IEUS vs VSS: Grades, Fees and Holdings Compared

iShares MSCI Europe Small-Cap ETF

IEUSBNasdaq

Vanguard FTSE All-World ex-US Small-Cap ETF

VSSANYSE Arca

Overlap

27.6%by weight

Expense ratio

VSS −0.35pt a year

IEUS0.41%VSS0.06%

Avg volume · 30D

VSS 42.8×the volume

IEUS5.67KVSS243K

10Y return · a year

IEUS +0.7pt

IEUS+8.1%VSS+7.4%

IEUS vs VSS Performance

Oct 29, 2021 – Oct 30, 2026

+15.3%IEUS+24.7%VSS

Expense ratio: IEUS 0.41%; VSS 0.06%, better
Fund size: IEUS $166M; VSS $13.9B
1Y total return: IEUS +9.0%, better; VSS +7.2%
Yield (12M): IEUS 3.20%, better; VSS 3.04%
Holdings: IEUS 851; VSS 5088
Avg volume (30D): IEUS 5.67K sh; VSS 243K sh, better
NAV per share: IEUS $70.60; VSS $147.79
52W range

ETF.net Grade

Pillar letters and Scores for IEUS, VSS, with each pillar’s weight
Pillar	IEUS	VSS
Cost30% weight	C53	A97Higher
Mission25% weight	A97	A100Higher
Risk15% weight	D33Higher	D26
Tradability15% weight	C43	B59Higher
Holdings10% weight	C49	A77Higher
Durability5% weight	B63	A91Higher

Rank among International Small-Cap funds

How we build Categories ›

Same Category. IEUS and VSS 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 ›

VSS ranks 3rd 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 4ADFISDimensional International Small Cap ETFScore 74
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

VSSAVanguard FTSE All-World ex-US 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.

VSS One ticker for the small companies the rest of the world runs on: roughly 4,800 stocks across developed and emerging markets outside the US, at 0.06% a year. Vanguard has run it since 2009.

Stated mandate

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

VSS Seeks to track the FTSE Global Small Cap ex US Index, providing broad exposure to developed and emerging non-U.S. small-cap equity markets worldwide through passive index sampling.

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

VSS 0.06% a year, against a roughly 0.40% median for international small-cap funds. Only Schwab's SCHC matches the price.
Developed and emerging markets in the same basket, roughly 4,800 names deep, so no single country or company carries much of the load.
Tracks its FTSE Global Small Cap ex US benchmark closely and trades tightly for a fund built on thousands of overseas small caps.
Running since 2009, now a multi-billion-dollar fund that pays out quarterly. Long track record, deep plumbing.vanguard.com

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.

VSS Small caps abroad move harder than blue chips, and everything is priced back into dollars, so currency swings ride along.vanguard.com
Vanguard samples the index rather than buying every line item, so the portfolio approximates the benchmark instead of replicating it.vanguard.com
Coverage stops at the US border by design. American small caps sit entirely outside the mandate.

Full IEUS profile⁠

Full VSS profile⁠

IEUS vs VSS Holdings

How IEUS and VSS differ

Overlap by weight

27.6%

Shared holdings make up 70.5% of IEUS and 27.6% of VSS.

Level by level

Holdings601 in both27.6%
Countryby domicile31.1%
Sector11 Sectors86.3%
Asset classEquity100%

Sector

Sector weights in IEUS and VSS, widest gap first
Sector	More in IEUSMore in VSS	IEUS	VSS
Technology	VSS +6.6 points	7.8%	14.4%
Materials	VSS +6.4 points	7.4%	13.8%
Industrials	IEUS +4.1 points	26.1%	22.0%
Financials	IEUS +3.9 points	15.6%	11.7%
Communication	IEUS +2.4 points	4.9%	2.5%
Consumer Discretionary	IEUS +1.8 points	12.0%	10.2%
Energy	IEUS +0.9 points	5.1%	4.2%
Consumer Staples	VSS +0.6 points	3.6%	4.2%
Health Care	IEUS +0.4 points	7.4%	7.0%
Real Estate	IEUS +0.2 points	7.9%	7.7%
Utilities	VSS +0.1 points	2.2%	2.3%

