HSCZ vs. ISCF

Last updated Aug 2, 2026

HSCZ (iShares Currency Hedged MSCI EAFE Small Cap ETF) and ISCF (iShares MSCI Intl Small-Cap Multifactor ETF) are both Foreign Small & Mid Cap Equities funds from iShares - HSCZ tracks the MSCI EAFE Small-Cap 100% Hedged to USD Index while ISCF tracks the MSCI World exUSA SmallCap Diversified Multi-Factor. Both are passively managed. Over the past 10 years, HSCZ returned 11.86%/yr vs 9.22%/yr for ISCF. Their 0.76 correlation means they have sometimes moved together and sometimes differently. HSCZ charges 0.43%/yr vs 0.40%/yr for ISCF.

Performance

HSCZ vs. ISCF - 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 MSCI Intl Small-Cap Multifactor ETF (ISCF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HSCZ achieves a 11.33% return, which is significantly higher than ISCF's 8.61% return. Over the past 10 years, HSCZ has outperformed ISCF with an annualized return of 11.86%, while ISCF has yielded a comparatively lower 9.22% annualized return.

HSCZ

• 1D: -0.63%
• 1M: -0.23%
• 6M: 7.23%
• YTD: 11.33%
• 1Y: 23.45%
• 3Y*: 17.89%
• 5Y*: 10.91%
• 10Y*: 11.86%
• ALL TIME*: 10.50%

ISCF

• 1D: -0.45%
• 1M: 1.07%
• 6M: 2.34%
• YTD: 8.61%
• 1Y: 18.60%
• 3Y*: 16.29%
• 5Y*: 7.33%
• 10Y*: 9.22%
• ALL TIME*: 8.48%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF	$2.56M	$1.76M	$1.27M
ISCF iShares MSCI Intl Small-Cap Multifactor ETF	$1.26M	$1.80M	$2.25M

HSCZ vs. ISCF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF	11.33%	25.74%	12.89%	17.03%	-11.46%	17.75%	6.40%	27.89%	-13.99%	24.52%
ISCF iShares MSCI Intl Small-Cap Multifactor ETF	8.61%	33.65%	4.75%	11.50%	-15.07%	13.31%	7.65%	26.32%	-18.76%	38.13%

Correlation

The correlation between HSCZ and ISCF is 0.86, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.86
Correlation (3Y) Balances recent behavior with more history.	0.85
Correlation (5Y) Shows whether the relationship held over a longer period.	0.86
Correlation (10Y) Provides a long-term view across more market conditions.	0.81
Correlation (All Time) Calculated using the full available price history since Jul 14, 2015	0.76

The correlation between HSCZ and ISCF shifts across timeframes, from 0.76 (all time) to 0.86 (1 year), reflecting how their relationship changes across market environments.

HSCZ vs. ISCF - Sectors Allocation Comparison

Sectors	HSCZ	ISCF
Industrials	24.1%	23.3%
Financial Services	12.7%	13.6%
Consumer Cyclical	12.6%	12.7%
Technology	10.8%	10.1%
Real Estate	10.0%	8.6%
Basic Materials	9.8%	10.9%
Healthcare	6.1%	5.2%
Consumer Defensive	4.9%	3.7%
Communication Services	3.7%	3.4%
Energy	3.3%	4.4%
Utilities	2.1%	3.4%

Return for Risk

HSCZ vs. ISCF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HSCZ

HSCZ Risk / Return Rank: 78
HSCZ Sharpe Ratio Rank: 82
HSCZ Sortino Ratio Rank: 82
HSCZ Omega Ratio Rank: 81
HSCZ Calmar Ratio Rank: 68
HSCZ Martin Ratio Rank: 77

ISCF

ISCF Risk / Return Rank: 50
ISCF Sharpe Ratio Rank: 51
ISCF Sortino Ratio Rank: 51
ISCF Omega Ratio Rank: 50
ISCF Calmar Ratio Rank: 47
ISCF Martin Ratio Rank: 51

