SSXU vs. HSCZ

Last updated Aug 4, 2026

SSXU (Day Hagan/Ned Davis Research Smart Sector International ETF) and HSCZ (iShares Currency Hedged MSCI EAFE Small Cap ETF) are both exchange-traded funds - SSXU is a Foreign Large Cap Equities fund actively managed by Day Hagan, while HSCZ is a Foreign Small & Mid Cap Equities fund tracking the MSCI EAFE Small-Cap 100% Hedged to USD Index. SSXU is actively managed, while HSCZ is passively managed. Over the past 3 years, SSXU returned 11.59%/yr vs 18.48%/yr for HSCZ. Their 0.79 correlation means they have sometimes moved together and sometimes differently. SSXU charges 1.15%/yr vs 0.43%/yr for HSCZ.

Performance

SSXU vs. HSCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Day Hagan/Ned Davis Research Smart Sector International ETF (SSXU) 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, SSXU achieves a 3.85% return, which is significantly lower than HSCZ's 11.38% return.

SSXU

• 1D: 0.49%
• 1M: 0.62%
• 6M: -0.99%
• YTD: 3.85%
• 1Y: 16.44%
• 3Y*: 11.59%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.39%

HSCZ

• 1D: 0.04%
• 1M: -0.19%
• 6M: 7.11%
• YTD: 11.38%
• 1Y: 23.50%
• 3Y*: 18.48%
• 5Y*: 10.77%
• 10Y*: 11.93%
• ALL TIME*: 10.50%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF	$2.59M	$1.75M	$1.29M
SSXU Day Hagan/Ned Davis Research Smart Sector International ETF	$118.06K	$72.09K	$330.31K

SSXU vs. HSCZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SSXU Day Hagan/Ned Davis Research Smart Sector International ETF	3.85%	27.09%	5.28%	9.56%	2.14%
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF	11.38%	25.74%	12.89%	17.03%	4.08%

Correlation

The correlation between SSXU and HSCZ is 0.77, 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.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.78
Correlation (All Time) Calculated using the full available price history since Jul 1, 2022	0.79

The correlation between SSXU and HSCZ has been stable across timeframes, ranging from 0.77 to 0.79 - a consistent structural relationship.

SSXU vs. HSCZ - Sectors Allocation Comparison

Sectors	SSXU	HSCZ
Financial Services	26.9%	12.7%
Industrials	16.8%	24.1%
Consumer Cyclical	8.6%	12.6%
Technology	8.3%	10.8%
Basic Materials	8.2%	9.8%
Consumer Defensive	6.5%	4.9%
Communication Services	6.1%	3.7%
Energy	5.3%	3.3%
Healthcare	5.2%	6.1%
Utilities	4.7%	2.1%
Real Estate	3.4%	10.0%

Return for Risk

SSXU vs. HSCZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SSXU

SSXU Risk / Return Rank: 40
SSXU Sharpe Ratio Rank: 41
SSXU Sortino Ratio Rank: 41
SSXU Omega Ratio Rank: 41
SSXU Calmar Ratio Rank: 40
SSXU Martin Ratio Rank: 39

HSCZ

HSCZ Risk / Return Rank: 78
HSCZ Sharpe Ratio Rank: 82
HSCZ Sortino Ratio Rank: 82
HSCZ Omega Ratio Rank: 82
HSCZ Calmar Ratio Rank: 68
HSCZ Martin Ratio Rank: 77

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SSXU vs. HSCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Day Hagan/Ned Davis Research Smart Sector International ETF (SSXU) 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.

	SSXU	HSCZ	Difference
Sharpe ratio: Return per unit of total volatility	1.13	1.97	-0.84
Sortino ratio: Return per unit of downside risk	1.65	2.80	-1.15
Omega ratio: Gain probability vs. loss probability	1.21	1.36	-0.15
Calmar ratio: Return relative to maximum drawdown	1.54	2.46	-0.92
Martin ratio: Return relative to average drawdown	4.54	10.20	-5.67

SSXU vs. HSCZ - Sharpe Ratio Comparison

The current SSXU Sharpe Ratio is 1.13, which is lower than the HSCZ Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of SSXU 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

SSXU vs. HSCZ - Drawdown Comparison

The maximum SSXU drawdown since its inception was -13.91%, smaller than the maximum HSCZ drawdown of -34.89%. Use the drawdown chart below to compare losses from any high point for SSXU and HSCZ.

Drawdown Indicators

	SSXU	HSCZ	Difference
Max Drawdown Largest peak-to-trough decline	-13.91%	-34.89%	+20.98%
Max Drawdown (1Y) Largest decline over 1 year	-10.71%	-9.61%	-1.10%
Max Drawdown (3Y) Largest decline over 3 years	-13.91%	-12.81%	-1.10%
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	-4.63%	-1.73%	-2.90%
Average Drawdown Average peak-to-trough decline	-3.30%	-4.60%	+1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.63%	2.31%	+1.32%

Volatility

SSXU vs. HSCZ - Volatility Comparison

Day Hagan/Ned Davis Research Smart Sector International ETF (SSXU) has a higher volatility of 5.49% compared to iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ) at 3.89%. This indicates that SSXU'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

	SSXU	HSCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.49%	3.89%	+1.60%
Volatility (6M) Calculated over the trailing 6-month period	12.60%	10.13%	+2.47%
Volatility (1Y) Calculated over the trailing 1-year period	14.61%	11.98%	+2.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.47%	13.52%	+0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.47%	15.35%	-0.88%

SSXU vs. HSCZ - Expense Ratio Comparison

SSXU has a 1.15% expense ratio, which is higher than HSCZ's 0.43% expense ratio.

Dividends

SSXU vs. HSCZ - Dividend Comparison

SSXU's dividend yield for the trailing twelve months is around 2.56%, 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%
SSXU Day Hagan/Ned Davis Research Smart Sector International ETF	2.56%	2.66%	2.74%	2.07%	0.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SSXU and HSCZ in my portfolio?

SSXU and HSCZ have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSXU or HSCZ?

SSXU has higher volatility (5.49%) compared to HSCZ (3.89%). In terms of maximum drawdown, SSXU dropped -13.91% vs HSCZ's -34.89%.

Which ETF is better, SSXU or HSCZ?

On 3-year performance, HSCZ leads with 18.48% vs 11.59% for SSXU. On fees, HSCZ is cheaper at 0.43% per year. On volatility, HSCZ has been the lower-risk option at 3.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SSXU or HSCZ?

Over the 3-year period, HSCZ has performed better with a 18.48% return vs 11.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SSXU or HSCZ?

HSCZ is cheaper with a 0.43% expense ratio, compared with 1.15% for SSXU.

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

HSCZ has the higher dividend yield at 3.13%, compared with 2.56% for SSXU.

What is the main difference between SSXU and HSCZ?

SSXU is categorized as Foreign Large Cap Equities, while HSCZ is Foreign Small & Mid Cap Equities. They also come from different issuers: Day Hagan and iShares. Their fees differ too: 1.15% for SSXU and 0.43% for HSCZ.

Which has better risk-adjusted returns?

HSCZ currently has the higher Sharpe Ratio (1.97 vs 1.13), 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.