IEUS vs SCZ: Grades, Fees and Holdings Compared

iShares MSCI Europe Small-Cap ETF

IEUSBNasdaq

iShares MSCI EAFE Small-Cap ETF

SCZANasdaq

Overlap

44.0%by weight

Expense ratio

SCZ −0.01pt a year

IEUS0.41%SCZ0.40%

Avg volume · 30D

SCZ 229.3×the volume

IEUS5.67KSCZ1.3M

10Y return · a year

IEUS +0.1pt

IEUS+8.1%SCZ+8.0%

IEUS vs SCZ Performance

Oct 29, 2021 – Oct 30, 2026

+15.3%IEUS+26.3%SCZ

Expense ratio: IEUS 0.41%; SCZ 0.40%, better
Fund size: IEUS $166M; SCZ $12.7B
1Y total return: IEUS +9.0%; SCZ +12.2%, better
Yield (12M): IEUS 3.20%; SCZ 3.22%, better
Holdings: IEUS 851; SCZ 2039
Avg volume (30D): IEUS 5.67K sh; SCZ 1.3M sh, better
NAV per share: IEUS $70.60; SCZ $82.65
52W range

ETF.net Grade

Pillar letters and Scores for IEUS, SCZ, with each pillar’s weight
Pillar	IEUS	SCZ
Cost30% weight	C53	A70Higher
Mission25% weight	A97	A100Higher
Risk15% weight	D33	B55Higher
Tradability15% weight	C43	A92Higher
Holdings10% weight	C49	A76Higher
Durability5% weight	B63	A85Higher

Rank among International Small-Cap funds

How we build Categories ›

Same Category. IEUS and SCZ are both graded against the same 16 International Small-Cap funds, so their Grades compare head to head.

International Small-Cap⁠

Category · 16 funds

See all 16 ›

SCZ ranks 2nd and IEUS 9th of 16 funds in the International Small-Cap Category.

Rank 1ASCHCSchwab International Small-Cap Equity ETFScore 80
Rank 2ASCZiShares MSCI EAFE Small-Cap ETFScore 79
Rank 3AVSSVanguard FTSE All-World ex-US Small-Cap ETFScore 78
Rank 8BPDNInvesco RAFI Developed Markets ex-U.S. Small-Mid ETFScore 66
Rank 9BIEUSiShares MSCI Europe Small-Cap ETFScore 59
Rank 10CDFEWisdomTree Europe SmallCap Dividend FundScore 52

Our read on each fund

ETF.net Research

IEUSBiShares MSCI Europe Small-Cap ETF

SCZAiShares MSCI EAFE Small-Cap ETF

In short

IEUS Europe's small caps, straight up. IEUS holds roughly 800 little companies across the 15 developed markets of Europe, with no Japan or Asia riding along. Most international small-cap funds are a shovel; this one is a scalpel.

SCZ The purist's take on foreign small caps: developed markets only, outside the US and Canada. Trading since 2007, SCZ follows the MSCI EAFE Small Cap Index, so Japan, Europe and Australia are in and emerging markets stay out.

Stated mandate

IEUS The Fund seeks to track the investment results of an index representing small-capitalization equities in developed European markets.

SCZ The fund seeks to track an index of small-cap equities from developed markets outside the United States and Canada, providing international diversification and exposure to overseas small-cap stocks.

Why people hold it

IEUS A true regional pure play: about 800 small caps drawn from the 15 developed markets of Europe, weighted by market value. No North America, no Asia, no emerging markets.msci.com
The portfolio sticks closely to the MSCI Europe Small Cap Index it names, one of the tighter mandate matches in its peer group.ishares.com
Trading since 2007 on iShares plumbing, and sharpened in 2014 when it swapped a broad ex-North America small-cap index for the Europe-only one.ishares.com

SCZ A clean, literal mandate: small companies in developed markets outside the US and Canada, with nothing else slipping into the basket.ishares.com
It follows its stated index closely, one of the tighter implementations in the international small-cap group.
Live since December 2007 and now a multi-billion-dollar fund that trades actively, the kind of scale that supports steady day-to-day liquidity.
The 0.40% fee lands right at the median for its category, so the EAFE-specific screen doesn't carry a premium price.

