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ISCF vs. HSCZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ISCF vs. HSCZ

Last updated Aug 4, 2026
Documentation

ISCF (iShares MSCI Intl Small-Cap Multifactor ETF) and HSCZ (iShares Currency Hedged MSCI EAFE Small Cap ETF) are both Foreign Small & Mid Cap Equities funds from iShares - ISCF tracks the MSCI World exUSA SmallCap Diversified Multi-Factor while HSCZ tracks the MSCI EAFE Small-Cap 100% Hedged to USD Index. Both are passively managed. Over the past 10 years, ISCF returned 9.38%/yr vs 11.93%/yr for HSCZ. Their 0.76 correlation means they have sometimes moved together and sometimes differently. ISCF charges 0.40%/yr vs 0.43%/yr for HSCZ.

Performance

ISCF vs. HSCZ - Performance Comparison

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

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Returns By Period

In the year-to-date period, ISCF achieves a 9.47% return, which is significantly lower than HSCZ's 11.38% return. Over the past 10 years, ISCF has underperformed HSCZ with an annualized return of 9.38%, while HSCZ has yielded a comparatively higher 11.93% annualized return.

ISCF

1D
0.79%
1M
1.87%
6M
3.08%
YTD
9.47%
1Y
19.53%
3Y*
17.11%
5Y*
7.47%
10Y*
9.38%
ALL TIME*
8.55%

HSCZ

1D
0.04%
1M
-0.19%
6M
7.11%
YTD
11.38%
1Y
23.50%
3Y*
18.48%
5Y*
10.77%
10Y*
11.93%
ALL TIME*
10.50%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

HSCZ

iShares Currency Hedged MSCI EAFE Small Cap ETF
$2.59M$1.75M$1.29M

ISCF

iShares MSCI Intl Small-Cap Multifactor ETF
$1.30M$1.76M$2.24M

ISCF vs. HSCZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ISCF
iShares MSCI Intl Small-Cap Multifactor ETF		9.47%33.65%4.75%11.50%-15.07%13.31%7.65%26.32%-18.76%38.13%
HSCZ
iShares Currency Hedged MSCI EAFE Small Cap ETF		11.38%25.74%12.89%17.03%-11.46%17.75%6.40%27.89%-13.99%24.52%

Correlation

The correlation between ISCF and HSCZ is 0.87, 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.

0.87

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 ISCF and HSCZ shifts across timeframes, from 0.76 (all time) to 0.87 (1 year), reflecting how their relationship changes across market environments.

ISCF vs. HSCZ - Sectors Allocation Comparison

Sectors
ISCF
HSCZ

Industrials

23.3%
24.1%

Financial Services

13.6%
12.7%

Consumer Cyclical

12.7%
12.6%

Basic Materials

10.9%
9.8%

Technology

10.1%
10.8%

Real Estate

8.6%
10.0%

Healthcare

5.2%
6.1%

Energy

4.4%
3.3%

Consumer Defensive

3.7%
4.9%

Communication Services

3.4%
3.7%

Utilities

3.4%
2.1%

Industrials

ISCF
23.3%
HSCZ
24.1%

Financial Services

ISCF
13.6%
HSCZ
12.7%

Consumer Cyclical

ISCF
12.7%
HSCZ
12.6%

Basic Materials

ISCF
10.9%
HSCZ
9.8%

Technology

ISCF
10.1%
HSCZ
10.8%

Real Estate

ISCF
8.6%
HSCZ
10.0%

Healthcare

ISCF
5.2%
HSCZ
6.1%

Energy

ISCF
4.4%
HSCZ
3.3%

Consumer Defensive

ISCF
3.7%
HSCZ
4.9%

Communication Services

ISCF
3.4%
HSCZ
3.7%

Utilities

ISCF
3.4%
HSCZ
2.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Intl Small-Cap Multifactor ETF

iShares Currency Hedged MSCI EAFE Small Cap ETF

Often compared with ISCF:
ISCF vs. ISVLISCF vs. VSSISCF vs. AVDVISCF vs. SCZISCF vs. AVUVISCF vs. FISMXISCF vs. SPY
Often compared with HSCZ:
HSCZ vs. HEFAHSCZ vs. MSMLXHSCZ vs. HEWJHSCZ vs. ISVLHSCZ vs. HEZUHSCZ vs. EWUSHSCZ vs. DEMSX

