# SCZ ETF: fees, returns, drawdowns and holdings

> What SCZ holds, its 0.4% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily.

iShares MSCI EAFE Small-Cap ETF (SCZ) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns about 2,000 small companies in developed countries outside the US and Canada, such as Japan, the UK and Australia. It charges 0.4% a year. From December 2007 to October 2026 it returned about 5.4% a year, and its worst drop was −61.9%.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 16, 2026. Prices through October 16, 2026.

## Key points

- Expense ratio: 0.4% a year (about $40 on $10,000).
- Started trading on December 10, 2007.
- Last close: $83.50 on October 16, 2026.
- Return over the last year: 12.7%.
- Worst drop since 2007: −61.9%.
- 1 Tactfolio classic strategy holds it.

## How has SCZ done since 2007?

From December 2007 to October 2026, SCZ returned about 5.4% a year. The S&P 500 returned about 11.1% a year over the same dates. Say you put in $10,000 at the start. It would have been worth about $27,090 at the end, with every dividend reinvested.

| Period | SCZ | S&P 500 (SPY) |
| --- | --- | --- |
| 1 month | −1.9% | 1.5% |
| 3 months | 0.2% | 1.9% |
| 6 months | 0.8% | 9.3% |
| Year to date | 9.2% | 12.8% |
| 1 year | 12.7% | 16.8% |
| 3 years, per year | 18.7% | 22.0% |
| 5 years, per year | 5.0% | 12.8% |
| 10 years, per year | 8.0% | 15.4% |
| Since 2007, per year | 5.4% | 11.1% |

Periods longer than a year show the return per year (CAGR). Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

## SCZ returns by month and year

SCZ rose in 133 of its 227 months (59%). Its best month was May 2009, at 15.9%. Its worst was October 2008, at −23.8%.

| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Full year |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026 (part) | 5.5% | 4.8% | −8.5% | 6.6% | 3.5% | −3.5% | 2.0% | 3.5% | −2.7% | −1.1% |  |  | 9.2% |
| 2025 | 3.0% | 0.5% | 1.0% | 4.7% | 6.2% | 4.5% | −0.4% | 4.4% | 1.5% | −0.7% | 1.7% | 2.0% | 32.1% |
| 2024 | −2.6% | 1.6% | 3.4% | −3.4% | 5.5% | −3.1% | 5.1% | 1.9% | 2.6% | −6.3% | 0.8% | −3.2% | 1.5% |
| 2023 | 8.3% | −3.1% | 0.5% | 2.2% | −4.4% | 3.1% | 3.9% | −3.5% | −4.6% | −4.7% | 8.8% | 7.1% | 13.0% |
| 2022 | −6.1% | −3.0% | −0.4% | −7.0% | 0.5% | −10.3% | 6.6% | −5.9% | −10.9% | 4.4% | 11.9% | −0.9% | −21.3% |
| 2021 | −0.4% | 3.1% | 2.3% | 3.8% | 2.1% | −1.7% | 1.7% | 2.8% | −4.1% | 2.5% | −5.7% | 3.7% | 10.1% |
| 2020 | −3.8% | −8.9% | −17.8% | 9.6% | 8.1% | 2.0% | 2.7% | 7.4% | −0.2% | −3.5% | 12.9% | 7.1% | 11.7% |
| 2019 | 8.1% | 2.0% | 0.5% | 3.3% | −5.7% | 4.3% | −1.5% | −1.7% | 2.9% | 4.1% | 2.4% | 4.2% | 24.7% |
| 2018 | 5.2% | −3.8% | −0.1% | 0.7% | −1.0% | −2.3% | 1.2% | −1.2% | −0.7% | −9.7% | 0.0% | −6.6% | −17.6% |
| 2017 | 3.8% | 2.0% | 2.5% | 4.2% | 3.3% | 0.6% | 3.4% | 0.7% | 2.9% | 1.7% | 0.9% | 2.6% | 32.7% |
| 2016 | −6.3% | −1.7% | 8.2% | 1.2% | 1.8% | −4.6% | 5.2% | 0.2% | 3.1% | −2.9% | −2.5% | 2.0% | 2.6% |
| 2015 | 0.3% | 7.0% | −1.3% | 4.3% | 1.7% | −1.6% | 0.9% | −4.7% | −2.6% | 4.9% | 0.7% | −0.1% | 9.1% |
| 2014 | −2.8% | 6.4% | −1.0% | −0.3% | 1.1% | 1.7% | −3.3% | 0.2% | −5.4% | 0.1% | −1.3% | −1.1% | −6.1% |
| 2013 | 4.3% | 1.3% | 2.2% | 3.6% | −4.0% | −2.7% | 7.0% | −0.7% | 8.8% | 3.0% | 0.3% | 3.1% | 28.6% |
| 2012 | 8.8% | 5.3% | 0.8% | −0.8% | −11.5% | 4.2% | −1.2% | 4.0% | 4.2% | 0.8% | 1.5% | 4.8% | 21.3% |
| 2011 | 0.7% | 2.3% | −0.3% | 5.9% | −2.4% | −1.3% | −1.7% | −8.2% | −11.2% | 7.4% | −2.6% | −3.3% | −15.1% |
| 2010 | −2.1% | −0.6% | 7.4% | 0.6% | −12.5% | −0.4% | 10.4% | −4.5% | 12.0% | 4.5% | −3.4% | 11.4% | 21.5% |
| 2009 | −11.6% | −9.3% | 9.7% | 13.8% | 15.9% | 1.7% | 8.4% | 6.4% | 4.9% | −2.5% | 1.0% | 1.6% | 42.9% |
| 2008 | −10.4% | −0.4% | 1.9% | 1.9% | 2.1% | −7.8% | −6.6% | −3.6% | −14.7% | −23.8% | −7.4% | 8.7% | −48.5% |
| 2007 (part) |  |  |  |  |  |  |  |  |  |  |  | −0.3% | −0.3% |