Worth knowing

IEUS Regional precision costs: 0.41% a year, about the category median, while broad international small-cap funds such as VSS and SCHC charge 0.06%.
One of the lighter-traded names in its category, so spreads can run wider than at the big diversified funds. Limit orders matter more here.
Developed Europe only. It is a slice of international small caps, not a stand-in for a global or EAFE-wide version. Cash goes out once or twice a year, not monthly.

SCZ Median is not cheap here. VSS and SCHC charge 0.06% for their own ex-US small-cap baskets, several times less than SCZ's 0.40%.
Developed markets only. Emerging-market small caps sit outside the mandate, unlike all-world peers such as VSS.
The index is unhedged, so currency moves land on top of small-cap price swings, a bumpier ride than developed large-cap benchmarks.

Full IEUS profile⁠

Full SCZ profile⁠

IEUS vs SCZ Holdings

How IEUS and SCZ differ

Overlap by weight

44.0%

Shared holdings make up 100% of IEUS and 44.0% of SCZ.

Level by level

Countryby domicile42.8%
Holdings835 in both44.0%
Sector11 Sectors90.7%
Asset classEquity100%

Sector

Sector weights in IEUS and SCZ, widest gap first
Sector	More in IEUSMore in SCZ	IEUS	SCZ
Materials	SCZ +3.2 points	7.4%	10.6%
Industrials	IEUS +2.9 points	26.1%	23.2%
Technology	SCZ +2.6 points	7.8%	10.4%
Financials	IEUS +2.5 points	15.6%	13.1%
Consumer Staples	SCZ +1.8 points	3.6%	5.4%
Real Estate	SCZ +1.7 points	7.9%	9.6%
Energy	IEUS +1.4 points	5.1%	3.7%
Health Care	IEUS +1.3 points	7.4%	6.1%
Communication	IEUS +0.7 points	4.9%	4.2%
Consumer Discretionary	IEUS +0.6 points	12.0%	11.4%
Utilities	Same weight	2.2%	2.2%

Country, concentration and asset class

Country by domicile

Country weights in IEUS and SCZ, widest gap first
Country	More in IEUSMore in SCZ	IEUS	SCZ
Japan	SCZ +38.2 points	0.0%	38.2%
United Kingdom	IEUS +16.3 points	29.5%	13.2%
Australia	SCZ +10.9 points	0.0%	10.9%
Sweden	IEUS +6.7 points	12.1%	5.4%
Switzerland	IEUS +5.6 points	10.1%	4.5%
Germany	IEUS +4.9 points	9.0%	4.1%
France	IEUS +4.5 points	8.2%	3.7%
Israel	SCZ +4.4 points	0.0%	4.4%
Other countries (10)	IEUS +15.3 points	31.0%	15.7%

Outside the US: IEUS 100% developed, 0% emerging. SCZ 96% developed, 4% emerging.

Concentration

Weight in the 10 largest Holdings

IEUS5.2%
SCZ2.6%

Securities held

IEUS841
SCZ2,023

Asset class

IEUS: Equity
SCZ: Equity

Holdings

Only in IEUS6
In both835
Only in SCZ1,188

Only in IEUS

6 securities, 0.0% of IEUS by weight

Cir Spa - Compagnie Industriali Ri0.02%
Jurong Technologies Industrial0.00%
Real Gold Mining Ltd0.00%
Boshiwa International Holding Ltd0.00%
Peace Mark (Holdings) Ltd.0.00%
Bio-On0.00%

