KBWP vs. HSCZ

Last updated Jun 14, 2026

KBWP (Invesco KBW Property & Casualty Insurance ETF) and HSCZ (iShares Currency Hedged MSCI EAFE Small Cap ETF) are both exchange-traded funds - KBWP is a Financials Equities fund tracking the KBW Nasdaq Property & Casualty (TR), 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, KBWP returned 12.09%/yr vs 12.35%/yr for HSCZ. At a 0.41 correlation, their price movements are largely independent. KBWP charges 0.35%/yr vs 0.43%/yr for HSCZ.

Performance

KBWP vs. HSCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco KBW Property & Casualty Insurance ETF (KBWP) 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, KBWP achieves a -3.45% return, which is significantly lower than HSCZ's 10.99% return. Both investments have delivered pretty close results over the past 10 years, with KBWP having a 12.09% annualized return and HSCZ not far ahead at 12.35%.

KBWP

• 1D: 0.54%
• 1M: 3.51%
• YTD: -3.45%
• 6M: -2.31%
• 1Y: 1.98%
• 3Y*: 16.13%
• 5Y*: 11.67%
• 10Y*: 12.09%

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)

KBWP vs. HSCZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KBWP Invesco KBW Property & Casualty Insurance ETF	-3.45%	11.49%	30.45%	7.09%	10.16%	20.61%	-2.05%	28.67%	-2.76%	8.86%
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 KBWP and HSCZ is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jul 14, 2015	0.41

Over the past year, the correlation between KBWP and HSCZ has dropped to 0.18 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.

KBWP vs. HSCZ - Sectors Allocation Comparison

Sectors	KBWP	HSCZ
Financial Services	100.0%	13.3%
Basic Materials	-	10.8%
Communication Services	-	3.1%
Consumer Cyclical	-	10.8%
Consumer Defensive	-	3.9%
Energy	-	3.8%
Healthcare	-	4.8%
Industrials	-	24.4%
Real Estate	-	9.5%
Technology	-	10.8%
Utilities	-	2.4%

Return for Risk

KBWP vs. HSCZ — Risk / Return Rank

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

KBWP

KBWP Risk / Return Rank: 10
KBWP Sharpe Ratio Rank: 10
KBWP Sortino Ratio Rank: 10
KBWP Omega Ratio Rank: 10
KBWP Calmar Ratio Rank: 11
KBWP Martin Ratio Rank: 11

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.

KBWP vs. HSCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Property & Casualty Insurance ETF (KBWP) 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.

	KBWP	HSCZ	Difference
Sharpe ratio: Return per unit of total volatility	0.06	2.45	-2.38
Sortino ratio: Return per unit of downside risk	0.20	3.44	-3.24
Omega ratio: Gain probability vs. loss probability	1.02	1.45	-0.43
Calmar ratio: Return relative to maximum drawdown	0.11	2.95	-2.84
Martin ratio: Return relative to average drawdown	0.24	12.57	-12.33

KBWP vs. HSCZ - Sharpe Ratio Comparison

The current KBWP Sharpe Ratio is 0.06, which is lower than the HSCZ Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of KBWP 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

KBWP vs. HSCZ - Drawdown Comparison

The maximum KBWP drawdown since its inception was -39.76%, which is greater than HSCZ's maximum drawdown of -34.89%. Use the drawdown chart below to compare losses from any high point for KBWP and HSCZ.

Drawdown Indicators

	KBWP	HSCZ	Difference
Max Drawdown Largest peak-to-trough decline	-39.76%	-34.89%	-4.87%
Max Drawdown (1Y) Largest decline over 1 year	-9.56%	-9.61%	+0.05%
Max Drawdown (3Y) Largest decline over 3 years	-12.29%	-12.81%	+0.52%
Max Drawdown (5Y) Largest decline over 5 years	-17.00%	-20.11%	+3.11%
Max Drawdown (10Y) Largest decline over 10 years	-39.76%	-34.89%	-4.87%
Current Drawdown Current decline from peak	-4.25%	-0.60%	-3.65%
Average Drawdown Average peak-to-trough decline	-4.37%	-4.64%	+0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.31%	2.25%	+2.06%

Volatility

KBWP vs. HSCZ - Volatility Comparison

Invesco KBW Property & Casualty Insurance ETF (KBWP) has a higher volatility of 5.73% compared to iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ) at 4.08%. This indicates that KBWP'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.

Volatility by Period

	KBWP	HSCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.73%	4.08%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	12.10%	9.68%	+2.42%
Volatility (1Y) Calculated over the trailing 1-year period	16.50%	11.60%	+4.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.60%	13.52%	+5.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.73%	15.68%	+5.05%

KBWP vs. HSCZ - Expense Ratio Comparison

KBWP has a 0.35% expense ratio, which is lower than HSCZ's 0.43% expense ratio.

Dividends

KBWP vs. HSCZ - Dividend Comparison

KBWP's dividend yield for the trailing twelve months is around 1.92%, 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%
KBWP Invesco KBW Property & Casualty Insurance ETF	1.92%	1.58%	1.64%	1.68%	1.99%	3.02%	1.93%	1.99%	2.11%	1.90%	2.14%	1.35%

Frequently Asked Questions

Can I hold both KBWP and HSCZ in my portfolio?

KBWP and HSCZ have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KBWP or HSCZ?

KBWP has higher volatility (5.73%) compared to HSCZ (4.08%). In terms of maximum drawdown, KBWP dropped -39.76% vs HSCZ's -34.89%.

Which ETF is better, KBWP or HSCZ?

On 10-year performance, HSCZ leads with 12.35% vs 12.09% for KBWP. On fees, KBWP is cheaper at 0.35% per year. On volatility, HSCZ has been the lower-risk option at 4.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBWP or HSCZ?

Over the 10-year period, HSCZ has performed better with a 12.35% return vs 12.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBWP or HSCZ?

KBWP is cheaper with a 0.35% expense ratio, compared with 0.43% for HSCZ.

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

HSCZ has the higher dividend yield at 2.93%, compared with 1.92% for KBWP.

What is the main difference between KBWP and HSCZ?

KBWP is categorized as Financials Equities, while HSCZ is Foreign Small & Mid Cap Equities. KBWP tracks KBW Nasdaq Property & Casualty (TR), while HSCZ tracks MSCI EAFE Small-Cap 100% Hedged to USD Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.35% for KBWP and 0.43% for HSCZ.

Which has better risk-adjusted returns?

HSCZ currently has the higher Sharpe Ratio (2.45 vs 0.06), 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.