ISCF vs. DIEM

Last updated Jun 4, 2026

ISCF (iShares MSCI Intl Small-Cap Multifactor ETF) and DIEM (Franklin Emerging Market Core Dividend Tilt Index ETF) are both exchange-traded funds - ISCF is a Foreign Small & Mid Cap Equities fund tracking the MSCI World exUSA SmallCap Diversified Multi-Factor, while DIEM is a Emerging Markets Diversified fund tracking the Morningstar Emerging Markets Dividend Enhanced Select Index. Both are passively managed. Over the past 5 years, ISCF returned 7.26%/yr vs 11.49%/yr for DIEM. A 0.71 correlation means they provide meaningful diversification when combined. ISCF charges 0.40%/yr vs 0.19%/yr for DIEM.

Performance

ISCF vs. DIEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Intl Small-Cap Multifactor ETF (ISCF) and Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ISCF achieves a 7.28% return, which is significantly lower than DIEM's 32.78% return.

ISCF

• 1D: -1.13%
• 1M: 1.65%
• YTD: 7.28%
• 6M: 10.16%
• 1Y: 21.96%
• 3Y*: 17.40%
• 5Y*: 7.26%
• 10Y*: 9.19%

DIEM

• 1D: -1.37%
• 1M: 12.08%
• YTD: 32.78%
• 6M: 35.57%
• 1Y: 60.54%
• 3Y*: 28.35%
• 5Y*: 11.49%
• 10Y*: —

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

ISCF vs. DIEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ISCF iShares MSCI Intl Small-Cap Multifactor ETF	7.28%	33.65%	4.75%	11.50%	-15.07%	13.31%	7.65%	26.32%	-18.76%	38.13%
DIEM Franklin Emerging Market Core Dividend Tilt Index ETF	32.78%	30.81%	12.29%	15.41%	-20.61%	6.92%	1.27%	12.23%	-11.29%	27.61%

Correlation

The correlation between ISCF and DIEM is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jun 6, 2016	0.71

The correlation between ISCF and DIEM has been stable across timeframes, ranging from 0.71 to 0.76 - a consistent structural relationship.

ISCF vs. DIEM - Sectors Allocation Comparison

Sectors	ISCF	DIEM
Industrials	23.3%	4.7%
Consumer Cyclical	12.4%	6.7%
Financial Services	12.3%	23.3%
Basic Materials	11.2%	4.2%
Technology	10.5%	40.3%
Real Estate	8.8%	1.6%
Healthcare	5.4%	0.6%
Energy	4.8%	6.0%
Consumer Defensive	4.1%	2.9%
Communication Services	3.8%	5.6%
Utilities	3.6%	4.1%

Return for Risk

ISCF vs. DIEM — Risk / Return Rank

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

ISCF

ISCF Risk / Return Rank: 42
ISCF Sharpe Ratio Rank: 43
ISCF Sortino Ratio Rank: 43
ISCF Omega Ratio Rank: 42
ISCF Calmar Ratio Rank: 39
ISCF Martin Ratio Rank: 44

DIEM

DIEM Risk / Return Rank: 90
DIEM Sharpe Ratio Rank: 92
DIEM Sortino Ratio Rank: 90
DIEM Omega Ratio Rank: 92
DIEM Calmar Ratio Rank: 87
DIEM Martin Ratio Rank: 89

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.

ISCF vs. DIEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Intl Small-Cap Multifactor ETF (ISCF) and Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM). 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.

	ISCF	DIEM	Difference
Sharpe ratio: Return per unit of total volatility	1.54	3.35	-1.81
Sortino ratio: Return per unit of downside risk	2.18	4.26	-2.08
Omega ratio: Gain probability vs. loss probability	1.28	1.62	-0.35
Calmar ratio: Return relative to maximum drawdown	1.94	4.93	-2.99
Martin ratio: Return relative to average drawdown	7.28	20.34	-13.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ISCF vs. DIEM - Sharpe Ratio Comparison

The current ISCF Sharpe Ratio is 1.54, which is lower than the DIEM Sharpe Ratio of 3.35. The chart below compares the historical Sharpe Ratios of ISCF and DIEM, 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

	ISCF	DIEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	3.35	-1.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.68	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.55	-0.06

Drawdowns

ISCF vs. DIEM - Drawdown Comparison

The maximum ISCF drawdown since its inception was -40.79%, which is greater than DIEM's maximum drawdown of -38.61%. Use the drawdown chart below to compare losses from any high point for ISCF and DIEM.