Only in SCZ

1,188 securities, 55.6% of SCZ by weight

Baycurrent Inc0.30%
Bluescope Steel0.29%
Food & Life Companies0.23%
Shizuoka Financial Group Inc0.22%
Mebuki Financial Group Inc0.22%
Als0.21%
Orica0.21%
Nippon Express Holdings0.21%
Stockland Stapled Units Ltd0.21%
Ramsay Health Care0.20%
Isetan Mitsukoshi Holdings0.20%
Rohm0.20%
Fukuoka Financial Group0.20%
Niterra0.19%
Misumi Group0.19%
Cochlear0.19%
Sandfire Resources0.19%
Gpt Group Stapled Units0.19%
Technology One0.19%
Taiyo Yuden Ltd0.19%
Meiji Holdings Ltd0.19%
Shimadzu0.18%
Charter Hall Group Stapled Units0.18%
Sojitz Corp0.18%
Jfe Holdings0.18%
Ampol0.18%
Brother Industries0.18%
Sonic Healthcare0.18%
Ngk0.18%
Nice0.18%
Toyo Suisan Ltd0.18%
Car Group0.18%
Nissan Chemical Corp0.17%
Clal Insurance Enterprises Ltd0.17%
Trend Micro0.17%
Ricoh0.17%
Omron0.17%
Bezeq Israeli Telecommunication Co0.17%
Yaskawa Electric0.16%
Kyoto Financial Group0.16%
Seiko Epson0.16%
Sekisui Chemical0.16%
Hachijuni Nagano Bank0.16%
Sysmex0.16%
Jb Hi-Fi Ltd0.16%
Perseus Mining Ltd0.15%
Mineral Resources0.15%
Ono Pharmaceutical0.15%
Tisi0.15%
Gunma Bank0.15%

Weight gaps

The 100 widest of 835 Holdings in both funds.

