IWC vs SCHA: Grades, Fees and Holdings Compared

iShares Micro-Cap ETF

IWCCNYSE Arca

Schwab U.S. Small-Cap ETF

SCHAANYSE Arca

Overlap

6.5%by weight

Expense ratio

SCHA −0.57pt a year

IWC0.60%SCHA0.03%

Avg volume · 30D

SCHA 24.3×the volume

IWC126KSCHA3.05M

10Y return · a year

SCHA +0.4pt

IWC+10.1%SCHA+10.5%

IWC vs SCHA Performance

Nov 9, 2021 – Nov 9, 2026

+21.0%IWC+30.4%SCHA

Expense ratio: IWC 0.60%; SCHA 0.03%, better
Fund size: IWC $1.19B; SCHA $21.7B
1Y total return: IWC +20.7%; SCHA +21.8%, better
Yield (12M): IWC 1.09%; SCHA 1.11%, better
Holdings: IWC 1363; SCHA 1738
Avg volume (30D): IWC 126K sh; SCHA 3.05M sh, better
NAV per share: IWC $172.25; SCHA $32.39
52W range

ETF.net Grade

Pillar letters and Scores for IWC, SCHA, with each pillar’s weight
Pillar	IWC	SCHA
Cost30% weight	F6	A91Higher
Mission25% weight	A86	A96Higher
Risk15% weight	D25	D38Higher
Tradability15% weight	C44	A86Higher
Holdings10% weight	C44	A82Higher
Durability5% weight	B66	A77Higher

Rank among US Small-Cap funds

How we build Categories ›

Same Category. IWC and SCHA are both graded against the same 16 US Small-Cap funds, so their Grades compare head to head.

US Small-Cap⁠

Category · 16 funds

See all 16 ›

SCHA ranks 1st and IWC 13th of 16 funds in the US Small-Cap Category.

Rank 1ASCHASchwab U.S. Small-Cap ETFScore 81
Rank 2AVBVanguard Morningstar Small-Cap ETFScore 76
Rank 13CEESWisdomTree U.S. SmallCap FundScore 41
Rank 13CIWCiShares Micro-Cap ETFScore 41
Rank 15DTSCVThrivent Small Cap Value ETFScore 39

Our read on each fund

ETF.net Research

IWCCiShares Micro-Cap ETF

SCHAASchwab U.S. Small-Cap ETF

In short

IWC Most small-cap funds stop short of here. Since 2005, IWC has tracked the Russell Microcap Index, buying the smallest sliver of the US market in one ticket instead of one lottery-ticket stock at a time.

SCHA Schwab's small-cap workhorse: three basis points, roughly 1,700 companies, and a mandate to hold the slice of the US market that sits below the large and mid caps. Running since 2009.

Stated mandate

IWC The fund aims to follow the results of an index made up of U.S. micro-cap equities, using the Russell Microcap Index as its underlying index.

SCHA The fund seeks to closely track, before fees and expenses, the total return of the Dow Jones U.S. Small-Cap Total Stock Market Index. It generally invests in that index’s small-cap stocks and normally places at least 90% of net assets in them.

Why people hold it

IWC Running since 2005 as a dedicated micro-cap index fund, not a small-cap fund that occasionally wanders down there.
Rules, not hunches. It follows the Russell Microcap Index and has stayed tight to that mandate rather than drifting up-cap.
A multibillion-dollar iShares fund with quarterly distributions and the standard big-shop ETF plumbing behind it.
One ticket spreads the money across the index's whole micro-cap roster, diluting the single-name risk of picking tiny companies yourself.

SCHA At 0.03% a year, it is tied for the cheapest fund in its small-cap peer group and a fraction of the 0.25% category median. The fee is the one variable you know in advance.
Roughly 1,700 stocks, weighted by size. That is the whole small-cap tail rather than a curated shortlist, and no single name gets to steer the portfolio.
The contract is plain: at least 90% of net assets in the Dow Jones U.S. Small-Cap Total Stock Market Index, and it has tracked that benchmark closely.
Sixteen years old, multi-billion-dollar, actively traded, and pays quarterly. One of the sturdier implementations among the broad small-cap index funds we cover.

Worth knowing

IWC The reach has a price: 0.60% a year, against 0.03% at VB and SCHA and 0.19% at IWM for broad small-cap exposure.
Micro-caps trade thin and swing hard, and the fund itself is only moderately traded, so spreads can widen in rough markets. Limit orders earn their keep.
Cash comes quarterly, but this is a growth-and-volatility corner of the market, not an income sleeve.

