HSCZ vs. SLV
HSCZ (iShares Currency Hedged MSCI EAFE Small Cap ETF) and SLV (iShares Silver Trust) 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 SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, HSCZ returned 12.54%/yr vs 12.68%/yr for SLV. At a 0.14 correlation, their price movements are largely independent. HSCZ charges 0.43%/yr vs 0.50%/yr for SLV.
Performance
HSCZ vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, HSCZ achieves a 10.35% return, which is significantly higher than SLV's -13.49% return. Both investments have delivered pretty close results over the past 10 years, with HSCZ having a 12.54% annualized return and SLV not far ahead at 12.68%.
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%
SLV
- 1D
- -5.40%
- 1M
- -18.48%
- YTD
- -13.49%
- 6M
- -14.05%
- 1Y
- 69.08%
- 3Y*
- 39.38%
- 5Y*
- 18.31%
- 10Y*
- 12.68%
HSCZ vs. SLV - 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% |
SLV iShares Silver Trust | -13.49% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
Correlation
The correlation between HSCZ and SLV is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2015 | 0.14 |
The correlation between HSCZ and SLV shifts across timeframes, from 0.14 (all time) to 0.34 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HSCZ vs. SLV — Risk / Return Rank
HSCZ
SLV
HSCZ vs. SLV - 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 Silver Trust (SLV). 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 | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.24 | ||
| Sortino ratioReturn per unit of downside risk | +1.80 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.25 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | 1.47 | +1.43 |
| Martin ratioReturn relative to average drawdown | 12.32 | 3.16 | +9.15 |
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Drawdowns
HSCZ vs. SLV - Drawdown Comparison
The maximum HSCZ drawdown since its inception was -34.89%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for HSCZ and SLV.
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Drawdown Indicators
| HSCZ | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.89% | -76.28% | +41.39% |
Max Drawdown (1Y)Largest decline over 1 year | -9.61% | -47.23% | +37.62% |
Max Drawdown (3Y)Largest decline over 3 years | -12.81% | -47.23% | +34.42% |
Max Drawdown (5Y)Largest decline over 5 years | -20.11% | -47.23% | +27.12% |
Max Drawdown (10Y)Largest decline over 10 years | -34.89% | -47.23% | +12.34% |
Current DrawdownCurrent decline from peak | -1.36% | -47.23% | +45.87% |
Average DrawdownAverage peak-to-trough decline | -4.64% | -44.65% | +40.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.25% | 21.91% | -19.66% |
Volatility
HSCZ vs. SLV - Volatility Comparison
The current volatility for iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ) is 3.94%, while iShares Silver Trust (SLV) has a volatility of 14.34%. This indicates that HSCZ experiences smaller price fluctuations and is considered to be less risky than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HSCZ | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.94% | 14.34% | -10.40% |
Volatility (6M)Calculated over the trailing 6-month period | 9.76% | 59.27% | -49.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.64% | 60.33% | -48.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.52% | 36.59% | -23.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.47% | 32.09% | -16.62% |
HSCZ vs. SLV - Expense Ratio Comparison
HSCZ has a 0.43% expense ratio, which is lower than SLV's 0.50% expense ratio.
Dividends
HSCZ vs. SLV - Dividend Comparison
HSCZ's dividend yield for the trailing twelve months is around 2.95%, while SLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SLV iShares Silver Trust | 0.00% | 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
HSCZ and SLV have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (14.34%) compared to HSCZ (3.94%). In terms of maximum drawdown, HSCZ dropped -34.89% vs SLV's -76.28%.
On 10-year performance, SLV leads with 12.68% vs 12.54% for HSCZ. On fees, HSCZ is cheaper at 0.43% per year. On volatility, HSCZ has been the lower-risk option at 3.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SLV has performed better with a 12.68% return vs 12.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HSCZ is cheaper with a 0.43% expense ratio, compared with 0.50% for SLV.
HSCZ has the higher dividend yield at 2.95%, compared with 0.00% for SLV.
HSCZ is categorized as Foreign Small & Mid Cap Equities, while SLV is Silver. HSCZ tracks MSCI EAFE Small-Cap 100% Hedged to USD Index, while SLV tracks LBMA Silver Price. Their fees differ too: 0.43% for HSCZ and 0.50% for SLV.
HSCZ currently has the higher Sharpe Ratio (2.39 vs 1.15), 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.
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