Holding weights in IEUS and SCZ, widest gap first
Holding	More in IEUSMore in SCZ	IEUS	SCZ
Imi PLCIMI.L	IEUS +0.33 points	0.59%	0.26%
Weir PLCWEIR.L	IEUS +0.33 points	0.58%	0.25%
Psp Swiss Property AG	IEUS +0.31 points	0.55%	0.24%
Storebrand	IEUS +0.30 points	0.53%	0.23%
Frontline PLC	IEUS +0.30 points	0.53%	0.23%
Hiscox LtdHSX.L	IEUS +0.29 points	0.52%	0.23%
Subsea	IEUS +0.29 points	0.51%	0.22%
Gaztransport & Technigaz SA	IEUS +0.27 points	0.49%	0.22%
Al Sydbank	IEUS +0.26 points	0.47%	0.21%
Spie SA	IEUS +0.26 points	0.47%	0.21%
Accelleron N AG	IEUS +0.26 points	0.47%	0.21%
Dcc Energy PLCDCC.L	IEUS +0.27 points	0.47%	0.20%
St Jamess Place PLCSTJ.L	IEUS +0.26 points	0.46%	0.20%
Games Workshop Group PLCGAW.L	IEUS +0.25 points	0.45%	0.20%
Nkt	IEUS +0.24 points	0.43%	0.19%
Lottomatica Group	IEUS +0.24 points	0.43%	0.19%
Thyssenkrupp AG	IEUS +0.24 points	0.43%	0.19%
SCOUT24 N	IEUS +0.24 points	0.43%	0.19%
Aedifica NV	IEUS +0.23 points	0.42%	0.19%
Saipem	IEUS +0.24 points	0.42%	0.18%
Imcd NV	IEUS +0.23 points	0.42%	0.19%
Icg PLCICG.L	IEUS +0.23 points	0.41%	0.18%
Ackermans & Van Haaren NV	IEUS +0.23 points	0.41%	0.18%
Croda International PLCCRDA.L	IEUS +0.23 points	0.41%	0.18%
Jyske Bank	IEUS +0.23 points	0.40%	0.17%
Whitbread PLCWTB.L	IEUS +0.22 points	0.39%	0.17%
Getinge B	IEUS +0.22 points	0.39%	0.17%
Ringkjobing Landbobank	IEUS +0.22 points	0.39%	0.17%
Howden Joinery Group PLCHWDN.L	IEUS +0.22 points	0.38%	0.16%
Wpp PLCWPP.L	IEUS +0.21 points	0.38%	0.17%
Edenred	IEUS +0.21 points	0.38%	0.17%
British Land ReitBLND.L	IEUS +0.22 points	0.38%	0.16%
Andritz AG	IEUS +0.21 points	0.38%	0.17%
Barratt Redrow PLCBTRW.L	IEUS +0.21 points	0.37%	0.16%
Scor	IEUS +0.21 points	0.38%	0.17%
Ssab Class B	IEUS +0.21 points	0.37%	0.16%
Lion Finance Group PLCBGEO.L	IEUS +0.21 points	0.37%	0.16%
Iss A’s	IEUS +0.21 points	0.37%	0.16%
Autotrader Group PLCAUTO.L	IEUS +0.20 points	0.36%	0.16%
Convatec Group PLCCTEC.L	IEUS +0.20 points	0.36%	0.16%
Konecranes	IEUS +0.20 points	0.36%	0.16%
Londonmetric Property Reit PLCLMP.L	IEUS +0.20 points	0.35%	0.15%
Aberdeen Group PLCABDN.L	IEUS +0.20 points	0.35%	0.15%
Balfour Beatty PLCBBY.L	IEUS +0.19 points	0.35%	0.16%
Nordex	IEUS +0.19 points	0.35%	0.16%
Merlin Properties Reit	IEUS +0.20 points	0.35%	0.15%
Rotork PLCROR.L	IEUS +0.20 points	0.35%	0.15%
Persimmon PLCPSN.L	IEUS +0.20 points	0.35%	0.15%
Georg Fischer AG	IEUS +0.20 points	0.35%	0.15%
Metlen Energy & Metals PLCMTLN.L	IEUS +0.20 points	0.35%	0.15%
Galenica AG	IEUS +0.19 points	0.34%	0.15%
Rightmove PLCRMV.L	IEUS +0.18 points	0.33%	0.15%
Sparebank Sr-Norge	IEUS +0.18 points	0.33%	0.15%
Burberry Group PLCBRBY.L	IEUS +0.19 points	0.33%	0.14%
Man Group PLCEMG.L	IEUS +0.18 points	0.32%	0.14%
Rs Group PLC	IEUS +0.18 points	0.32%	0.14%
Sbm Offshore	IEUS +0.18 points	0.32%	0.14%
Nexans SA	IEUS +0.18 points	0.32%	0.14%
Technip Energies	IEUS +0.18 points	0.32%	0.14%
Voestalpine AG	IEUS +0.18 points	0.32%	0.14%
Alk-Abello Class B	IEUS +0.18 points	0.32%	0.14%
Sig Group N AG	IEUS +0.18 points	0.32%	0.14%
Adecco Group AG	IEUS +0.17 points	0.31%	0.14%
Swissquote Group Holding SA	IEUS +0.17 points	0.31%	0.14%
Tritax Big Box Reit PLCBBOX.L	IEUS +0.18 points	0.31%	0.13%
Flughafen Zuerich AG	IEUS +0.18 points	0.31%	0.13%
Glanbia PLC	IEUS +0.18 points	0.31%	0.13%
Mycronic	IEUS +0.17 points	0.30%	0.13%
Nordnet	IEUS +0.17 points	0.30%	0.13%
Randstad Holding	IEUS +0.17 points	0.30%	0.13%
Temenos AG	IEUS +0.17 points	0.30%	0.13%
Octave Intelligence Sdr PLC	IEUS +0.17 points	0.30%	0.13%
Mondi PLCMNDI.L	IEUS +0.16 points	0.29%	0.13%
Investec PLCINVP.L	IEUS +0.16 points	0.30%	0.14%
Sectra Class B	IEUS +0.16 points	0.29%	0.13%
Aalberts	IEUS +0.16 points	0.29%	0.13%
Valmet Corp	IEUS +0.16 points	0.29%	0.13%
Umicore SA	IEUS +0.16 points	0.29%	0.13%
Lagercrantz Group Class B	IEUS +0.16 points	0.29%	0.13%
Avanza Bank Holding	IEUS +0.16 points	0.28%	0.12%
Azimut Holding	IEUS +0.15 points	0.27%	0.12%
Berkeley Group Holdings (The)BKG.L	IEUS +0.15 points	0.27%	0.12%
Cts Eventim AG	IEUS +0.15 points	0.27%	0.12%
Castellum	IEUS +0.15 points	0.27%	0.12%
Leg Immobilien N	IEUS +0.15 points	0.27%	0.12%
Johnson Matthey PLCJMAT.L	IEUS +0.15 points	0.26%	0.11%
Entain PLCENT.L	IEUS +0.15 points	0.26%	0.11%
Ig Group Holdings PLCIGG.L	IEUS +0.15 points	0.26%	0.11%
Kbc Ancora NV	IEUS +0.15 points	0.26%	0.11%
Aixtron	IEUS +0.15 points	0.26%	0.11%
Warehouses De Pauw NV	IEUS +0.14 points	0.26%	0.12%
Zegona Communications PLCZEG.L	IEUS +0.15 points	0.26%	0.11%
Unicaja Banco SA	IEUS +0.14 points	0.25%	0.11%
Rosebank Industries PLCROSE.L	IEUS +0.14 points	0.25%	0.11%
Computacenter PLCCCC.L	IEUS +0.14 points	0.25%	0.11%
Cranswick PLCCWK.L	IEUS +0.14 points	0.25%	0.11%
Loomis Class B	IEUS +0.14 points	0.25%	0.11%
Serco Group PLCSRP.L	IEUS +0.13 points	0.24%	0.11%
At &’s Austria Technologie & Syste	IEUS +0.13 points	0.24%	0.11%
Sulzer AG	IEUS +0.13 points	0.24%	0.11%

