CGV vs. HSCZ

Last updated Aug 2, 2026

CGV (Conductor Global Equity Value ETF) and HSCZ (iShares Currency Hedged MSCI EAFE Small Cap ETF) are both Foreign Small & Mid Cap Equities funds. CGV is actively managed, while HSCZ is passively managed. Over the past 3 years, CGV returned 10.48%/yr vs 17.89%/yr for HSCZ. Their 0.69 correlation means they have sometimes moved together and sometimes differently. CGV charges 1.25%/yr vs 0.43%/yr for HSCZ.

Performance

CGV vs. HSCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Conductor Global Equity Value ETF (CGV) and iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CGV achieves a 7.68% return, which is significantly lower than HSCZ's 11.33% return.

CGV

• 1D: -0.84%
• 1M: -0.50%
• 6M: 0.10%
• YTD: 7.68%
• 1Y: 19.89%
• 3Y*: 10.48%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.86%

HSCZ

• 1D: -0.63%
• 1M: -0.23%
• 6M: 7.23%
• YTD: 11.33%
• 1Y: 23.45%
• 3Y*: 17.89%
• 5Y*: 10.91%
• 10Y*: 11.86%
• ALL TIME*: 10.50%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CGV Conductor Global Equity Value ETF	$245.64K	$227.68K	$307.26K
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF	$2.56M	$1.76M	$1.27M

CGV vs. HSCZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CGV Conductor Global Equity Value ETF	7.68%	23.11%	-3.34%	5.72%	3.64%
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF	11.33%	25.74%	12.89%	17.03%	-2.30%

Correlation

The correlation between CGV and HSCZ is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (3Y) Balances recent behavior with more history.	0.70
Correlation (All Time) Calculated using the full available price history since Aug 1, 2022	0.69

The correlation between CGV and HSCZ has been stable across timeframes, ranging from 0.67 to 0.70 - a consistent structural relationship.

CGV vs. HSCZ - Sectors Allocation Comparison

Sectors	CGV	HSCZ
Basic Materials	18.1%	9.8%
Industrials	15.9%	24.1%
Energy	12.9%	3.3%
Consumer Defensive	11.2%	4.9%
Technology	10.8%	10.8%
Consumer Cyclical	10.3%	12.6%
Healthcare	5.9%	6.1%
Financial Services	5.6%	12.7%
Communication Services	4.1%	3.7%
Utilities	4.1%	2.1%
Real Estate	1.1%	10.0%

Return for Risk

CGV vs. HSCZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CGV

CGV Risk / Return Rank: 51
CGV Sharpe Ratio Rank: 56
CGV Sortino Ratio Rank: 55
CGV Omega Ratio Rank: 56
CGV Calmar Ratio Rank: 47
CGV Martin Ratio Rank: 43

HSCZ

HSCZ Risk / Return Rank: 78
HSCZ Sharpe Ratio Rank: 82
HSCZ Sortino Ratio Rank: 82
HSCZ Omega Ratio Rank: 81
HSCZ Calmar Ratio Rank: 68
HSCZ Martin Ratio Rank: 77

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CGV vs. HSCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Conductor Global Equity Value ETF (CGV) and iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ). 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.

	CGV	HSCZ	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.88	-0.52
Sortino ratio: Return per unit of downside risk	1.91	2.67	-0.76
Omega ratio: Gain probability vs. loss probability	1.25	1.34	-0.09
Calmar ratio: Return relative to maximum drawdown	1.69	2.34	-0.66
Martin ratio: Return relative to average drawdown	4.67	9.75	-5.08

CGV vs. HSCZ - Sharpe Ratio Comparison

The current CGV Sharpe Ratio is 1.36, which is comparable to the HSCZ Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of CGV and HSCZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CGV vs. HSCZ - Drawdown Comparison

The maximum CGV drawdown since its inception was -16.64%, smaller than the maximum HSCZ drawdown of -34.89%. Use the drawdown chart below to compare losses from any high point for CGV and HSCZ.

Drawdown Indicators

	CGV	HSCZ	Difference
Max Drawdown Largest peak-to-trough decline	-16.64%	-34.89%	+18.25%
Max Drawdown (1Y) Largest decline over 1 year	-12.13%	-9.61%	-2.52%
Max Drawdown (3Y) Largest decline over 3 years	-16.64%	-12.81%	-3.83%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.89%	—
Current Drawdown Current decline from peak	-7.46%	-1.77%	-5.69%
Average Drawdown Average peak-to-trough decline	-3.78%	-4.60%	+0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.37%	2.31%	+2.06%

Volatility

CGV vs. HSCZ - Volatility Comparison

Conductor Global Equity Value ETF (CGV) has a higher volatility of 4.23% compared to iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ) at 3.90%. This indicates that CGV's price experiences larger fluctuations and is considered to be riskier than HSCZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGV	HSCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.23%	3.90%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	12.90%	10.15%	+2.75%
Volatility (1Y) Calculated over the trailing 1-year period	15.06%	11.99%	+3.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.67%	13.51%	+0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.67%	15.35%	-1.68%

CGV vs. HSCZ - Expense Ratio Comparison

CGV has a 1.25% expense ratio, which is higher than HSCZ's 0.43% expense ratio.

Dividends

CGV vs. HSCZ - Dividend Comparison

CGV's dividend yield for the trailing twelve months is around 4.86%, more than HSCZ's 3.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGV Conductor Global Equity Value ETF	4.86%	4.58%	2.87%	4.56%	0.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF	3.13%	3.25%	3.26%	2.98%	26.91%	2.90%	1.46%	4.66%	6.15%	2.52%	2.57%	1.75%

Frequently Asked Questions

Can I hold both CGV and HSCZ in my portfolio?

CGV and HSCZ have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CGV or HSCZ?

CGV has higher volatility (4.23%) compared to HSCZ (3.90%). In terms of maximum drawdown, CGV dropped -16.64% vs HSCZ's -34.89%.

Which ETF is better, CGV or HSCZ?

On 3-year performance, HSCZ leads with 17.89% vs 10.48% for CGV. On fees, HSCZ is cheaper at 0.43% per year. On volatility, HSCZ has been the lower-risk option at 3.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CGV or HSCZ?

Over the 3-year period, HSCZ has performed better with a 17.89% return vs 10.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CGV or HSCZ?

HSCZ is cheaper with a 0.43% expense ratio, compared with 1.25% for CGV.

Which ETF pays a higher dividend yield, CGV or HSCZ?

CGV has the higher dividend yield at 4.86%, compared with 3.13% for HSCZ.

What is the main difference between CGV and HSCZ?

They also come from different issuers: Conductor and iShares. Their fees differ too: 1.25% for CGV and 0.43% for HSCZ.

Which has better risk-adjusted returns?

HSCZ currently has the higher Sharpe Ratio (1.88 vs 1.36), 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.