ISCF vs. GWX

Last updated Jun 4, 2026

ISCF (iShares MSCI Intl Small-Cap Multifactor ETF) and GWX (SPDR S&P International Small Cap ETF) are both Foreign Small & Mid Cap Equities funds - ISCF tracks the MSCI World exUSA SmallCap Diversified Multi-Factor while GWX tracks the S&P Developed Ex-U.S. Under USD2 Billion Index. Both are passively managed. Over the past 10 years, ISCF returned 9.19%/yr vs 7.57%/yr for GWX. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.40% expense ratio.

Performance

ISCF vs. GWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Intl Small-Cap Multifactor ETF (ISCF) and SPDR S&P International Small Cap ETF (GWX). 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 GWX's 11.79% return. Over the past 10 years, ISCF has outperformed GWX with an annualized return of 9.19%, while GWX has yielded a comparatively lower 7.57% 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%

GWX

• 1D: -1.21%
• 1M: 0.57%
• YTD: 11.79%
• 6M: 14.68%
• 1Y: 30.65%
• 3Y*: 17.00%
• 5Y*: 5.61%
• 10Y*: 7.57%

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

ISCF vs. GWX - 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%
GWX SPDR S&P International Small Cap ETF	11.79%	35.89%	0.21%	10.94%	-19.98%	9.66%	13.41%	18.18%	-18.97%	28.88%

Correlation

The correlation between ISCF and GWX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since May 4, 2015	0.86

The correlation between ISCF and GWX has been stable across timeframes, ranging from 0.86 to 0.95 - a consistent structural relationship.

ISCF vs. GWX - Sectors Allocation Comparison

Sectors	ISCF	GWX
Industrials	23.3%	22.0%
Consumer Cyclical	12.4%	11.2%
Financial Services	12.3%	7.8%
Basic Materials	11.2%	14.5%
Technology	10.5%	15.1%
Real Estate	8.8%	7.2%
Healthcare	5.4%	8.5%
Energy	4.8%	4.7%
Consumer Defensive	4.1%	4.7%
Communication Services	3.8%	2.9%
Utilities	3.6%	1.3%

Return for Risk

ISCF vs. GWX — 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

GWX

GWX Risk / Return Rank: 56
GWX Sharpe Ratio Rank: 58
GWX Sortino Ratio Rank: 58
GWX Omega Ratio Rank: 57
GWX Calmar Ratio Rank: 52
GWX Martin Ratio Rank: 57

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. GWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Intl Small-Cap Multifactor ETF (ISCF) and SPDR S&P International Small Cap ETF (GWX). 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	GWX	Difference
Sharpe ratio: Return per unit of total volatility	1.54	1.98	-0.45
Sortino ratio: Return per unit of downside risk	2.18	2.75	-0.57
Omega ratio: Gain probability vs. loss probability	1.28	1.35	-0.07
Calmar ratio: Return relative to maximum drawdown	1.94	2.58	-0.64
Martin ratio: Return relative to average drawdown	7.28	10.03	-2.75
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. GWX - Sharpe Ratio Comparison

The current ISCF Sharpe Ratio is 1.54, which is comparable to the GWX Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of ISCF and GWX, 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	GWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	1.98	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.34	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.44	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.23	+0.26

Drawdowns

ISCF vs. GWX - Drawdown Comparison

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

Drawdown Indicators

	ISCF	GWX	Difference
Max Drawdown Largest peak-to-trough decline	-40.79%	-63.25%	+22.46%
Max Drawdown (1Y) Largest decline over 1 year	-11.34%	-11.91%	+0.57%
Max Drawdown (3Y) Largest decline over 3 years	-13.85%	-14.73%	+0.88%
Max Drawdown (5Y) Largest decline over 5 years	-30.70%	-34.58%	+3.88%
Max Drawdown (10Y) Largest decline over 10 years	-40.79%	-45.27%	+4.48%
Current Drawdown Current decline from peak	-2.64%	-2.86%	+0.22%
Average Drawdown Average peak-to-trough decline	-8.14%	-14.74%	+6.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	3.06%	-0.04%

Volatility

ISCF vs. GWX - Volatility Comparison

The current volatility for iShares MSCI Intl Small-Cap Multifactor ETF (ISCF) is 4.33%, while SPDR S&P International Small Cap ETF (GWX) has a volatility of 5.21%. This indicates that ISCF experiences smaller price fluctuations and is considered to be less risky than GWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISCF	GWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	5.21%	-0.88%
Volatility (6M) Calculated over the trailing 6-month period	11.86%	12.82%	-0.96%
Volatility (1Y) Calculated over the trailing 1-year period	14.39%	15.52%	-1.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.66%	16.74%	-0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.44%	17.36%	+0.08%

ISCF vs. GWX - Expense Ratio Comparison

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

Dividends

ISCF vs. GWX - Dividend Comparison

ISCF's dividend yield for the trailing twelve months is around 3.50%, more than GWX's 2.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GWX SPDR S&P International Small Cap ETF	2.54%	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	3.50%	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 GWX in my portfolio?

With a correlation of 0.92, ISCF and GWX 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 GWX?

GWX has higher volatility (5.21%) compared to ISCF (4.33%). In terms of maximum drawdown, ISCF dropped -40.79% vs GWX's -63.25%.

Which ETF is better, ISCF or GWX?

On 10-year performance, ISCF leads with 9.19% vs 7.57% for GWX. Both ETFs have the same 0.40% expense ratio. 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 GWX?

Over the 10-year period, ISCF has performed better with a 9.19% return vs 7.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISCF or GWX?

ISCF and GWX have the same expense ratio: 0.40% per year.

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

ISCF has the higher dividend yield at 3.50%, compared with 2.54% for GWX.

What is the main difference between ISCF and GWX?

ISCF tracks MSCI World exUSA SmallCap Diversified Multi-Factor, while GWX tracks S&P Developed Ex-U.S. Under USD2 Billion Index. They also come from different issuers: iShares and State Street.

Which has better risk-adjusted returns?

GWX currently has the higher Sharpe Ratio (1.98 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.