CII vs. HSCZ
CII (BlackRock Enhanced Large Cap Core Fund) and HSCZ (iShares Currency Hedged MSCI EAFE Small Cap ETF) are both funds - CII is a Derivative Income fund actively managed by BlackRock, while HSCZ is a Foreign Small & Mid Cap Equities fund tracking the MSCI EAFE Small-Cap 100% Hedged to USD Index. CII is actively managed, while HSCZ is passively managed. Over the past 10 years, CII returned 14.94%/yr vs 12.35%/yr for HSCZ. A 0.62 correlation means they provide meaningful diversification when combined. CII charges 0.91%/yr vs 0.43%/yr for HSCZ.
Performance
CII vs. HSCZ - Performance Comparison
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Returns By Period
In the year-to-date period, CII achieves a 7.72% return, which is significantly lower than HSCZ's 10.99% return. Over the past 10 years, CII has outperformed HSCZ with an annualized return of 14.94%, while HSCZ has yielded a comparatively lower 12.35% annualized return.
CII
- 1D
- 0.58%
- 1M
- -1.09%
- YTD
- 7.72%
- 6M
- 10.66%
- 1Y
- 39.37%
- 3Y*
- 20.94%
- 5Y*
- 13.51%
- 10Y*
- 14.94%
HSCZ
- 1D
- 0.71%
- 1M
- 0.48%
- YTD
- 10.99%
- 6M
- 13.18%
- 1Y
- 29.11%
- 3Y*
- 18.32%
- 5Y*
- 10.94%
- 10Y*
- 12.35%
CII vs. HSCZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CII BlackRock Enhanced Large Cap Core Fund | 7.72% | 37.78% | 12.70% | 18.47% | -13.21% | 34.26% | 8.11% | 30.46% | -8.60% | 27.73% |
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF | 10.99% | 25.74% | 12.89% | 17.03% | -11.46% | 17.75% | 6.40% | 27.89% | -13.99% | 24.52% |
Correlation
The correlation between CII and HSCZ is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2015 | 0.62 |
The correlation between CII and HSCZ shifts across timeframes, from 0.50 (1 year) to 0.66 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
CII vs. HSCZ — Risk / Return Rank
CII
HSCZ
CII vs. HSCZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Enhanced Large Cap Core Fund (CII) 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.
| CII | HSCZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.45 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.33 | 2.95 | +0.38 |
| Martin ratioReturn relative to average drawdown | 12.71 | 12.57 | +0.14 |
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Drawdowns
CII vs. HSCZ - Drawdown Comparison
The maximum CII drawdown since its inception was -56.43%, which is greater than HSCZ's maximum drawdown of -34.89%. Use the drawdown chart below to compare losses from any high point for CII and HSCZ.
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Drawdown Indicators
| CII | HSCZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.43% | -34.89% | -21.54% |
Max Drawdown (1Y)Largest decline over 1 year | -11.67% | -9.61% | -2.06% |
Max Drawdown (3Y)Largest decline over 3 years | -21.05% | -12.81% | -8.24% |
Max Drawdown (5Y)Largest decline over 5 years | -22.32% | -20.11% | -2.21% |
Max Drawdown (10Y)Largest decline over 10 years | -40.56% | -34.89% | -5.67% |
Current DrawdownCurrent decline from peak | -6.33% | -0.60% | -5.73% |
Average DrawdownAverage peak-to-trough decline | -6.17% | -4.64% | -1.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.05% | 2.25% | +0.80% |
Volatility
CII vs. HSCZ - Volatility Comparison
BlackRock Enhanced Large Cap Core Fund (CII) has a higher volatility of 5.22% compared to iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ) at 4.08%. This indicates that CII'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.
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Volatility by Period
| CII | HSCZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.22% | 4.08% | +1.14% |
Volatility (6M)Calculated over the trailing 6-month period | 12.09% | 9.68% | +2.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.40% | 11.60% | +3.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.16% | 13.52% | +3.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.54% | 15.68% | +2.86% |
CII vs. HSCZ - Expense Ratio Comparison
CII has a 0.91% expense ratio, which is higher than HSCZ's 0.43% expense ratio.
Dividends
CII vs. HSCZ - Dividend Comparison
CII's dividend yield for the trailing twelve months is around 15.93%, more than HSCZ's 2.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CII BlackRock Enhanced Large Cap Core Fund | 15.35% | 16.65% | 6.15% | 6.28% | 12.27% | 4.98% | 6.03% | 5.79% | 7.06% | 6.07% | 8.38% | 8.49% |
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF | 2.93% | 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
CII and HSCZ have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CII has higher volatility (5.22%) compared to HSCZ (4.08%). In terms of maximum drawdown, CII dropped -56.43% vs HSCZ's -34.89%.
CII currently has the higher Sharpe Ratio (2.52 vs 2.45), 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.
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