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ISCF vs. SCZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ISCF vs. SCZ

Last updated Aug 4, 2026
Documentation

ISCF (iShares MSCI Intl Small-Cap Multifactor ETF) and SCZ (iShares MSCI EAFE Small-Cap ETF) are both Foreign Small & Mid Cap Equities funds from iShares - ISCF tracks the MSCI World exUSA SmallCap Diversified Multi-Factor while SCZ tracks the MSCI EAFE Small Cap Index. Both are passively managed. Over the past 10 years, ISCF returned 9.38%/yr vs 8.26%/yr for SCZ. Their correlation of 0.89 means they have usually moved in the same direction. Both charge a 0.40% expense ratio.

Performance

ISCF vs. SCZ - Performance Comparison

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

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Returns By Period

In the year-to-date period, ISCF achieves a 9.47% return, which is significantly lower than SCZ's 10.30% return. Over the past 10 years, ISCF has outperformed SCZ with an annualized return of 9.38%, while SCZ has yielded a comparatively lower 8.26% annualized return.

ISCF

1D
0.79%
1M
1.87%
6M
3.08%
YTD
9.47%
1Y
19.53%
3Y*
17.11%
5Y*
7.47%
10Y*
9.38%
ALL TIME*
8.55%

SCZ

1D
0.52%
1M
1.03%
6M
4.50%
YTD
10.30%
1Y
19.96%
3Y*
15.74%
5Y*
5.25%
10Y*
8.26%
ALL TIME*
5.55%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

ISCF

iShares MSCI Intl Small-Cap Multifactor ETF
$1.30M$1.76M$2.24M

SCZ

iShares MSCI EAFE Small-Cap ETF
$128.65M$132.73M$128.86M

ISCF vs. SCZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ISCF
iShares MSCI Intl Small-Cap Multifactor ETF		9.47%33.65%4.75%11.50%-15.07%13.31%7.65%26.32%-18.76%38.13%
SCZ
iShares MSCI EAFE Small-Cap ETF		10.30%32.08%1.52%12.98%-21.27%10.12%11.71%24.68%-17.64%32.72%

Correlation

The correlation between ISCF and SCZ is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.98

Correlation (3Y)
Balances recent behavior with more history.

0.97

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.97

Correlation (10Y)
Provides a long-term view across more market conditions.

0.93

Correlation (All Time)
Calculated using the full available price history since May 1, 2015

0.89

The correlation between ISCF and SCZ has been stable across timeframes, ranging from 0.89 to 0.98 - a consistent structural relationship.

ISCF vs. SCZ - Sectors Allocation Comparison

Sectors
ISCF
SCZ

Industrials

23.3%
24.2%

Financial Services

13.6%
12.7%

Consumer Cyclical

12.7%
12.5%

Basic Materials

10.9%
9.7%

Technology

10.1%
11.0%

Real Estate

8.6%
9.9%

Healthcare

5.2%
6.1%

Energy

4.4%
3.3%

Consumer Defensive

3.7%
4.8%

Communication Services

3.4%
3.6%

Utilities

3.4%
2.1%

Industrials

ISCF
23.3%
SCZ
24.2%

Financial Services

ISCF
13.6%
SCZ
12.7%

Consumer Cyclical

ISCF
12.7%
SCZ
12.5%

Basic Materials

ISCF
10.9%
SCZ
9.7%

Technology

ISCF
10.1%
SCZ
11.0%

Real Estate

ISCF
8.6%
SCZ
9.9%

Healthcare

ISCF
5.2%
SCZ
6.1%

Energy

ISCF
4.4%
SCZ
3.3%

Consumer Defensive

ISCF
3.7%
SCZ
4.8%

Communication Services

ISCF
3.4%
SCZ
3.6%

Utilities

ISCF
3.4%
SCZ
2.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Intl Small-Cap Multifactor ETF

iShares MSCI EAFE Small-Cap ETF

Often compared with ISCF:
ISCF vs. ISVLISCF vs. VSSISCF vs. AVDVISCF vs. HSCZISCF vs. AVUVISCF vs. FISMXISCF vs. SPY
Often compared with SCZ:
SCZ vs. VSSSCZ vs. AVDVSCZ vs. IWMSCZ vs. IEFASCZ vs. VPLSCZ vs. IDEVSCZ vs. VOO

