ISCAX vs. HSCZ
ISCAX (Federated Hermes International Small-Mid Company Fund) and HSCZ (iShares Currency Hedged MSCI EAFE Small Cap ETF) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, ISCAX returned 10.24%/yr vs 12.70%/yr for HSCZ. A 0.75 correlation means they provide meaningful diversification when combined. ISCAX charges 1.24%/yr vs 0.43%/yr for HSCZ.
Performance
ISCAX vs. HSCZ - Performance Comparison
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Returns By Period
In the year-to-date period, ISCAX achieves a 10.83% return, which is significantly lower than HSCZ's 11.88% return. Over the past 10 years, ISCAX has underperformed HSCZ with an annualized return of 10.24%, while HSCZ has yielded a comparatively higher 12.70% annualized return.
ISCAX
- 1D
- 0.06%
- 1M
- 0.64%
- YTD
- 10.83%
- 6M
- 10.88%
- 1Y
- 20.48%
- 3Y*
- 16.61%
- 5Y*
- 6.14%
- 10Y*
- 10.24%
HSCZ
- 1D
- 0.15%
- 1M
- 1.31%
- YTD
- 11.88%
- 6M
- 12.30%
- 1Y
- 30.22%
- 3Y*
- 19.80%
- 5Y*
- 11.52%
- 10Y*
- 12.70%
ISCAX vs. HSCZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ISCAX Federated Hermes International Small-Mid Company Fund | 10.83% | 34.01% | 5.67% | 12.61% | -23.62% | 5.98% | 31.26% | 31.76% | -18.88% | 34.73% |
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF | 11.88% | 25.74% | 12.89% | 17.03% | -11.46% | 17.75% | 6.40% | 27.89% | -13.99% | 24.52% |
Correlation
The correlation between ISCAX and HSCZ is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2015 | 0.75 |
The correlation between ISCAX and HSCZ shifts across timeframes, from 0.63 (1 year) to 0.79 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ISCAX vs. HSCZ — Risk / Return Rank
ISCAX
HSCZ
ISCAX vs. HSCZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Federated Hermes International Small-Mid Company Fund (ISCAX) 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.
| ISCAX | HSCZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.04 | ||
| Sortino ratioReturn per unit of downside risk | -1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.49 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 3.16 | -1.01 |
| Martin ratioReturn relative to average drawdown | 8.30 | 13.45 | -5.14 |
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Drawdowns
ISCAX vs. HSCZ - Drawdown Comparison
The maximum ISCAX drawdown since its inception was -71.55%, which is greater than HSCZ's maximum drawdown of -34.89%. Use the drawdown chart below to compare losses from any high point for ISCAX and HSCZ.
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Drawdown Indicators
| ISCAX | HSCZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.55% | -34.89% | -36.66% |
Max Drawdown (1Y)Largest decline over 1 year | -11.91% | -9.61% | -2.30% |
Max Drawdown (3Y)Largest decline over 3 years | -13.90% | -12.81% | -1.09% |
Max Drawdown (5Y)Largest decline over 5 years | -40.33% | -20.11% | -20.22% |
Max Drawdown (10Y)Largest decline over 10 years | -40.33% | -34.89% | -5.44% |
Current DrawdownCurrent decline from peak | -1.78% | 0.00% | -1.78% |
Average DrawdownAverage peak-to-trough decline | -22.19% | -4.64% | -17.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.79% | 2.25% | +0.54% |
Volatility
ISCAX vs. HSCZ - Volatility Comparison
Federated Hermes International Small-Mid Company Fund (ISCAX) has a higher volatility of 5.64% compared to iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ) at 3.66%. This indicates that ISCAX's price experiences larger fluctuations and is considered to be riskier than HSCZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ISCAX | HSCZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.64% | 3.66% | +1.98% |
Volatility (6M)Calculated over the trailing 6-month period | 13.09% | 9.65% | +3.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.12% | 11.57% | +4.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.60% | 13.51% | +4.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.45% | 15.56% | +1.89% |
ISCAX vs. HSCZ - Expense Ratio Comparison
ISCAX has a 1.24% expense ratio, which is higher than HSCZ's 0.43% expense ratio.
Dividends
ISCAX vs. HSCZ - Dividend Comparison
ISCAX's dividend yield for the trailing twelve months is around 6.72%, more than HSCZ's 2.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF | 2.91% | 3.25% | 3.26% | 2.98% | 26.91% | 2.90% | 1.46% | 4.66% | 6.15% | 2.52% | 2.57% | 1.75% |
ISCAX Federated Hermes International Small-Mid Company Fund | 6.72% | 7.45% | 0.00% | 0.84% | 0.79% | 7.79% | 5.80% | 4.89% | 15.53% | 6.51% | 0.92% | 12.23% |
Frequently Asked Questions
ISCAX and HSCZ have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ISCAX has higher volatility (5.64%) compared to HSCZ (3.66%). In terms of maximum drawdown, ISCAX dropped -71.55% vs HSCZ's -34.89%.
HSCZ currently has the higher Sharpe Ratio (2.63 vs 1.59), 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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