HSCZ vs VSS: Grades, Fees and Holdings Compared

iShares Currency Hedged MSCI EAFE Small-Cap ETF

HSCZCNYSE Arca

Vanguard FTSE All-World ex-US Small-Cap ETF

VSSANYSE Arca

Overlap

43.8%by weight

Expense ratio

VSS −0.77pt a year

HSCZ0.83%VSS0.06%

Avg volume · 30D

VSS 10.7×the volume

HSCZ22.7KVSS243K

10Y return · a year

HSCZ +4.1pt

HSCZ+11.6%VSS+7.5%

HSCZ vs VSS Performance

Nov 2, 2021 – Nov 2, 2026

+63.3%HSCZ+25.0%VSS

Expense ratio: HSCZ 0.83%; VSS 0.06%, better
Fund size: HSCZ $257M; VSS $13.9B
1Y total return: HSCZ +15.8%, better; VSS +7.6%
Yield (12M): HSCZ 3.12%, better; VSS 3.03%
Holdings: HSCZ 2036; VSS 5134
Avg volume (30D): HSCZ 22.7K sh; VSS 243K sh, better
NAV per share: HSCZ $42.56; VSS $147.79
52W range

ETF.net Grade

Pillar letters and Scores for HSCZ, VSS, with each pillar’s weight
Pillar	HSCZ	VSS
Cost30% weight	F0	A97Higher
Mission25% weight	Not scored	A100
Risk15% weight	A89Higher	D28
Tradability15% weight	A74Higher	B59
Holdings10% weight	A74	A77Higher
Durability5% weight	B57	A91Higher

Rank among International Small-Cap funds

How we build Categories ›

Same Category. HSCZ and VSS 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 ›

VSS 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 3ASCHCSchwab International Small-Cap Equity ETFScore 78
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

VSSAVanguard FTSE All-World ex-US 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.

VSS One ticker for the small companies the rest of the world runs on: roughly 4,800 stocks across developed and emerging markets outside the US, at 0.06% a year. Vanguard has run it since 2009.

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.

VSS Seeks to track the FTSE Global Small Cap ex US Index, providing broad exposure to developed and emerging non-U.S. small-cap equity markets worldwide through passive index sampling.

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.

VSS 0.06% a year, against a roughly 0.40% median for international small-cap funds. Only Schwab's SCHC matches the price.
Developed and emerging markets in the same basket, roughly 4,800 names deep, so no single country or company carries much of the load.
Tracks its FTSE Global Small Cap ex US benchmark closely and trades tightly for a fund built on thousands of overseas small caps.
Running since 2009, now a multi-billion-dollar fund that pays out quarterly. Long track record, deep plumbing.vanguard.com

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.

VSS Small caps abroad move harder than blue chips, and everything is priced back into dollars, so currency swings ride along.vanguard.com
Vanguard samples the index rather than buying every line item, so the portfolio approximates the benchmark instead of replicating it.vanguard.com
Coverage stops at the US border by design. American small caps sit entirely outside the mandate.

Full HSCZ profile⁠

Full VSS profile⁠

HSCZ vs VSS Holdings

How HSCZ and VSS differ

Overlap by weight

43.8%

Shared holdings make up 49.5% of HSCZ and 45.2% of VSS.

Level by level

Holdings1,310 in both43.8%
Countryby domicile53.6%
Asset classEquity100%

Sector

No Sector split for HSCZ.

Country, concentration and asset class

Country by domicile

Country weights in HSCZ and VSS, widest gap first
Country	More in HSCZMore in VSS	HSCZ	VSS
Japan	HSCZ +22.1 points	38.2%	16.1%
Canada	VSS +9.6 points	0.0%	9.6%
Taiwan	VSS +8.2 points	0.0%	8.2%
India	VSS +6.8 points	0.0%	6.8%
Australia	HSCZ +6.0 points	10.9%	4.9%
China	VSS +5.8 points	0.0%	5.8%
South Korea	VSS +5.4 points	0.0%	5.4%
United Kingdom	HSCZ +4.9 points	13.1%	8.2%
Other countries (30)	HSCZ +3.0 points	37.8%	34.8%

Outside the US: HSCZ 96% developed, 4% emerging. VSS 64% developed, 36% emerging.