SCHA Small caps move harder than large caps in both directions. This fund takes the full ride with no hedge, buffer, or volatility damper in the design.
The index sorts by size, not quality. Unprofitable and lightly covered companies come along with everything else, since no earnings screen sits in front of the portfolio.
It follows a Dow Jones small-cap index, not the Russell 2000 that IWM and VTWO track, so its returns and headlines about that benchmark will not line up exactly.

Full IWC profile⁠

Full SCHA profile⁠

IWC vs SCHA Holdings

How IWC and SCHA differ

Overlap by weight

6.5%

Shared holdings make up 66.4% of IWC and 6.5% of SCHA.

Level by level

Holdings454 in both6.5%
Sector11 Sectors80.1%
Countryby domicile99.0%
Asset classStocks100%

Sector

Sector weights in IWC and SCHA, widest gap first
Sector	Gap	IWC	SCHA
Financials	IWC +10.3 points	27.6%	17.3%
Health Care	IWC +9.3 points	26.6%	17.3%
Real Estate	SCHA +4.8 points	2.3%	7.1%
Consumer Discretionary	SCHA +4.3 points	7.2%	11.5%
Technology	SCHA +4.2 points	10.5%	14.7%
Industrials	SCHA +2.1 points	12.3%	14.4%
Utilities	SCHA +1.7 points	0.9%	2.6%
Consumer Staples	SCHA +1.2 points	1.8%	3.0%
Energy	SCHA +0.9 points	4.1%	5.0%
Materials	SCHA +0.7 points	3.4%	4.1%
Communication	IWC +0.3 points	3.3%	3.0%

Country, concentration and asset class

Country by domicile

Country weights in IWC and SCHA, widest gap first
Country	Gap	IWC	SCHA
United States	SCHA +0.1 points	98.9%	99.0%
United Kingdom	IWC +0.4 points	0.4%	0.0%
Australia	IWC +0.3 points	0.3%	0.0%
Switzerland	SCHA +0.2 points	0.0%	0.2%
Brazil	SCHA +0.2 points	0.0%	0.2%
India	SCHA +0.2 points	0.0%	0.2%
Hong Kong	IWC +0.1 points	0.1%	0.0%
Ireland	SCHA +0.1 points	0.0%	0.1%
Other countries (8)	Same weight	0.3%	0.3%

Concentration

Weight in the 10 largest Holdings

IWC5.8%
SCHA2.8%

Securities held

IWC1,361
SCHA1,737

Asset class

IWC: Stocks
SCHA: Stocks

Holdings

Only in IWC907
In both454
Only in SCHA1,283

Only in IWC

907 securities, 33.5% of IWC by weight

Nordic American Tankers0.35%
Urogen Pharma0.27%
Critical Metals Corp0.21%
Teekay Corporation Corp Ltd0.18%
Shore Bancshares Inc0.18%
Verastem Inc0.18%
Peoples Financial Services Corp0.18%
Bar Harbor Bankshares0.18%
Zevra Therapeutics0.17%
Climb Global Solutions Inc0.17%
Paysign Inc0.17%
Acnb Corp0.17%
Community West Bancshares0.16%
Mamas Creations Inc0.16%
Carter Bankshares Inc0.16%
Ardmore Shipping Corp0.16%
Third Coast Bancshares Inc0.16%
The Marcus Corp0.15%
Civista Bancshares Inc0.15%
First Business Financial Services0.15%
Postal Realty Trust Class A0.15%
Tactile Systems Technology0.15%
Sagimet Biosciences Series A0.15%
California Bancorp0.15%
Entravision Communications Corp Class0.15%
Southern First Bancshares Inc0.14%
Canadian Solar0.14%
Meiragtx Holdings PLC0.14%
Red River Bancshares Inc0.14%
Choiceone Financial Services Inc0.14%
Northrim Bancorp Inc0.13%
Achieve Life Sciences0.13%
Avita Medical Inc0.13%
Orange County Bancorp Inc0.13%
Sierra Bancorp0.13%
Farmers and Merchants Bancorp Inc0.13%
Ibex Ltd0.13%
Citizens and Northern Corp0.13%
Oportun Financial Corp0.12%
Oddity Tech Class A0.12%
West Bancorporation Inc0.12%
Immix Biopharma0.12%
Capital Bancorp Inc0.12%
Oil States International0.12%
Ovid Therapeutics0.12%
Luxfer Holdings PLC0.12%
Ooma0.12%
Himalaya Shipping Ltd0.12%
Fossil Group Inc0.11%
Tat Technologies Ltd0.11%

