HSCZ vs. AUSF

Last updated Jun 14, 2026

HSCZ (iShares Currency Hedged MSCI EAFE Small Cap ETF) and AUSF (Global X Adaptive U.S. Factor ETF) are both exchange-traded funds - HSCZ is a Foreign Small & Mid Cap Equities fund tracking the MSCI EAFE Small-Cap 100% Hedged to USD Index, while AUSF is a Mid Cap Value Equities fund tracking the Adaptive Wealth Strategies U.S. Factor Index. Both are passively managed. Over the past 5 years, HSCZ returned 10.94%/yr vs 13.35%/yr for AUSF. A 0.67 correlation means they provide meaningful diversification when combined. HSCZ charges 0.43%/yr vs 0.27%/yr for AUSF.

Performance

HSCZ vs. AUSF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ) and Global X Adaptive U.S. Factor ETF (AUSF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HSCZ achieves a 10.99% return, which is significantly higher than AUSF's 9.27% return.

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%

AUSF

• 1D: 0.70%
• 1M: 2.94%
• YTD: 9.27%
• 6M: 8.68%
• 1Y: 17.75%
• 3Y*: 19.94%
• 5Y*: 13.35%
• 10Y*: —

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

HSCZ vs. AUSF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF	10.99%	25.74%	12.89%	17.03%	-11.46%	17.75%	6.40%	27.89%	-15.75%
AUSF Global X Adaptive U.S. Factor ETF	9.27%	13.69%	16.05%	22.26%	-0.18%	27.48%	1.27%	24.06%	-11.18%

Correlation

The correlation between HSCZ and AUSF is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (All Time) Calculated using the full available price history since Aug 28, 2018	0.67

The correlation between HSCZ and AUSF shifts across timeframes, from 0.52 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.

HSCZ vs. AUSF - Sectors Allocation Comparison

Sectors	HSCZ	AUSF
Industrials	24.4%	14.4%
Financial Services	13.3%	18.4%
Technology	10.8%	15.3%
Consumer Cyclical	10.8%	9.3%
Basic Materials	10.8%	2.6%
Real Estate	9.5%	4.6%
Healthcare	4.8%	11.4%
Consumer Defensive	3.9%	7.8%
Energy	3.8%	3.2%
Communication Services	3.1%	8.6%
Utilities	2.4%	4.4%

Return for Risk

HSCZ vs. AUSF — Risk / Return Rank

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

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

AUSF

AUSF Risk / Return Rank: 57
AUSF Sharpe Ratio Rank: 56
AUSF Sortino Ratio Rank: 56
AUSF Omega Ratio Rank: 52
AUSF Calmar Ratio Rank: 66
AUSF Martin Ratio Rank: 54

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.

HSCZ vs. AUSF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ) and Global X Adaptive U.S. Factor ETF (AUSF). 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.

	HSCZ	AUSF	Difference
Sharpe ratio: Return per unit of total volatility	2.45	1.65	+0.80
Sortino ratio: Return per unit of downside risk	3.44	2.38	+1.06
Omega ratio: Gain probability vs. loss probability	1.45	1.28	+0.17
Calmar ratio: Return relative to maximum drawdown	2.95	2.86	+0.09
Martin ratio: Return relative to average drawdown	12.57	8.29	+4.29

HSCZ vs. AUSF - Sharpe Ratio Comparison

The current HSCZ Sharpe Ratio is 2.45, which is higher than the AUSF Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of HSCZ and AUSF, 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

HSCZ vs. AUSF - Drawdown Comparison

The maximum HSCZ drawdown since its inception was -34.89%, smaller than the maximum AUSF drawdown of -44.25%. Use the drawdown chart below to compare losses from any high point for HSCZ and AUSF.

Drawdown Indicators

	HSCZ	AUSF	Difference
Max Drawdown Largest peak-to-trough decline	-34.89%	-44.25%	+9.36%
Max Drawdown (1Y) Largest decline over 1 year	-9.61%	-5.84%	-3.77%
Max Drawdown (3Y) Largest decline over 3 years	-12.81%	-12.29%	-0.52%
Max Drawdown (5Y) Largest decline over 5 years	-20.11%	-14.23%	-5.88%
Max Drawdown (10Y) Largest decline over 10 years	-34.89%	—	—
Current Drawdown Current decline from peak	-0.60%	0.00%	-0.60%
Average Drawdown Average peak-to-trough decline	-4.64%	-4.21%	-0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	2.02%	+0.23%

Volatility

HSCZ vs. AUSF - Volatility Comparison

iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ) has a higher volatility of 4.08% compared to Global X Adaptive U.S. Factor ETF (AUSF) at 2.70%. This indicates that HSCZ's price experiences larger fluctuations and is considered to be riskier than AUSF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSCZ	AUSF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.08%	2.70%	+1.38%
Volatility (6M) Calculated over the trailing 6-month period	9.68%	6.72%	+2.96%
Volatility (1Y) Calculated over the trailing 1-year period	11.60%	10.14%	+1.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.52%	13.66%	-0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.68%	19.04%	-3.36%

HSCZ vs. AUSF - Expense Ratio Comparison

HSCZ has a 0.43% expense ratio, which is higher than AUSF's 0.27% expense ratio.

Dividends

HSCZ vs. AUSF - Dividend Comparison

HSCZ's dividend yield for the trailing twelve months is around 2.93%, more than AUSF's 2.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AUSF Global X Adaptive U.S. Factor ETF	2.69%	2.78%	2.63%	1.83%	2.51%	2.22%	2.95%	4.02%	1.46%	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 HSCZ and AUSF in my portfolio?

HSCZ and AUSF have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HSCZ or AUSF?

HSCZ has higher volatility (4.08%) compared to AUSF (2.70%). In terms of maximum drawdown, HSCZ dropped -34.89% vs AUSF's -44.25%.

Which ETF is better, HSCZ or AUSF?

On 5-year performance, AUSF leads with 13.35% vs 10.94% for HSCZ. On fees, AUSF is cheaper at 0.27% per year. On volatility, AUSF has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HSCZ or AUSF?

Over the 5-year period, AUSF has performed better with a 13.35% return vs 10.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HSCZ or AUSF?

AUSF is cheaper with a 0.27% expense ratio, compared with 0.43% for HSCZ.

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

HSCZ has the higher dividend yield at 2.93%, compared with 2.69% for AUSF.

What is the main difference between HSCZ and AUSF?

HSCZ is categorized as Foreign Small & Mid Cap Equities, while AUSF is Mid Cap Value Equities. HSCZ tracks MSCI EAFE Small-Cap 100% Hedged to USD Index, while AUSF tracks Adaptive Wealth Strategies U.S. Factor Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.43% for HSCZ and 0.27% for AUSF.

Which has better risk-adjusted returns?

HSCZ currently has the higher Sharpe Ratio (2.45 vs 1.65), 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.