HSCZ vs SPY
HSCZ vs SPY
iShares Currency Hedged MSCI EAFE Small-Cap ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. HSCZ delivered stronger 1-year returns. HSCZ offers more diversification with 1664 holdings.
Side-by-Side Comparison
| Metric | HSCZ | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.43% | 0.09% | |
| AUM | $241M | $789.1B | |
| Dividend Yield | 2.95% | 1.01% | |
| Holdings | 2,184 | 505 | |
| YTD Return | +13.81% | +13.79% | |
| 1Y Return | +24.05% | +23.66% | |
| 3Y Return (annualized) | +19.49% | +21.40% | |
| 5Y Return (annualized) | +11.31% | +13.37% | |
| Volatility (annualized) | 13.8% | 15.3% | |
| Max Drawdown | -37.1% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jun 29, 2015 | Jan 22, 1993 |
HSCZ vs SPY Performance
iShares Currency Hedged MSCI EAFE Small-Cap ETF (HSCZ) is a ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year HSCZ returned +24.05% while SPY returned +23.66%. Year to date, HSCZ is up 13.81% versus a gain of 13.79% for SPY.
Over three years, HSCZ compounded at +19.49% per year against +21.40% for SPY; over five years the annualized figures are +11.31% and +13.37% respectively. Across the full 11-year window we track, HSCZ has the edge at +8.88% annualized vs +8.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 13.8% for HSCZ. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -37.1% for HSCZ and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.84. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
HSCZ charges 0.43% per year while SPY charges 0.09%. On a $10,000 position that is $43 vs $9 annually, a gap of $34 per year that compounds over a long holding period. On income, HSCZ currently yields 2.95% against 1.01% for SPY.
Holdings Overlap
HSCZ and SPY share 1 holdings out of 2166 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in HSCZ | Weight in SPY | Difference |
|---|---|---|---|
| RF | 0.05% | 0.04% | 0.01% |
Frequently Asked Questions
Which is cheaper, HSCZ or SPY?
HSCZ has an expense ratio of 0.43% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $34 per year of difference.
Which performed better, HSCZ or SPY?
Over the past year HSCZ returned +24.05% vs +23.66% for SPY, so HSCZ leads on 1-year performance. Over the longest common window we track (11 years), HSCZ annualized +8.88% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, HSCZ or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 13.8% for HSCZ. Worst drawdown: HSCZ -37.1% vs SPY -56.5%.
Should I hold both HSCZ and SPY?
HSCZ and SPY have a monthly-return correlation of 0.84, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between HSCZ and SPY?
HSCZ and SPY share 1 common holdings with a 0.0% weight overlap. Combined, they hold 2166 unique securities.
Which pays a higher dividend, HSCZ or SPY?
HSCZ yields 2.95% while SPY yields 1.01%, so HSCZ currently pays the higher dividend yield.
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