Only in SCHA

1,283 securities, 93.5% of SCHA by weight

Glaukos0.33%
Wayfair Class A0.32%
American Healthcare Reit0.31%
Halozyme Therapeutics0.29%
Brightspring Health Services Inc0.28%
Bitmine Immersion Technologies0.28%
Ensign Group0.26%
Ryder System0.25%
Flowserve0.25%
Wintrust Financial0.25%
Southstate Bank Corp0.25%
Popular0.25%
Hecla Mining0.24%
New York Times Class A0.24%
Umb Financial0.24%
Allison Transmission Holdings0.24%
Kymera Therapeutics0.24%
Watts Water Technologies Class A0.23%
Affiliated Managers Group0.23%
Solstice Advanced Materials Inc0.23%
Brixmor Property Group Reit Inc0.23%
Littelfuse0.22%
Caretrust Reit0.22%
Ryman Hospitality Properties Reit0.22%
Life Time Group Holdings0.22%
Primerica0.22%
Brinker International Inc0.22%
Viasat Inc0.22%
Vaxcyte0.22%
Agree Realty Reit0.21%
Healthequity0.21%
Prosperity Bancshares0.21%
Columbia Banking System Inc0.21%
Spyre Therapeutics Inc0.21%
Victoria’s Secret0.21%
Protagonist Therapeutics0.21%
Tg Therapeutics0.21%
Idacorp0.21%
Hanover Insurance Group0.21%
Old National Bancorp0.21%
Oshkosh Corp0.20%
Arrowhead Pharmaceuticals0.20%
Jackson Financial Class A0.20%
Epam Systems0.20%
Rambus0.20%
Simpson Manufacturing0.20%
Krystal Biotech0.20%
Twist Bioscience0.20%
Globus Medical Class A0.20%
Ugi0.20%

Weight gaps

The 100 widest of 454 Holdings in both funds.