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HSCZ vs. ISCF - 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 MSCI Intl Small-Cap Multifactor ETF (ISCF). 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	ISCF	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.25	+0.63
Sortino ratio: Return per unit of downside risk	2.67	1.81	+0.86
Omega ratio: Gain probability vs. loss probability	1.34	1.23	+0.12
Calmar ratio: Return relative to maximum drawdown	2.34	1.67	+0.67
Martin ratio: Return relative to average drawdown	9.75	5.92	+3.83

HSCZ vs. ISCF - Sharpe Ratio Comparison

The current HSCZ Sharpe Ratio is 1.88, which is higher than the ISCF Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of HSCZ and ISCF, 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. ISCF - Drawdown Comparison

The maximum HSCZ drawdown since its inception was -34.89%, smaller than the maximum ISCF drawdown of -40.79%. Use the drawdown chart below to compare losses from any high point for HSCZ and ISCF.

Drawdown Indicators

	HSCZ	ISCF	Difference
Max Drawdown Largest peak-to-trough decline	-34.89%	-40.79%	+5.90%
Max Drawdown (1Y) Largest decline over 1 year	-9.61%	-11.34%	+1.73%
Max Drawdown (3Y) Largest decline over 3 years	-12.81%	-13.25%	+0.44%
Max Drawdown (5Y) Largest decline over 5 years	-20.11%	-30.70%	+10.59%
Max Drawdown (10Y) Largest decline over 10 years	-34.89%	-40.79%	+5.90%
Current Drawdown Current decline from peak	-1.77%	-1.43%	-0.34%
Average Drawdown Average peak-to-trough decline	-4.60%	-8.07%	+3.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	3.20%	-0.89%

Volatility

HSCZ vs. ISCF - Volatility Comparison

The current volatility for iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ) is 3.90%, while iShares MSCI Intl Small-Cap Multifactor ETF (ISCF) has a volatility of 4.73%. This indicates that HSCZ experiences smaller price fluctuations and is considered to be less risky than ISCF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSCZ	ISCF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	4.73%	-0.83%
Volatility (6M) Calculated over the trailing 6-month period	10.15%	12.96%	-2.81%
Volatility (1Y) Calculated over the trailing 1-year period	11.99%	15.15%	-3.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.51%	16.74%	-3.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.35%	17.16%	-1.81%

HSCZ vs. ISCF - Expense Ratio Comparison

HSCZ has a 0.43% expense ratio, which is higher than ISCF's 0.40% expense ratio.

Dividends

HSCZ vs. ISCF - Dividend Comparison

HSCZ's dividend yield for the trailing twelve months is around 3.13%, less than ISCF's 3.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF	3.13%	3.25%	3.26%	2.98%	26.91%	2.90%	1.46%	4.66%	6.15%	2.52%	2.57%	1.75%
ISCF iShares MSCI Intl Small-Cap Multifactor ETF	3.65%	3.76%	4.29%	3.94%	2.73%	3.93%	2.30%	2.87%	2.14%	1.97%	2.89%	1.46%

Frequently Asked Questions

Can I hold both HSCZ and ISCF in my portfolio?

HSCZ and ISCF have a correlation of 0.86, 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 ISCF?

ISCF has higher volatility (4.73%) compared to HSCZ (3.90%). In terms of maximum drawdown, HSCZ dropped -34.89% vs ISCF's -40.79%.

Which ETF is better, HSCZ or ISCF?

On 10-year performance, HSCZ leads with 11.86% vs 9.22% for ISCF. On fees, ISCF is cheaper at 0.40% per year. On volatility, HSCZ has been the lower-risk option at 3.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HSCZ or ISCF?

Over the 10-year period, HSCZ has performed better with a 11.86% return vs 9.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HSCZ or ISCF?

ISCF is cheaper with a 0.40% expense ratio, compared with 0.43% for HSCZ.

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

ISCF has the higher dividend yield at 3.65%, compared with 3.13% for HSCZ.

What is the main difference between HSCZ and ISCF?

HSCZ tracks MSCI EAFE Small-Cap 100% Hedged to USD Index, while ISCF tracks MSCI World exUSA SmallCap Diversified Multi-Factor. Their fees differ too: 0.43% for HSCZ and 0.40% for ISCF.

Which has better risk-adjusted returns?

HSCZ currently has the higher Sharpe Ratio (1.88 vs 1.25), 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.