IGRO vs. HSCZ

Last updated Jun 14, 2026

IGRO (iShares International Dividend Growth ETF) and HSCZ (iShares Currency Hedged MSCI EAFE Small Cap ETF) are both exchange-traded funds - IGRO is a Foreign Large Cap Equities fund tracking the Morningstar Global ex-US Dividend Growth Index (Net), while HSCZ is a Foreign Small & Mid Cap Equities fund tracking the MSCI EAFE Small-Cap 100% Hedged to USD Index. Both are passively managed. Over the past 10 years, IGRO returned 9.08%/yr vs 12.35%/yr for HSCZ. A 0.69 correlation means they provide meaningful diversification when combined. IGRO charges 0.15%/yr vs 0.43%/yr for HSCZ.

Performance

IGRO vs. HSCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares International Dividend Growth ETF (IGRO) and iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IGRO achieves a 7.79% return, which is significantly lower than HSCZ's 10.99% return. Over the past 10 years, IGRO has underperformed HSCZ with an annualized return of 9.08%, while HSCZ has yielded a comparatively higher 12.35% annualized return.

IGRO

• 1D: 0.23%
• 1M: 0.89%
• YTD: 7.79%
• 6M: 9.17%
• 1Y: 14.94%
• 3Y*: 15.50%
• 5Y*: 7.69%
• 10Y*: 9.08%

HSCZ

• 1D: 0.71%
• 1M: 0.48%
• YTD: 10.99%
• 6M: 13.18%
• 1Y: 29.11%
• 3Y*: 18.32%
• 5Y*: 10.94%
• 10Y*: 12.35%

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

IGRO vs. HSCZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IGRO iShares International Dividend Growth ETF	7.79%	25.03%	7.78%	15.38%	-12.72%	9.94%	7.71%	26.13%	-14.86%	24.64%
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF	10.99%	25.74%	12.89%	17.03%	-11.46%	17.75%	6.40%	27.89%	-13.99%	24.52%

Correlation

The correlation between IGRO and HSCZ is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since May 19, 2016	0.69

The correlation between IGRO and HSCZ has been stable across timeframes, ranging from 0.69 to 0.78 - a consistent structural relationship.

IGRO vs. HSCZ - Sectors Allocation Comparison

Sectors	IGRO	HSCZ
Financial Services	32.0%	13.3%
Industrials	14.4%	24.4%
Healthcare	12.6%	4.8%
Consumer Defensive	10.1%	3.9%
Technology	8.7%	10.8%
Utilities	6.9%	2.4%
Consumer Cyclical	6.8%	10.8%
Basic Materials	3.5%	10.8%
Energy	2.4%	3.8%
Communication Services	1.9%	3.1%
Real Estate	0.6%	9.5%

Return for Risk

IGRO vs. HSCZ — Risk / Return Rank

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

IGRO

IGRO Risk / Return Rank: 34
IGRO Sharpe Ratio Rank: 34
IGRO Sortino Ratio Rank: 34
IGRO Omega Ratio Rank: 33
IGRO Calmar Ratio Rank: 32
IGRO Martin Ratio Rank: 37

HSCZ

HSCZ Risk / Return Rank: 80
HSCZ Sharpe Ratio Rank: 86
HSCZ Sortino Ratio Rank: 87
HSCZ Omega Ratio Rank: 85
HSCZ Calmar Ratio Rank: 67
HSCZ 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.

IGRO vs. HSCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares International Dividend Growth ETF (IGRO) and iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ). 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.

