IIF vs HSCZ

Comparison between Morgan Stanley India Investment Fund Inc (IIF, ETF) and ISHARES CURRENCY HEDGED MSCI EAFE SMALL-CAP ETF (HSCZ, ETF).

5-Year PerformanceHSCZ has outperformed IIF, delivering a return of +11.2% compared to +8.6%

IIF vs HSCZ - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	IIF(ETF)	HSCZ(ETF)
Net Assets	$244M	$244M
Expense Ratio	N/A	0.43%
Max Drawdown	85.15%	37.11%
Sharpe Ratio	-0.69	1.40
5Y Beta	0.46	0.63
5Y Dividends CAGR	128.74%	17.81%

Net Assets

Winner

IIF

$244M

HSCZ

$244M

Expense Ratio

IIF

N/A

HSCZ

0.43%

Max Drawdown

IIF

85.15%

Winner

HSCZ

37.11%

Sharpe Ratio

IIF

-0.69

Winner

HSCZ

1.40

5Y Beta

Winner

IIF

0.46

HSCZ

0.63

5Y Dividends CAGR

Winner

IIF

128.74%

HSCZ

17.81%

IIF vs HSCZ - Historical Returns

Returns include dividend reinvestment.

Period	IIF	HSCZ
1 month	+4.98%	+3.26%
3 months	+7.39%	+3.32%
6 months	-3.19%	+5.67%
1 year	-8.06%	+22.44%
5 years(CAGR)	+8.59%	+11.20%
10 years(CAGR)	+8.01%	+12.13%
Max(CAGR)	+13.79%	+10.78%

Winner

IIF

+4.98%

HSCZ

+3.26%

Winner

IIF

+7.39%

HSCZ

+3.32%

IIF

-3.19%

Winner

HSCZ

+5.67%

IIF

-8.06%

Winner

HSCZ

+22.44%

5Y(CAGR)

IIF

+8.59%

Winner

HSCZ

+11.20%

10Y(CAGR)

IIF

+8.01%

Winner

HSCZ

+12.13%

Max(CAGR)

Winner

IIF

+13.79%

HSCZ

+10.78%

IIF vs HSCZ - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	IIF	HSCZ
2026	-6.96%	+14.58%
2025	+5.62%	+25.75%
2024	+30.11%	+13.38%
2023	+21.08%	+15.69%
2022	-10.32%	-12.14%
2021	+30.04%	+17.57%
2020	+5.23%	+5.21%
2019	+0.04%	+27.16%
2018	-21.78%	-13.89%
2017	+50.17%	+23.03%
2016	+8.14%	+8.91%
2015	-6.26%	+0.28%
2014	+58.58%	N/A
2013	-7.61%	N/A
2012	+27.71%	N/A
2011	-43.26%	N/A
2010	+22.07%	N/A
2009	+68.48%	N/A
2008	-55.37%	N/A
2007	+77.20%	N/A
2006	+43.07%	N/A
2005	+31.95%	N/A
2004	+16.57%	N/A
2003	+170.13%	N/A
2002	+14.42%	N/A
2001	-11.08%	N/A
2000	-26.41%	N/A
1999	+36.82%	N/A

IIF vs HSCZ Drawdown Comparison

The maximum drawdown for IIF was -66.78%, occurring on Nov 20, 2008. Recovery took 694 trading sessions.

The maximum drawdown for HSCZ was -34.89%, occurring on Mar 16, 2020. Recovery took 198 trading sessions.

The current IIF drawdown is -11.10%. The current HSCZ drawdown is -0.13%.

Rank	IIF	HSCZ
#1	-66.78% Jan 2, 2008 - Oct 4, 2010	-34.89% Feb 12, 2020 - Nov 23, 2020
#2	-59.10% Jan 23, 2018 - Aug 30, 2021	-20.59% May 22, 2018 - Nov 1, 2019
#3	-54.90% Feb 8, 2000 - Aug 22, 2003	-20.10% Sep 7, 2021 - Dec 19, 2023
#4	-49.86% Nov 5, 2010 - Nov 18, 2014	-17.04% Jul 20, 2015 - Oct 7, 2016
#5	-36.83% May 10, 2006 - Jul 9, 2007	-12.81% Mar 19, 2025 - May 8, 2025
#6	-34.47% Jan 13, 2004 - Dec 21, 2004	-9.83% Jul 16, 2024 - Sep 26, 2024
#7	-28.32% Mar 5, 2015 - Feb 2, 2017	-9.61% Feb 27, 2026 - Apr 17, 2026
#8	-24.17% Jun 27, 2025 - Mar 30, 2026	-7.84% Jan 23, 2018 - May 10, 2018
#9	-23.35% Jan 12, 2022 - Dec 6, 2023	-4.24% Jan 17, 2020 - Feb 12, 2020
#10	-21.21% Sep 19, 2005 - Jan 6, 2006	-3.96% Apr 16, 2021 - Jun 1, 2021
#11	-17.77% Mar 4, 2005 - Jun 22, 2005	-3.64% Feb 18, 2025 - Mar 17, 2025
#12	-17.61% Sep 27, 2024 - Jun 11, 2025	-3.54% Jul 12, 2021 - Jul 23, 2021
#13	-15.76% Nov 4, 2003 - Dec 1, 2003	-3.48% Oct 27, 2025 - Nov 28, 2025
#14	-15.75% Jul 23, 2007 - Sep 19, 2007	-3.36% Apr 17, 2026 - May 11, 2026
#15	-15.56% Oct 29, 2007 - Dec 5, 2007	-3.16% Nov 8, 2017 - Dec 18, 2017

Correlation

Correlation between IIF and HSCZ is 0.91 which considered as a very strong positive correlation - the stocks move almost identically together.

0.91

-101

Dividend Comparison (2000 - 2026)

IIF vs HSCZ dividend yield comparison.

Year	IIF	HSCZ
2026	0.00%	1.30%
2025	7.95%	3.25%
2024	10.67%	3.26%
2023	14.61%	2.98%
2022	19.62%	26.91%
2021	3.75%	2.90%
2020	0.02%	1.46%
2019	0.14%	4.66%
2018	30.40%	6.15%
2017	15.23%	2.52%
2016	4.46%	2.57%
2015	0.16%	1.75%
2011	8.41%	0.00%
2010	9.64%	0.00%
2008	152.11%	0.00%
2007	52.30%	0.00%
2006	10.43%	0.00%
2005	10.39%	0.00%
2004	0.30%	0.00%
2003	0.75%	0.00%
2002	0.13%	0.00%
2001	12.29%	0.00%
2000	14.49%	0.00%