Country, concentration and asset class

Country by domicile

Country weights in IEUS and VSS, widest gap first
Country	More in IEUSMore in VSS	IEUS	VSS
United Kingdom	IEUS +21.3 points	29.5%	8.2%
Japan	VSS +16.1 points	0.0%	16.1%
Canada	VSS +9.6 points	0.0%	9.6%
Sweden	IEUS +8.8 points	12.1%	3.3%
Taiwan	VSS +8.2 points	0.0%	8.2%
Switzerland	IEUS +7.0 points	10.1%	3.1%
India	VSS +6.8 points	0.0%	6.8%
Germany	IEUS +6.1 points	9.0%	2.9%
Other countries (30)	VSS +2.4 points	39.2%	41.6%

Outside the US: IEUS 100% developed, 0% emerging. VSS 64% developed, 36% emerging.

Concentration

Weight in the 10 largest Holdings

IEUS5.2%
VSS9.2%

Securities held

IEUS841
VSS5,049

Asset class

IEUS: Equity
VSS: Equity

Holdings

Only in IEUS240
In both601
Only in VSS4,448

Only in IEUS

240 securities, 29.0% of IEUS by weight

Imi PLC0.59%
Weir PLC0.58%
Psp Swiss Property AG0.55%
Hiscox Ltd0.52%
Subsea0.51%
Spie SA0.47%
Accelleron N AG0.47%
Dcc Energy PLC0.47%
St Jamess Place PLC0.46%
Games Workshop Group PLC0.45%
SCOUT24 N0.43%
Imcd NV0.42%
Saipem0.42%
Icg PLC0.41%
Ackermans & Van Haaren NV0.41%
Croda International PLC0.41%
Getinge B0.39%
Whitbread PLC0.39%
Howden Joinery Group PLC0.38%
Edenred0.38%
Andritz AG0.38%
Scor0.38%
British Land Reit0.38%
Barratt Redrow PLC0.37%
Ssab Class B0.37%
Autotrader Group PLC0.36%
Convatec Group PLC0.36%
Nordex0.35%
Merlin Properties Reit0.35%
Metlen Energy & Metals PLC0.35%
Burberry Group PLC0.33%
Sig Group N AG0.32%
Swissquote Group Holding SA0.31%
Glanbia PLC0.31%
Flughafen Zuerich AG0.31%
Randstad Holding0.30%
Nordnet0.30%
Octave Intelligence Sdr PLC0.30%
Temenos AG0.30%
Cts Eventim AG0.27%
Castellum0.27%
Warehouses De Pauw NV0.26%
Unicaja Banco SA0.25%
Rosebank Industries PLC0.25%
At &’s Austria Technologie & Syste0.24%
A2A0.24%
Vend Marketplaces Asa0.24%
Renk Group AG0.23%
Sagax Class B0.23%
Fastighets Balder Class B0.21%

Only in VSS

4,448 securities, 71.8% of VSS by weight

SLBBH11425.88%
DPM Metals Inc0.24%
Eldorado Gold Corp0.23%
G Mining Ventures Corp0.19%
LandMark Optoelectronics Corp0.17%
South Bow Corp0.17%
SSR Mining Inc0.17%
Capital Power Corp0.17%
B2Gold Corp0.16%
Capstone Copper Corp0.16%
OceanaGold Corp0.15%
Perseus Mining Ltd0.15%
OR Royalties Inc0.14%
NexGen Energy Ltd0.14%
PrairieSky Royalty Ltd0.14%
Jusung Engineering Co Ltd0.13%
BlackBerry Ltd0.13%
Codan Ltd0.13%
Motor Oil Hellas Corinth Refineries SA0.12%
Definity Financial Corp0.12%
K92 Mining Inc0.12%
Chartwell Retirement Residences0.12%
Onex Corp0.12%
CD Projekt Red SA0.12%
Discovery Mining Ltd0.11%
Torex Gold Resources Inc0.11%
Glanbia PLC0.11%
Brookfield Infrastructure Corp0.11%
RioCan Real Estate Investment Trust0.11%
ITEQ Corp0.11%
Tamarack Valley Energy Ltd0.11%
Centerra Gold Inc0.11%
Daishi Hokuetsu Financial Group Inc0.11%
Montage Gold Corp0.11%
Zabka Group SA0.11%
Bank of Cyprus Holdings PLC0.11%
Methanex Corp0.11%
Capricorn Metals Ltd0.11%
Vault Minerals Ltd0.10%
Northland Power Inc0.10%
Fositek Corp0.10%
MDA Space Ltd0.10%
Benefit Systems SA0.10%
Kaori Heat Treatment Co Ltd0.10%
Colliers International Group Inc0.10%
Shiga Bank Ltd/The0.10%
Chipbond Technology Corp0.10%
Algonquin Power & Utilities Corp0.10%
Nishi-Nippon Financial Holdings Inc0.10%
Brookfield Renewable Corp0.10%

