FELC vs. HSCZ

Last updated Jun 14, 2026

FELC (Fidelity Enhanced Large Cap Core ETF) and HSCZ (iShares Currency Hedged MSCI EAFE Small Cap ETF) are both exchange-traded funds - FELC is a Large Cap Blend Equities fund actively managed by Fidelity, while HSCZ is a Foreign Small & Mid Cap Equities fund tracking the MSCI EAFE Small-Cap 100% Hedged to USD Index. FELC is actively managed, while HSCZ is passively managed. Over the past year, FELC returned 26.15% vs 29.11% for HSCZ. A 0.67 correlation means they provide meaningful diversification when combined. FELC charges 0.18%/yr vs 0.43%/yr for HSCZ.

Performance

FELC vs. HSCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Large Cap Core ETF (FELC) 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, FELC achieves a 9.10% return, which is significantly lower than HSCZ's 10.99% return.

FELC

• 1D: 0.48%
• 1M: -0.81%
• YTD: 9.10%
• 6M: 9.67%
• 1Y: 26.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

FELC vs. HSCZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FELC Fidelity Enhanced Large Cap Core ETF	9.10%	17.09%	25.25%	6.06%
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF	10.99%	25.74%	12.89%	4.84%

Correlation

The correlation between FELC and HSCZ is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.67

The correlation between FELC and HSCZ has been stable across timeframes, ranging from 0.67 to 0.68 - a consistent structural relationship.

FELC vs. HSCZ - Sectors Allocation Comparison

Sectors	FELC	HSCZ
Technology	40.8%	10.8%
Financial Services	12.3%	13.3%
Communication Services	11.4%	3.1%
Consumer Cyclical	10.0%	10.8%
Industrials	9.1%	24.4%
Healthcare	7.4%	4.8%
Energy	2.8%	3.8%
Consumer Defensive	2.5%	3.9%
Basic Materials	1.4%	10.8%
Utilities	1.3%	2.4%
Real Estate	1.1%	9.5%

Return for Risk

FELC vs. HSCZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FELC

FELC Risk / Return Rank: 70
FELC Sharpe Ratio Rank: 71
FELC Sortino Ratio Rank: 69
FELC Omega Ratio Rank: 71
FELC Calmar Ratio Rank: 62
FELC Martin Ratio Rank: 75

HSCZ

HSCZ Risk / Return Rank: 80
HSCZ Sharpe Ratio Rank: 86
HSCZ Sortino Ratio Rank: 87
HSCZ Omega Ratio Rank: 85
HSCZ Calmar Ratio Rank: 67
HSCZ Martin Ratio Rank: 75

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FELC vs. HSCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Large Cap Core ETF (FELC) 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.

	FELC	HSCZ	Difference
Sharpe ratio: Return per unit of total volatility	1.99	2.45	-0.45
Sortino ratio: Return per unit of downside risk	2.70	3.44	-0.74
Omega ratio: Gain probability vs. loss probability	1.36	1.45	-0.09
Calmar ratio: Return relative to maximum drawdown	2.73	2.95	-0.23
Martin ratio: Return relative to average drawdown	12.29	12.57	-0.28

FELC vs. HSCZ - Sharpe Ratio Comparison

The current FELC Sharpe Ratio is 1.99, which is comparable to the HSCZ Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of FELC 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

FELC vs. HSCZ - Drawdown Comparison

The maximum FELC drawdown since its inception was -18.59%, smaller than the maximum HSCZ drawdown of -34.89%. Use the drawdown chart below to compare losses from any high point for FELC and HSCZ.

Drawdown Indicators

	FELC	HSCZ	Difference
Max Drawdown Largest peak-to-trough decline	-18.59%	-34.89%	+16.30%
Max Drawdown (1Y) Largest decline over 1 year	-9.09%	-9.61%	+0.52%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.81%	—
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	-2.49%	-0.60%	-1.89%
Average Drawdown Average peak-to-trough decline	-1.91%	-4.64%	+2.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	2.25%	-0.23%

Volatility

FELC vs. HSCZ - Volatility Comparison

Fidelity Enhanced Large Cap Core ETF (FELC) has a higher volatility of 4.49% compared to iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ) at 4.08%. This indicates that FELC'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

	FELC	HSCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.49%	4.08%	+0.41%
Volatility (6M) Calculated over the trailing 6-month period	9.69%	9.68%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	12.45%	11.60%	+0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.26%	13.52%	+1.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.26%	15.68%	-0.42%

FELC vs. HSCZ - Expense Ratio Comparison

FELC has a 0.18% expense ratio, which is lower than HSCZ's 0.43% expense ratio.

Dividends

FELC vs. HSCZ - Dividend Comparison

FELC's dividend yield for the trailing twelve months is around 0.87%, less than HSCZ's 2.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FELC Fidelity Enhanced Large Cap Core ETF	0.87%	0.92%	1.03%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both FELC and HSCZ in my portfolio?

FELC and HSCZ have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FELC or HSCZ?

FELC has higher volatility (4.49%) compared to HSCZ (4.08%). In terms of maximum drawdown, FELC dropped -18.59% vs HSCZ's -34.89%.

Which ETF is better, FELC or HSCZ?

On 1-year performance, HSCZ leads with 29.11% vs 26.15% for FELC. On fees, FELC is cheaper at 0.18% per year. On volatility, HSCZ has been the lower-risk option at 4.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FELC or HSCZ?

Over the 1-year period, HSCZ has performed better with a 29.11% return vs 26.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FELC or HSCZ?

FELC is cheaper with a 0.18% expense ratio, compared with 0.43% for HSCZ.

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

HSCZ has the higher dividend yield at 2.93%, compared with 0.87% for FELC.

What is the main difference between FELC and HSCZ?

FELC is categorized as Large Cap Blend Equities, while HSCZ is Foreign Small & Mid Cap Equities. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.18% for FELC and 0.43% for HSCZ.

Which has better risk-adjusted returns?

HSCZ currently has the higher Sharpe Ratio (2.45 vs 1.99), 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.