HSCZ vs SCZ: Grades, Fees and Holdings Compared

iShares Currency Hedged MSCI EAFE Small-Cap ETF

HSCZCNYSE Arca

iShares MSCI EAFE Small-Cap ETF

SCZANasdaq

Overlap

100%by weight

Expense ratio

SCZ −0.43pt a year

HSCZ0.83%SCZ0.40%

Avg volume · 30D

SCZ 57.2×the volume

HSCZ22.7KSCZ1.3M

10Y return · a year

HSCZ +3.5pt

HSCZ+11.6%SCZ+8.1%

HSCZ vs SCZ Performance

Nov 2, 2021 – Nov 2, 2026

+63.3%HSCZ+26.9%SCZ

Expense ratio: HSCZ 0.83%; SCZ 0.40%, better
Fund size: HSCZ $257M; SCZ $12.7B
1Y total return: HSCZ +15.8%, better; SCZ +13.1%
Yield (12M): HSCZ 3.12%; SCZ 3.20%, better
Holdings: HSCZ 2036; SCZ 2039
Avg volume (30D): HSCZ 22.7K sh; SCZ 1.3M sh, better
NAV per share: HSCZ $42.56; SCZ $82.65
52W range

ETF.net Grade

Pillar letters and Scores for HSCZ, SCZ, with each pillar’s weight
Pillar	HSCZ	SCZ
Cost30% weight	F0	A70Higher
Mission25% weight	Not scored	A100
Risk15% weight	A89Higher	C49
Tradability15% weight	A74	A92Higher
Holdings10% weight	A74	A76Higher
Durability5% weight	B57	A85Higher

Rank among International Small-Cap funds

How we build Categories ›

Same Category. HSCZ and SCZ are both graded against the same 16 International Small-Cap funds, so their Grades compare head to head.

International Small-Cap⁠

Category · 16 funds

See all 16 ›

SCZ ranks 1st and HSCZ 12th of 16 funds in the International Small-Cap Category.

Rank 1ASCZiShares MSCI EAFE Small-Cap ETFScore 79
Rank 1AVSSVanguard FTSE All-World ex-US Small-Cap ETFScore 79
Rank 11CDDLSWisdomTree Dynamic International SmallCap Equity ETFScore 50
Rank 12CHSCZiShares Currency Hedged MSCI EAFE Small-Cap ETFScore 46
Rank 13DAZTDAztlan Global Stock Selection Dm SMID ETFScore 38

Our read on each fund

ETF.net Research

HSCZCiShares Currency Hedged MSCI EAFE Small-Cap ETF

SCZAiShares MSCI EAFE Small-Cap ETF

In short

HSCZ The hedged twin of the standard EAFE small-cap fund: the same universe of smaller companies in developed markets outside the US and Canada, with the currency swing dialed out by tracking a 100% hedged-to-USD index.

SCZ The purist's take on foreign small caps: developed markets only, outside the US and Canada. Trading since 2007, SCZ follows the MSCI EAFE Small Cap Index, so Japan, Europe and Australia are in and emerging markets stay out.

Stated mandate

HSCZ The fund seeks to track an index of small-cap equities in international markets excluding the United States and Canada, while reducing the effect of currency fluctuations.

SCZ The fund seeks to track an index of small-cap equities from developed markets outside the United States and Canada, providing international diversification and exposure to overseas small-cap stocks.

Why people hold it

HSCZ Tracks the MSCI EAFE Small Cap 100% Hedged to USD Index, so the euro, yen and pound drive less of the result and the underlying businesses drive more.ishares.com
Currency hedging is everywhere in large-cap international funds and scarce down in small caps. This is BlackRock's version of that rarer combination.ishares.com
Broad, rules-based index exposure across developed markets outside the US and Canada, diversified rather than concentrated, and running under iShares since 2015.

