SCZ vs. USHY
SCZ (iShares MSCI EAFE Small-Cap ETF) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both exchange-traded funds - SCZ is a Foreign Small & Mid Cap Equities fund tracking the MSCI EAFE Small Cap Index, while USHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained Index. Both are passively managed. Over the past 5 years, SCZ returned 4.99%/yr vs 4.21%/yr for USHY. A 0.66 correlation means they provide meaningful diversification when combined. SCZ charges 0.40%/yr vs 0.15%/yr for USHY.
Performance
SCZ vs. USHY - Performance Comparison
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Returns By Period
In the year-to-date period, SCZ achieves a 9.70% return, which is significantly higher than USHY's 1.75% return.
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%
USHY
- 1D
- 0.03%
- 1M
- 1.09%
- YTD
- 1.75%
- 6M
- 2.37%
- 1Y
- 7.19%
- 3Y*
- 8.94%
- 5Y*
- 4.21%
- 10Y*
- —
SCZ vs. USHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 4.81% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.75% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.41% | 0.16% |
Correlation
The correlation between SCZ and USHY is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017 | 0.66 |
The correlation between SCZ and USHY has been stable across timeframes, ranging from 0.66 to 0.69 - a consistent structural relationship.
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Return for Risk
SCZ vs. USHY — Risk / Return Rank
SCZ
USHY
SCZ vs. USHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EAFE Small-Cap ETF (SCZ) and iShares Broad USD High Yield Corporate Bond ETF (USHY). 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.
| SCZ | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.36 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.95 | 2.85 | -0.91 |
| Martin ratioReturn relative to average drawdown | 7.36 | 12.77 | -5.42 |
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Drawdowns
SCZ vs. USHY - Drawdown Comparison
The maximum SCZ drawdown since its inception was -61.86%, which is greater than USHY's maximum drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for SCZ and USHY.
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Drawdown Indicators
| SCZ | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.86% | -22.44% | -39.42% |
Max Drawdown (1Y)Largest decline over 1 year | -11.43% | -2.43% | -9.00% |
Max Drawdown (3Y)Largest decline over 3 years | -15.06% | -4.66% | -10.40% |
Max Drawdown (5Y)Largest decline over 5 years | -36.87% | -15.56% | -21.31% |
Max Drawdown (10Y)Largest decline over 10 years | -41.07% | — | — |
Current DrawdownCurrent decline from peak | -1.66% | 0.00% | -1.66% |
Average DrawdownAverage peak-to-trough decline | -13.05% | -2.66% | -10.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.02% | 0.54% | +2.48% |
Volatility
SCZ vs. USHY - Volatility Comparison
iShares MSCI EAFE Small-Cap ETF (SCZ) has a higher volatility of 5.27% compared to iShares Broad USD High Yield Corporate Bond ETF (USHY) at 1.20%. This indicates that SCZ's price experiences larger fluctuations and is considered to be riskier than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCZ | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.27% | 1.20% | +4.07% |
Volatility (6M)Calculated over the trailing 6-month period | 12.52% | 2.96% | +9.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.93% | 3.69% | +11.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.81% | 7.35% | +9.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.43% | 8.24% | +9.19% |
SCZ vs. USHY - Expense Ratio Comparison
SCZ has a 0.40% expense ratio, which is higher than USHY's 0.15% expense ratio.
Dividends
SCZ vs. USHY - Dividend Comparison
SCZ's dividend yield for the trailing twelve months is around 3.01%, less than USHY's 6.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.90% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% | 0.00% | 0.00% |
Frequently Asked Questions
SCZ and USHY have a correlation of 0.69, 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 USHY (1.20%). In terms of maximum drawdown, SCZ dropped -61.86% vs USHY's -22.44%.
On 5-year performance, SCZ leads with 4.99% vs 4.21% for USHY. On fees, USHY is cheaper at 0.15% per year. On volatility, USHY has been the lower-risk option at 1.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SCZ has performed better with a 4.99% return vs 4.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USHY is cheaper with a 0.15% expense ratio, compared with 0.40% for SCZ.
USHY has the higher dividend yield at 6.90%, compared with 3.01% for SCZ.
SCZ is categorized as Foreign Small & Mid Cap Equities, while USHY is High Yield Bonds. SCZ tracks MSCI EAFE Small Cap Index, while USHY tracks ICE BofA US High Yield Constrained Index. Their fees differ too: 0.40% for SCZ and 0.15% for USHY.
USHY currently has the higher Sharpe Ratio (1.88 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.
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