	IGRO	HSCZ	Difference
Sharpe ratio: Return per unit of total volatility	1.10	2.45	-1.35
Sortino ratio: Return per unit of downside risk	1.61	3.44	-1.83
Omega ratio: Gain probability vs. loss probability	1.20	1.45	-0.25
Calmar ratio: Return relative to maximum drawdown	1.39	2.95	-1.57
Martin ratio: Return relative to average drawdown	5.17	12.57	-7.40

IGRO vs. HSCZ - Sharpe Ratio Comparison

The current IGRO Sharpe Ratio is 1.10, which is lower than the HSCZ Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of IGRO and HSCZ, 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

IGRO vs. HSCZ - Drawdown Comparison

The maximum IGRO drawdown since its inception was -36.25%, roughly equal to the maximum HSCZ drawdown of -34.89%. Use the drawdown chart below to compare losses from any high point for IGRO and HSCZ.

Drawdown Indicators

	IGRO	HSCZ	Difference
Max Drawdown Largest peak-to-trough decline	-36.25%	-34.89%	-1.36%
Max Drawdown (1Y) Largest decline over 1 year	-10.00%	-9.61%	-0.39%
Max Drawdown (3Y) Largest decline over 3 years	-11.13%	-12.81%	+1.68%
Max Drawdown (5Y) Largest decline over 5 years	-26.04%	-20.11%	-5.93%
Max Drawdown (10Y) Largest decline over 10 years	-36.25%	-34.89%	-1.36%
Current Drawdown Current decline from peak	-1.02%	-0.60%	-0.42%
Average Drawdown Average peak-to-trough decline	-5.67%	-4.64%	-1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	2.25%	+0.45%

Volatility

IGRO vs. HSCZ - Volatility Comparison

The current volatility for iShares International Dividend Growth ETF (IGRO) is 3.59%, while iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ) has a volatility of 4.08%. This indicates that IGRO experiences smaller price fluctuations and is considered to be less risky than HSCZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IGRO	HSCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.59%	4.08%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	10.65%	9.68%	+0.97%
Volatility (1Y) Calculated over the trailing 1-year period	12.71%	11.60%	+1.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.95%	13.52%	+0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.85%	15.68%	+1.17%

IGRO vs. HSCZ - Expense Ratio Comparison

IGRO has a 0.15% expense ratio, which is lower than HSCZ's 0.43% expense ratio.

Dividends

IGRO vs. HSCZ - Dividend Comparison

IGRO's dividend yield for the trailing twelve months is around 2.36%, less than HSCZ's 2.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF	2.93%	3.25%	3.26%	2.98%	26.91%	2.90%	1.46%	4.66%	6.15%	2.52%	2.57%	1.75%
IGRO iShares International Dividend Growth ETF	2.36%	2.51%	2.44%	2.79%	2.69%	2.27%	2.41%	2.65%	2.97%	2.43%	1.18%	0.00%

Frequently Asked Questions

Can I hold both IGRO and HSCZ in my portfolio?

IGRO and HSCZ have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IGRO or HSCZ?

HSCZ has higher volatility (4.08%) compared to IGRO (3.59%). In terms of maximum drawdown, IGRO dropped -36.25% vs HSCZ's -34.89%.

Which ETF is better, IGRO or HSCZ?

On 10-year performance, HSCZ leads with 12.35% vs 9.08% for IGRO. On fees, IGRO is cheaper at 0.15% per year. On volatility, IGRO has been the lower-risk option at 3.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IGRO or HSCZ?

Over the 10-year period, HSCZ has performed better with a 12.35% return vs 9.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IGRO or HSCZ?

IGRO is cheaper with a 0.15% expense ratio, compared with 0.43% for HSCZ.

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

HSCZ has the higher dividend yield at 2.93%, compared with 2.36% for IGRO.

What is the main difference between IGRO and HSCZ?

IGRO is categorized as Foreign Large Cap Equities, while HSCZ is Foreign Small & Mid Cap Equities. IGRO tracks Morningstar Global ex-US Dividend Growth Index (Net), while HSCZ tracks MSCI EAFE Small-Cap 100% Hedged to USD Index. Their fees differ too: 0.15% for IGRO and 0.43% for HSCZ.

Which has better risk-adjusted returns?

HSCZ currently has the higher Sharpe Ratio (2.45 vs 1.10), 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.