DRIOX vs. HSCZ
DRIOX (Driehaus International Small Cap Growth Fund) and HSCZ (iShares Currency Hedged MSCI EAFE Small Cap ETF) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, DRIOX returned 9.30%/yr vs 11.86%/yr for HSCZ. Their 0.72 correlation means they have sometimes moved together and sometimes differently. DRIOX charges 1.16%/yr vs 0.43%/yr for HSCZ.
Performance
DRIOX vs. HSCZ - Performance Comparison
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Returns By Period
In the year-to-date period, DRIOX achieves a 5.51% return, which is significantly lower than HSCZ's 11.33% return. Over the past 10 years, DRIOX has underperformed HSCZ with an annualized return of 9.30%, while HSCZ has yielded a comparatively higher 11.86% annualized return.
DRIOX
- 1D
- 2.99%
- 1M
- -3.36%
- 6M
- 0.92%
- YTD
- 5.51%
- 1Y
- 11.23%
- 3Y*
- 13.32%
- 5Y*
- 3.24%
- 10Y*
- 9.30%
- ALL TIME*
- 7.50%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $2.56M | $1.76M | $1.27M |
DRIOX vs. HSCZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DRIOX Driehaus International Small Cap Growth Fund | 5.51% | 28.93% | 3.15% | 11.96% | -24.37% | 12.44% | 29.84% | 30.41% | -17.03% | 41.53% |
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF | 11.33% | 25.74% | 12.89% | 17.03% | -11.46% | 17.75% | 6.40% | 27.89% | -13.99% | 24.52% |
Correlation
The correlation between DRIOX and HSCZ is 0.79, 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. | 0.79 |
Correlation (3Y) Balances recent behavior with more history. | 0.80 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.81 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.75 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2015 | 0.72 |
The correlation between DRIOX and HSCZ has been stable across timeframes, ranging from 0.72 to 0.81 - a consistent structural relationship.
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Return for Risk
DRIOX vs. HSCZ — Risk / Return Rank
DRIOX
HSCZ
DRIOX vs. HSCZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Driehaus International Small Cap Growth Fund (DRIOX) 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.
| DRIOX | HSCZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.28 | ||
| Sortino ratioReturn per unit of downside risk | -1.71 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.34 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.78 | 2.34 | -1.56 |
| Martin ratioReturn relative to average drawdown | 2.52 | 9.75 | -7.23 |
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Drawdowns
DRIOX vs. HSCZ - Drawdown Comparison
The maximum DRIOX drawdown since its inception was -59.68%, which is greater than HSCZ's maximum drawdown of -34.89%. Use the drawdown chart below to compare losses from any high point for DRIOX and HSCZ.
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Drawdown Indicators
| DRIOX | HSCZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.68% | -34.89% | -24.79% |
Max Drawdown (1Y)Largest decline over 1 year | -14.47% | -9.61% | -4.86% |
Max Drawdown (3Y)Largest decline over 3 years | -17.23% | -12.81% | -4.42% |
Max Drawdown (5Y)Largest decline over 5 years | -47.73% | -20.11% | -27.62% |
Max Drawdown (10Y)Largest decline over 10 years | -47.73% | -34.89% | -12.84% |
Current DrawdownCurrent decline from peak | -7.44% | -1.77% | -5.67% |
Average DrawdownAverage peak-to-trough decline | -15.21% | -4.60% | -10.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.48% | 2.31% | +2.17% |
Volatility
DRIOX vs. HSCZ - Volatility Comparison
Driehaus International Small Cap Growth Fund (DRIOX) has a higher volatility of 6.45% compared to iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ) at 3.90%. This indicates that DRIOX'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
| DRIOX | HSCZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.45% | 3.90% | +2.55% |
Volatility (6M)Calculated over the trailing 6-month period | 16.64% | 10.15% | +6.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.01% | 11.99% | +7.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.16% | 13.51% | +10.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.92% | 15.35% | +5.57% |
DRIOX vs. HSCZ - Expense Ratio Comparison
DRIOX has a 1.16% expense ratio, which is higher than HSCZ's 0.43% expense ratio.
Dividends
DRIOX vs. HSCZ - Dividend Comparison
DRIOX's dividend yield for the trailing twelve months is around 1.01%, less than HSCZ's 3.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DRIOX Driehaus International Small Cap Growth Fund | 1.01% | 1.06% | 0.51% | 1.16% | 5.94% | 27.01% | 8.26% | 0.77% | 16.19% | 15.63% | 0.00% | 2.72% |
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
DRIOX and HSCZ have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRIOX has higher volatility (6.45%) compared to HSCZ (3.90%). In terms of maximum drawdown, DRIOX dropped -59.68% vs HSCZ's -34.89%.
HSCZ currently has the higher Sharpe Ratio (1.88 vs 0.60), 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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