HSCZ vs. DBC
HSCZ (iShares Currency Hedged MSCI EAFE Small Cap ETF) and DBC (Invesco DB Commodity Index Tracking Fund) 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 DBC is a Commodities fund tracking the DBIQ Optimum Yield Diversified Commodity Index Excess Return. Both are passively managed. Over the past 10 years, HSCZ returned 12.16%/yr vs 7.81%/yr for DBC. At a 0.21 correlation, their price movements are largely independent. HSCZ charges 0.43%/yr vs 0.85%/yr for DBC.
Performance
HSCZ vs. DBC - Performance Comparison
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Returns By Period
In the year-to-date period, HSCZ achieves a 11.71% return, which is significantly lower than DBC's 23.57% return. Over the past 10 years, HSCZ has outperformed DBC with an annualized return of 12.16%, while DBC has yielded a comparatively lower 7.81% annualized return.
HSCZ
- 1D
- 0.33%
- 1M
- 2.84%
- YTD
- 11.71%
- 6M
- 13.54%
- 1Y
- 29.07%
- 3Y*
- 18.58%
- 5Y*
- 11.59%
- 10Y*
- 12.16%
DBC
- 1D
- -0.29%
- 1M
- -12.59%
- YTD
- 23.57%
- 6M
- 25.87%
- 1Y
- 23.42%
- 3Y*
- 10.38%
- 5Y*
- 11.27%
- 10Y*
- 7.81%
HSCZ vs. DBC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF | 11.71% | 25.74% | 12.89% | 17.03% | -11.46% | 17.75% | 6.40% | 27.89% | -13.99% | 24.52% |
DBC Invesco DB Commodity Index Tracking Fund | 23.57% | 8.10% | 2.18% | -6.19% | 19.34% | 41.36% | -7.84% | 11.84% | -11.63% | 4.86% |
Correlation
The correlation between HSCZ and DBC is -0.19, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2015 | 0.21 |
The correlation between HSCZ and DBC shifts across timeframes, from -0.19 (1 year) to 0.22 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
HSCZ vs. DBC — Risk / Return Rank
HSCZ
DBC
HSCZ vs. DBC - 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 Invesco DB Commodity Index Tracking Fund (DBC). 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 | DBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.26 | ||
| Sortino ratioReturn per unit of downside risk | +1.78 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.23 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 3.04 | 1.84 | +1.20 |
| Martin ratioReturn relative to average drawdown | 12.93 | 6.05 | +6.88 |
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Drawdowns
HSCZ vs. DBC - Drawdown Comparison
The maximum HSCZ drawdown since its inception was -34.89%, smaller than the maximum DBC drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for HSCZ and DBC.
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Drawdown Indicators
| HSCZ | DBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.89% | -76.36% | +41.47% |
Max Drawdown (1Y)Largest decline over 1 year | -9.61% | -12.81% | +3.20% |
Max Drawdown (3Y)Largest decline over 3 years | -12.81% | -13.82% | +1.01% |
Max Drawdown (5Y)Largest decline over 5 years | -20.11% | -27.34% | +7.23% |
Max Drawdown (10Y)Largest decline over 10 years | -34.89% | -41.71% | +6.82% |
Current DrawdownCurrent decline from peak | -0.00% | -28.52% | +28.52% |
Average DrawdownAverage peak-to-trough decline | -4.64% | -46.18% | +41.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.25% | 3.88% | -1.63% |
Volatility
HSCZ vs. DBC - Volatility Comparison
The current volatility for iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ) is 3.77%, while Invesco DB Commodity Index Tracking Fund (DBC) has a volatility of 4.93%. This indicates that HSCZ experiences smaller price fluctuations and is considered to be less risky than DBC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HSCZ | DBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.77% | 4.93% | -1.16% |
Volatility (6M)Calculated over the trailing 6-month period | 9.66% | 16.16% | -6.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.58% | 18.70% | -7.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.50% | 19.20% | -5.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.59% | 17.80% | -2.21% |
HSCZ vs. DBC - Expense Ratio Comparison
HSCZ has a 0.43% expense ratio, which is lower than DBC's 0.85% expense ratio.
Dividends
HSCZ vs. DBC - Dividend Comparison
HSCZ's dividend yield for the trailing twelve months is around 2.91%, more than DBC's 2.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBC Invesco DB Commodity Index Tracking Fund | 2.69% | 3.33% | 5.22% | 4.94% | 0.59% | 0.00% | 0.00% | 1.59% | 1.30% | 0.00% | 0.00% | 0.00% |
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF | 2.91% | 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 DBC have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBC has higher volatility (4.93%) compared to HSCZ (3.77%). In terms of maximum drawdown, HSCZ dropped -34.89% vs DBC's -76.36%.
On 10-year performance, HSCZ leads with 12.16% vs 7.81% for DBC. On fees, HSCZ is cheaper at 0.43% per year. On volatility, HSCZ has been the lower-risk option at 3.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HSCZ has performed better with a 12.16% return vs 7.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HSCZ is cheaper with a 0.43% expense ratio, compared with 0.85% for DBC.
HSCZ has the higher dividend yield at 2.91%, compared with 2.69% for DBC.
HSCZ is categorized as Foreign Small & Mid Cap Equities, while DBC is Commodities. HSCZ tracks MSCI EAFE Small-Cap 100% Hedged to USD Index, while DBC tracks DBIQ Optimum Yield Diversified Commodity Index Excess Return. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.43% for HSCZ and 0.85% for DBC.
HSCZ currently has the higher Sharpe Ratio (2.52 vs 1.26), 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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