Concentration

Weight in the 10 largest Holdings

HSCZ2.7%
VSS9.4%

Securities held

HSCZ2,020
VSS5,094

Asset class

HSCZ: Equity
VSS: Equity

Holdings

Only in HSCZ710
In both1,310
Only in VSS3,784

Only in HSCZ

710 securities, 50.6% of HSCZ by weight

Eur/Usd0.33%
Baycurrent Inc0.30%
Bluescope Steel0.29%
Imi PLC0.26%
Jpy/Usd0.25%
Weir PLC0.25%
Psp Swiss Property AG0.24%
Hiscox Ltd0.23%
Food & Life Companies0.23%
Subsea0.22%
Shizuoka Financial Group Inc0.22%
Mebuki Financial Group Inc0.22%
Als0.21%
Orica0.21%
Nippon Express Holdings0.21%
Accelleron N AG0.21%
Spie SA0.21%
Stockland Stapled Units Ltd0.21%
Ramsay Health Care0.20%
Dcc Energy PLC0.20%
St Jamess Place PLC0.20%
Isetan Mitsukoshi Holdings0.20%
Rohm0.20%
Fukuoka Financial Group0.20%
Games Workshop Group PLC0.20%
Niterra0.19%
Misumi Group0.19%
SCOUT24 N0.19%
Cochlear0.19%
Sandfire Resources0.19%
Imcd NV0.19%
Gpt Group Stapled Units0.19%
Technology One0.19%
Taiyo Yuden Ltd0.19%
Meiji Holdings Ltd0.19%
Shimadzu0.18%
Charter Hall Group Stapled Units0.18%
Sojitz Corp0.18%
Saipem0.18%
Jfe Holdings0.18%
Icg PLC0.18%
Ampol0.18%
Brother Industries0.18%
Ackermans & Van Haaren NV0.18%
Sonic Healthcare0.18%
Croda International PLC0.18%
Ngk0.18%
Nice0.18%
Toyo Suisan Ltd0.18%
Car Group0.18%

Only in VSS

3,784 securities, 54.9% of VSS by weight

SLBBH11425.83%
MSCI EAFE Dec260.48%
DPM Metals Inc0.23%
Eldorado Gold Corp0.23%
G Mining Ventures Corp0.19%
Usd/Jpy Fwd 202612160.18%
LandMark Optoelectronics Corp0.17%
South Bow Corp0.17%
SSR Mining Inc0.17%
Capital Power Corp0.17%
B2Gold Corp0.16%
Capstone Copper Corp0.16%
OceanaGold Corp0.15%
OR Royalties Inc0.14%
NexGen Energy Ltd0.14%
PrairieSky Royalty Ltd0.13%
Jusung Engineering Co Ltd0.13%
BlackBerry Ltd0.13%
MSCI EmgMkt Dec260.13%
Motor Oil Hellas Corinth Refineries SA0.12%
Definity Financial Corp0.12%
K92 Mining Inc0.12%
Chartwell Retirement Residences0.12%
Onex Corp0.12%
CD Projekt Red SA0.12%
Discovery Mining Ltd0.11%
Torex Gold Resources Inc0.11%
Glanbia PLC0.11%
Brookfield Infrastructure Corp0.11%
RioCan Real Estate Investment Trust0.11%
ITEQ Corp0.11%
Tamarack Valley Energy Ltd0.11%
Centerra Gold Inc0.11%
Montage Gold Corp0.11%
Zabka Group SA0.11%
Bank of Cyprus Holdings PLC0.11%
Methanex Corp0.11%
Northland Power Inc0.10%
Fositek Corp0.10%
MDA Space Ltd0.10%
Benefit Systems SA0.10%
Kaori Heat Treatment Co Ltd0.10%
Colliers International Group Inc0.10%
Chipbond Technology Corp0.10%
Algonquin Power & Utilities Corp0.10%
Brookfield Renewable Corp0.10%
RENK Group AG0.09%
Welspun Corp Ltd0.09%
XtalPi Holdings Ltd0.09%
ERO Copper Corp0.09%

Weight gaps

The 100 widest of 1,310 Holdings in both funds.

