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IWR vs. SCZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWR vs. SCZ

Last updated Jun 14, 2026

IWR (iShares Russell Midcap ETF) and SCZ (iShares MSCI EAFE Small-Cap ETF) are both exchange-traded funds - IWR is a Mid Cap Growth Equities fund tracking the Russell Midcap Index, while SCZ is a Foreign Small & Mid Cap Equities fund tracking the MSCI EAFE Small Cap Index. Both are passively managed. Over the past 10 years, IWR returned 11.79%/yr vs 8.64%/yr for SCZ. A 0.76 correlation means they provide meaningful diversification when combined. IWR charges 0.19%/yr vs 0.40%/yr for SCZ.

Performance

IWR vs. SCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Midcap ETF (IWR) 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, IWR achieves a 13.23% return, which is significantly higher than SCZ's 9.70% return. Over the past 10 years, IWR has outperformed SCZ with an annualized return of 11.79%, while SCZ has yielded a comparatively lower 8.64% annualized return.

IWR

1D
0.93%
1M
4.85%
YTD
13.23%
6M
11.96%
1Y
23.37%
3Y*
16.40%
5Y*
7.99%
10Y*
11.79%

SCZ

1D
0.47%
1M
1.01%
YTD
9.70%
6M
11.43%
1Y
23.50%
3Y*
15.38%
5Y*
4.99%
10Y*
8.64%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IWR vs. SCZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWR
iShares Russell Midcap ETF		13.23%10.37%15.21%17.05%-17.48%22.44%16.93%30.23%-9.10%18.25%
SCZ
iShares MSCI EAFE Small-Cap ETF		9.70%32.08%1.52%12.98%-21.27%10.12%11.71%24.68%-17.64%32.72%

Correlation

The correlation between IWR and SCZ is 0.70, 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

0.70

Correlation (3Y)
Calculated over the trailing 3-year period

0.71

Correlation (5Y)
Calculated over the trailing 5-year period

0.76

Correlation (10Y)
Calculated over the trailing 10-year period

0.75

Correlation (All Time)
Calculated using the full available price history since Dec 12, 2007

0.76

The correlation between IWR and SCZ has been stable across timeframes, ranging from 0.70 to 0.76 - a consistent structural relationship.

IWR vs. SCZ - Sectors Allocation Comparison

Sectors
IWR
SCZ

Technology

19.6%
10.8%

Industrials

18.1%
24.2%

Financial Services

12.1%
12.5%

Consumer Cyclical

11.1%
12.3%

Healthcare

8.7%
5.9%

Real Estate

6.8%
9.9%

Energy

6.5%
3.5%

Utilities

5.7%
2.2%

Basic Materials

4.2%
10.2%

Consumer Defensive

3.9%
4.7%

Communication Services

3.3%
3.8%

Technology

IWR
19.6%
SCZ
10.8%

Industrials

IWR
18.1%
SCZ
24.2%

Financial Services

IWR
12.1%
SCZ
12.5%

Consumer Cyclical

IWR
11.1%
SCZ
12.3%

Healthcare

IWR
8.7%
SCZ
5.9%

Real Estate

IWR
6.8%
SCZ
9.9%

Energy

IWR
6.5%
SCZ
3.5%

Utilities

IWR
5.7%
SCZ
2.2%

Basic Materials

IWR
4.2%
SCZ
10.2%

Consumer Defensive

IWR
3.9%
SCZ
4.7%

Communication Services

IWR
3.3%
SCZ
3.8%

Compare stocks, funds, or ETFs

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

iShares Russell Midcap ETF

iShares MSCI EAFE Small-Cap ETF

Often compared with IWR:
IWR vs. VOIWR vs. IWDIWR vs. SPMDIWR vs. IWNIWR vs. SCHMIWR vs. VXFIWR vs. REGL
Often compared with SCZ:
SCZ vs. VSSSCZ vs. AVDVSCZ vs. IWMSCZ vs. IEFASCZ vs. VPLSCZ vs. IDEVSCZ vs. ISCF

Return for Risk

IWR vs. SCZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWR
IWR Risk / Return Rank: 5656
Overall Rank
IWR Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
IWR Sortino Ratio Rank: 5454
Sortino Ratio Rank
IWR Omega Ratio Rank: 4949
Omega Ratio Rank
IWR Calmar Ratio Rank: 6161
Calmar Ratio Rank
IWR Martin Ratio Rank: 6565
Martin Ratio Rank
SCZ
SCZ Risk / Return Rank: 4848
Overall Rank
SCZ Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
SCZ Sortino Ratio Rank: 5050
Sortino Ratio Rank
SCZ Omega Ratio Rank: 4848
Omega Ratio Rank
SCZ Calmar Ratio Rank: 4444
Calmar Ratio Rank
SCZ Martin Ratio Rank: 4949
Martin Ratio Rank
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.

