HSCZ vs. DGRO

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ) and iShares Core Dividend Growth ETF (DGRO).

HSCZ and DGRO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HSCZ is a passively managed fund by iShares that tracks the performance of the MSCI EAFE Small-Cap 100% Hedged to USD Index. It was launched on Jun 29, 2015. DGRO is a passively managed fund by iShares that tracks the performance of the Morningstar US Dividend Growth Index. It was launched on Jun 10, 2014. Both HSCZ and DGRO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

HSCZ vs. DGRO - 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 iShares Core Dividend Growth ETF (DGRO). The values are adjusted to include any dividend payments, if applicable.

HSCZ vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF	1.96%	25.74%	12.89%	17.03%	-11.46%	17.75%	6.40%	27.89%	-13.99%	24.52%
DGRO iShares Core Dividend Growth ETF	1.57%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%

Returns By Period

In the year-to-date period, HSCZ achieves a 1.96% return, which is significantly higher than DGRO's 1.57% return. Over the past 10 years, HSCZ has underperformed DGRO with an annualized return of 11.13%, while DGRO has yielded a comparatively higher 12.81% annualized return.

HSCZ

• 1D: 2.14%
• 1M: -6.61%
• YTD: 1.96%
• 6M: 7.54%
• 1Y: 27.45%
• 3Y*: 16.89%
• 5Y*: 9.84%
• 10Y*: 11.13%

DGRO

• 1D: 1.74%
• 1M: -4.56%
• YTD: 1.57%
• 6M: 4.23%
• 1Y: 16.09%
• 3Y*: 14.59%
• 5Y*: 10.13%
• 10Y*: 12.81%

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

HSCZ vs. DGRO - Expense Ratio Comparison

HSCZ has a 0.43% expense ratio, which is higher than DGRO's 0.08% expense ratio.

HSCZ

iShares Currency Hedged MSCI EAFE Small Cap ETF

DGRO

iShares Core Dividend Growth ETF

Return for Risk

HSCZ vs. DGRO — Risk / Return Rank

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

HSCZ

HSCZ Risk / Return Rank: 90
HSCZ Sharpe Ratio Rank: 89
HSCZ Sortino Ratio Rank: 91
HSCZ Omega Ratio Rank: 93
HSCZ Calmar Ratio Rank: 86
HSCZ Martin Ratio Rank: 88

DGRO

DGRO Risk / Return Rank: 69
DGRO Sharpe Ratio Rank: 67
DGRO Sortino Ratio Rank: 68
DGRO Omega Ratio Rank: 70
DGRO Calmar Ratio Rank: 67
DGRO Martin Ratio Rank: 75

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. DGRO - 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 iShares Core Dividend Growth ETF (DGRO). 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	DGRO	Difference
Sharpe ratio Return per unit of total volatility	1.92	1.12	+0.80
Sortino ratio Return per unit of downside risk	2.62	1.63	+0.99
Omega ratio Gain probability vs. loss probability	1.41	1.24	+0.17
Calmar ratio Return relative to maximum drawdown	2.61	1.58	+1.03
Martin ratio Return relative to average drawdown	10.63	7.35	+3.27
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. DGRO - Sharpe Ratio Comparison

The current HSCZ Sharpe Ratio is 1.92, which is higher than the DGRO Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of HSCZ and DGRO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HSCZ	DGRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.92	1.12	+0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.74	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.77	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.73	-0.11

Correlation

The correlation between HSCZ and DGRO is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

HSCZ vs. DGRO - Dividend Comparison

HSCZ's dividend yield for the trailing twelve months is around 3.19%, more than DGRO's 2.10% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF	3.19%	3.25%	3.26%	2.98%	26.91%	2.90%	1.46%	4.66%	6.15%	2.52%	2.57%	1.75%
DGRO iShares Core Dividend Growth ETF	2.10%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%

Drawdowns

HSCZ vs. DGRO - Drawdown Comparison

The maximum HSCZ drawdown since its inception was -34.89%, roughly equal to the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for HSCZ and DGRO.

Drawdown Indicators

	HSCZ	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-34.89%	-35.10%	+0.21%
Max Drawdown (1Y) Largest decline over 1 year	-9.88%	-10.92%	+1.04%
Max Drawdown (5Y) Largest decline over 5 years	-20.11%	-19.31%	-0.80%
Max Drawdown (10Y) Largest decline over 10 years	-34.89%	-35.10%	+0.21%
Current Drawdown Current decline from peak	-6.61%	-4.73%	-1.88%
Average Drawdown Average peak-to-trough decline	-4.70%	-3.48%	-1.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	2.35%	+0.09%

Volatility

HSCZ vs. DGRO - Volatility Comparison

iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ) has a higher volatility of 5.41% compared to iShares Core Dividend Growth ETF (DGRO) at 3.66%. This indicates that HSCZ's price experiences larger fluctuations and is considered to be riskier than DGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSCZ	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.41%	3.66%	+1.75%
Volatility (6M) Calculated over the trailing 6-month period	8.49%	7.22%	+1.27%
Volatility (1Y) Calculated over the trailing 1-year period	14.44%	14.50%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.37%	13.84%	-0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.65%	16.63%	-0.98%