Holding weights in HSCZ and VSS, widest gap first
Holding	More in HSCZMore in VSS	HSCZ	VSS
Insilico Medicine Cayman Topco	VSS +0.07 points	0.02%	0.09%
Frontline PLC	HSCZ +0.06 points	0.23%	0.17%
Matrix It	HSCZ +0.05 points	0.05%	0.00%
Rightmove PLCRMV.L	HSCZ +0.05 points	0.15%	0.10%
Tieto	VSS +0.04 points	<0.01%	0.04%
Alk-Abello Class B	HSCZ +0.04 points	0.14%	0.10%
Sunrise N Class A Ltd	HSCZ +0.04 points	0.10%	0.06%
Metaplanet Kk	VSS +0.04 points	0.02%	0.06%
Sectra Class B	HSCZ +0.04 points	0.13%	0.09%
Wpp PLCWPP.L	HSCZ +0.04 points	0.17%	0.13%
Babcock International Group PLCBAB.L	HSCZ +0.04 points	0.10%	0.06%
Al Sydbank	HSCZ +0.03 points	0.21%	0.18%
Technip Energies	HSCZ +0.03 points	0.14%	0.11%
Storebrand	HSCZ +0.03 points	0.23%	0.20%
Galenica AG	HSCZ +0.03 points	0.15%	0.12%
Berkeley Group Holdings (The)BKG.L	HSCZ +0.03 points	0.12%	0.09%
Ig Group Holdings PLCIGG.L	VSS +0.03 points	0.11%	0.14%
Sulzer AG	HSCZ +0.03 points	0.11%	0.08%
Sparebank Sr-Norge	HSCZ +0.03 points	0.15%	0.12%
Enagas SA	HSCZ +0.03 points	0.13%	0.10%
Entain PLCENT.L	HSCZ +0.02 points	0.11%	0.09%
Serco Group PLCSRP.L	HSCZ +0.03 points	0.11%	0.08%
Lisi SA	HSCZ +0.02 points	0.04%	0.02%
Arcadis NV	HSCZ +0.02 points	0.09%	0.07%
Greggs PLCGRG.L	HSCZ +0.02 points	0.09%	0.07%
Rotork PLCROR.L	HSCZ +0.02 points	0.15%	0.13%
Lottomatica Group	HSCZ +0.02 points	0.19%	0.17%
Ypsomed Holding AG	HSCZ +0.03 points	0.06%	0.03%
Dksh Holding AG	HSCZ +0.03 points	0.10%	0.07%
Puma	HSCZ +0.02 points	0.08%	0.06%
Leg Immobilien N	HSCZ +0.02 points	0.12%	0.10%
Hikma Pharmaceuticals PLCHIK.L	HSCZ +0.02 points	0.10%	0.08%
Tomy Ltd	HSCZ +0.02 points	0.07%	0.05%
Sopra Steria Group	HSCZ +0.02 points	0.08%	0.06%
Georg Fischer AG	HSCZ +0.02 points	0.15%	0.13%
Reply	HSCZ +0.03 points	0.10%	0.07%
Koninklijke Vopak	HSCZ +0.02 points	0.09%	0.07%
Acerinox	VSS +0.02 points	0.09%	0.11%
AUTO1 Group	HSCZ +0.02 points	0.08%	0.06%
Bonesupport Holding	HSCZ +0.02 points	0.05%	0.03%
Tecan Group AG	HSCZ +0.02 points	0.11%	0.09%
Rs Group PLC	HSCZ +0.02 points	0.14%	0.12%
Lagercrantz Group Class B	HSCZ +0.03 points	0.13%	0.10%
Shiga Bank	VSS +0.02 points	0.08%	0.10%
Medicover Class B	HSCZ +0.02 points	0.05%	0.03%
Adecco Group AG	HSCZ +0.02 points	0.14%	0.12%
Iss A’s	HSCZ +0.02 points	0.16%	0.14%
Persimmon PLCPSN.L	HSCZ +0.02 points	0.15%	0.13%
Daishi Hokuetsu Financial Group	VSS +0.02 points	0.09%	0.11%
Sweco Class B	HSCZ +0.02 points	0.08%	0.06%
Cranswick PLCCWK.L	HSCZ +0.02 points	0.11%	0.09%
Johnson Matthey PLCJMAT.L	HSCZ +0.01 points	0.11%	0.10%
Realord Technology Company Ltd	VSS +0.02 points	<0.01%	0.02%
Valmet Corp	HSCZ +0.02 points	0.13%	0.11%
Nordic Semiconductor	HSCZ +0.02 points	0.10%	0.08%
Pennon Group PLCPNN.L	HSCZ +0.02 points	0.09%	0.07%
Qinetiq Group PLCQQ.L	HSCZ +0.02 points	0.09%	0.07%
Interpump Group	HSCZ +0.02 points	0.09%	0.07%
Sacyr	HSCZ +0.02 points	0.07%	0.05%
Ocado Group PLCOCDO.L	HSCZ +0.02 points	0.07%	0.05%
Investec PLCINVP.L	HSCZ +0.02 points	0.14%	0.12%
Dormakaba Holding AG	HSCZ +0.02 points	0.07%	0.05%
Aedifica NV	HSCZ +0.02 points	0.19%	0.17%
Ambu Class B	HSCZ +0.02 points	0.06%	0.04%
Camurus	HSCZ +0.02 points	0.08%	0.06%
Tgs Nopec Geophysical	HSCZ +0.02 points	0.09%	0.07%
Hammerson Reit PLCHMSO.L	HSCZ +0.02 points	0.08%	0.06%
Asmodee Group Class B	HSCZ +0.02 points	0.08%	0.06%
Cembra Money Bank AG	HSCZ +0.01 points	0.09%	0.08%
Van Lanschot Kempen NV	VSS +0.02 points	0.05%	0.07%
Valeo	VSS +0.01 points	0.07%	0.08%
Man Group PLCEMG.L	HSCZ +0.02 points	0.14%	0.12%
Mobvista	VSS +0.01 points	0.04%	0.05%
Bridgepoint Group PLCBPT.L	VSS +0.01 points	0.06%	0.07%
Elekta B	HSCZ +0.01 points	0.06%	0.05%
Hafnia	HSCZ +0.02 points	0.08%	0.06%
Royal Unibrew	HSCZ +0.02 points	0.09%	0.07%
Aub Group Ltd	HSCZ +0.01 points	0.07%	0.06%
Bytes Technology Group PLCBYIT.L	HSCZ +0.02 points	0.04%	0.02%
Mobimo Holding AG	HSCZ +0.02 points	0.09%	0.07%
Cadeler	HSCZ +0.02 points	0.05%	0.03%
Primary Health Properties Reit PLCPHP.L	HSCZ +0.02 points	0.09%	0.07%
Sbm Offshore	HSCZ +0.01 points	0.14%	0.13%
Tui N AG	HSCZ +0.01 points	0.10%	0.09%
Tkms AG	HSCZ +0.01 points	0.07%	0.06%
Bravida Holding	HSCZ +0.01 points	0.09%	0.08%
Zegona Communications PLCZEG.L	HSCZ +0.01 points	0.11%	0.10%
B&M European Value Retail PLCBME.L	HSCZ +0.02 points	0.10%	0.08%
Harbour Energy PLCHBR.L	HSCZ +0.01 points	0.09%	0.08%
DATA#3 Ltd	HSCZ +0.01 points	0.04%	0.03%
Hyakugo Bank	VSS +0.02 points	0.07%	0.09%
North Pacific Bank Ltd	VSS +0.01 points	0.06%	0.07%
Saizeriya Ltd	HSCZ +0.02 points	0.04%	0.03%
Efg International AG	VSS +0.01 points	0.06%	0.07%
Electrolux Class B	HSCZ +0.02 points	0.06%	0.04%
Quilter PLCQLT.L	HSCZ +0.01 points	0.09%	0.08%
Sparebank Smns	HSCZ +0.01 points	0.08%	0.07%
Bakkafrost	HSCZ +0.01 points	0.07%	0.06%
Westgold Resources	HSCZ +0.02 points	0.10%	0.08%
Holmen Class B	HSCZ +0.01 points	0.06%	0.05%