Each month runs from the last close of the month before. The first month counts from the first close.

## How risky is SCZ compared with the S&P 500?

Measured from October 2021 to October 2026, on the days both traded.

- **Beta 0.75.** When the S&P 500 moved 1% in a day, SCZ tended to move about 0.75%.
- **Correlation 0.76.** SCZ moved with the S&P 500 some of the time.
- **Up and down months.** In months the S&P 500 rose, SCZ rose 79% as much on average. In months it fell, SCZ fell 105% as much.

| Measure | SCZ | S&P 500 (SPY) |
| --- | --- | --- |
| Return per year | 5.1% | 12.8% |
| Volatility | 16.8% | 17.1% |
| Worst drop | −35.5% | −24.5% |
| Sharpe ratio | 0.38 | 0.79 |
| Sortino ratio | 0.55 | 1.15 |
| Calmar ratio | 0.14 | 0.52 |

Volatility is how much the price swings in a year. The Sharpe ratio is return per unit of volatility, the Sortino ratio counts only the falls, and the Calmar ratio is the return per year over the worst drop. Higher ratios mean more return for the risk taken.

## Is SCZ above its 200-day average?

SCZ closed 0.9% above its 200-day average on October 16, 2026. A rule that holds SCZ only above that average would hold it today.

- Its 50-day average is 3.4% above its 200-day average.
- It closed 4.7% below its highest close of the last 52 weeks.

A moving average is the average close over the last so many days. Trend rules such as [the 10-month moving average strategy](https://tactfolio.com/strategies/faber-10-month-moving-average.md) hold a fund only while it is above one. You can [build that rule for SCZ](https://tactfolio.com/builder) and backtest it in a minute.

## What was SCZ's worst drop?

A drawdown is how far a fund falls from its last high point. SCZ's worst fall was −61.9%, from December 13, 2007 to March 9, 2009. It got back to that high on April 11, 2013. On October 16, 2026 it was 4.7% below its highest close.

| Drop | Started | Bottom | Back to the high | Fall took | Recovery took |
| --- | --- | --- | --- | --- | --- |
| −61.9% | Dec 13, 2007 | Mar 9, 2009 | Apr 11, 2013 | 15 months | 4.1 years |
| −41.1% | Jan 26, 2018 | Mar 23, 2020 | Nov 23, 2020 | 2.2 years | 8 months |
| −36.9% | Sep 3, 2021 | Oct 12, 2022 | Jun 2, 2025 | 13 months | 2.6 years |
| −17.4% | May 15, 2015 | Feb 11, 2016 | Sep 6, 2016 | 9 months | 7 months |
| −16.1% | Jul 3, 2014 | Oct 16, 2014 | May 13, 2015 | 3 months | 7 months |

Big drops are normal for some funds. They matter because selling during a drop locks in the loss.

