EFV vs. SCZ

Last updated Jun 4, 2026

EFV (iShares MSCI EAFE Value ETF) and SCZ (iShares MSCI EAFE Small-Cap ETF) are both exchange-traded funds - EFV is a Foreign Large Cap Equities fund tracking the MSCI EAFE Value Index, while SCZ is a Foreign Small & Mid Cap Equities fund tracking the MSCI EAFE Small Cap Index. Both are passively managed. Over the past 10 years, EFV returned 9.75%/yr vs 8.03%/yr for SCZ. Their correlation of 0.89 suggests significant overlap in exposure. EFV charges 0.39%/yr vs 0.40%/yr for SCZ.

Performance

EFV vs. SCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI EAFE Value ETF (EFV) and iShares MSCI EAFE Small-Cap ETF (SCZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with EFV having a 9.13% return and SCZ slightly higher at 9.56%. Over the past 10 years, EFV has outperformed SCZ with an annualized return of 9.75%, while SCZ has yielded a comparatively lower 8.03% annualized return.

EFV

• 1D: -0.78%
• 1M: 2.26%
• YTD: 9.13%
• 6M: 12.94%
• 1Y: 27.83%
• 3Y*: 21.99%
• 5Y*: 12.07%
• 10Y*: 9.75%

SCZ

• 1D: -0.72%
• 1M: 2.75%
• YTD: 9.56%
• 6M: 12.13%
• 1Y: 24.04%
• 3Y*: 16.13%
• 5Y*: 5.02%
• 10Y*: 8.03%

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

EFV vs. SCZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFV iShares MSCI EAFE Value ETF	9.13%	42.22%	5.35%	18.85%	-5.22%	11.08%	-2.97%	15.80%	-14.67%	21.22%
SCZ iShares MSCI EAFE Small-Cap ETF	9.56%	32.08%	1.52%	12.98%	-21.27%	10.12%	11.71%	24.68%	-17.64%	32.72%

Correlation

The correlation between EFV and SCZ is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Dec 13, 2007	0.89

The correlation between EFV and SCZ has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

EFV vs. SCZ - Sectors Allocation Comparison

Sectors	EFV	SCZ
Financial Services	36.9%	12.5%
Industrials	10.2%	24.6%
Consumer Defensive	8.3%	5.0%
Basic Materials	7.5%	10.7%
Healthcare	7.2%	5.5%
Energy	7.0%	3.7%
Utilities	5.9%	2.8%
Consumer Cyclical	4.8%	11.8%
Communication Services	4.4%	4.1%
Technology	4.3%	9.1%
Real Estate	2.5%	10.3%

Return for Risk

EFV vs. SCZ — Risk / Return Rank

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

EFV

EFV Risk / Return Rank: 55
EFV Sharpe Ratio Rank: 57
EFV Sortino Ratio Rank: 56
EFV Omega Ratio Rank: 57
EFV Calmar Ratio Rank: 51
EFV Martin Ratio Rank: 55

SCZ

SCZ Risk / Return Rank: 47
SCZ Sharpe Ratio Rank: 47
SCZ Sortino Ratio Rank: 48
SCZ Omega Ratio Rank: 48
SCZ Calmar Ratio Rank: 42
SCZ Martin Ratio Rank: 48

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.

EFV vs. SCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EAFE Value ETF (EFV) and iShares MSCI EAFE Small-Cap ETF (SCZ). 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.

	EFV	SCZ	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.67	+0.30
Sortino ratio: Return per unit of downside risk	2.73	2.39	+0.33
Omega ratio: Gain probability vs. loss probability	1.36	1.31	+0.05
Calmar ratio: Return relative to maximum drawdown	2.57	2.11	+0.45
Martin ratio: Return relative to average drawdown	9.57	8.08	+1.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EFV vs. SCZ - Sharpe Ratio Comparison

The current EFV Sharpe Ratio is 1.97, which is comparable to the SCZ Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of EFV and SCZ, 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

	EFV	SCZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	1.67	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.30	+0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.46	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.27	0.00

Drawdowns

EFV vs. SCZ - Drawdown Comparison

The maximum EFV drawdown since its inception was -63.94%, roughly equal to the maximum SCZ drawdown of -61.86%. Use the drawdown chart below to compare losses from any high point for EFV and SCZ.

Drawdown Indicators

	EFV	SCZ	Difference
Max Drawdown Largest peak-to-trough decline	-63.94%	-61.86%	-2.08%
Max Drawdown (1Y) Largest decline over 1 year	-10.90%	-11.43%	+0.53%
Max Drawdown (3Y) Largest decline over 3 years	-13.72%	-15.06%	+1.34%
Max Drawdown (5Y) Largest decline over 5 years	-25.84%	-36.87%	+11.03%
Max Drawdown (10Y) Largest decline over 10 years	-43.16%	-41.07%	-2.09%
Current Drawdown Current decline from peak	-2.51%	-1.79%	-0.72%
Average Drawdown Average peak-to-trough decline	-14.83%	-13.06%	-1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	2.98%	-0.07%

Volatility

EFV vs. SCZ - Volatility Comparison

iShares MSCI EAFE Value ETF (EFV) and iShares MSCI EAFE Small-Cap ETF (SCZ) have volatilities of 4.52% and 4.57%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFV	SCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	4.57%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	11.56%	11.95%	-0.39%
Volatility (1Y) Calculated over the trailing 1-year period	14.21%	14.47%	-0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.96%	16.74%	-0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.86%	17.43%	+0.43%

EFV vs. SCZ - Expense Ratio Comparison

EFV has a 0.39% expense ratio, which is lower than SCZ's 0.40% expense ratio.

Dividends

EFV vs. SCZ - Dividend Comparison

EFV's dividend yield for the trailing twelve months is around 3.81%, more than SCZ's 3.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFV iShares MSCI EAFE Value ETF	3.81%	4.16%	4.66%	4.36%	4.17%	4.07%	2.42%	4.62%	4.56%	3.56%	3.28%	3.59%
SCZ iShares MSCI EAFE Small-Cap ETF	3.01%	3.30%	3.50%	2.96%	1.99%	2.96%	1.52%	3.52%	2.79%	2.38%	2.82%	2.06%

Frequently Asked Questions

Can I hold both EFV and SCZ in my portfolio?

EFV and SCZ have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFV or SCZ?

SCZ has higher volatility (4.57%) compared to EFV (4.52%). In terms of maximum drawdown, EFV dropped -63.94% vs SCZ's -61.86%.

Which ETF is better, EFV or SCZ?

On 10-year performance, EFV leads with 9.75% vs 8.03% for SCZ. On fees, EFV is cheaper at 0.39% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFV or SCZ?

Over the 10-year period, EFV has performed better with a 9.75% return vs 8.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFV or SCZ?

EFV is cheaper with a 0.39% expense ratio, compared with 0.40% for SCZ.

Which ETF pays a higher dividend yield, EFV or SCZ?

EFV has the higher dividend yield at 3.81%, compared with 3.01% for SCZ.

What is the main difference between EFV and SCZ?

EFV is categorized as Foreign Large Cap Equities, while SCZ is Foreign Small & Mid Cap Equities. EFV tracks MSCI EAFE Value Index, while SCZ tracks MSCI EAFE Small Cap Index. Their fees differ too: 0.39% for EFV and 0.40% for SCZ.

Which has better risk-adjusted returns?

EFV currently has the higher Sharpe Ratio (1.97 vs 1.67), 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.