IVSX vs. HSCZ

Last updated Jun 5, 2026

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

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

Returns By Period

IVSX

• 1D: 1.01%
• 1M: 2.45%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HSCZ

• 1D: 0.73%
• 1M: 3.51%
• YTD: 11.38%
• 6M: 13.99%
• 1Y: 29.56%
• 3Y*: 19.25%
• 5Y*: 11.13%
• 10Y*: 11.74%

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

IVSX vs. HSCZ - Yearly Performance Comparison

	2026 (YTD)
IVSX Applied Finance IVS International SMID ETF	-1.66%
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF	2.69%

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 23, 2026	0.88

Return for Risk

IVSX vs. HSCZ — Risk / Return Rank

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

HSCZ

HSCZ Risk / Return Rank: 77
HSCZ Sharpe Ratio Rank: 82
HSCZ Sortino Ratio Rank: 84
HSCZ Omega Ratio Rank: 83
HSCZ Calmar Ratio Rank: 63
HSCZ Martin Ratio Rank: 72

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.

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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	IVSX	HSCZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.65	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.83	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.75	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.28	0.67	-0.95

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.

Drawdown Indicators

	IVSX	HSCZ	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-2.37%	-0.25%	-2.12%
Average Drawdown Average peak-to-trough decline	-4.96%	-4.65%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.23%	—

Volatility

Volatility by Period

	IVSX	HSCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.28%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.22%	—
Volatility (1Y) Calculated over the trailing 1-year period	20.57%	11.22%	+9.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.57%	13.46%	+7.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.57%	15.66%	+4.91%

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 2.92%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF	2.92%	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

Can I hold both IVSX and HSCZ in my portfolio?

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.

Which ETF is better, IVSX or HSCZ?

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.

Which ETF is cheaper, IVSX or HSCZ?

HSCZ is cheaper with a 0.43% expense ratio, compared with 0.75% for IVSX.

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

HSCZ has the higher dividend yield at 2.92%, compared with 0.00% for IVSX.

What is the main difference between IVSX and HSCZ?

They also come from different issuers: Applied Finance and iShares. Their fees differ too: 0.75% for IVSX and 0.43% for HSCZ.