GWX vs. ISCF

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR S&P International Small Cap ETF (GWX) and iShares MSCI Intl Small-Cap Multifactor ETF (ISCF).

GWX and ISCF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GWX is a passively managed fund by State Street that tracks the performance of the S&P Developed Ex-U.S. Under USD2 Billion Index. It was launched on Apr 20, 2007. ISCF is a passively managed fund by iShares that tracks the performance of the MSCI World exUSA SmallCap Diversified Multi-Factor. It was launched on Apr 28, 2015. Both GWX and ISCF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

GWX vs. ISCF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P International Small Cap ETF (GWX) and iShares MSCI Intl Small-Cap Multifactor ETF (ISCF). The values are adjusted to include any dividend payments, if applicable.

GWX vs. ISCF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GWX SPDR S&P International Small Cap ETF	3.35%	35.89%	0.21%	10.94%	-19.98%	9.66%	13.41%	18.18%	-18.97%	28.88%
ISCF iShares MSCI Intl Small-Cap Multifactor ETF	0.75%	33.65%	4.75%	11.50%	-15.07%	13.31%	7.65%	26.32%	-18.76%	38.13%

Returns By Period

In the year-to-date period, GWX achieves a 3.35% return, which is significantly higher than ISCF's 0.75% return. Over the past 10 years, GWX has underperformed ISCF with an annualized return of 7.39%, while ISCF has yielded a comparatively higher 9.03% annualized return.

GWX

• 1D: 3.25%
• 1M: -9.05%
• YTD: 3.35%
• 6M: 6.84%
• 1Y: 36.16%
• 3Y*: 14.03%
• 5Y*: 5.10%
• 10Y*: 7.39%

ISCF

• 1D: 2.96%
• 1M: -8.54%
• YTD: 0.75%
• 6M: 3.58%
• 1Y: 29.05%
• 3Y*: 14.93%
• 5Y*: 7.24%
• 10Y*: 9.03%

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

GWX vs. ISCF - Expense Ratio Comparison

Both GWX and ISCF have an expense ratio of 0.40%.

GWX

SPDR S&P International Small Cap ETF

ISCF

iShares MSCI Intl Small-Cap Multifactor ETF

Return for Risk

GWX vs. ISCF — Risk / Return Rank

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

GWX

GWX Risk / Return Rank: 92
GWX Sharpe Ratio Rank: 93
GWX Sortino Ratio Rank: 93
GWX Omega Ratio Rank: 93
GWX Calmar Ratio Rank: 89
GWX Martin Ratio Rank: 91

ISCF

ISCF Risk / Return Rank: 86
ISCF Sharpe Ratio Rank: 86
ISCF Sortino Ratio Rank: 87
ISCF Omega Ratio Rank: 88
ISCF Calmar Ratio Rank: 85
ISCF Martin Ratio Rank: 85

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.

GWX vs. ISCF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P International Small Cap ETF (GWX) and iShares MSCI Intl Small-Cap Multifactor ETF (ISCF). 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.

	GWX	ISCF	Difference
Sharpe ratio Return per unit of total volatility	2.17	1.72	+0.44
Sortino ratio Return per unit of downside risk	2.86	2.34	+0.52
Omega ratio Gain probability vs. loss probability	1.42	1.35	+0.07
Calmar ratio Return relative to maximum drawdown	2.94	2.46	+0.48
Martin ratio Return relative to average drawdown	11.98	9.51	+2.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GWX vs. ISCF - Sharpe Ratio Comparison

The current GWX Sharpe Ratio is 2.17, which is comparable to the ISCF Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of GWX and ISCF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GWX	ISCF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	1.72	+0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.44	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.52	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.46	-0.25

Correlation

The correlation between GWX and ISCF is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

GWX vs. ISCF - Dividend Comparison

GWX's dividend yield for the trailing twelve months is around 2.74%, less than ISCF's 3.73% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GWX SPDR S&P International Small Cap ETF	2.74%	2.83%	2.71%	2.64%	2.71%	2.75%	1.74%	3.41%	2.94%	5.18%	4.21%	2.67%
ISCF iShares MSCI Intl Small-Cap Multifactor ETF	3.73%	3.76%	4.29%	3.94%	2.73%	3.93%	2.30%	2.87%	2.14%	1.97%	2.89%	1.46%

Drawdowns

GWX vs. ISCF - Drawdown Comparison

The maximum GWX drawdown since its inception was -63.25%, which is greater than ISCF's maximum drawdown of -40.79%. Use the drawdown chart below to compare losses from any high point for GWX and ISCF.

Drawdown Indicators

	GWX	ISCF	Difference
Max Drawdown Largest peak-to-trough decline	-63.25%	-40.79%	-22.46%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-11.34%	-0.57%
Max Drawdown (5Y) Largest decline over 5 years	-34.58%	-30.70%	-3.88%
Max Drawdown (10Y) Largest decline over 10 years	-45.27%	-40.79%	-4.48%
Current Drawdown Current decline from peak	-9.05%	-8.57%	-0.48%
Average Drawdown Average peak-to-trough decline	-14.85%	-8.23%	-6.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	2.93%	-0.01%

Volatility

GWX vs. ISCF - Volatility Comparison

SPDR S&P International Small Cap ETF (GWX) has a higher volatility of 7.73% compared to iShares MSCI Intl Small-Cap Multifactor ETF (ISCF) at 7.29%. This indicates that GWX's price experiences larger fluctuations and is considered to be riskier than ISCF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GWX	ISCF	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.73%	7.29%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	11.67%	10.81%	+0.86%
Volatility (1Y) Calculated over the trailing 1-year period	16.79%	16.95%	-0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.55%	16.52%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.24%	17.32%	-0.08%