SCZ A clean, literal mandate: small companies in developed markets outside the US and Canada, with nothing else slipping into the basket.ishares.com
It follows its stated index closely, one of the tighter implementations in the international small-cap group.
Live since December 2007 and now a multi-billion-dollar fund that trades actively, the kind of scale that supports steady day-to-day liquidity.
The 0.40% fee lands right at the median for its category, so the EAFE-specific screen doesn't carry a premium price.

Worth knowing

HSCZ Hedging is not free. The expense ratio sits well above the median for international small-cap funds, and above its own unhedged sibling SCZ.
The hedge cuts both ways. When the dollar weakens, unhedged peers such as SCZ and VSS collect that currency tailwind and this fund, by design, does not.
A smaller, thinly traded fund next to the giants of its category, so bid-ask spreads can be wider and limit orders matter more.

SCZ Median is not cheap here. VSS and SCHC charge 0.06% for their own ex-US small-cap baskets, several times less than SCZ's 0.40%.
Developed markets only. Emerging-market small caps sit outside the mandate, unlike all-world peers such as VSS.
The index is unhedged, so currency moves land on top of small-cap price swings, a bumpier ride than developed large-cap benchmarks.

Full HSCZ profile⁠

Full SCZ profile⁠

HSCZ vs SCZ Holdings

How HSCZ and SCZ differ

Overlap by weight

100%

Shared holdings make up 100% of HSCZ and 100% of SCZ.

Level by level

Asset classEquity100%
Countryby domicile99.8%
Holdings2,016 in both100%

Sector

No Sector split for HSCZ.

Country, concentration and asset class

Country by domicile

Country weights in HSCZ and SCZ, widest gap first
Country	More in HSCZMore in SCZ	HSCZ	SCZ
Japan	Same weight	38.2%	38.2%
United Kingdom	SCZ +0.1 points	13.1%	13.2%
Australia	Same weight	10.9%	10.9%
Sweden	Same weight	5.4%	5.4%
Switzerland	Same weight	4.5%	4.5%
Israel	HSCZ +0.1 points	4.5%	4.4%
Germany	SCZ +0.1 points	4.0%	4.1%
France	SCZ +0.1 points	3.6%	3.7%
Other countries (8)	HSCZ +0.1 points	15.8%	15.7%

Outside the US: HSCZ 96% developed, 4% emerging. SCZ 96% developed, 4% emerging.

Concentration

Weight in the 10 largest Holdings

HSCZ2.7%
SCZ2.6%

Securities held

HSCZ2,020
SCZ2,023

Asset class

HSCZ: Equity
SCZ: Equity

Holdings

Only in HSCZ4
In both2,016
Only in SCZ7

Only in HSCZ

4 securities, 0.0% of HSCZ by weight

Dkk/Usd0.04%
Sgd/Usd<0.01%
Hkd/Usd<0.01%
Nzd/Usd<0.01%

Only in SCZ

7 securities, 0.0% of SCZ by weight

Chf/Usd0.00%
Electra Real Estate Rights Ltd0.00%
Firefinch Ltd0.00%
Brightoil Petroleum (Holdings) Ltd0.00%
Lenzing Ag, Bezugsrechte Rights AG0.00%
Webuild0.00%
Prime AET&D Holdings No 1 Pty Ltd0.00%

Weight gaps

The 100 widest of 2,016 Holdings in both funds.