## What does SCZ hold?

This fund owns about 2,000 small companies in developed countries outside the US and Canada, such as Japan, the UK and Australia. Small company prices can swing a lot. Changes in foreign currencies also move its value.

It tracks the MSCI EAFE Small Cap Index (Net). It had 2,024 holdings as of October 15, 2026, according to iShares (BlackRock).

| Fact | SCZ |
| --- | --- |
| Full name | iShares MSCI EAFE Small-Cap ETF |
| Issuer | iShares (BlackRock) |
| Expense ratio | 0.4% a year |
| Started trading | December 10, 2007 |
| Tracks | MSCI EAFE Small Cap Index (Net) |
| Type | International stocks, ETF |
| Holdings | 2,024 holdings as of October 15, 2026 |
| Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239627/ishares-msci-eafe-small-cap-etf) |

## What is the SCZ expense ratio?

SCZ charges 0.4% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.4% fee comes to about $40 a year. Of the 162 ETFs on Tactfolio, 12% charge more.

You never get a bill for it. The fund takes the fee out of its own value a little each day.

## Which Tactfolio strategies hold SCZ?

One classic strategy holds SCZ at least some of the time. Each is a set of written rules you can open, test and copy.

- [Accelerating Dual Momentum (ADM)](https://tactfolio.com/strategies/accelerating-dual-momentum.md), by Engineered Portfolio (Steve Hanly), 2018

## How does SCZ compare with similar ETFs?

Funds that can stand in for SCZ:

- [SCHF](https://tactfolio.com/etf/SCHF.md): Schwab International Equity ETF, 0.03% a year
- [VEA](https://tactfolio.com/etf/VEA.md): Vanguard FTSE Developed Markets ETF, 0.03% a year
- [IEFA](https://tactfolio.com/etf/IEFA.md): iShares Core MSCI EAFE ETF, 0.07% a year
- [EFA](https://tactfolio.com/etf/EFA.md): iShares MSCI EAFE ETF, 0.32% a year

See [all 4 SCZ alternatives](https://tactfolio.com/alternatives/SCZ.md), compared on the same dates as SCZ.

## Test SCZ in your own rules

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the [builder](https://tactfolio.com/builder), add SCZ, and see how a rule such as "hold it only above its 200-day average" would have done. Strategies run on daily prices and hold US stocks and ETFs only.

## The details

Prices come from Tactfolio's stored daily prices for SCZ and SPY. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns. Beta and correlation compare daily returns with the S&P 500 over the same dates.

Fund facts come from iShares (BlackRock). We checked them on October 16, 2026. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) and [how to read drawdown and CAGR](https://tactfolio.com/docs/concepts/reading-a-backtest.md) for more on these measures.

## Research and test it

- [What is an ETF](https://tactfolio.com/learn/what-is-an-etf): An ETF is a fund that trades like a stock. Learn how ETFs work, what they cost, the main types, and the risks, with SEC sources.
- [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.
- [Backtesting](https://tactfolio.com/backtesting): Free backtesting software for stocks, ETFs, and crypto perps.

## Common questions

### What is the expense ratio of SCZ?

SCZ charges 0.4% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $40 a year for every $10,000 you hold.

### When did SCZ start trading?

SCZ started trading on December 10, 2007. It is run by iShares (BlackRock).

### What does SCZ track?

SCZ tracks the MSCI EAFE Small Cap Index (Net). This fund owns about 2,000 small companies in developed countries outside the US and Canada, such as Japan, the UK and Australia.

### How much has SCZ returned per year?

From December 2007 to October 2026, SCZ returned about 5.4% a year with dividends reinvested. Its worst drop was −61.9%. Past returns do not tell you what it will do next.

### Is SCZ above its 200-day moving average?

On October 16, 2026, SCZ closed 0.9% above its 200-day moving average. This page updates after each US market close.

### Which strategies use SCZ?

One of Tactfolio's classic strategies hold SCZ, including Accelerating Dual Momentum (ADM).

## Sources

- [iShares (BlackRock): iShares MSCI EAFE Small-Cap ETF fund page](https://www.ishares.com/us/products/239627/ishares-msci-eafe-small-cap-etf)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.