Holding weights in IWC and SCHA, widest gap first
Holding	Gap	IWC	SCHA
CaredxCDNA	IWC +0.93 points	1.03%	0.10%
Viridian Therapeutics OrsVRDN	IWC +0.65 points	0.73%	0.08%
Xeris Biopharma HoldingsXERS	IWC +0.59 points	0.66%	0.07%
OusterOUST	IWC +0.53 points	0.59%	0.06%
Penguin Solutions IncPENG	IWC +0.49 points	0.54%	0.05%
Porch GroupPRCH	IWC +0.47 points	0.51%	0.04%
InterfaceTILE	IWC +0.42 points	0.46%	0.04%
Replimune GroupREPL	IWC +0.41 points	0.45%	0.04%
Dime Commercial BancsharesDCOM	IWC +0.40 points	0.44%	0.04%
Lindblad Expeditions HoldingsLIND	IWC +0.39 points	0.43%	0.04%
Sellas Life Sciences Group IncSLS	IWC +0.39 points	0.43%	0.04%
Hyperliquid Strategies IncPURR	IWC +0.39 points	0.43%	0.04%
Qcr Holdings IncQCRH	IWC +0.38 points	0.42%	0.04%
First Tracks Biotherapeutics IncTRAX	IWC +0.37 points	0.41%	0.04%
Origin Bancorp IncOBK	IWC +0.37 points	0.41%	0.04%
Strive Inc Class AASST	IWC +0.37 points	0.41%	0.04%
Mbx BiosciencesMBX	IWC +0.37 points	0.41%	0.04%
Connectone BancorpCNOB	IWC +0.37 points	0.41%	0.04%
Bank First CorpBFC	IWC +0.35 points	0.39%	0.04%
Absci CorpABSI	IWC +0.35 points	0.39%	0.04%
Eton Pharmaceutcials IncETON	IWC +0.34 points	0.38%	0.04%
Nurix TherapeuticsNRIX	IWC +0.33 points	0.37%	0.04%
The RealrealREAL	IWC +0.33 points	0.37%	0.04%
Butterfly Network Class ABFLY	IWC +0.33 points	0.36%	0.03%
Ellington FinancialEFC	IWC +0.32 points	0.36%	0.04%
Peoples Bancorp IncPEBO	IWC +0.32 points	0.35%	0.03%
Arlo TechnologiesARLO	IWC +0.31 points	0.34%	0.03%
Idt Class BIDT	IWC +0.31 points	0.35%	0.04%
Cra International IncCRAI	IWC +0.29 points	0.32%	0.03%
First Mid Bancshares IncFMBH	IWC +0.29 points	0.32%	0.03%
Turning Point BrandsTPB	IWC +0.29 points	0.32%	0.03%
Old Second Bancorp IncOSBC	IWC +0.29 points	0.32%	0.03%
Burke Herbert Financial Services CBHRB	IWC +0.29 points	0.32%	0.03%
Pennant GroupPNTG	IWC +0.29 points	0.32%	0.03%
OmerosOMER	IWC +0.28 points	0.31%	0.03%
Allient IncALNT	IWC +0.28 points	0.31%	0.03%
Maze TherapeuticsMAZE	IWC +0.28 points	0.31%	0.03%
Bandwidth Class ABAND	IWC +0.28 points	0.31%	0.03%
Universal Insurance Holdings IncUVE	IWC +0.27 points	0.30%	0.03%
Byline Bancorp IncBY	IWC +0.27 points	0.30%	0.03%
InnodataINOD	IWC +0.27 points	0.30%	0.03%
Digital TurbineAPPS	IWC +0.27 points	0.30%	0.03%
Rex American ResourcesREX	IWC +0.27 points	0.30%	0.03%
PersonalisPSNL	IWC +0.26 points	0.29%	0.03%
Pursuit Attractions and HospitalitPRSU	IWC +0.26 points	0.29%	0.03%
Univest Financial CorpUVSP	IWC +0.26 points	0.29%	0.03%
Quinstreet IncQNST	IWC +0.26 points	0.29%	0.03%
Community Trust BancorpCTBI	IWC +0.26 points	0.29%	0.03%
Aveanna Healthcare Holdings IncAVAH	IWC +0.25 points	0.29%	0.04%
Horizon Bancorp IncHBNC	IWC +0.24 points	0.27%	0.03%
Metropolitan Bank Holding CorpMCB	IWC +0.24 points	0.27%	0.03%
Cnb Financial CorpCCNE	IWC +0.24 points	0.27%	0.03%
Bjs Restaurants IncBJRI	IWC +0.24 points	0.27%	0.03%
Si BoneSIBN	IWC +0.24 points	0.27%	0.03%
Marinemax IncHZO	IWC +0.24 points	0.27%	0.03%
Mercantile BankMBWM	IWC +0.24 points	0.27%	0.03%
Liquidity Services IncLQDT	IWC +0.24 points	0.27%	0.03%
Nuvation Bio Class ANUVB	IWC +0.24 points	0.27%	0.03%
United Fire Group IncUFCS	IWC +0.23 points	0.26%	0.03%
Business First Bancshares IncBFST	IWC +0.23 points	0.26%	0.03%
Cadre HoldingsCDRE	IWC +0.23 points	0.26%	0.03%
Myers Industries IncMYE	IWC +0.24 points	0.26%	0.02%
Orchid Island Capital IncORC	IWC +0.24 points	0.26%	0.02%
Unitil CorpUTL	IWC +0.23 points	0.26%	0.03%
Amerant Bancorp Class AAMTB	IWC +0.23 points	0.26%	0.03%
Pulse BiosciencesPLSE	IWC +0.23 points	0.26%	0.03%
Bristow GroupVTOL	IWC +0.23 points	0.25%	0.02%
Camden National CorpCAC	IWC +0.23 points	0.25%	0.02%
Zenas BiopharmaZBIO	IWC +0.23 points	0.26%	0.03%
Willdan GroupWLDN	IWC +0.22 points	0.25%	0.03%
RAPID7RPD	IWC +0.23 points	0.25%	0.02%
Hanmi Financial CorpHAFC	IWC +0.23 points	0.25%	0.02%
Castle BiosciencesCSTL	IWC +0.23 points	0.25%	0.02%
Northeast BankNBN	IWC +0.23 points	0.25%	0.02%
Trustco Bank CorpTRST	IWC +0.23 points	0.25%	0.02%
Quanex Building Products CorpNX	IWC +0.23 points	0.25%	0.02%
Esquire Financial Holdings IncESQ	IWC +0.22 points	0.25%	0.03%
TranscatTRNS	IWC +0.22 points	0.24%	0.02%
Cbl Associates PropertiesCBL	IWC +0.22 points	0.24%	0.02%
Lb Pharmaceuticals IncLBRX	IWC +0.21 points	0.24%	0.03%
Farmers National Banc CorpFMNB	IWC +0.22 points	0.24%	0.02%
Green PlainsGPRE	IWC +0.21 points	0.23%	0.02%
Nutex Health IncNUTX	IWC +0.21 points	0.23%	0.02%
Usa Today IncTDAY	IWC +0.21 points	0.23%	0.02%
Amalgamated Financial CorpAMAL	IWC +0.20 points	0.23%	0.03%
First Financial Corporation CorpTHFF	IWC +0.21 points	0.23%	0.02%
AnterixATEX	IWC +0.21 points	0.23%	0.02%
Graham CorpGHM	IWC +0.21 points	0.23%	0.02%
Diversified Energy CompanyDEC	IWC +0.20 points	0.22%	0.02%
ScansourceSCSC	IWC +0.20 points	0.22%	0.02%
Nb Bancorp IncNBBK	IWC +0.20 points	0.22%	0.02%
HarrowHROW	IWC +0.20 points	0.22%	0.02%
Daily Journal CorpDJCO	IWC +0.20 points	0.22%	0.02%
PrecigenPGEN	IWC +0.20 points	0.22%	0.02%
Metrocity Bankshares IncMCBS	IWC +0.20 points	0.22%	0.02%
Tetra TechnologiesTTI	IWC +0.20 points	0.22%	0.02%
Genco Shipping and TradingGNK	IWC +0.20 points	0.22%	0.02%
Douglas Dynamics IncPLOW	IWC +0.20 points	0.22%	0.02%
Suncoke Energy IncSXC	IWC +0.20 points	0.22%	0.02%
Daktronics IncDAKT	IWC +0.19 points	0.21%	0.02%