Return for Risk

ISCF vs. HSCZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
ISCF
ISCF Risk / Return Rank: 5050
Overall Rank
ISCF Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
ISCF Sortino Ratio Rank: 5151
Sortino Ratio Rank
ISCF Omega Ratio Rank: 4949
Omega Ratio Rank
ISCF Calmar Ratio Rank: 4747
Calmar Ratio Rank
ISCF Martin Ratio Rank: 5151
Martin Ratio Rank
HSCZ
HSCZ Risk / Return Rank: 7878
Overall Rank
HSCZ Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
HSCZ Sortino Ratio Rank: 8282
Sortino Ratio Rank
HSCZ Omega Ratio Rank: 8282
Omega Ratio Rank
HSCZ Calmar Ratio Rank: 6868
Calmar Ratio Rank
HSCZ Martin Ratio Rank: 7777
Martin Ratio Rank
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.

ISCF vs. HSCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Intl Small-Cap Multifactor ETF (ISCF) 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.

ISCFHSCZDifference
Sharpe ratioReturn per unit of total volatility
1.29
1.97

-0.68

Sortino ratioReturn per unit of downside risk
1.87
2.80

-0.93

Omega ratioGain probability vs. loss probability

1.23

1.36

-0.13

Calmar ratioReturn relative to maximum drawdown

1.73

2.46

-0.73

Martin ratioReturn relative to average drawdown

6.12

10.20

-4.08

ISCF vs. HSCZ - Sharpe Ratio Comparison

The current ISCF Sharpe Ratio is 1.29, which is lower than the HSCZ Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of ISCF 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.

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Drawdowns

ISCF vs. HSCZ - Drawdown Comparison

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

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Drawdown Indicators

ISCFHSCZDifference

Max Drawdown

Largest peak-to-trough decline

-40.79%

-34.89%

-5.90%

Max Drawdown (1Y)

Largest decline over 1 year

-11.34%

-9.61%

-1.73%

Max Drawdown (3Y)

Largest decline over 3 years

-13.25%

-12.81%

-0.44%

Max Drawdown (5Y)

Largest decline over 5 years

-30.70%

-20.11%

-10.59%

Max Drawdown (10Y)

Largest decline over 10 years

-40.79%

-34.89%

-5.90%

Current Drawdown

Current decline from peak

-0.65%

-1.73%

+1.08%

Average Drawdown

Average peak-to-trough decline

-8.06%

-4.60%

-3.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.20%

2.31%

+0.89%

Volatility

ISCF vs. HSCZ - Volatility Comparison

iShares MSCI Intl Small-Cap Multifactor ETF (ISCF) has a higher volatility of 4.74% compared to iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ) at 3.89%. This indicates that ISCF'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

ISCFHSCZDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.74%

3.89%

+0.85%

Volatility (6M)

Calculated over the trailing 6-month period

12.86%

10.13%

+2.73%

Volatility (1Y)

Calculated over the trailing 1-year period

15.19%

11.98%

+3.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.75%

13.52%

+3.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.17%

15.35%

+1.82%

ISCF vs. HSCZ - Expense Ratio Comparison

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

Dividends

ISCF vs. HSCZ - Dividend Comparison

ISCF's dividend yield for the trailing twelve months is around 3.62%, more than HSCZ's 3.13% yield.

PositionTTM20252024202320222021202020192018201720162015
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		3.62%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

ISCF and HSCZ have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ISCF has higher volatility (4.74%) compared to HSCZ (3.89%). In terms of maximum drawdown, ISCF dropped -40.79% vs HSCZ's -34.89%.

On 10-year performance, HSCZ leads with 11.93% vs 9.38% for ISCF. On fees, ISCF is cheaper at 0.40% per year. On volatility, HSCZ has been the lower-risk option at 3.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, HSCZ has performed better with a 11.93% return vs 9.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

ISCF has the higher dividend yield at 3.62%, compared with 3.13% for HSCZ.

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

HSCZ currently has the higher Sharpe Ratio (1.97 vs 1.29), 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.

Portfolio Optimizer

Find the right allocation for ISCF and HSCZ

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