HSCZ vs. CSQ
HSCZ (iShares Currency Hedged MSCI EAFE Small Cap ETF) and CSQ (Calamos Strategic Total Return Fund) are both funds - HSCZ is a Foreign Small & Mid Cap Equities fund tracking the MSCI EAFE Small-Cap 100% Hedged to USD Index, while CSQ is a Diversified Portfolio fund actively managed by Calamos. HSCZ is passively managed, while CSQ is actively managed. Over the past 10 years, HSCZ returned 12.35%/yr vs 16.38%/yr for CSQ. A 0.62 correlation means they provide meaningful diversification when combined. HSCZ charges 0.43%/yr vs 2.46%/yr for CSQ.
Performance
HSCZ vs. CSQ - Performance Comparison
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Returns By Period
In the year-to-date period, HSCZ achieves a 10.99% return, which is significantly higher than CSQ's 8.10% return. Over the past 10 years, HSCZ has underperformed CSQ with an annualized return of 12.35%, while CSQ has yielded a comparatively higher 16.38% annualized 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%
CSQ
- 1D
- 1.27%
- 1M
- -1.20%
- YTD
- 8.10%
- 6M
- 9.75%
- 1Y
- 24.17%
- 3Y*
- 20.54%
- 5Y*
- 10.41%
- 10Y*
- 16.38%
HSCZ vs. CSQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% | -13.99% | 24.52% |
CSQ Calamos Strategic Total Return Fund | 8.10% | 16.25% | 28.11% | 20.80% | -24.26% | 30.77% | 26.22% | 38.62% | -4.89% | 27.98% |
Correlation
The correlation between HSCZ and CSQ is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2015 | 0.62 |
The correlation between HSCZ and CSQ has been stable across timeframes, ranging from 0.62 to 0.68 - a consistent structural relationship.
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Return for Risk
HSCZ vs. CSQ — Risk / Return Rank
HSCZ
CSQ
HSCZ vs. CSQ - 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 Calamos Strategic Total Return Fund (CSQ). 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 | CSQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.93 | ||
| Sortino ratioReturn per unit of downside risk | +1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.27 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.95 | 1.49 | +1.46 |
| Martin ratioReturn relative to average drawdown | 12.57 | 6.36 | +6.21 |
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Drawdowns
HSCZ vs. CSQ - Drawdown Comparison
The maximum HSCZ drawdown since its inception was -34.89%, smaller than the maximum CSQ drawdown of -67.17%. Use the drawdown chart below to compare losses from any high point for HSCZ and CSQ.
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Drawdown Indicators
| HSCZ | CSQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.89% | -67.17% | +32.28% |
Max Drawdown (1Y)Largest decline over 1 year | -9.61% | -15.25% | +5.64% |
Max Drawdown (3Y)Largest decline over 3 years | -12.81% | -24.18% | +11.37% |
Max Drawdown (5Y)Largest decline over 5 years | -20.11% | -33.09% | +12.98% |
Max Drawdown (10Y)Largest decline over 10 years | -34.89% | -48.21% | +13.32% |
Current DrawdownCurrent decline from peak | -0.60% | -2.35% | +1.75% |
Average DrawdownAverage peak-to-trough decline | -4.64% | -9.33% | +4.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.25% | 3.58% | -1.33% |
Volatility
HSCZ vs. CSQ - Volatility Comparison
The current volatility for iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ) is 4.08%, while Calamos Strategic Total Return Fund (CSQ) has a volatility of 5.74%. This indicates that HSCZ experiences smaller price fluctuations and is considered to be less risky than CSQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HSCZ | CSQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.08% | 5.74% | -1.66% |
Volatility (6M)Calculated over the trailing 6-month period | 9.68% | 12.45% | -2.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.60% | 15.06% | -3.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.52% | 20.06% | -6.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.68% | 23.02% | -7.34% |
HSCZ vs. CSQ - Expense Ratio Comparison
HSCZ has a 0.43% expense ratio, which is lower than CSQ's 2.46% expense ratio.
Dividends
HSCZ vs. CSQ - Dividend Comparison
HSCZ's dividend yield for the trailing twelve months is around 2.93%, less than CSQ's 6.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSQ Calamos Strategic Total Return Fund | 6.72% | 6.51% | 6.95% | 8.27% | 9.17% | 6.38% | 7.03% | 7.14% | 9.35% | 8.20% | 9.64% | 10.00% |
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
HSCZ and CSQ have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CSQ has higher volatility (5.74%) compared to HSCZ (4.08%). In terms of maximum drawdown, HSCZ dropped -34.89% vs CSQ's -67.17%.
HSCZ currently has the higher Sharpe Ratio (2.45 vs 1.51), 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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