All 1,364 IWC holdings⁠All 1,744 SCHA 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.

IWC vs SCHA Cost

Overpaying IWC vs SCHA

$11,179

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

IWC 0.60%
$11,817
SCHA 0.03%
$638

Amount$10,000

Years30 years

Cost over time

IWC 0.60%
SCHA 0.03%
Overpaying

Year by year

Year	IWC	SCHA	Overpaying
10	$1,076	$55	$1,021
20	$4,116	$216	$3,900
30	$11,817	$638	$11,179

Expense ratio

0.60%IWC
0.03%SCHA, cheaper

SCHA0.03%IWC0.60%

0.03%0.60%

Middle half of US Small-Cap funds
Median 0.20%

SCHA cheapest of 16 funds

IWC 14th cheapest of 16 funds

IWC vs SCHA Dividends

Last 12 months to Nov 9, 2026

Yield (12M): IWC 1.09%; SCHA 1.11%, better
Payout (12M): IWC $1.94; SCHA $0.37
Last payment: IWC $0.45; SCHA $0.10
Ex-dividend: IWC Sep 15, 2026; SCHA Sep 23, 2026
Paid on: IWC Sep 18, 2026; SCHA Sep 28, 2026
Frequency: IWC Twice a year; SCHA Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IWCTwice a year · 39 paymentsAll IWC payments⁠

SCHAQuarterly · 40 paymentsAll SCHA payments⁠

IWC vs SCHA Risk

Fall from peak · 5 years

IWC
SCHA

Risk facts

VolatilityStd dev, 3 years: IWC 21.6%SCHA 18.6%, better
Return per unit of riskSharpe ratio, 3 years: IWC 0.96, betterSCHA 0.88
Worst fallMax drawdown, 5 years: IWC −40.4%SCHA −30.6%, better
Market sensitivityBeta, 5 years: IWC 1.36SCHA 1.13; Market = 1

IWC and SCHA 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, 2026SCHA
Best ETFs
Schwab and Vanguard charge the same 0.03%. Their small-cap funds are 3.7 percentage points apart
Updated Oct 2, 2026SCHA

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IWC vs SCHA

In short

Stated mandate

Why people hold it

Worth knowing

How IWC and SCHA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IWC

Only in SCHA

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%

Schwab and Vanguard charge the same 0.03%. Their small-cap funds are 3.7 percentage points apart

How IWC and SCHA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IWC

Only in SCHA

Weight gaps