HSCZ vs. GSINX

Last updated Jun 24, 2026

HSCZ (iShares Currency Hedged MSCI EAFE Small Cap ETF) and GSINX (Goldman Sachs GQG Partners International Opportunities 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 GSINX is a Foreign Large Cap Equities fund managed by Goldman Sachs. Over the past 5 years, HSCZ returned 11.06%/yr vs 8.45%/yr for GSINX. A 0.68 correlation means they provide meaningful diversification when combined. HSCZ charges 0.43%/yr vs 0.89%/yr for GSINX.

Performance

HSCZ vs. GSINX - 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 Goldman Sachs GQG Partners International Opportunities Fund (GSINX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HSCZ achieves a 10.35% return, which is significantly higher than GSINX's 3.57% return.

HSCZ

• 1D: -1.36%
• 1M: -0.07%
• YTD: 10.35%
• 6M: 10.73%
• 1Y: 27.70%
• 3Y*: 19.25%
• 5Y*: 11.06%
• 10Y*: 12.54%

GSINX

• 1D: 0.17%
• 1M: -4.61%
• YTD: 3.57%
• 6M: 3.67%
• 1Y: 9.75%
• 3Y*: 15.44%
• 5Y*: 8.45%
• 10Y*: —

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

HSCZ vs. GSINX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF	10.35%	25.74%	12.89%	17.03%	-11.46%	17.75%	6.40%	27.89%	-13.99%	24.52%
GSINX Goldman Sachs GQG Partners International Opportunities Fund	3.57%	20.76%	9.53%	21.93%	-11.14%	12.35%	15.64%	27.41%	-6.14%	29.66%

Correlation

The correlation between HSCZ and GSINX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.68

Over the past year, the correlation between HSCZ and GSINX has dropped to 0.48 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

Return for Risk

HSCZ vs. GSINX — Risk / Return Rank

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

HSCZ

HSCZ Risk / Return Rank: 75
HSCZ Sharpe Ratio Rank: 80
HSCZ Sortino Ratio Rank: 81
HSCZ Omega Ratio Rank: 80
HSCZ Calmar Ratio Rank: 62
HSCZ Martin Ratio Rank: 71

GSINX

GSINX Risk / Return Rank: 16
GSINX Sharpe Ratio Rank: 16
GSINX Sortino Ratio Rank: 14
GSINX Omega Ratio Rank: 15
GSINX Calmar Ratio Rank: 16
GSINX Martin Ratio Rank: 16

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. GSINX - 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 Goldman Sachs GQG Partners International Opportunities Fund (GSINX). 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	GSINX	Difference
Sharpe ratio: Return per unit of total volatility	2.39	1.05	+1.34
Sortino ratio: Return per unit of downside risk	3.35	1.47	+1.88
Omega ratio: Gain probability vs. loss probability	1.44	1.19	+0.25
Calmar ratio: Return relative to maximum drawdown	2.90	1.33	+1.57
Martin ratio: Return relative to average drawdown	12.32	4.08	+8.24

HSCZ vs. GSINX - Sharpe Ratio Comparison

The current HSCZ Sharpe Ratio is 2.39, which is higher than the GSINX Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of HSCZ and GSINX, 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. GSINX - Drawdown Comparison

The maximum HSCZ drawdown since its inception was -34.89%, which is greater than GSINX's maximum drawdown of -28.80%. Use the drawdown chart below to compare losses from any high point for HSCZ and GSINX.

Drawdown Indicators

	HSCZ	GSINX	Difference
Max Drawdown Largest peak-to-trough decline	-34.89%	-28.80%	-6.09%
Max Drawdown (1Y) Largest decline over 1 year	-9.61%	-7.80%	-1.81%
Max Drawdown (3Y) Largest decline over 3 years	-12.81%	-10.32%	-2.49%
Max Drawdown (5Y) Largest decline over 5 years	-20.11%	-25.46%	+5.35%
Max Drawdown (10Y) Largest decline over 10 years	-34.89%	—	—
Current Drawdown Current decline from peak	-1.36%	-6.27%	+4.91%
Average Drawdown Average peak-to-trough decline	-4.64%	-4.85%	+0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	2.54%	-0.29%

Volatility

HSCZ vs. GSINX - Volatility Comparison

iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ) has a higher volatility of 3.94% compared to Goldman Sachs GQG Partners International Opportunities Fund (GSINX) at 2.83%. This indicates that HSCZ's price experiences larger fluctuations and is considered to be riskier than GSINX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSCZ	GSINX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.94%	2.83%	+1.11%
Volatility (6M) Calculated over the trailing 6-month period	9.76%	8.21%	+1.55%
Volatility (1Y) Calculated over the trailing 1-year period	11.64%	9.91%	+1.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.52%	14.38%	-0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.47%	15.67%	-0.20%

HSCZ vs. GSINX - Expense Ratio Comparison

HSCZ has a 0.43% expense ratio, which is lower than GSINX's 0.89% expense ratio.

Dividends

HSCZ vs. GSINX - Dividend Comparison

HSCZ's dividend yield for the trailing twelve months is around 2.95%, less than GSINX's 4.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSINX Goldman Sachs GQG Partners International Opportunities Fund	4.86%	5.03%	11.11%	2.27%	4.79%	2.13%	0.08%	0.57%	0.43%	0.12%	0.00%	0.00%
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF	2.95%	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 GSINX in my portfolio?

HSCZ and GSINX have a correlation of 0.48, 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 GSINX?

HSCZ has higher volatility (3.94%) compared to GSINX (2.83%). In terms of maximum drawdown, HSCZ dropped -34.89% vs GSINX's -28.80%.

Which has better risk-adjusted returns?

HSCZ currently has the higher Sharpe Ratio (2.39 vs 1.05), 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.