OAKEX vs. HSCZ
OAKEX (Oakmark International Small Cap Fund) and HSCZ (iShares Currency Hedged MSCI EAFE Small Cap ETF) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, OAKEX returned 7.95%/yr vs 11.98%/yr for HSCZ. A 0.69 correlation means they provide meaningful diversification when combined. OAKEX charges 1.34%/yr vs 0.43%/yr for HSCZ.
Performance
OAKEX vs. HSCZ - Performance Comparison
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Returns By Period
In the year-to-date period, OAKEX achieves a -1.73% return, which is significantly lower than HSCZ's 10.91% return. Over the past 10 years, OAKEX has underperformed HSCZ with an annualized return of 7.95%, while HSCZ has yielded a comparatively higher 11.98% annualized return.
OAKEX
- 1D
- 0.94%
- 1M
- -0.32%
- 6M
- -2.71%
- YTD
- -1.73%
- 1Y
- -2.01%
- 3Y*
- 9.77%
- 5Y*
- 4.16%
- 10Y*
- 7.95%
HSCZ
- 1D
- -0.82%
- 1M
- -0.07%
- 6M
- 6.51%
- YTD
- 10.91%
- 1Y
- 23.97%
- 3Y*
- 18.66%
- 5Y*
- 10.93%
- 10Y*
- 11.98%
OAKEX vs. HSCZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OAKEX Oakmark International Small Cap Fund | -1.73% | 29.51% | -3.00% | 19.59% | -14.50% | 17.90% | 5.00% | 31.91% | -23.71% | 26.03% |
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF | 10.91% | 25.74% | 12.89% | 17.03% | -11.46% | 17.75% | 6.40% | 27.89% | -13.99% | 24.52% |
Correlation
The correlation between OAKEX and HSCZ is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2015 | 0.69 |
The correlation between OAKEX and HSCZ has been stable across timeframes, ranging from 0.69 to 0.77 - a consistent structural relationship.
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Return for Risk
OAKEX vs. HSCZ — Risk / Return Rank
OAKEX
HSCZ
OAKEX vs. HSCZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Oakmark International Small Cap Fund (OAKEX) 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.
| OAKEX | HSCZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.23 | ||
| Sortino ratioReturn per unit of downside risk | -3.05 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.38 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.16 | 2.51 | -2.67 |
| Martin ratioReturn relative to average drawdown | -0.45 | 10.57 | -11.02 |
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Drawdowns
OAKEX vs. HSCZ - Drawdown Comparison
The maximum OAKEX drawdown since its inception was -70.12%, which is greater than HSCZ's maximum drawdown of -34.89%. Use the drawdown chart below to compare losses from any high point for OAKEX and HSCZ.
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Drawdown Indicators
| OAKEX | HSCZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.12% | -34.89% | -35.23% |
Max Drawdown (1Y)Largest decline over 1 year | -17.18% | -9.61% | -7.57% |
Max Drawdown (3Y)Largest decline over 3 years | -17.18% | -12.81% | -4.37% |
Max Drawdown (5Y)Largest decline over 5 years | -38.40% | -20.11% | -18.29% |
Max Drawdown (10Y)Largest decline over 10 years | -49.61% | -34.89% | -14.72% |
Current DrawdownCurrent decline from peak | -6.79% | -2.14% | -4.65% |
Average DrawdownAverage peak-to-trough decline | -13.47% | -4.62% | -8.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.22% | 2.27% | +3.95% |
Volatility
OAKEX vs. HSCZ - Volatility Comparison
Oakmark International Small Cap Fund (OAKEX) has a higher volatility of 4.83% compared to iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ) at 3.75%. This indicates that OAKEX'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
| OAKEX | HSCZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.83% | 3.75% | +1.08% |
Volatility (6M)Calculated over the trailing 6-month period | 12.22% | 10.01% | +2.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.10% | 11.81% | +3.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.77% | 13.52% | +4.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.29% | 15.33% | +2.96% |
OAKEX vs. HSCZ - Expense Ratio Comparison
OAKEX has a 1.34% expense ratio, which is higher than HSCZ's 0.43% expense ratio.
Dividends
OAKEX vs. HSCZ - Dividend Comparison
OAKEX's dividend yield for the trailing twelve months is around 5.34%, more than HSCZ's 3.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF | 3.14% | 3.25% | 3.26% | 2.98% | 26.91% | 2.90% | 1.46% | 4.66% | 6.15% | 2.52% | 2.57% | 1.75% |
OAKEX Oakmark International Small Cap Fund | 5.34% | 5.24% | 6.38% | 1.83% | 1.89% | 0.61% | 1.87% | 0.21% | 8.93% | 3.64% | 3.09% | 5.06% |
Frequently Asked Questions
OAKEX and HSCZ have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OAKEX has higher volatility (4.83%) compared to HSCZ (3.75%). In terms of maximum drawdown, OAKEX dropped -70.12% vs HSCZ's -34.89%.
HSCZ currently has the higher Sharpe Ratio (2.04 vs -0.19), 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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