Holding weights in HSCZ and SCZ, widest gap first
Holding	More in HSCZMore in SCZ	HSCZ	SCZ
Eur/Usd	HSCZ +0.33 points	0.33%	0.00%
Jpy/Usd	HSCZ +0.25 points	0.25%	<0.01%
Ils/Usd	HSCZ +0.10 points	0.10%	0.00%
Baycurrent Inc	Same weight	0.30%	0.30%
Bluescope Steel	Same weight	0.29%	0.29%
Imi PLCIMI.L	Same weight	0.26%	0.26%
Weir PLCWEIR.L	Same weight	0.25%	0.25%
Storebrand	Same weight	0.23%	0.23%
Psp Swiss Property AG	Same weight	0.24%	0.24%
Subsea	Same weight	0.22%	0.22%
Frontline PLC	Same weight	0.23%	0.23%
Hiscox LtdHSX.L	Same weight	0.23%	0.23%
Gaztransport & Technigaz SA	Same weight	0.22%	0.22%
Shizuoka Financial Group Inc	Same weight	0.22%	0.22%
Mebuki Financial Group Inc	Same weight	0.22%	0.22%
Food & Life Companies	Same weight	0.23%	0.23%
Als	Same weight	0.21%	0.21%
Spie SA	Same weight	0.21%	0.21%
Nippon Express Holdings	Same weight	0.21%	0.21%
Rohm	Same weight	0.20%	0.20%
Fukuoka Financial Group	Same weight	0.20%	0.20%
St Jamess Place PLCSTJ.L	Same weight	0.20%	0.20%
Ramsay Health Care	Same weight	0.20%	0.20%
Stockland Stapled Units Ltd	Same weight	0.21%	0.21%
Games Workshop Group PLCGAW.L	Same weight	0.20%	0.20%
Al Sydbank	Same weight	0.21%	0.21%
Orica	Same weight	0.21%	0.21%
Isetan Mitsukoshi Holdings	Same weight	0.20%	0.20%
Accelleron N AG	Same weight	0.21%	0.21%
Dcc Energy PLCDCC.L	Same weight	0.20%	0.20%
Nkt	Same weight	0.19%	0.19%
Niterra	Same weight	0.19%	0.19%
Thyssenkrupp AG	Same weight	0.19%	0.19%
Aedifica NV	Same weight	0.19%	0.19%
Gpt Group Stapled Units	Same weight	0.19%	0.19%
Cochlear	Same weight	0.19%	0.19%
Ampol	Same weight	0.18%	0.18%
Technology One	Same weight	0.19%	0.19%
Imcd NV	Same weight	0.19%	0.19%
Misumi Group	Same weight	0.19%	0.19%
Lottomatica Group	Same weight	0.19%	0.19%
Sandfire Resources	Same weight	0.19%	0.19%
Saipem	Same weight	0.18%	0.18%
SCOUT24 N	Same weight	0.19%	0.19%
Ngk	Same weight	0.18%	0.18%
Icg PLCICG.L	Same weight	0.18%	0.18%
Shimadzu	SCZ +0.01 points	0.18%	0.18%
Car Group	Same weight	0.18%	0.18%
Taiyo Yuden Ltd	Same weight	0.19%	0.19%
Toyo Suisan Ltd	Same weight	0.18%	0.18%
Meiji Holdings Ltd	Same weight	0.19%	0.19%
Jfe Holdings	Same weight	0.18%	0.18%
Brother Industries	Same weight	0.18%	0.18%
Whitbread PLCWTB.L	Same weight	0.17%	0.17%
Charter Hall Group Stapled Units	Same weight	0.18%	0.18%
Sojitz Corp	Same weight	0.18%	0.18%
Getinge B	Same weight	0.17%	0.17%
Trend Micro	Same weight	0.17%	0.17%
Jyske Bank	Same weight	0.17%	0.17%
Ricoh	Same weight	0.17%	0.17%
Croda International PLCCRDA.L	Same weight	0.18%	0.18%
Kyoto Financial Group	Same weight	0.16%	0.16%
Nice	Same weight	0.18%	0.18%
Howden Joinery Group PLCHWDN.L	Same weight	0.16%	0.16%
Ackermans & Van Haaren NV	Same weight	0.18%	0.18%
Barratt Redrow PLCBTRW.L	Same weight	0.16%	0.16%
Sonic Healthcare	Same weight	0.18%	0.18%
Omron	Same weight	0.17%	0.17%
Nissan Chemical Corp	Same weight	0.17%	0.17%
Wpp PLCWPP.L	Same weight	0.17%	0.17%
Andritz AG	Same weight	0.17%	0.17%
Seiko Epson	Same weight	0.16%	0.16%
Ringkjobing Landbobank	Same weight	0.17%	0.17%
Bezeq Israeli Telecommunication Co	Same weight	0.17%	0.17%
Edenred	Same weight	0.17%	0.17%
Clal Insurance Enterprises Ltd	Same weight	0.17%	0.17%
Lion Finance Group PLCBGEO.L	Same weight	0.16%	0.16%
British Land ReitBLND.L	Same weight	0.16%	0.16%
Sekisui Chemical	Same weight	0.16%	0.16%
Sysmex	Same weight	0.16%	0.16%
Ssab Class B	Same weight	0.16%	0.16%
Jb Hi-Fi Ltd	Same weight	0.16%	0.16%
Perseus Mining Ltd	Same weight	0.15%	0.15%
Scor	Same weight	0.17%	0.17%
Hachijuni Nagano Bank	Same weight	0.16%	0.16%
Yaskawa Electric	Same weight	0.16%	0.16%
Aberdeen Group PLCABDN.L	Same weight	0.15%	0.15%
Nordex	Same weight	0.16%	0.16%
Konecranes	Same weight	0.16%	0.16%
Iss A’s	Same weight	0.16%	0.16%
Matsukiyokara	Same weight	0.15%	0.15%
Balfour Beatty PLCBBY.L	Same weight	0.16%	0.16%
Gunma Bank	Same weight	0.15%	0.15%
Autotrader Group PLCAUTO.L	Same weight	0.16%	0.16%
Sbm Offshore	Same weight	0.14%	0.14%
Londonmetric Property Reit PLCLMP.L	Same weight	0.15%	0.15%
Sparebank Sr-Norge	Same weight	0.15%	0.15%
Galenica AG	Same weight	0.15%	0.15%
Georg Fischer AG	Same weight	0.15%	0.15%
Sony Financial Group Inc	Same weight	0.14%	0.14%

