VCR vs. HSCZ
VCR (Vanguard Consumer Discretionary ETF) and HSCZ (iShares Currency Hedged MSCI EAFE Small Cap ETF) are both exchange-traded funds - VCR is a Consumer Discretionary Equities fund tracking the MSCI US Investable Market Consumer Discretionary 25/50 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, VCR returned 13.76%/yr vs 12.35%/yr for HSCZ. A 0.65 correlation means they provide meaningful diversification when combined. VCR charges 0.10%/yr vs 0.43%/yr for HSCZ.
Performance
VCR vs. HSCZ - Performance Comparison
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Returns By Period
In the year-to-date period, VCR achieves a -0.09% return, which is significantly lower than HSCZ's 10.99% return. Over the past 10 years, VCR has outperformed HSCZ with an annualized return of 13.76%, while HSCZ has yielded a comparatively lower 12.35% annualized return.
VCR
- 1D
- 0.20%
- 1M
- 0.16%
- YTD
- -0.09%
- 6M
- -1.17%
- 1Y
- 12.37%
- 3Y*
- 13.30%
- 5Y*
- 6.00%
- 10Y*
- 13.76%
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%
VCR vs. HSCZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VCR Vanguard Consumer Discretionary ETF | -0.09% | 5.77% | 24.27% | 40.38% | -35.15% | 24.86% | 48.36% | 27.45% | -2.31% | 22.82% |
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 VCR and HSCZ is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2015 | 0.65 |
The correlation between VCR and HSCZ has been stable across timeframes, ranging from 0.62 to 0.69 - a consistent structural relationship.
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Return for Risk
VCR vs. HSCZ — Risk / Return Rank
VCR
HSCZ
VCR vs. HSCZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Consumer Discretionary ETF (VCR) 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.
| VCR | HSCZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.85 | ||
| Sortino ratioReturn per unit of downside risk | -2.47 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.45 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | 0.72 | 2.95 | -2.24 |
| Martin ratioReturn relative to average drawdown | 2.21 | 12.57 | -10.36 |
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Drawdowns
VCR vs. HSCZ - Drawdown Comparison
The maximum VCR drawdown since its inception was -61.54%, which is greater than HSCZ's maximum drawdown of -34.89%. Use the drawdown chart below to compare losses from any high point for VCR and HSCZ.
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Drawdown Indicators
| VCR | HSCZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.54% | -34.89% | -26.65% |
Max Drawdown (1Y)Largest decline over 1 year | -15.59% | -9.61% | -5.98% |
Max Drawdown (3Y)Largest decline over 3 years | -27.36% | -12.81% | -14.55% |
Max Drawdown (5Y)Largest decline over 5 years | -39.20% | -20.11% | -19.09% |
Max Drawdown (10Y)Largest decline over 10 years | -39.20% | -34.89% | -4.31% |
Current DrawdownCurrent decline from peak | -4.64% | -0.60% | -4.04% |
Average DrawdownAverage peak-to-trough decline | -9.39% | -4.64% | -4.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.05% | 2.25% | +2.80% |
Volatility
VCR vs. HSCZ - Volatility Comparison
Vanguard Consumer Discretionary ETF (VCR) has a higher volatility of 6.17% compared to iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ) at 4.08%. This indicates that VCR'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
| VCR | HSCZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.17% | 4.08% | +2.09% |
Volatility (6M)Calculated over the trailing 6-month period | 13.48% | 9.68% | +3.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.62% | 11.60% | +7.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.03% | 13.52% | +10.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.43% | 15.68% | +6.75% |
VCR vs. HSCZ - Expense Ratio Comparison
VCR has a 0.10% expense ratio, which is lower than HSCZ's 0.43% expense ratio.
Dividends
VCR vs. HSCZ - Dividend Comparison
VCR's dividend yield for the trailing twelve months is around 0.73%, 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% |
VCR Vanguard Consumer Discretionary ETF | 0.73% | 0.74% | 0.74% | 0.84% | 0.98% | 0.79% | 1.71% | 1.17% | 1.37% | 1.21% | 1.60% | 1.32% |
Frequently Asked Questions
VCR and HSCZ have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VCR has higher volatility (6.17%) compared to HSCZ (4.08%). In terms of maximum drawdown, VCR dropped -61.54% vs HSCZ's -34.89%.
On 10-year performance, VCR leads with 13.76% vs 12.35% for HSCZ. On fees, VCR is cheaper at 0.10% 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.
Over the 10-year period, VCR has performed better with a 13.76% return vs 12.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VCR is cheaper with a 0.10% expense ratio, compared with 0.43% for HSCZ.
HSCZ has the higher dividend yield at 2.93%, compared with 0.73% for VCR.
VCR is categorized as Consumer Discretionary Equities, while HSCZ is Foreign Small & Mid Cap Equities. VCR tracks MSCI US Investable Market Consumer Discretionary 25/50 Index, while HSCZ tracks MSCI EAFE Small-Cap 100% Hedged to USD Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.10% for VCR and 0.43% for HSCZ.
HSCZ currently has the higher Sharpe Ratio (2.45 vs 0.60), 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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