HSCZ vs. NISM

Last updated Jul 14, 2026

HSCZ (iShares Currency Hedged MSCI EAFE Small Cap ETF) and NISM (NYLI International Small-Mid Cap Equity ETF) are both Foreign Small & Mid Cap Equities funds. HSCZ is passively managed, while NISM is actively managed. A 0.69 correlation means they provide meaningful diversification when combined. HSCZ charges 0.43%/yr vs 0.70%/yr for NISM.

Performance

HSCZ vs. NISM - 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 NYLI International Small-Mid Cap Equity ETF (NISM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HSCZ

• 1D: -0.82%
• 1M: -0.07%
• 6M: 6.51%
• YTD: 10.91%
• 1Y: 23.97%
• 3Y*: 18.66%
• 5Y*: 10.93%
• 10Y*: 11.98%

NISM

• 1D: -1.04%
• 1M: -1.17%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HSCZ vs. NISM - Yearly Performance Comparison

	2026 (YTD)
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF	1.36%
NISM NYLI International Small-Mid Cap Equity ETF	-2.69%

Correlation

The correlation between HSCZ and NISM is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 13, 2026	0.69

Return for Risk

HSCZ vs. NISM — Risk / Return Rank

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

HSCZ

HSCZ Risk / Return Rank: 76
HSCZ Sharpe Ratio Rank: 81
HSCZ Sortino Ratio Rank: 82
HSCZ Omega Ratio Rank: 81
HSCZ Calmar Ratio Rank: 63
HSCZ Martin Ratio Rank: 72

NISM

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. NISM - 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 NYLI International Small-Mid Cap Equity ETF (NISM). 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	NISM	Difference
Sharpe ratio: Return per unit of total volatility	2.04	—	—
Sortino ratio: Return per unit of downside risk	2.89	—	—
Omega ratio: Gain probability vs. loss probability	1.38	—	—
Calmar ratio: Return relative to maximum drawdown	2.51	—	—
Martin ratio: Return relative to average drawdown	10.57	—	—

Drawdowns

HSCZ vs. NISM - Drawdown Comparison

The maximum HSCZ drawdown since its inception was -34.89%, which is greater than NISM's maximum drawdown of -4.35%. Use the drawdown chart below to compare losses from any high point for HSCZ and NISM.

Drawdown Indicators

	HSCZ	NISM	Difference
Max Drawdown Largest peak-to-trough decline	-34.89%	-4.35%	-30.54%
Max Drawdown (1Y) Largest decline over 1 year	-9.61%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-12.81%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.11%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.89%	—	—
Current Drawdown Current decline from peak	-2.14%	-2.77%	+0.63%
Average Drawdown Average peak-to-trough decline	-4.62%	-1.75%	-2.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	—	—

Volatility

Volatility by Period

	HSCZ	NISM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.01%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.81%	14.27%	-2.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.52%	14.27%	-0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.33%	14.27%	+1.06%

HSCZ vs. NISM - Expense Ratio Comparison

HSCZ has a 0.43% expense ratio, which is lower than NISM's 0.70% expense ratio.

Dividends

HSCZ vs. NISM - Dividend Comparison

HSCZ's dividend yield for the trailing twelve months is around 3.14%, more than NISM's 0.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF	3.14%	3.25%	3.26%	2.98%	26.91%	2.90%	1.46%	4.66%	6.15%	2.52%	2.57%	1.75%
NISM NYLI International Small-Mid Cap Equity ETF	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HSCZ and NISM in my portfolio?

HSCZ and NISM have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HSCZ or NISM?

On fees, HSCZ is cheaper at 0.43% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HSCZ or NISM?

HSCZ is cheaper with a 0.43% expense ratio, compared with 0.70% for NISM.

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

HSCZ has the higher dividend yield at 3.14%, compared with 0.25% for NISM.

What is the main difference between HSCZ and NISM?

They also come from different issuers: iShares and New York Life Investment Management. Their fees differ too: 0.43% for HSCZ and 0.70% for NISM.