SKOR vs. HSCZ
SKOR (FlexShares Credit-Scored US Corporate Bond Index Fund) and HSCZ (iShares Currency Hedged MSCI EAFE Small Cap ETF) are both exchange-traded funds - SKOR is a Corporate Bonds fund tracking the NorthernTrustUS Corporate Bond Quality Value Index, 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, SKOR returned 2.88%/yr vs 12.35%/yr for HSCZ. At a 0.07 correlation, their price movements are largely independent. SKOR charges 0.22%/yr vs 0.43%/yr for HSCZ.
Performance
SKOR vs. HSCZ - Performance Comparison
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Returns By Period
In the year-to-date period, SKOR achieves a 0.54% return, which is significantly lower than HSCZ's 10.99% return. Over the past 10 years, SKOR has underperformed HSCZ with an annualized return of 2.88%, while HSCZ has yielded a comparatively higher 12.35% annualized return.
SKOR
- 1D
- -0.05%
- 1M
- 0.37%
- YTD
- 0.54%
- 6M
- 1.02%
- 1Y
- 5.20%
- 3Y*
- 6.13%
- 5Y*
- 1.74%
- 10Y*
- 2.88%
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%
SKOR vs. HSCZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SKOR FlexShares Credit-Scored US Corporate Bond Index Fund | 0.54% | 7.99% | 4.42% | 7.64% | -9.88% | -1.40% | 8.84% | 10.69% | -1.25% | 4.38% |
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 SKOR and HSCZ is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2015 | 0.07 |
Over the past year, SKOR and HSCZ have become more correlated (0.31) than their long-term average of 0.07, meaning their price movements have been converging.
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Return for Risk
SKOR vs. HSCZ — Risk / Return Rank
SKOR
HSCZ
SKOR vs. HSCZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FlexShares Credit-Scored US Corporate Bond Index Fund (SKOR) 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.
| SKOR | HSCZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.61 | ||
| Sortino ratioReturn per unit of downside risk | -0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.45 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 2.95 | -0.57 |
| Martin ratioReturn relative to average drawdown | 8.31 | 12.57 | -4.26 |
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Drawdowns
SKOR vs. HSCZ - Drawdown Comparison
The maximum SKOR drawdown since its inception was -15.98%, smaller than the maximum HSCZ drawdown of -34.89%. Use the drawdown chart below to compare losses from any high point for SKOR and HSCZ.
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Drawdown Indicators
| SKOR | HSCZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.98% | -34.89% | +18.91% |
Max Drawdown (1Y)Largest decline over 1 year | -2.09% | -9.61% | +7.52% |
Max Drawdown (3Y)Largest decline over 3 years | -3.11% | -12.81% | +9.70% |
Max Drawdown (5Y)Largest decline over 5 years | -15.13% | -20.11% | +4.98% |
Max Drawdown (10Y)Largest decline over 10 years | -15.98% | -34.89% | +18.91% |
Current DrawdownCurrent decline from peak | -0.57% | -0.60% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -2.65% | -4.64% | +1.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.60% | 2.25% | -1.65% |
Volatility
SKOR vs. HSCZ - Volatility Comparison
The current volatility for FlexShares Credit-Scored US Corporate Bond Index Fund (SKOR) is 0.94%, while iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ) has a volatility of 4.08%. This indicates that SKOR experiences smaller price fluctuations and is considered to be less risky 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
| SKOR | HSCZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.94% | 4.08% | -3.14% |
Volatility (6M)Calculated over the trailing 6-month period | 2.04% | 9.68% | -7.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.71% | 11.60% | -8.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.43% | 13.52% | -9.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.90% | 15.68% | -10.78% |
SKOR vs. HSCZ - Expense Ratio Comparison
SKOR has a 0.22% expense ratio, which is lower than HSCZ's 0.43% expense ratio.
Dividends
SKOR vs. HSCZ - Dividend Comparison
SKOR's dividend yield for the trailing twelve months is around 4.66%, more 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% |
SKOR FlexShares Credit-Scored US Corporate Bond Index Fund | 4.66% | 4.70% | 4.90% | 3.90% | 2.57% | 2.55% | 3.38% | 3.53% | 2.85% | 2.46% | 2.74% | 2.25% |
Frequently Asked Questions
SKOR and HSCZ have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HSCZ has higher volatility (4.08%) compared to SKOR (0.94%). In terms of maximum drawdown, SKOR dropped -15.98% vs HSCZ's -34.89%.
On 10-year performance, HSCZ leads with 12.35% vs 2.88% for SKOR. On fees, SKOR is cheaper at 0.22% per year. On volatility, SKOR has been the lower-risk option at 0.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HSCZ has performed better with a 12.35% return vs 2.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SKOR is cheaper with a 0.22% expense ratio, compared with 0.43% for HSCZ.
SKOR has the higher dividend yield at 4.66%, compared with 2.93% for HSCZ.
SKOR is categorized as Corporate Bonds, while HSCZ is Foreign Small & Mid Cap Equities. SKOR tracks NorthernTrustUS Corporate Bond Quality Value Index, while HSCZ tracks MSCI EAFE Small-Cap 100% Hedged to USD Index. They also come from different issuers: Northern Trust and iShares. Their fees differ too: 0.22% for SKOR and 0.43% for HSCZ.
HSCZ currently has the higher Sharpe Ratio (2.45 vs 1.84), 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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