Weight gaps

The 100 widest of 601 Holdings in both funds.

Holding weights in IEUS and VSS, widest gap first
Holding	More in IEUSMore in VSS	IEUS	VSS
Frontline PLC	IEUS +0.35 points	0.53%	0.18%
Storebrand	IEUS +0.33 points	0.53%	0.20%
Al Sydbank	IEUS +0.29 points	0.47%	0.18%
Gaztransport & Technigaz SA	IEUS +0.27 points	0.49%	0.22%
Lottomatica Group	IEUS +0.26 points	0.43%	0.17%
Nkt	IEUS +0.25 points	0.43%	0.18%
Aedifica NV	IEUS +0.25 points	0.42%	0.17%
Wpp PLCWPP.L	IEUS +0.25 points	0.38%	0.13%
Jyske Bank	IEUS +0.24 points	0.40%	0.16%
Thyssenkrupp AG	IEUS +0.23 points	0.43%	0.20%
Rightmove PLCRMV.L	IEUS +0.22 points	0.33%	0.11%
Ringkjobing Landbobank	IEUS +0.23 points	0.39%	0.16%
Iss A’s	IEUS +0.23 points	0.37%	0.14%
Galenica AG	IEUS +0.22 points	0.34%	0.12%
Rotork PLCROR.L	IEUS +0.22 points	0.35%	0.13%
Alk-Abello Class B	IEUS +0.22 points	0.32%	0.10%
Georg Fischer AG	IEUS +0.22 points	0.35%	0.13%
Persimmon PLCPSN.L	IEUS +0.22 points	0.35%	0.13%
Sparebank Sr-Norge	IEUS +0.21 points	0.33%	0.12%
Londonmetric Property Reit PLCLMP.L	IEUS +0.21 points	0.35%	0.14%
Technip Energies	IEUS +0.21 points	0.32%	0.11%
Balfour Beatty PLCBBY.L	IEUS +0.20 points	0.35%	0.15%
Lion Finance Group PLCBGEO.L	IEUS +0.21 points	0.37%	0.16%
Aberdeen Group PLCABDN.L	IEUS +0.20 points	0.35%	0.15%
Rs Group PLC	IEUS +0.20 points	0.32%	0.12%
Man Group PLCEMG.L	IEUS +0.19 points	0.32%	0.13%
Konecranes	IEUS +0.19 points	0.36%	0.17%
Sectra Class B	IEUS +0.20 points	0.29%	0.09%
Adecco Group AG	IEUS +0.19 points	0.31%	0.12%
Sbm Offshore	IEUS +0.19 points	0.32%	0.13%
Investec PLCINVP.L	IEUS +0.18 points	0.30%	0.12%
Valmet Corp	IEUS +0.18 points	0.29%	0.11%
Lagercrantz Group Class B	IEUS +0.18 points	0.29%	0.11%
Berkeley Group Holdings (The)BKG.L	IEUS +0.18 points	0.27%	0.09%
Tritax Big Box Reit PLCBBOX.L	IEUS +0.18 points	0.31%	0.13%
Mondi PLCMNDI.L	IEUS +0.18 points	0.29%	0.11%
Aalberts	IEUS +0.18 points	0.29%	0.11%
Mycronic	IEUS +0.17 points	0.30%	0.13%
Entain PLCENT.L	IEUS +0.17 points	0.26%	0.09%
Leg Immobilien N	IEUS +0.17 points	0.27%	0.10%
Nexans SA	IEUS +0.17 points	0.32%	0.15%
Voestalpine AG	IEUS +0.17 points	0.32%	0.15%
Johnson Matthey PLCJMAT.L	IEUS +0.16 points	0.26%	0.10%
Sulzer AG	IEUS +0.16 points	0.24%	0.08%
Sunrise N Class A Ltd	IEUS +0.16 points	0.22%	0.06%
Serco Group PLCSRP.L	IEUS +0.16 points	0.24%	0.08%
Enagas SA	IEUS +0.17 points	0.27%	0.10%
Zegona Communications PLCZEG.L	IEUS +0.16 points	0.26%	0.10%
Cranswick PLCCWK.L	IEUS +0.16 points	0.25%	0.09%
