AVIV vs. HAWX

Last updated Jun 23, 2026

AVIV (Avantis International Large Cap Value ETF) and HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) are both Foreign Large Cap Equities funds. AVIV is actively managed, while HAWX is passively managed. Over the past 3 years, AVIV returned 22.35%/yr vs 22.87%/yr for HAWX. Their correlation of 0.85 suggests significant overlap in exposure. AVIV charges 0.25%/yr vs 0.35%/yr for HAWX.

Performance

AVIV vs. HAWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis International Large Cap Value ETF (AVIV) and iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVIV achieves a 12.03% return, which is significantly lower than HAWX's 19.66% return.

AVIV

• 1D: 0.22%
• 1M: 0.73%
• YTD: 12.03%
• 6M: 11.97%
• 1Y: 33.95%
• 3Y*: 22.35%
• 5Y*: —
• 10Y*: —

HAWX

• 1D: 0.64%
• 1M: 5.80%
• YTD: 19.66%
• 6M: 20.07%
• 1Y: 40.65%
• 3Y*: 22.87%
• 5Y*: 13.58%
• 10Y*: 12.83%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AVIV vs. HAWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AVIV Avantis International Large Cap Value ETF	12.03%	41.80%	4.30%	18.47%	-8.26%	1.83%
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF	19.66%	26.24%	14.88%	17.05%	-8.59%	2.83%

Correlation

The correlation between AVIV and HAWX is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.85

The correlation between AVIV and HAWX has been stable across timeframes, ranging from 0.82 to 0.85 - a consistent structural relationship.

AVIV vs. HAWX - Sectors Allocation Comparison

Sectors	AVIV	HAWX
Financial Services	27.3%	23.2%
Industrials	18.5%	14.2%
Energy	13.0%	4.8%
Basic Materials	12.7%	6.9%
Consumer Cyclical	10.2%	7.5%
Communication Services	4.7%	4.9%
Healthcare	4.7%	6.8%
Technology	4.0%	22.5%
Consumer Defensive	3.2%	4.8%
Real Estate	1.0%	1.4%
Utilities	0.7%	3.0%

Return for Risk

AVIV vs. HAWX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AVIV

AVIV Risk / Return Rank: 72
AVIV Sharpe Ratio Rank: 76
AVIV Sortino Ratio Rank: 74
AVIV Omega Ratio Rank: 76
AVIV Calmar Ratio Rank: 66
AVIV Martin Ratio Rank: 69

HAWX

HAWX Risk / Return Rank: 88
HAWX Sharpe Ratio Rank: 90
HAWX Sortino Ratio Rank: 89
HAWX Omega Ratio Rank: 90
HAWX Calmar Ratio Rank: 84
HAWX Martin Ratio Rank: 87

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AVIV vs. HAWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis International Large Cap Value ETF (AVIV) and iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX). 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.

	AVIV	HAWX	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.93	-0.58
Sortino ratio: Return per unit of downside risk	3.19	3.89	-0.69
Omega ratio: Gain probability vs. loss probability	1.43	1.56	-0.13
Calmar ratio: Return relative to maximum drawdown	3.16	4.35	-1.19
Martin ratio: Return relative to average drawdown	12.35	18.01	-5.65

AVIV vs. HAWX - Sharpe Ratio Comparison

The current AVIV Sharpe Ratio is 2.34, which is comparable to the HAWX Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of AVIV and HAWX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AVIV vs. HAWX - Drawdown Comparison

The maximum AVIV drawdown since its inception was -27.69%, smaller than the maximum HAWX drawdown of -30.63%. Use the drawdown chart below to compare losses from any high point for AVIV and HAWX.

Drawdown Indicators

	AVIV	HAWX	Difference
Max Drawdown Largest peak-to-trough decline	-27.69%	-30.63%	+2.94%
Max Drawdown (1Y) Largest decline over 1 year	-10.78%	-9.39%	-1.39%
Max Drawdown (3Y) Largest decline over 3 years	-14.13%	-13.30%	-0.83%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.47%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-30.63%	—
Current Drawdown Current decline from peak	-0.93%	0.00%	-0.93%
Average Drawdown Average peak-to-trough decline	-5.08%	-4.27%	-0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	2.26%	+0.50%

Volatility

AVIV vs. HAWX - Volatility Comparison

The current volatility for Avantis International Large Cap Value ETF (AVIV) is 4.70%, while iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) has a volatility of 5.92%. This indicates that AVIV experiences smaller price fluctuations and is considered to be less risky than HAWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVIV	HAWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.70%	5.92%	-1.22%
Volatility (6M) Calculated over the trailing 6-month period	12.34%	12.26%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	14.59%	13.98%	+0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.90%	13.54%	+3.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.90%	15.24%	+1.66%

AVIV vs. HAWX - Expense Ratio Comparison

AVIV has a 0.25% expense ratio, which is lower than HAWX's 0.35% expense ratio.

Dividends

AVIV vs. HAWX - Dividend Comparison

AVIV's dividend yield for the trailing twelve months is around 3.95%, more than HAWX's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVIV Avantis International Large Cap Value ETF	3.95%	3.01%	3.46%	3.64%	2.84%	0.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF	2.34%	2.80%	3.31%	2.95%	16.94%	2.63%	2.00%	3.23%	2.51%	2.40%	2.49%	3.86%

Frequently Asked Questions

Can I hold both AVIV and HAWX in my portfolio?

AVIV and HAWX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVIV or HAWX?

HAWX has higher volatility (5.92%) compared to AVIV (4.70%). In terms of maximum drawdown, AVIV dropped -27.69% vs HAWX's -30.63%.

Which ETF is better, AVIV or HAWX?

On 3-year performance, HAWX leads with 22.87% vs 22.35% for AVIV. On fees, AVIV is cheaper at 0.25% per year. On volatility, AVIV has been the lower-risk option at 4.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVIV or HAWX?

Over the 3-year period, HAWX has performed better with a 22.87% return vs 22.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVIV or HAWX?

AVIV is cheaper with a 0.25% expense ratio, compared with 0.35% for HAWX.

Which ETF pays a higher dividend yield, AVIV or HAWX?

AVIV has the higher dividend yield at 3.95%, compared with 2.34% for HAWX.

What is the main difference between AVIV and HAWX?

They also come from different issuers: Avantis and iShares. Their fees differ too: 0.25% for AVIV and 0.35% for HAWX.

Which has better risk-adjusted returns?

HAWX currently has the higher Sharpe Ratio (2.93 vs 2.34), 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.