IWR vs. SCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Midcap ETF (IWR) 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.

IWRSCZDifference
Sharpe ratioReturn per unit of total volatility
1.59
1.49

+0.10

Sortino ratioReturn per unit of downside risk
2.28
2.14

+0.13

Omega ratioGain probability vs. loss probability

1.28

1.27

0.00

Calmar ratioReturn relative to maximum drawdown

2.68

1.95

+0.73

Martin ratioReturn relative to average drawdown

10.26

7.36

+2.90

IWR vs. SCZ - Sharpe Ratio Comparison

The current IWR Sharpe Ratio is 1.59, which is comparable to the SCZ Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of IWR 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

IWR vs. SCZ - Drawdown Comparison

The maximum IWR drawdown since its inception was -58.78%, roughly equal to the maximum SCZ drawdown of -61.86%. Use the drawdown chart below to compare losses from any high point for IWR and SCZ.

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Drawdown Indicators

IWRSCZDifference

Max Drawdown

Largest peak-to-trough decline

-58.78%

-61.86%

+3.08%

Max Drawdown (1Y)

Largest decline over 1 year

-8.17%

-11.43%

+3.26%

Max Drawdown (3Y)

Largest decline over 3 years

-21.09%

-15.06%

-6.03%

Max Drawdown (5Y)

Largest decline over 5 years

-26.18%

-36.87%

+10.69%

Max Drawdown (10Y)

Largest decline over 10 years

-40.59%

-41.07%

+0.48%

Current Drawdown

Current decline from peak

0.00%

-1.66%

+1.66%

Average Drawdown

Average peak-to-trough decline

-7.80%

-13.05%

+5.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.13%

3.02%

-0.89%

Volatility

IWR vs. SCZ - Volatility Comparison

The current volatility for iShares Russell Midcap ETF (IWR) is 4.49%, while iShares MSCI EAFE Small-Cap ETF (SCZ) has a volatility of 5.27%. This indicates that IWR experiences smaller price fluctuations and is considered to be less risky than SCZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IWRSCZDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.49%

5.27%

-0.78%

Volatility (6M)

Calculated over the trailing 6-month period

10.34%

12.52%

-2.18%

Volatility (1Y)

Calculated over the trailing 1-year period

13.79%

14.93%

-1.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.28%

16.81%

+1.47%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.38%

17.43%

+1.95%

IWR vs. SCZ - Expense Ratio Comparison

IWR has a 0.19% expense ratio, which is lower than SCZ's 0.40% expense ratio.

Dividends

IWR vs. SCZ - Dividend Comparison

IWR's dividend yield for the trailing twelve months is around 1.14%, less than SCZ's 3.01% yield.

PositionTTM20252024202320222021202020192018201720162015
IWR
iShares Russell Midcap ETF		1.14%1.29%1.27%1.43%1.59%1.04%1.28%1.43%1.98%1.52%1.72%1.59%
SCZ
iShares MSCI EAFE Small-Cap ETF		3.01%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

IWR and SCZ have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SCZ has higher volatility (5.27%) compared to IWR (4.49%). In terms of maximum drawdown, IWR dropped -58.78% vs SCZ's -61.86%.

On 10-year performance, IWR leads with 11.79% vs 8.64% for SCZ. On fees, IWR is cheaper at 0.19% per year. On volatility, IWR has been the lower-risk option at 4.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IWR has performed better with a 11.79% return vs 8.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWR is cheaper with a 0.19% expense ratio, compared with 0.40% for SCZ.

SCZ has the higher dividend yield at 3.01%, compared with 1.14% for IWR.

IWR is categorized as Mid Cap Growth Equities, while SCZ is Foreign Small & Mid Cap Equities. IWR tracks Russell Midcap Index, while SCZ tracks MSCI EAFE Small Cap Index. Their fees differ too: 0.19% for IWR and 0.40% for SCZ.

IWR currently has the higher Sharpe Ratio (1.59 vs 1.49), 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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