Tecan Group AG	IEUS +0.15 points	0.24%	0.09%
Umicore SA	IEUS +0.15 points	0.29%	0.14%
Babcock International Group PLCBAB.L	IEUS +0.16 points	0.22%	0.06%
Azimut Holding	IEUS +0.15 points	0.27%	0.12%
Loomis Class B	IEUS +0.15 points	0.25%	0.10%
Kbc Ancora NV	IEUS +0.15 points	0.26%	0.11%
Avanza Bank Holding	IEUS +0.15 points	0.28%	0.13%
Taylor Wimpey PLCTW.L	IEUS +0.14 points	0.24%	0.10%
Hikma Pharmaceuticals PLCHIK.L	IEUS +0.14 points	0.22%	0.08%
Drax Group PLCDRX.L	IEUS +0.15 points	0.24%	0.09%
Nordic Semiconductor	IEUS +0.14 points	0.22%	0.08%
Computacenter PLCCCC.L	IEUS +0.15 points	0.25%	0.10%
Tui N AG	IEUS +0.14 points	0.23%	0.09%
Arcadis NV	IEUS +0.15 points	0.22%	0.07%
Elis SA	IEUS +0.14 points	0.24%	0.10%
Arkema SA	IEUS +0.14 points	0.23%	0.09%
B&M European Value Retail PLCBME.L	IEUS +0.14 points	0.23%	0.09%
Koninklijke Vopak	IEUS +0.15 points	0.22%	0.07%
Teleperformance	IEUS +0.14 points	0.24%	0.10%
Reply	IEUS +0.15 points	0.22%	0.07%
Dksh Holding AG	IEUS +0.14 points	0.21%	0.07%
Aixtron	IEUS +0.14 points	0.26%	0.12%
Allreal Holding AG	IEUS +0.14 points	0.22%	0.08%
Vallourec SA	IEUS +0.13 points	0.24%	0.11%
Greggs PLCGRG.L	IEUS +0.13 points	0.20%	0.07%
Siegfried Holding AG	IEUS +0.14 points	0.22%	0.08%
Harbour Energy PLCHBR.L	IEUS +0.13 points	0.21%	0.08%
Bellway PLCBWY.L	IEUS +0.14 points	0.22%	0.08%
Mitie Group PLCMTO.L	IEUS +0.14 points	0.22%	0.08%
Banca Generali	IEUS +0.14 points	0.24%	0.10%
Delonghi	IEUS +0.13 points	0.21%	0.08%
Qinetiq Group PLCQQ.L	IEUS +0.14 points	0.21%	0.07%
Interpump Group	IEUS +0.14 points	0.21%	0.07%
Inficon Holding AG	IEUS +0.13 points	0.23%	0.10%
Pennon Group PLCPNN.L	IEUS +0.13 points	0.20%	0.07%
Cembra Money Bank AG	IEUS +0.13 points	0.21%	0.08%
Pan African Resources PLCPAF.L	IEUS +0.14 points	0.22%	0.08%
Puma	IEUS +0.13 points	0.19%	0.06%
Quilter PLCQLT.L	IEUS +0.13 points	0.21%	0.08%
Bravida Holding	IEUS +0.13 points	0.21%	0.08%
Sopra Steria Group	IEUS +0.13 points	0.19%	0.06%
Tgs Nopec Geophysical	IEUS +0.13 points	0.20%	0.07%
Royal Unibrew	IEUS +0.13 points	0.20%	0.07%
Mobimo Holding AG	IEUS +0.13 points	0.20%	0.07%
Flsmidth and Co Class B	IEUS +0.12 points	0.22%	0.10%
Sweco Class B	IEUS +0.13 points	0.19%	0.06%
Azelis Group NV	IEUS +0.12 points	0.20%	0.08%
Primary Health Properties Reit PLCPHP.L	IEUS +0.13 points	0.20%	0.07%
Bam Groep Koninklijke NV	IEUS +0.12 points	0.21%	0.09%
Rubis	IEUS +0.13 points	0.20%	0.07%
Tp Icap Group PLCTCAP.L	IEUS +0.12 points	0.20%	0.08%

