ISCF vs. SPY

Last updated Jun 23, 2026

ISCF (iShares MSCI Intl Small-Cap Multifactor ETF) and SPY (State Street SPDR S&P 500 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 SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, ISCF returned 9.24%/yr vs 15.70%/yr for SPY. A 0.68 correlation means they provide meaningful diversification when combined. ISCF charges 0.40%/yr vs 0.09%/yr for SPY.

Performance

ISCF vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Intl Small-Cap Multifactor ETF (ISCF) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ISCF achieves a 7.82% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, ISCF has underperformed SPY with an annualized return of 9.24%, while SPY has yielded a comparatively higher 15.70% annualized return.

ISCF

• 1D: 0.27%
• 1M: -0.01%
• YTD: 7.82%
• 6M: 8.05%
• 1Y: 22.38%
• 3Y*: 18.06%
• 5Y*: 7.94%
• 10Y*: 9.24%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

ISCF vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ISCF iShares MSCI Intl Small-Cap Multifactor ETF	7.82%	33.65%	4.75%	11.50%	-15.07%	13.31%	7.65%	26.32%	-18.76%	38.13%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between ISCF and SPY 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	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since May 1, 2015	0.68

The correlation between ISCF and SPY has been stable across timeframes, ranging from 0.68 to 0.73 - a consistent structural relationship.

ISCF vs. SPY - Sectors Allocation Comparison

Sectors	ISCF	SPY
Industrials	23.8%	7.8%
Consumer Cyclical	12.4%	9.9%
Financial Services	12.1%	11.1%
Basic Materials	11.6%	1.7%
Technology	10.8%	39.0%
Real Estate	8.5%	1.8%
Healthcare	5.3%	8.3%
Energy	4.6%	3.1%
Consumer Defensive	3.9%	4.5%
Communication Services	3.7%	10.6%
Utilities	3.5%	2.1%

Return for Risk

ISCF vs. SPY — Risk / Return Rank

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

ISCF

ISCF Risk / Return Rank: 44
ISCF Sharpe Ratio Rank: 45
ISCF Sortino Ratio Rank: 44
ISCF Omega Ratio Rank: 43
ISCF Calmar Ratio Rank: 41
ISCF Martin Ratio Rank: 45

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Intl Small-Cap Multifactor ETF (ISCF) and State Street SPDR S&P 500 ETF (SPY). 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.

	ISCF	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.52	2.16	-0.64
Sortino ratio: Return per unit of downside risk	2.16	2.91	-0.75
Omega ratio: Gain probability vs. loss probability	1.28	1.39	-0.12
Calmar ratio: Return relative to maximum drawdown	1.98	3.01	-1.03
Martin ratio: Return relative to average drawdown	7.27	13.54	-6.27

ISCF vs. SPY - Sharpe Ratio Comparison

The current ISCF Sharpe Ratio is 1.52, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of ISCF and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ISCF vs. SPY - Drawdown Comparison

The maximum ISCF drawdown since its inception was -40.79%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ISCF and SPY.

Drawdown Indicators

	ISCF	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-40.79%	-55.19%	+14.40%
Max Drawdown (1Y) Largest decline over 1 year	-11.34%	-8.88%	-2.46%
Max Drawdown (3Y) Largest decline over 3 years	-13.85%	-18.76%	+4.91%
Max Drawdown (5Y) Largest decline over 5 years	-30.70%	-24.50%	-6.20%
Max Drawdown (10Y) Largest decline over 10 years	-40.79%	-33.72%	-7.07%
Current Drawdown Current decline from peak	-2.15%	-1.75%	-0.40%
Average Drawdown Average peak-to-trough decline	-8.12%	-9.04%	+0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	1.97%	+1.12%

Volatility

ISCF vs. SPY - Volatility Comparison

iShares MSCI Intl Small-Cap Multifactor ETF (ISCF) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.61% and 4.64%, 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.

Volatility by Period

	ISCF	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	4.64%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	12.43%	9.75%	+2.68%
Volatility (1Y) Calculated over the trailing 1-year period	14.80%	12.43%	+2.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.72%	17.14%	-0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.42%	17.99%	-0.57%

ISCF vs. SPY - Expense Ratio Comparison

ISCF has a 0.40% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

ISCF vs. SPY - Dividend Comparison

ISCF's dividend yield for the trailing twelve months is around 3.67%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ISCF iShares MSCI Intl Small-Cap Multifactor ETF	3.67%	3.76%	4.29%	3.94%	2.73%	3.93%	2.30%	2.87%	2.14%	1.97%	2.89%	1.46%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both ISCF and SPY in my portfolio?

ISCF and SPY 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 SPY?

SPY has higher volatility (4.64%) compared to ISCF (4.61%). In terms of maximum drawdown, ISCF dropped -40.79% vs SPY's -55.19%.

Which ETF is better, ISCF or SPY?

On 10-year performance, SPY leads with 15.70% vs 9.24% for ISCF. On fees, SPY is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISCF or SPY?

Over the 10-year period, SPY has performed better with a 15.70% return vs 9.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISCF or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.40% for ISCF.

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

ISCF has the higher dividend yield at 3.67%, compared with 1.01% for SPY.

What is the main difference between ISCF and SPY?

ISCF is categorized as Foreign Small & Mid Cap Equities, while SPY is S&P 500. ISCF tracks MSCI World exUSA SmallCap Diversified Multi-Factor, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.40% for ISCF and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.52), 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.