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EWUS vs. HSCZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWUS vs. HSCZ

Last updated Aug 2, 2026
Documentation

EWUS (iShares MSCI United Kingdom Small-Cap ETF) and HSCZ (iShares Currency Hedged MSCI EAFE Small Cap ETF) are both exchange-traded funds - EWUS is a Europe Equities fund tracking the MSCI United Kingdom Small Cap Index, while HSCZ is a Foreign Small & Mid Cap Equities fund tracking the MSCI EAFE Small-Cap 100% Hedged to USD Index. Both are passively managed. Over the past 10 years, EWUS returned 5.33%/yr vs 11.86%/yr for HSCZ. Their 0.68 correlation means they have sometimes moved together and sometimes differently. EWUS charges 0.59%/yr vs 0.43%/yr for HSCZ.

Performance

EWUS vs. HSCZ - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWUS achieves a 6.86% return, which is significantly lower than HSCZ's 11.33% return. Over the past 10 years, EWUS has underperformed HSCZ with an annualized return of 5.33%, while HSCZ has yielded a comparatively higher 11.86% annualized return.

EWUS

1D
-1.04%
1M
3.24%
6M
1.26%
YTD
6.86%
1Y
14.30%
3Y*
13.24%
5Y*
1.58%
10Y*
5.33%
ALL TIME*
6.70%

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

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWUS

iShares MSCI United Kingdom Small-Cap ETF
$129.53K$175.40K$229.81K

HSCZ

iShares Currency Hedged MSCI EAFE Small Cap ETF
$2.56M$1.76M$1.27M

EWUS vs. HSCZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWUS
iShares MSCI United Kingdom Small-Cap ETF		6.86%25.13%3.55%15.41%-31.19%12.55%-2.58%35.16%-20.16%32.17%
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 EWUS and HSCZ is 0.76, 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.

0.76

Correlation (3Y)
Balances recent behavior with more history.

0.75

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.79

Correlation (10Y)
Provides a long-term view across more market conditions.

0.71

Correlation (All Time)
Calculated using the full available price history since Jul 14, 2015

0.68

The correlation between EWUS and HSCZ shifts across timeframes, from 0.68 (all time) to 0.79 (5 years), reflecting how their relationship changes across market environments.

EWUS vs. HSCZ - Sectors Allocation Comparison

Sectors
EWUS
HSCZ

Financial Services

22.8%
12.7%

Industrials

22.0%
24.1%

Consumer Cyclical

16.8%
12.6%

Real Estate

9.9%
10.0%

Communication Services

6.3%
3.7%

Basic Materials

5.4%
9.8%

Utilities

4.1%
2.1%

Consumer Defensive

3.9%
4.9%

Technology

3.5%
10.8%

Healthcare

3.0%
6.1%

Energy

1.7%
3.3%

Financial Services

EWUS
22.8%
HSCZ
12.7%

Industrials

EWUS
22.0%
HSCZ
24.1%

Consumer Cyclical

EWUS
16.8%
HSCZ
12.6%

Real Estate

EWUS
9.9%
HSCZ
10.0%

Communication Services

EWUS
6.3%
HSCZ
3.7%

Basic Materials

EWUS
5.4%
HSCZ
9.8%

Utilities

EWUS
4.1%
HSCZ
2.1%

Consumer Defensive

EWUS
3.9%
HSCZ
4.9%

Technology

EWUS
3.5%
HSCZ
10.8%

Healthcare

EWUS
3.0%
HSCZ
6.1%

Energy

EWUS
1.7%
HSCZ
3.3%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI United Kingdom Small-Cap ETF

iShares Currency Hedged MSCI EAFE Small Cap ETF

Often compared with EWUS:
EWUS vs. EWUEWUS vs. SCJEWUS vs. EWZSEWUS vs. SCZEWUS vs. SMINEWUS vs. QQQEWUS vs. IJR
Often compared with HSCZ:
HSCZ vs. HEFAHSCZ vs. MSMLXHSCZ vs. HEWJHSCZ vs. ISVLHSCZ vs. HEZUHSCZ vs. DEMSXHSCZ vs. ISCF

Return for Risk

EWUS vs. HSCZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWUS
EWUS Risk / Return Rank: 3030
Overall Rank
EWUS Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
EWUS Sortino Ratio Rank: 3232
Sortino Ratio Rank
EWUS Omega Ratio Rank: 2929
Omega Ratio Rank
EWUS Calmar Ratio Rank: 2828
Calmar Ratio Rank
EWUS Martin Ratio Rank: 3131
Martin Ratio Rank
HSCZ
HSCZ Risk / Return Rank: 7878
Overall Rank
HSCZ Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
HSCZ Sortino Ratio Rank: 8282
Sortino Ratio Rank
HSCZ Omega Ratio Rank: 8181
Omega Ratio Rank
HSCZ Calmar Ratio Rank: 6868
Calmar Ratio Rank
HSCZ Martin Ratio Rank: 7777
Martin Ratio Rank
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.

