SCZ vs. IVFIX

Last updated Jun 4, 2026

SCZ (iShares MSCI EAFE Small-Cap ETF) and IVFIX (Federated Hermes International Strategic Value Dividend Fund) are both funds - SCZ is a Foreign Small & Mid Cap Equities fund tracking the MSCI EAFE Small Cap Index, while IVFIX is a Foreign Large Cap Equities fund managed by Federated. Over the past 10 years, SCZ returned 8.03%/yr vs 6.83%/yr for IVFIX. A 0.78 correlation means they provide meaningful diversification when combined. SCZ charges 0.40%/yr vs 0.86%/yr for IVFIX.

Performance

SCZ vs. IVFIX - Performance Comparison

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

Returns By Period

In the year-to-date period, SCZ achieves a 9.56% return, which is significantly higher than IVFIX's 6.24% return. Over the past 10 years, SCZ has outperformed IVFIX with an annualized return of 8.03%, while IVFIX has yielded a comparatively lower 6.83% annualized return.

SCZ

• 1D: -0.72%
• 1M: 2.75%
• YTD: 9.56%
• 6M: 12.13%
• 1Y: 24.04%
• 3Y*: 16.13%
• 5Y*: 5.02%
• 10Y*: 8.03%

IVFIX

• 1D: 0.42%
• 1M: -0.70%
• YTD: 6.24%
• 6M: 8.36%
• 1Y: 16.08%
• 3Y*: 14.05%
• 5Y*: 9.14%
• 10Y*: 6.83%

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

SCZ vs. IVFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCZ iShares MSCI EAFE Small-Cap ETF	9.56%	32.08%	1.52%	12.98%	-21.27%	10.12%	11.71%	24.68%	-17.64%	32.72%
IVFIX Federated Hermes International Strategic Value Dividend Fund	6.24%	31.79%	1.91%	11.05%	-2.54%	11.58%	-1.74%	20.15%	-11.96%	14.63%

Correlation

The correlation between SCZ and IVFIX is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jun 4, 2008	0.78

Over the past year, the correlation between SCZ and IVFIX has dropped to 0.56 - well below their long-term average of 0.78, suggesting their price drivers have been diverging.

Return for Risk

SCZ vs. IVFIX — 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: 48
SCZ Calmar Ratio Rank: 42
SCZ Martin Ratio Rank: 48

IVFIX

IVFIX Risk / Return Rank: 34
IVFIX Sharpe Ratio Rank: 30
IVFIX Sortino Ratio Rank: 29
IVFIX Omega Ratio Rank: 31
IVFIX Calmar Ratio Rank: 50
IVFIX Martin Ratio Rank: 32

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. IVFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EAFE Small-Cap ETF (SCZ) and Federated Hermes International Strategic Value Dividend Fund (IVFIX). 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	IVFIX	Difference
Sharpe ratio Return per unit of total volatility	1.67	1.57	+0.10
Sortino ratio Return per unit of downside risk	2.39	2.25	+0.15
Omega ratio Gain probability vs. loss probability	1.31	1.29	+0.02
Calmar ratio Return relative to maximum drawdown	2.11	2.71	-0.59
Martin ratio Return relative to average drawdown	8.08	7.31	+0.77
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. IVFIX - Sharpe Ratio Comparison

The current SCZ Sharpe Ratio is 1.67, which is comparable to the IVFIX Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of SCZ and IVFIX, 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	IVFIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	1.57	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.73	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.47	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.21	+0.05

Drawdowns

SCZ vs. IVFIX - Drawdown Comparison

The maximum SCZ drawdown since its inception was -61.86%, which is greater than IVFIX's maximum drawdown of -51.49%. Use the drawdown chart below to compare losses from any high point for SCZ and IVFIX.

Drawdown Indicators

	SCZ	IVFIX	Difference
Max Drawdown Largest peak-to-trough decline	-61.86%	-51.49%	-10.37%
Max Drawdown (1Y) Largest decline over 1 year	-11.43%	-6.97%	-4.46%
Max Drawdown (3Y) Largest decline over 3 years	-15.06%	-10.75%	-4.31%
Max Drawdown (5Y) Largest decline over 5 years	-36.87%	-21.29%	-15.58%
Max Drawdown (10Y) Largest decline over 10 years	-41.07%	-33.46%	-7.61%
Current Drawdown Current decline from peak	-1.79%	-5.67%	+3.88%
Average Drawdown Average peak-to-trough decline	-13.06%	-11.62%	-1.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	2.59%	+0.39%

Volatility

SCZ vs. IVFIX - Volatility Comparison

The current volatility for iShares MSCI EAFE Small-Cap ETF (SCZ) is 4.57%, while Federated Hermes International Strategic Value Dividend Fund (IVFIX) has a volatility of 4.83%. This indicates that SCZ experiences smaller price fluctuations and is considered to be less risky than IVFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCZ	IVFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.57%	4.83%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	11.95%	9.35%	+2.60%
Volatility (1Y) Calculated over the trailing 1-year period	14.47%	12.10%	+2.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.74%	13.13%	+3.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.43%	14.78%	+2.65%

SCZ vs. IVFIX - Expense Ratio Comparison

SCZ has a 0.40% expense ratio, which is lower than IVFIX's 0.86% expense ratio.

Dividends

SCZ vs. IVFIX - Dividend Comparison

SCZ's dividend yield for the trailing twelve months is around 3.01%, less than IVFIX's 3.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVFIX Federated Hermes International Strategic Value Dividend Fund	3.58%	3.37%	4.44%	4.01%	3.99%	3.67%	3.62%	3.98%	4.97%	4.17%	3.38%	3.95%
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

Can I hold both SCZ and IVFIX in my portfolio?

SCZ and IVFIX have a correlation of 0.56, 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 IVFIX?

IVFIX has higher volatility (4.83%) compared to SCZ (4.57%). In terms of maximum drawdown, SCZ dropped -61.86% vs IVFIX's -51.49%.

Which has better risk-adjusted returns?

SCZ currently has the higher Sharpe Ratio (1.67 vs 1.57), 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.