ISCF vs. DLS

Last updated Jun 4, 2026

ISCF (iShares MSCI Intl Small-Cap Multifactor ETF) and DLS (WisdomTree International SmallCap Dividend) are both Foreign Small & Mid Cap Equities funds - ISCF tracks the MSCI World exUSA SmallCap Diversified Multi-Factor while DLS tracks the WisdomTree International SmallCap Dividend Index. Both are passively managed. Over the past 10 years, ISCF returned 9.19%/yr vs 7.46%/yr for DLS. Their correlation of 0.87 suggests significant overlap in exposure. ISCF charges 0.40%/yr vs 0.58%/yr for DLS.

Performance

ISCF vs. DLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Intl Small-Cap Multifactor ETF (ISCF) and WisdomTree International SmallCap Dividend (DLS). 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 higher than DLS's 6.63% return. Over the past 10 years, ISCF has outperformed DLS with an annualized return of 9.19%, while DLS has yielded a comparatively lower 7.46% annualized 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%

DLS

• 1D: -0.94%
• 1M: 0.80%
• YTD: 6.63%
• 6M: 9.37%
• 1Y: 22.56%
• 3Y*: 17.27%
• 5Y*: 6.55%
• 10Y*: 7.46%

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

ISCF vs. DLS - 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%
DLS WisdomTree International SmallCap Dividend	6.63%	34.11%	3.06%	15.33%	-17.31%	11.71%	-1.28%	22.20%	-18.95%	31.83%

Correlation

The correlation between ISCF and DLS is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since May 4, 2015	0.87

The correlation between ISCF and DLS has been stable across timeframes, ranging from 0.87 to 0.96 - a consistent structural relationship.

ISCF vs. DLS - Sectors Allocation Comparison

Sectors	ISCF	DLS
Industrials	23.3%	27.8%
Consumer Cyclical	12.4%	12.8%
Financial Services	12.3%	13.3%
Basic Materials	11.2%	8.9%
Technology	10.5%	8.4%
Real Estate	8.8%	7.8%
Healthcare	5.4%	3.7%
Energy	4.8%	3.0%
Consumer Defensive	4.1%	7.9%
Communication Services	3.8%	4.4%
Utilities	3.6%	2.1%

Return for Risk

ISCF vs. DLS — 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

DLS

DLS Risk / Return Rank: 46
DLS Sharpe Ratio Rank: 48
DLS Sortino Ratio Rank: 48
DLS Omega Ratio Rank: 48
DLS Calmar Ratio Rank: 41
DLS Martin Ratio Rank: 45

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. DLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Intl Small-Cap Multifactor ETF (ISCF) and WisdomTree International SmallCap Dividend (DLS). 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	DLS	Difference
Sharpe ratio: Return per unit of total volatility	1.54	1.69	-0.16
Sortino ratio: Return per unit of downside risk	2.18	2.41	-0.24
Omega ratio: Gain probability vs. loss probability	1.28	1.31	-0.03
Calmar ratio: Return relative to maximum drawdown	1.94	2.05	-0.11
Martin ratio: Return relative to average drawdown	7.28	7.55	-0.27
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. DLS - Sharpe Ratio Comparison

The current ISCF Sharpe Ratio is 1.54, which is comparable to the DLS Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of ISCF and DLS, 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	DLS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	1.69	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.42	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.45	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.33	+0.15

Drawdowns

ISCF vs. DLS - Drawdown Comparison

The maximum ISCF drawdown since its inception was -40.79%, smaller than the maximum DLS drawdown of -63.13%. Use the drawdown chart below to compare losses from any high point for ISCF and DLS.

Drawdown Indicators

	ISCF	DLS	Difference
Max Drawdown Largest peak-to-trough decline	-40.79%	-63.13%	+22.34%
Max Drawdown (1Y) Largest decline over 1 year	-11.34%	-11.04%	-0.30%
Max Drawdown (3Y) Largest decline over 3 years	-13.85%	-12.69%	-1.16%
Max Drawdown (5Y) Largest decline over 5 years	-30.70%	-32.22%	+1.52%
Max Drawdown (10Y) Largest decline over 10 years	-40.79%	-44.77%	+3.98%
Current Drawdown Current decline from peak	-2.64%	-3.20%	+0.56%
Average Drawdown Average peak-to-trough decline	-8.14%	-13.65%	+5.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	2.99%	+0.03%

Volatility

ISCF vs. DLS - Volatility Comparison

The current volatility for iShares MSCI Intl Small-Cap Multifactor ETF (ISCF) is 4.33%, while WisdomTree International SmallCap Dividend (DLS) has a volatility of 4.58%. This indicates that ISCF experiences smaller price fluctuations and is considered to be less risky than DLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISCF	DLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	4.58%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	11.86%	10.98%	+0.88%
Volatility (1Y) Calculated over the trailing 1-year period	14.39%	13.44%	+0.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.66%	15.57%	+1.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.44%	16.67%	+0.77%

ISCF vs. DLS - Expense Ratio Comparison

ISCF has a 0.40% expense ratio, which is lower than DLS's 0.58% expense ratio.

Dividends

ISCF vs. DLS - Dividend Comparison

ISCF's dividend yield for the trailing twelve months is around 3.50%, which matches DLS's 3.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLS WisdomTree International SmallCap Dividend	3.50%	3.87%	4.56%	4.29%	4.96%	3.29%	2.50%	3.37%	3.66%	2.79%	3.29%	2.72%
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 DLS in my portfolio?

With a correlation of 0.96, ISCF and DLS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ISCF or DLS?

DLS has higher volatility (4.58%) compared to ISCF (4.33%). In terms of maximum drawdown, ISCF dropped -40.79% vs DLS's -63.13%.

Which ETF is better, ISCF or DLS?

On 10-year performance, ISCF leads with 9.19% vs 7.46% for DLS. On fees, ISCF is cheaper at 0.40% 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 DLS?

Over the 10-year period, ISCF has performed better with a 9.19% return vs 7.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISCF or DLS?

ISCF is cheaper with a 0.40% expense ratio, compared with 0.58% for DLS.

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

ISCF and DLS have nearly identical dividend yields, around 3.50%.

What is the main difference between ISCF and DLS?

ISCF tracks MSCI World exUSA SmallCap Diversified Multi-Factor, while DLS tracks WisdomTree International SmallCap Dividend Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.40% for ISCF and 0.58% for DLS.

Which has better risk-adjusted returns?

DLS currently has the higher Sharpe Ratio (1.69 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.