All 839 IEUS holdings⁠All 2,025 SCZ holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

IEUS vs SCZ Cost

Overpaying IEUS vs SCZ

$191

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

IEUS 0.41%
$8,281
SCZ 0.40%
$8,090

Amount$10,000

Years30 years

Cost over time

IEUS 0.41%
SCZ 0.40%
Overpaying

Year by year

Year	IEUS	SCZ	Overpaying
10	$741	$723	$18
20	$2,860	$2,793	$67
30	$8,281	$8,090	$191

Expense ratio

0.41%IEUS
0.40%SCZ, cheaper

SCZ0.40%IEUS0.41%

0.06%0.83%

Middle half of International Small-Cap funds
Median 0.44%

SCZ 6th cheapest of 16 funds

IEUS 8th cheapest of 16 funds

IEUS vs SCZ Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IEUS 3.20%; SCZ 3.22%, better
Payout (12M): IEUS $2.26; SCZ $2.67
Last payment: IEUS $1.44; SCZ $1.17
Ex-dividend: IEUS Jun 15, 2026; SCZ Jun 15, 2026
Paid on: IEUS Jun 18, 2026; SCZ Jun 18, 2026
Frequency: IEUS Twice a year; SCZ Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

IEUSTwice a year · 20 paymentsAll IEUS payments⁠

SCZTwice a year · 20 paymentsAll SCZ payments⁠

IEUS vs SCZ Risk

Fall from peak · 5 years

IEUS
SCZ

Risk facts

VolatilityStd dev, 3 years: IEUS 16.3%SCZ 13.6%, better
Return per unit of riskSharpe ratio, 3 years: IEUS 0.85SCZ 1.04, better
Worst fallMax drawdown, 5 years: IEUS −43.3%SCZ −35.5%, better
Market sensitivityBeta, 5 years: IEUS 1.00SCZ 1.00; Market = 1

Popular comparisons

IEUSBvsSCHCA
iShares MSCI Europe Small-Cap ETF · Schwab International Small-Cap Equity ETF
Expense ratio
0.41% · 0.06%
Category
SCZAvsSCHCA
iShares MSCI EAFE Small-Cap ETF · Schwab International Small-Cap Equity ETF
Expense ratio
0.40% · 0.06%
Category
IEUSBvsVSSA
iShares MSCI Europe Small-Cap ETF · Vanguard FTSE All-World ex-US Small-Cap ETF
Expense ratio
0.41% · 0.06%
Category
SCZAvsVSSA
iShares MSCI EAFE Small-Cap ETF · Vanguard FTSE All-World ex-US Small-Cap ETF
Expense ratio
0.40% · 0.06%
Category
IEUSBvsDFISA
iShares MSCI Europe Small-Cap ETF · Dimensional International Small Cap ETF
Expense ratio
0.41% · 0.39%
Category
SCZAvsDFISA
iShares MSCI EAFE Small-Cap ETF · Dimensional International Small Cap ETF
Expense ratio
0.40% · 0.39%
Category