IVSX vs. HSCZ
IVSX (Applied Finance IVS International SMID ETF) and HSCZ (iShares Currency Hedged MSCI EAFE Small Cap ETF) are both Foreign Small & Mid Cap Equities funds. IVSX is actively managed, while HSCZ is passively managed. Their correlation of 0.88 suggests significant overlap in exposure. IVSX charges 0.75%/yr vs 0.43%/yr for HSCZ.
Performance
IVSX vs. HSCZ - Performance Comparison
Loading charts...
Returns By Period
IVSX
- 1D
- 0.05%
- 1M
- -1.97%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HSCZ
- 1D
- 0.30%
- 1M
- 0.23%
- YTD
- 10.68%
- 6M
- 10.74%
- 1Y
- 27.55%
- 3Y*
- 19.37%
- 5Y*
- 11.01%
- 10Y*
- 12.57%
IVSX vs. HSCZ - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
IVSX Applied Finance IVS International SMID ETF | -4.09% |
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF | 2.65% |
Correlation
The correlation between IVSX and HSCZ is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Feb 20, 2026 | 0.88 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IVSX vs. HSCZ — Risk / Return Rank
IVSX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HSCZ
IVSX vs. HSCZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Applied Finance IVS International SMID ETF (IVSX) 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.
| IVSX | HSCZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.44 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.88 | — |
| Martin ratioReturn relative to average drawdown | — | 12.25 | — |
Loading charts...
Drawdowns
IVSX vs. HSCZ - Drawdown Comparison
The maximum IVSX drawdown since its inception was -11.96%, smaller than the maximum HSCZ drawdown of -34.89%. Use the drawdown chart below to compare losses from any high point for IVSX and HSCZ.
Loading charts...
Drawdown Indicators
| IVSX | HSCZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.96% | -34.89% | +22.93% |
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 DrawdownCurrent decline from peak | -5.18% | -1.07% | -4.11% |
Average DrawdownAverage peak-to-trough decline | -4.74% | -4.63% | -0.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.26% | — |
Volatility
IVSX vs. HSCZ - Volatility Comparison
Loading charts...
Volatility by Period
| IVSX | HSCZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 3.93% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 9.71% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 19.93% | 11.63% | +8.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.93% | 13.52% | +6.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.93% | 15.47% | +4.46% |
IVSX vs. HSCZ - Expense Ratio Comparison
IVSX has a 0.75% expense ratio, which is higher than HSCZ's 0.43% expense ratio.
Dividends
IVSX vs. HSCZ - Dividend Comparison
IVSX has not paid dividends to shareholders, while HSCZ's dividend yield for the trailing twelve months is around 2.94%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF | 2.94% | 3.25% | 3.26% | 2.98% | 26.91% | 2.90% | 1.46% | 4.66% | 6.15% | 2.52% | 2.57% | 1.75% |
IVSX Applied Finance IVS International SMID ETF | 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
IVSX and HSCZ have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
HSCZ is cheaper with a 0.43% expense ratio, compared with 0.75% for IVSX.
HSCZ has the higher dividend yield at 2.94%, compared with 0.00% for IVSX.
They also come from different issuers: Applied Finance and iShares. Their fees differ too: 0.75% for IVSX and 0.43% for HSCZ.
Find the right allocation for IVSX and HSCZ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer