HSCZ vs. DBO

Last updated Jun 4, 2026

HSCZ (iShares Currency Hedged MSCI EAFE Small Cap ETF) and DBO (Invesco DB Oil 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 DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 10 years, HSCZ returned 11.62%/yr vs 11.37%/yr for DBO. At a 0.19 correlation, their price movements are largely independent. HSCZ charges 0.43%/yr vs 0.78%/yr for DBO.

Performance

HSCZ vs. DBO - 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 Invesco DB Oil Fund (DBO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HSCZ achieves a 10.57% return, which is significantly lower than DBO's 84.75% return. Both investments have delivered pretty close results over the past 10 years, with HSCZ having a 11.62% annualized return and DBO not far behind at 11.37%.

HSCZ

• 1D: -0.17%
• 1M: 4.13%
• YTD: 10.57%
• 6M: 13.25%
• 1Y: 28.62%
• 3Y*: 18.68%
• 5Y*: 10.97%
• 10Y*: 11.62%

DBO

• 1D: 2.27%
• 1M: -2.34%
• YTD: 84.75%
• 6M: 81.10%
• 1Y: 80.26%
• 3Y*: 21.86%
• 5Y*: 15.98%
• 10Y*: 11.37%

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

HSCZ vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF	10.57%	25.74%	12.89%	17.03%	-11.46%	17.75%	6.40%	27.89%	-13.99%	24.52%
DBO Invesco DB Oil Fund	84.75%	-11.71%	7.85%	-4.44%	13.04%	60.74%	-20.99%	28.05%	-15.22%	4.86%

Correlation

The correlation between HSCZ and DBO is -0.27, 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	-0.27
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.19
Correlation (All Time) Calculated using the full available price history since Jul 15, 2015	0.19

The correlation between HSCZ and DBO shifts across timeframes, from -0.27 (1 year) to 0.19 (10 years), reflecting how their relationship changes across market environments.

HSCZ vs. DBO - Sectors Allocation Comparison

Sectors	HSCZ	DBO
Industrials	23.3%	-
Financial Services	16.0%	116.0%
Basic Materials	13.7%	-
Technology	9.8%	-
Real Estate	9.6%	-
Consumer Cyclical	8.1%	-
Energy	4.1%	-
Utilities	3.5%	-
Communication Services	3.5%	-
Healthcare	3.3%	-
Consumer Defensive	2.9%	-

Return for Risk

HSCZ vs. DBO — Risk / Return Rank

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

HSCZ

HSCZ Risk / Return Rank: 73
HSCZ Sharpe Ratio Rank: 78
HSCZ Sortino Ratio Rank: 80
HSCZ Omega Ratio Rank: 80
HSCZ Calmar Ratio Rank: 60
HSCZ Martin Ratio Rank: 69

DBO

DBO Risk / Return Rank: 65
DBO Sharpe Ratio Rank: 70
DBO Sortino Ratio Rank: 62
DBO Omega Ratio Rank: 60
DBO Calmar Ratio Rank: 83
DBO Martin Ratio Rank: 52

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. DBO - 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 Oil Fund (DBO). 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.

	HSCZ	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.57	2.34	+0.22
Sortino ratio: Return per unit of downside risk	3.63	2.94	+0.70
Omega ratio: Gain probability vs. loss probability	1.48	1.38	+0.11
Calmar ratio: Return relative to maximum drawdown	2.99	4.44	-1.44
Martin ratio: Return relative to average drawdown	12.84	9.02	+3.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HSCZ vs. DBO - Sharpe Ratio Comparison

The current HSCZ Sharpe Ratio is 2.57, which is comparable to the DBO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of HSCZ and DBO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HSCZ	DBO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.57	2.34	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.50	+0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	0.36	+0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.02	+0.64

Drawdowns

HSCZ vs. DBO - Drawdown Comparison

The maximum HSCZ drawdown since its inception was -34.89%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for HSCZ and DBO.

Drawdown Indicators

	HSCZ	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-34.89%	-90.18%	+55.29%
Max Drawdown (1Y) Largest decline over 1 year	-9.61%	-18.19%	+8.58%
Max Drawdown (3Y) Largest decline over 3 years	-12.81%	-28.20%	+15.39%
Max Drawdown (5Y) Largest decline over 5 years	-20.11%	-37.68%	+17.57%
Max Drawdown (10Y) Largest decline over 10 years	-34.89%	-61.69%	+26.80%
Current Drawdown Current decline from peak	-0.98%	-51.38%	+50.40%
Average Drawdown Average peak-to-trough decline	-4.65%	-62.25%	+57.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	8.92%	-6.69%

Volatility

HSCZ vs. DBO - Volatility Comparison

The current volatility for iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ) is 3.44%, while Invesco DB Oil Fund (DBO) has a volatility of 12.61%. This indicates that HSCZ experiences smaller price fluctuations and is considered to be less risky than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSCZ	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.44%	12.61%	-9.17%
Volatility (6M) Calculated over the trailing 6-month period	9.20%	28.20%	-19.00%
Volatility (1Y) Calculated over the trailing 1-year period	11.21%	34.46%	-23.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.46%	32.29%	-18.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.66%	31.78%	-16.12%

HSCZ vs. DBO - Expense Ratio Comparison

HSCZ has a 0.43% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

HSCZ vs. DBO - Dividend Comparison

HSCZ's dividend yield for the trailing twelve months is around 2.94%, more than DBO's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBO Invesco DB Oil Fund	1.90%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%	0.00%	0.00%	0.00%
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

Can I hold both HSCZ and DBO in my portfolio?

HSCZ and DBO have a correlation of -0.27, 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 DBO?

DBO has higher volatility (12.61%) compared to HSCZ (3.44%). In terms of maximum drawdown, HSCZ dropped -34.89% vs DBO's -90.18%.

Which ETF is better, HSCZ or DBO?

On 10-year performance, HSCZ leads with 11.62% vs 11.37% for DBO. On fees, HSCZ is cheaper at 0.43% per year. On volatility, HSCZ has been the lower-risk option at 3.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HSCZ or DBO?

Over the 10-year period, HSCZ has performed better with a 11.62% return vs 11.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HSCZ or DBO?

HSCZ is cheaper with a 0.43% expense ratio, compared with 0.78% for DBO.

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

HSCZ has the higher dividend yield at 2.94%, compared with 1.90% for DBO.

What is the main difference between HSCZ and DBO?

HSCZ is categorized as Foreign Small & Mid Cap Equities, while DBO is Oil & Gas. HSCZ tracks MSCI EAFE Small-Cap 100% Hedged to USD Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.43% for HSCZ and 0.78% for DBO.

Which has better risk-adjusted returns?

HSCZ currently has the higher Sharpe Ratio (2.57 vs 2.34), 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.