GICIX vs. HSCZ
GICIX (Goldman Sachs International Small Cap Insights Fund) and HSCZ (iShares Currency Hedged MSCI EAFE Small Cap ETF) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, GICIX returned 10.03%/yr vs 11.86%/yr for HSCZ. Their 0.76 correlation means they have sometimes moved together and sometimes differently. GICIX charges 0.87%/yr vs 0.43%/yr for HSCZ.
Performance
GICIX vs. HSCZ - Performance Comparison
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Returns By Period
In the year-to-date period, GICIX achieves a 13.78% return, which is significantly higher than HSCZ's 11.33% return. Over the past 10 years, GICIX has underperformed HSCZ with an annualized return of 10.03%, while HSCZ has yielded a comparatively higher 11.86% annualized return.
GICIX
- 1D
- 2.85%
- 1M
- 1.04%
- 6M
- 5.80%
- YTD
- 13.78%
- 1Y
- 29.13%
- 3Y*
- 21.47%
- 5Y*
- 9.35%
- 10Y*
- 10.03%
- ALL TIME*
- 7.45%
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 |
GICIX vs. HSCZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GICIX Goldman Sachs International Small Cap Insights Fund | 13.78% | 42.83% | 5.57% | 15.11% | -18.53% | 13.03% | 7.69% | 21.59% | -18.80% | 33.05% |
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 GICIX and HSCZ is 0.81, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.81 |
Correlation (3Y) Balances recent behavior with more history. | 0.80 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.83 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.80 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2015 | 0.76 |
The correlation between GICIX and HSCZ has been stable across timeframes, ranging from 0.76 to 0.83 - a consistent structural relationship.
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Return for Risk
GICIX vs. HSCZ — Risk / Return Rank
GICIX
HSCZ
GICIX vs. HSCZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs International Small Cap Insights Fund (GICIX) 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.
| GICIX | HSCZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.34 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.25 | 2.34 | -0.10 |
| Martin ratioReturn relative to average drawdown | 8.02 | 9.75 | -1.73 |
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Drawdowns
GICIX vs. HSCZ - Drawdown Comparison
The maximum GICIX drawdown since its inception was -56.71%, which is greater than HSCZ's maximum drawdown of -34.89%. Use the drawdown chart below to compare losses from any high point for GICIX and HSCZ.
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Drawdown Indicators
| GICIX | HSCZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.71% | -34.89% | -21.82% |
Max Drawdown (1Y)Largest decline over 1 year | -13.39% | -9.61% | -3.78% |
Max Drawdown (3Y)Largest decline over 3 years | -13.39% | -12.81% | -0.58% |
Max Drawdown (5Y)Largest decline over 5 years | -34.53% | -20.11% | -14.42% |
Max Drawdown (10Y)Largest decline over 10 years | -43.84% | -34.89% | -8.95% |
Current DrawdownCurrent decline from peak | -1.55% | -1.77% | +0.22% |
Average DrawdownAverage peak-to-trough decline | -10.86% | -4.60% | -6.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.74% | 2.31% | +1.43% |
Volatility
GICIX vs. HSCZ - Volatility Comparison
Goldman Sachs International Small Cap Insights Fund (GICIX) has a higher volatility of 5.31% compared to iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ) at 3.90%. This indicates that GICIX'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
| GICIX | HSCZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.31% | 3.90% | +1.41% |
Volatility (6M)Calculated over the trailing 6-month period | 13.92% | 10.15% | +3.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.23% | 11.99% | +4.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.68% | 13.51% | +3.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.58% | 15.35% | +1.23% |
GICIX vs. HSCZ - Expense Ratio Comparison
GICIX has a 0.87% expense ratio, which is higher than HSCZ's 0.43% expense ratio.
Dividends
GICIX vs. HSCZ - Dividend Comparison
GICIX's dividend yield for the trailing twelve months is around 7.11%, more than HSCZ's 3.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GICIX Goldman Sachs International Small Cap Insights Fund | 7.11% | 8.08% | 4.77% | 3.04% | 3.10% | 3.39% | 1.87% | 3.47% | 1.68% | 8.29% | 2.79% | 1.69% |
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
GICIX and HSCZ have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GICIX has higher volatility (5.31%) compared to HSCZ (3.90%). In terms of maximum drawdown, GICIX dropped -56.71% vs HSCZ's -34.89%.
HSCZ currently has the higher Sharpe Ratio (1.88 vs 1.86), 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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