All HSCZ holdings⁠All 4,816 VSS 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 VSS Cost

Overpaying HSCZ vs VSS

$14,589

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

HSCZ 0.83%
$15,859
VSS 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

HSCZ 0.83%
VSS 0.06%
Overpaying

Year by year

Year	HSCZ	VSS	Overpaying
10	$1,474	$110	$1,364
20	$5,581	$432	$5,149
30	$15,859	$1,270	$14,589

Expense ratio

0.83%HSCZ
0.06%VSS, cheaper

VSS0.06%HSCZ0.83%

0.06%0.83%

Middle half of International Small-Cap funds
Median 0.44%

VSS cheapest of 16 funds

HSCZ 16th cheapest of 16 funds

HSCZ vs VSS Dividends

Last 12 months to Nov 2, 2026

Yield (12M): HSCZ 3.12%, better; VSS 3.03%
Payout (12M): HSCZ $1.34; VSS $4.51
Last payment: HSCZ $0.57; VSS $0.30
Ex-dividend: HSCZ Jul 2, 2026; VSS Sep 18, 2026
Paid on: HSCZ Jul 8, 2026; VSS Sep 22, 2026
Frequency: HSCZ Twice a year; VSS Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

HSCZTwice a year · 23 paymentsAll HSCZ payments⁠

VSSQuarterly · 31 paymentsAll VSS payments⁠

HSCZ vs VSS Risk

Fall from peak · 5 years

HSCZ
VSS

Risk facts

VolatilityStd dev, 3 years: HSCZ 9.3%, betterVSS 14.1%
Return per unit of riskSharpe ratio, 3 years: HSCZ 1.56, betterVSS 0.88
Worst fallMax drawdown, 5 years: HSCZ −19.9%, betterVSS −33.3%
Market sensitivityBeta, 5 years: HSCZ 0.60VSS 0.98; Market = 1

HSCZ and VSS in the news

All news⁠

Best ETFs
Best small-cap ETFs: Vanguard’s VB beats three great funds all charging just 0.03%
Updated Nov 2, 2026VSS

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HSCZ vs VSS

In short

Stated mandate

Why people hold it

Worth knowing

How HSCZ and VSS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HSCZ

Only in VSS

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Best small-cap ETFs: Vanguard’s VB beats three great funds all charging just 0.03%

How HSCZ and VSS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HSCZ

Only in VSS

Weight gaps