Return for Risk

ISCF vs. SCZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
ISCF
ISCF Risk / Return Rank: 5050
Overall Rank
ISCF Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
ISCF Sortino Ratio Rank: 5151
Sortino Ratio Rank
ISCF Omega Ratio Rank: 4949
Omega Ratio Rank
ISCF Calmar Ratio Rank: 4747
Calmar Ratio Rank
ISCF Martin Ratio Rank: 5151
Martin Ratio Rank
SCZ
SCZ Risk / Return Rank: 5252
Overall Rank
SCZ Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
SCZ Sortino Ratio Rank: 5353
Sortino Ratio Rank
SCZ Omega Ratio Rank: 5252
Omega Ratio Rank
SCZ Calmar Ratio Rank: 4747
Calmar Ratio Rank
SCZ Martin Ratio Rank: 5353
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ISCF vs. SCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Intl Small-Cap Multifactor ETF (ISCF) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

ISCFSCZDifference
Sharpe ratioReturn per unit of total volatility
1.29
1.32

-0.03

Sortino ratioReturn per unit of downside risk
1.87
1.92

-0.05

Omega ratioGain probability vs. loss probability

1.23

1.24

-0.01

Calmar ratioReturn relative to maximum drawdown

1.73

1.75

-0.02

Martin ratioReturn relative to average drawdown

6.12

6.37

-0.25

ISCF vs. SCZ - Sharpe Ratio Comparison

The current ISCF Sharpe Ratio is 1.29, which is comparable to the SCZ Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of ISCF 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.

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Drawdowns

ISCF vs. SCZ - Drawdown Comparison

The maximum ISCF drawdown since its inception was -40.79%, smaller than the maximum SCZ drawdown of -61.86%. Use the drawdown chart below to compare losses from any high point for ISCF and SCZ.

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Drawdown Indicators

ISCFSCZDifference

Max Drawdown

Largest peak-to-trough decline

-40.79%

-61.86%

+21.07%

Max Drawdown (1Y)

Largest decline over 1 year

-11.34%

-11.43%

+0.09%

Max Drawdown (3Y)

Largest decline over 3 years

-13.25%

-14.52%

+1.27%

Max Drawdown (5Y)

Largest decline over 5 years

-30.70%

-36.87%

+6.17%

Max Drawdown (10Y)

Largest decline over 10 years

-40.79%

-41.07%

+0.28%

Current Drawdown

Current decline from peak

-0.65%

-1.13%

+0.48%

Average Drawdown

Average peak-to-trough decline

-8.06%

-12.97%

+4.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.20%

3.14%

+0.06%

Volatility

ISCF vs. SCZ - Volatility Comparison

iShares MSCI Intl Small-Cap Multifactor ETF (ISCF) and iShares MSCI EAFE Small-Cap ETF (SCZ) have volatilities of 4.74% and 4.70%, 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.

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Volatility by Period

ISCFSCZDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.74%

4.70%

+0.04%

Volatility (6M)

Calculated over the trailing 6-month period

12.86%

12.98%

-0.12%

Volatility (1Y)

Calculated over the trailing 1-year period

15.19%

15.21%

-0.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.75%

16.83%

-0.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.17%

17.17%

0.00%

ISCF vs. SCZ - Expense Ratio Comparison

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

Dividends

ISCF vs. SCZ - Dividend Comparison

ISCF's dividend yield for the trailing twelve months is around 3.62%, more than SCZ's 3.16% yield.

PositionTTM20252024202320222021202020192018201720162015
ISCF
iShares MSCI Intl Small-Cap Multifactor ETF		3.62%3.76%4.29%3.94%2.73%3.93%2.30%2.87%2.14%1.97%2.89%1.46%
SCZ
iShares MSCI EAFE Small-Cap ETF		3.16%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

With a correlation of 0.98, ISCF and SCZ 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.

ISCF has higher volatility (4.74%) compared to SCZ (4.70%). In terms of maximum drawdown, ISCF dropped -40.79% vs SCZ's -61.86%.

On 10-year performance, ISCF leads with 9.38% vs 8.26% for SCZ. Both ETFs have the same 0.40% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, ISCF has performed better with a 9.38% return vs 8.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

ISCF has the higher dividend yield at 3.62%, compared with 3.16% for SCZ.

ISCF tracks MSCI World exUSA SmallCap Diversified Multi-Factor, while SCZ tracks MSCI EAFE Small Cap Index.

SCZ currently has the higher Sharpe Ratio (1.32 vs 1.29), 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.

Portfolio Optimizer

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