MSMLX vs. HSCZ
MSMLX (Matthews Emerging Markets Small Companies Fund) and HSCZ (iShares Currency Hedged MSCI EAFE Small Cap ETF) are both funds - MSMLX is a Emerging Markets Equities fund managed by Matthews, while HSCZ is a Foreign Small & Mid Cap Equities fund tracking the MSCI EAFE Small-Cap 100% Hedged to USD Index. Over the past 10 years, MSMLX returned 10.21%/yr vs 11.86%/yr for HSCZ. Their 0.54 correlation means they have sometimes moved together and sometimes differently. MSMLX charges 1.37%/yr vs 0.43%/yr for HSCZ.
Performance
MSMLX vs. HSCZ - Performance Comparison
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Returns By Period
In the year-to-date period, MSMLX achieves a 13.53% return, which is significantly higher than HSCZ's 11.33% return. Over the past 10 years, MSMLX has underperformed HSCZ with an annualized return of 10.21%, while HSCZ has yielded a comparatively higher 11.86% annualized return.
MSMLX
- 1D
- 2.45%
- 1M
- -8.98%
- 6M
- 6.28%
- YTD
- 13.53%
- 1Y
- 17.69%
- 3Y*
- 5.65%
- 5Y*
- 4.57%
- 10Y*
- 10.21%
- ALL TIME*
- 10.86%
HSCZ
- 1D
- -0.63%
- 1M
- -0.23%
- 6M
- 7.23%
- YTD
- 11.33%
- 1Y
- 23.45%
- 3Y*
- 17.89%
- 5Y*
- 10.91%
- 10Y*
- 11.86%
- ALL TIME*
- 10.50%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.56M | $1.76M | $1.27M | |
| $0.00 | $0.00 | $0.00 |
MSMLX vs. HSCZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MSMLX Matthews Emerging Markets Small Companies Fund | 13.53% | 13.50% | -6.10% | 20.04% | -16.78% | 26.40% | 43.69% | 17.38% | -17.80% | 30.43% |
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF | 11.33% | 25.74% | 12.89% | 17.03% | -11.46% | 17.75% | 6.40% | 27.89% | -13.99% | 24.52% |
Correlation
The correlation between MSMLX and HSCZ is 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.57 |
Correlation (3Y) Balances recent behavior with more history. | 0.54 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.59 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.55 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2015 | 0.54 |
The correlation between MSMLX and HSCZ has been stable across timeframes, ranging from 0.54 to 0.59 - a consistent structural relationship.
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Return for Risk
MSMLX vs. HSCZ — Risk / Return Rank
MSMLX
HSCZ
MSMLX vs. HSCZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Matthews Emerging Markets Small Companies Fund (MSMLX) 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.
| MSMLX | HSCZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.07 | ||
| Sortino ratioReturn per unit of downside risk | -1.44 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.34 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 2.34 | -1.11 |
| Martin ratioReturn relative to average drawdown | 3.66 | 9.75 | -6.09 |
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Drawdowns
MSMLX vs. HSCZ - Drawdown Comparison
The maximum MSMLX drawdown since its inception was -36.40%, roughly equal to the maximum HSCZ drawdown of -34.89%. Use the drawdown chart below to compare losses from any high point for MSMLX and HSCZ.
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Drawdown Indicators
| MSMLX | HSCZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.40% | -34.89% | -1.51% |
Max Drawdown (1Y)Largest decline over 1 year | -13.68% | -9.61% | -4.07% |
Max Drawdown (3Y)Largest decline over 3 years | -22.62% | -12.81% | -9.81% |
Max Drawdown (5Y)Largest decline over 5 years | -28.00% | -20.11% | -7.89% |
Max Drawdown (10Y)Largest decline over 10 years | -34.33% | -34.89% | +0.56% |
Current DrawdownCurrent decline from peak | -11.56% | -1.77% | -9.79% |
Average DrawdownAverage peak-to-trough decline | -9.20% | -4.60% | -4.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.58% | 2.31% | +2.27% |
Volatility
MSMLX vs. HSCZ - Volatility Comparison
Matthews Emerging Markets Small Companies Fund (MSMLX) has a higher volatility of 6.80% compared to iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ) at 3.90%. This indicates that MSMLX'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
| MSMLX | HSCZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.80% | 3.90% | +2.90% |
Volatility (6M)Calculated over the trailing 6-month period | 18.65% | 10.15% | +8.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.86% | 11.99% | +8.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.09% | 13.51% | +4.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.45% | 15.35% | +2.10% |
MSMLX vs. HSCZ - Expense Ratio Comparison
MSMLX has a 1.37% expense ratio, which is higher than HSCZ's 0.43% expense ratio.
Dividends
MSMLX vs. HSCZ - Dividend Comparison
MSMLX's dividend yield for the trailing twelve months is around 1.32%, less than HSCZ's 3.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MSMLX Matthews Emerging Markets Small Companies Fund | 1.32% | 1.50% | 3.95% | 8.36% | 8.04% | 9.18% | 0.28% | 0.51% | 21.31% | 8.12% | 0.43% | 0.13% |
Frequently Asked Questions
MSMLX and HSCZ have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSMLX has higher volatility (6.80%) compared to HSCZ (3.90%). In terms of maximum drawdown, MSMLX dropped -36.40% vs HSCZ's -34.89%.
HSCZ currently has the higher Sharpe Ratio (1.88 vs 0.81), 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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