EWUS vs. HSCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI United Kingdom Small-Cap ETF (EWUS) 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.

EWUSHSCZDifference
Sharpe ratioReturn per unit of total volatility
0.75
1.88

-1.13

Sortino ratioReturn per unit of downside risk
1.21
2.67

-1.46

Omega ratioGain probability vs. loss probability

1.14

1.34

-0.20

Calmar ratioReturn relative to maximum drawdown

0.90

2.34

-1.45

Martin ratioReturn relative to average drawdown

2.83

9.75

-6.92

EWUS vs. HSCZ - Sharpe Ratio Comparison

The current EWUS Sharpe Ratio is 0.75, which is lower than the HSCZ Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of EWUS 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.

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Drawdowns

EWUS vs. HSCZ - Drawdown Comparison

The maximum EWUS drawdown since its inception was -49.33%, which is greater than HSCZ's maximum drawdown of -34.89%. Use the drawdown chart below to compare losses from any high point for EWUS and HSCZ.

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Drawdown Indicators

EWUSHSCZDifference

Max Drawdown

Largest peak-to-trough decline

-49.33%

-34.89%

-14.44%

Max Drawdown (1Y)

Largest decline over 1 year

-15.21%

-9.61%

-5.60%

Max Drawdown (3Y)

Largest decline over 3 years

-19.84%

-12.81%

-7.03%

Max Drawdown (5Y)

Largest decline over 5 years

-48.14%

-20.11%

-28.03%

Max Drawdown (10Y)

Largest decline over 10 years

-49.33%

-34.89%

-14.44%

Current Drawdown

Current decline from peak

-1.04%

-1.77%

+0.73%

Average Drawdown

Average peak-to-trough decline

-12.98%

-4.60%

-8.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.82%

2.31%

+2.51%

Volatility

EWUS vs. HSCZ - Volatility Comparison

iShares MSCI United Kingdom Small-Cap ETF (EWUS) has a higher volatility of 5.30% compared to iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ) at 3.90%. This indicates that EWUS'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

EWUSHSCZDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.30%

3.90%

+1.40%

Volatility (6M)

Calculated over the trailing 6-month period

15.41%

10.15%

+5.26%

Volatility (1Y)

Calculated over the trailing 1-year period

18.20%

11.99%

+6.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.16%

13.51%

+7.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.50%

15.35%

+6.15%

EWUS vs. HSCZ - Expense Ratio Comparison

EWUS has a 0.59% expense ratio, which is higher than HSCZ's 0.43% expense ratio.

Dividends

EWUS vs. HSCZ - Dividend Comparison

EWUS's dividend yield for the trailing twelve months is around 3.08%, less than HSCZ's 3.13% yield.

PositionTTM20252024202320222021202020192018201720162015
EWUS
iShares MSCI United Kingdom Small-Cap ETF		3.08%3.59%3.67%2.88%2.03%3.54%1.97%2.59%3.53%2.61%3.18%2.85%
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

EWUS and HSCZ have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWUS has higher volatility (5.30%) compared to HSCZ (3.90%). In terms of maximum drawdown, EWUS dropped -49.33% vs HSCZ's -34.89%.

On 10-year performance, HSCZ leads with 11.86% vs 5.33% for EWUS. 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.

Over the 10-year period, HSCZ has performed better with a 11.86% return vs 5.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

HSCZ is cheaper with a 0.43% expense ratio, compared with 0.59% for EWUS.

HSCZ has the higher dividend yield at 3.13%, compared with 3.08% for EWUS.

EWUS is categorized as Europe Equities, while HSCZ is Foreign Small & Mid Cap Equities. EWUS tracks MSCI United Kingdom Small Cap Index, while HSCZ tracks MSCI EAFE Small-Cap 100% Hedged to USD Index. Their fees differ too: 0.59% for EWUS and 0.43% for HSCZ.

HSCZ currently has the higher Sharpe Ratio (1.88 vs 0.75), 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.

Portfolio Optimizer

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