All HSCZ holdings⁠All 2,025 SCZ holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

HSCZ vs SCZ Cost

Overpaying HSCZ vs SCZ

$7,769

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

HSCZ 0.83%
$15,859
SCZ 0.40%
$8,090

Amount$10,000

Years30 years

Cost over time

HSCZ 0.83%
SCZ 0.40%
Overpaying

Year by year

Year	HSCZ	SCZ	Overpaying
10	$1,474	$723	$751
20	$5,581	$2,793	$2,788
30	$15,859	$8,090	$7,769

Expense ratio

0.83%HSCZ
0.40%SCZ, cheaper

SCZ0.40%HSCZ0.83%

0.06%0.83%

Middle half of International Small-Cap funds
Median 0.44%

SCZ 6th cheapest of 16 funds

HSCZ 16th cheapest of 16 funds

HSCZ vs SCZ Dividends

Last 12 months to Nov 2, 2026

Yield (12M): HSCZ 3.12%; SCZ 3.20%, better
Payout (12M): HSCZ $1.34; SCZ $2.67
Last payment: HSCZ $0.57; SCZ $1.17
Ex-dividend: HSCZ Jul 2, 2026; SCZ Jun 15, 2026
Paid on: HSCZ Jul 8, 2026; SCZ Jun 18, 2026
Frequency: HSCZ Twice a year; SCZ Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

HSCZTwice a year · 23 paymentsAll HSCZ payments⁠

SCZTwice a year · 20 paymentsAll SCZ payments⁠

HSCZ vs SCZ Risk

Fall from peak · 5 years

HSCZ
SCZ

Risk facts

VolatilityStd dev, 3 years: HSCZ 9.3%, betterSCZ 13.6%
Return per unit of riskSharpe ratio, 3 years: HSCZ 1.56, betterSCZ 1.04
Worst fallMax drawdown, 5 years: HSCZ −19.9%, betterSCZ −35.5%
Market sensitivityBeta, 5 years: HSCZ 0.60SCZ 1.00; Market = 1

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