All 839 IEUS holdings⁠All 4,816 VSS 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 VSS Cost

Overpaying IEUS vs VSS

$7,011

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

IEUS 0.41%
$8,281
VSS 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

IEUS 0.41%
VSS 0.06%
Overpaying

Year by year

Year	IEUS	VSS	Overpaying
10	$741	$110	$631
20	$2,860	$432	$2,428
30	$8,281	$1,270	$7,011

Expense ratio

0.41%IEUS
0.06%VSS, cheaper

VSS0.06%IEUS0.41%

0.06%0.83%

Middle half of International Small-Cap funds
Median 0.44%

VSS cheapest of 16 funds

IEUS 8th cheapest of 16 funds

IEUS vs VSS Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IEUS 3.20%, better; VSS 3.04%
Payout (12M): IEUS $2.26; VSS $4.51
Last payment: IEUS $1.44; VSS $0.30
Ex-dividend: IEUS Jun 15, 2026; VSS Sep 18, 2026
Paid on: IEUS Jun 18, 2026; VSS Sep 22, 2026
Frequency: IEUS Twice a year; VSS Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IEUSTwice a year · 20 paymentsAll IEUS payments⁠

VSSQuarterly · 31 paymentsAll VSS payments⁠

IEUS vs VSS Risk

Fall from peak · 5 years

IEUS
VSS

Risk facts

VolatilityStd dev, 3 years: IEUS 16.3%VSS 14.1%, better
Return per unit of riskSharpe ratio, 3 years: IEUS 0.85VSS 0.88, better
Worst fallMax drawdown, 5 years: IEUS −43.3%VSS −33.3%, better
Market sensitivityBeta, 5 years: IEUS 1.00VSS 0.98; Market = 1

IEUS and VSS in the news

All news⁠

Best ETFs
Best small-cap ETFs: Vanguard’s VB beats three great funds all charging just 0.03%
Updated Nov 2, 2026VSS

Popular comparisons

IEUSBvsSCHCA
iShares MSCI Europe Small-Cap ETF · Schwab International Small-Cap Equity ETF
Expense ratio
0.41% · 0.06%
Category
VSSAvsSCHCA
Vanguard FTSE All-World ex-US Small-Cap ETF · Schwab International Small-Cap Equity ETF
Expense ratio
0.06% · 0.06%
Category
IEUSBvsSCZA
iShares MSCI Europe Small-Cap ETF · iShares MSCI EAFE Small-Cap ETF
Expense ratio
0.41% · 0.40%
Category
VSSAvsSCZA
Vanguard FTSE All-World ex-US Small-Cap ETF · iShares MSCI EAFE Small-Cap ETF
Expense ratio
0.06% · 0.40%
Category
IEUSBvsDFISA
iShares MSCI Europe Small-Cap ETF · Dimensional International Small Cap ETF
Expense ratio
0.41% · 0.39%
Category
VSSAvsDFISA
Vanguard FTSE All-World ex-US Small-Cap ETF · Dimensional International Small Cap ETF
Expense ratio
0.06% · 0.39%
Category

IEUS vs VSS

In short

Stated mandate

Why people hold it

Worth knowing

How IEUS and VSS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IEUS

Only in VSS

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Best small-cap ETFs: Vanguard’s VB beats three great funds all charging just 0.03%

How IEUS and VSS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IEUS

Only in VSS

Weight gaps