SCZ vs. EFV

Last updated Jun 3, 2026

SCZ (iShares MSCI EAFE Small-Cap ETF) and EFV (iShares MSCI EAFE Value ETF) are both exchange-traded funds - SCZ is a Foreign Small & Mid Cap Equities fund tracking the MSCI EAFE Small Cap Index, while EFV is a Foreign Large Cap Equities fund tracking the MSCI EAFE Value Index. Both are passively managed. Over the past 10 years, SCZ returned 8.11%/yr vs 9.83%/yr for EFV. Their correlation of 0.89 suggests significant overlap in exposure. SCZ charges 0.40%/yr vs 0.39%/yr for EFV.

Performance

SCZ vs. EFV - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with SCZ having a 10.36% return and EFV slightly lower at 9.98%. Over the past 10 years, SCZ has underperformed EFV with an annualized return of 8.11%, while EFV has yielded a comparatively higher 9.83% annualized return.

SCZ

• 1D: 0.27%
• 1M: 2.61%
• YTD: 10.36%
• 6M: 13.55%
• 1Y: 23.89%
• 3Y*: 16.41%
• 5Y*: 5.41%
• 10Y*: 8.11%

EFV

• 1D: 0.36%
• 1M: 1.53%
• YTD: 9.98%
• 6M: 14.03%
• 1Y: 27.68%
• 3Y*: 22.31%
• 5Y*: 12.40%
• 10Y*: 9.83%

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

SCZ vs. EFV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCZ iShares MSCI EAFE Small-Cap ETF	10.36%	32.08%	1.52%	12.98%	-21.27%	10.12%	11.71%	24.68%	-17.64%	32.72%
EFV iShares MSCI EAFE Value ETF	9.98%	42.22%	5.35%	18.85%	-5.22%	11.08%	-2.97%	15.80%	-14.67%	21.22%

Correlation

The correlation between SCZ and EFV is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Dec 13, 2007	0.89

The correlation between SCZ and EFV has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

SCZ vs. EFV - Sectors Allocation Comparison

Sectors	SCZ	EFV
Industrials	24.6%	10.2%
Financial Services	12.5%	36.9%
Consumer Cyclical	11.8%	4.8%
Basic Materials	10.7%	7.5%
Real Estate	10.3%	2.5%
Technology	9.1%	4.3%
Healthcare	5.5%	7.2%
Consumer Defensive	5.0%	8.3%
Communication Services	4.1%	4.4%
Energy	3.7%	7.0%
Utilities	2.8%	5.9%

Return for Risk

SCZ vs. EFV — Risk / Return Rank

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

SCZ

SCZ Risk / Return Rank: 47
SCZ Sharpe Ratio Rank: 47
SCZ Sortino Ratio Rank: 48
SCZ Omega Ratio Rank: 47
SCZ Calmar Ratio Rank: 44
SCZ Martin Ratio Rank: 50

EFV

EFV Risk / Return Rank: 56
EFV Sharpe Ratio Rank: 57
EFV Sortino Ratio Rank: 56
EFV Omega Ratio Rank: 57
EFV Calmar Ratio Rank: 53
EFV Martin Ratio Rank: 56

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.

SCZ vs. EFV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EAFE Small-Cap ETF (SCZ) and iShares MSCI EAFE Value ETF (EFV). 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.

	SCZ	EFV	Difference
Sharpe ratio Return per unit of total volatility	1.66	1.96	-0.30
Sortino ratio Return per unit of downside risk	2.38	2.71	-0.33
Omega ratio Gain probability vs. loss probability	1.30	1.35	-0.05
Calmar ratio Return relative to maximum drawdown	2.22	2.66	-0.44
Martin ratio Return relative to average drawdown	8.51	9.95	-1.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SCZ vs. EFV - Sharpe Ratio Comparison

The current SCZ Sharpe Ratio is 1.66, which is comparable to the EFV Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of SCZ and EFV, 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

	SCZ	EFV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.66	1.96	-0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.78	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.55	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.27	0.00

Drawdowns

SCZ vs. EFV - Drawdown Comparison

The maximum SCZ drawdown since its inception was -61.86%, roughly equal to the maximum EFV drawdown of -63.94%. Use the drawdown chart below to compare losses from any high point for SCZ and EFV.

Drawdown Indicators

	SCZ	EFV	Difference
Max Drawdown Largest peak-to-trough decline	-61.86%	-63.94%	+2.08%
Max Drawdown (1Y) Largest decline over 1 year	-11.43%	-10.90%	-0.53%
Max Drawdown (3Y) Largest decline over 3 years	-15.06%	-13.72%	-1.34%
Max Drawdown (5Y) Largest decline over 5 years	-36.87%	-25.84%	-11.03%
Max Drawdown (10Y) Largest decline over 10 years	-41.07%	-43.16%	+2.09%
Current Drawdown Current decline from peak	-1.08%	-1.75%	+0.67%
Average Drawdown Average peak-to-trough decline	-13.07%	-14.83%	+1.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	2.91%	+0.07%

Volatility

SCZ vs. EFV - Volatility Comparison

iShares MSCI EAFE Small-Cap ETF (SCZ) and iShares MSCI EAFE Value ETF (EFV) have volatilities of 4.60% and 4.72%, 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

	SCZ	EFV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.60%	4.72%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	11.95%	11.53%	+0.42%
Volatility (1Y) Calculated over the trailing 1-year period	14.48%	14.21%	+0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.74%	15.96%	+0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.43%	17.86%	-0.43%

SCZ vs. EFV - Expense Ratio Comparison

SCZ has a 0.40% expense ratio, which is higher than EFV's 0.39% expense ratio.

Dividends

SCZ vs. EFV - Dividend Comparison

SCZ's dividend yield for the trailing twelve months is around 2.99%, less than EFV's 3.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFV iShares MSCI EAFE Value ETF	3.78%	4.16%	4.66%	4.36%	4.17%	4.07%	2.42%	4.62%	4.56%	3.56%	3.28%	3.59%
SCZ iShares MSCI EAFE Small-Cap ETF	2.99%	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

Can I hold both SCZ and EFV in my portfolio?

SCZ and EFV have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCZ or EFV?

EFV has higher volatility (4.72%) compared to SCZ (4.60%). In terms of maximum drawdown, SCZ dropped -61.86% vs EFV's -63.94%.

Which ETF is better, SCZ or EFV?

On 10-year performance, EFV leads with 9.83% vs 8.11% for SCZ. On fees, EFV is cheaper at 0.39% per year. On volatility, SCZ has been the lower-risk option at 4.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCZ or EFV?

Over the 10-year period, EFV has performed better with a 9.83% return vs 8.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCZ or EFV?

EFV is cheaper with a 0.39% expense ratio, compared with 0.40% for SCZ.

Which ETF pays a higher dividend yield, SCZ or EFV?

EFV has the higher dividend yield at 3.78%, compared with 2.99% for SCZ.

What is the main difference between SCZ and EFV?

SCZ is categorized as Foreign Small & Mid Cap Equities, while EFV is Foreign Large Cap Equities. SCZ tracks MSCI EAFE Small Cap Index, while EFV tracks MSCI EAFE Value Index. Their fees differ too: 0.40% for SCZ and 0.39% for EFV.

Which has better risk-adjusted returns?

EFV currently has the higher Sharpe Ratio (1.96 vs 1.66), 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.