Drawdown Indicators

	ISCF	DIEM	Difference
Max Drawdown Largest peak-to-trough decline	-40.79%	-38.61%	-2.18%
Max Drawdown (1Y) Largest decline over 1 year	-11.34%	-12.33%	+0.99%
Max Drawdown (3Y) Largest decline over 3 years	-13.85%	-16.82%	+2.97%
Max Drawdown (5Y) Largest decline over 5 years	-30.70%	-33.34%	+2.64%
Max Drawdown (10Y) Largest decline over 10 years	-40.79%	-38.61%	-2.18%
Current Drawdown Current decline from peak	-2.64%	-1.37%	-1.27%
Average Drawdown Average peak-to-trough decline	-8.14%	-9.72%	+1.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	2.99%	+0.03%

Volatility

ISCF vs. DIEM - Volatility Comparison

The current volatility for iShares MSCI Intl Small-Cap Multifactor ETF (ISCF) is 4.33%, while Franklin Emerging Market Core Dividend Tilt Index ETF (DIEM) has a volatility of 8.52%. This indicates that ISCF experiences smaller price fluctuations and is considered to be less risky than DIEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISCF	DIEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	8.52%	-4.19%
Volatility (6M) Calculated over the trailing 6-month period	11.86%	15.91%	-4.05%
Volatility (1Y) Calculated over the trailing 1-year period	14.39%	18.17%	-3.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.66%	16.93%	-0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.44%	17.59%	-0.15%

ISCF vs. DIEM - Expense Ratio Comparison

ISCF has a 0.40% expense ratio, which is higher than DIEM's 0.19% expense ratio.

Dividends

ISCF vs. DIEM - Dividend Comparison

ISCF's dividend yield for the trailing twelve months is around 3.50%, more than DIEM's 2.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIEM Franklin Emerging Market Core Dividend Tilt Index ETF	2.30%	2.99%	4.92%	4.45%	6.31%	4.06%	2.75%	5.98%	3.87%	2.61%	0.35%	0.00%
ISCF iShares MSCI Intl Small-Cap Multifactor ETF	3.50%	3.76%	4.29%	3.94%	2.73%	3.93%	2.30%	2.87%	2.14%	1.97%	2.89%	1.46%

Frequently Asked Questions

Can I hold both ISCF and DIEM in my portfolio?

ISCF and DIEM have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ISCF or DIEM?

DIEM has higher volatility (8.52%) compared to ISCF (4.33%). In terms of maximum drawdown, ISCF dropped -40.79% vs DIEM's -38.61%.

Which ETF is better, ISCF or DIEM?

On 5-year performance, DIEM leads with 11.49% vs 7.26% for ISCF. On fees, DIEM is cheaper at 0.19% per year. On volatility, ISCF has been the lower-risk option at 4.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISCF or DIEM?

Over the 5-year period, DIEM has performed better with a 11.49% return vs 7.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISCF or DIEM?

DIEM is cheaper with a 0.19% expense ratio, compared with 0.40% for ISCF.

Which ETF pays a higher dividend yield, ISCF or DIEM?

ISCF has the higher dividend yield at 3.50%, compared with 2.30% for DIEM.

What is the main difference between ISCF and DIEM?

ISCF is categorized as Foreign Small & Mid Cap Equities, while DIEM is Emerging Markets Diversified. ISCF tracks MSCI World exUSA SmallCap Diversified Multi-Factor, while DIEM tracks Morningstar Emerging Markets Dividend Enhanced Select Index. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.40% for ISCF and 0.19% for DIEM.

Which has better risk-adjusted returns?

DIEM currently has the higher Sharpe Ratio (3.35 vs 1.54), 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.