statistics for another way to split the market.
Match the window to your plan. A one-year lead tells you little about a ten-year hold. For broader index funds, read our index fund statistics.
More ETFs statistics
Growth vs. Value ETF Statistics (2026)
Growth and value ETFs compared — VUG, VTV, IWF, IWD, SCHG, SCHV and MGK fees, returns, yields and the size of the growth premium.
View ResearchStock Market Concentration Statistics (2026)
How much of the covered large-cap market cap sits in the top 10 companies, computed from WealthyBud's 103-stock dataset.
View ResearchIndex Fund Statistics (2026)
Expense ratios and returns for the major S&P 500 and total-market index funds — SPY, VOO, IVV and VTI — compared.
View HubMajor ETFs Compared
28 ETFs compared by expense ratio and returns.
View