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HLI vs. HSCZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HLI vs. HSCZ

Last updated Jun 26, 2026

HLI (Houlihan Lokey, Inc.) is a stock, while HSCZ (iShares Currency Hedged MSCI EAFE Small Cap ETF) is Foreign Small & Mid Cap Equities fund tracking the MSCI EAFE Small-Cap 100% Hedged to USD Index. Over the past 10 years, HLI returned 22.50%/yr vs 12.84%/yr for HSCZ. At a 0.42 correlation, their price movements are largely independent.

Performance

HLI vs. HSCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Houlihan Lokey, Inc. (HLI) 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, HLI achieves a -21.06% return, which is significantly lower than HSCZ's 10.88% return. Over the past 10 years, HLI has outperformed HSCZ with an annualized return of 22.50%, while HSCZ has yielded a comparatively lower 12.84% annualized return.

HLI

1D
-1.21%
1M
-9.15%
YTD
-21.06%
6M
-22.74%
1Y
-23.62%
3Y*
14.47%
5Y*
13.05%
10Y*
22.50%

HSCZ

1D
0.18%
1M
-0.58%
YTD
10.88%
6M
10.94%
1Y
28.31%
3Y*
19.51%
5Y*
11.05%
10Y*
12.84%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HLI vs. HSCZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HLI
Houlihan Lokey, Inc.		-21.06%1.64%47.04%40.67%-13.88%57.04%40.61%36.33%-17.20%49.30%
HSCZ
iShares Currency Hedged MSCI EAFE Small Cap ETF		10.88%25.74%12.89%17.03%-11.46%17.75%6.40%27.89%-13.99%24.52%

Correlation

The correlation between HLI and HSCZ is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.42

Correlation (3Y)
Calculated over the trailing 3-year period

0.46

Correlation (5Y)
Calculated over the trailing 5-year period

0.50

Correlation (10Y)
Calculated over the trailing 10-year period

0.45

Correlation (All Time)
Calculated using the full available price history since Aug 13, 2015

0.42

Compare stocks, funds, or ETFs

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Houlihan Lokey, Inc.

iShares Currency Hedged MSCI EAFE Small Cap ETF

Often compared with HLI:
HLI vs. TFII.TOHLI vs. COSTHLI vs. SPYHLI vs. BAHHLI vs. IBKRHLI vs. JEFHLI vs. AVGO
Often compared with HSCZ:
HSCZ vs. HEFAHSCZ vs. MSMLXHSCZ vs. HEWJHSCZ vs. ISVLHSCZ vs. EWUSHSCZ vs. HEZUHSCZ vs. DEMSX

Return for Risk

HLI vs. HSCZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HLI
HLI Risk / Return Rank: 1212
Overall Rank
HLI Sharpe Ratio Rank: 77
Sharpe Ratio Rank
HLI Sortino Ratio Rank: 1111
Sortino Ratio Rank
HLI Omega Ratio Rank: 1010
Omega Ratio Rank
HLI Calmar Ratio Rank: 1717
Calmar Ratio Rank
HLI Martin Ratio Rank: 1414
Martin Ratio Rank
HSCZ
HSCZ Risk / Return Rank: 8181
Overall Rank
HSCZ Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
HSCZ Sortino Ratio Rank: 8787
Sortino Ratio Rank
HSCZ Omega Ratio Rank: 8686
Omega Ratio Rank
HSCZ Calmar Ratio Rank: 6868
Calmar Ratio Rank
HSCZ Martin Ratio Rank: 7676
Martin Ratio Rank
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.

HLI vs. HSCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Houlihan Lokey, Inc. (HLI) 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.

HLIHSCZDifference
Sharpe ratioReturn per unit of total volatility
-0.91
2.45

-3.36

Sortino ratioReturn per unit of downside risk
-1.15
3.42

-4.57

Omega ratioGain probability vs. loss probability

0.85

1.45

-0.60

Calmar ratioReturn relative to maximum drawdown

-0.69

2.96

-3.65

Martin ratioReturn relative to average drawdown

-1.25

12.58

-13.83

HLI vs. HSCZ - Sharpe Ratio Comparison

The current HLI Sharpe Ratio is -0.91, which is lower than the HSCZ Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of HLI 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

HLI vs. HSCZ - Drawdown Comparison

The maximum HLI drawdown since its inception was -36.57%, roughly equal to the maximum HSCZ drawdown of -34.89%. Use the drawdown chart below to compare losses from any high point for HLI and HSCZ.

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Drawdown Indicators

HLIHSCZDifference

Max Drawdown

Largest peak-to-trough decline

-36.57%

-34.89%

-1.68%

Max Drawdown (1Y)

Largest decline over 1 year

-34.38%

-9.61%

-24.77%

Max Drawdown (3Y)

Largest decline over 3 years

-34.38%

-12.81%

-21.57%

Max Drawdown (5Y)

Largest decline over 5 years

-36.57%

-20.11%

-16.46%

Max Drawdown (10Y)

Largest decline over 10 years

-36.57%

-34.89%

-1.68%

Current Drawdown

Current decline from peak

-34.04%

-0.89%

-33.15%

Average Drawdown

Average peak-to-trough decline

-9.66%

-4.63%

-5.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

18.96%

2.26%

+16.70%

Volatility

HLI vs. HSCZ - Volatility Comparison

Houlihan Lokey, Inc. (HLI) has a higher volatility of 7.84% compared to iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ) at 3.80%. This indicates that HLI'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

HLIHSCZDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.84%

3.80%

+4.04%

Volatility (6M)

Calculated over the trailing 6-month period

19.60%

9.71%

+9.89%

Volatility (1Y)

Calculated over the trailing 1-year period

26.08%

11.63%

+14.45%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.96%

13.51%

+14.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

26.83%

15.47%

+11.36%

Dividends

HLI vs. HSCZ - Dividend Comparison

HLI's dividend yield for the trailing twelve months is around 1.83%, less than HSCZ's 2.94% yield.

PositionTTM20252024202320222021202020192018201720162015
HLI
Houlihan Lokey, Inc.		1.83%1.36%1.30%1.82%2.32%1.56%1.90%2.46%2.74%1.76%2.12%0.57%
HSCZ
iShares Currency Hedged MSCI EAFE Small Cap ETF		2.94%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

HLI and HSCZ have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HLI has higher volatility (7.84%) compared to HSCZ (3.80%). In terms of maximum drawdown, HLI dropped -36.57% vs HSCZ's -34.89%.

HSCZ currently has the higher Sharpe Ratio (2.45 vs -0.91), 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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