DWX vs. HAWX

Last updated Jun 24, 2026

DWX (SPDR S&P International Dividend ETF) and HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) are both Foreign Large Cap Equities funds - DWX tracks the S&P International Dividend Opportunities Index while HAWX tracks the MSCI ACWI ex USA 100% Hedged to USD. Both are passively managed. Over the past 10 years, DWX returned 7.81%/yr vs 12.50%/yr for HAWX. A 0.64 correlation means they provide meaningful diversification when combined. DWX charges 0.45%/yr vs 0.35%/yr for HAWX.

Performance

DWX vs. HAWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P International Dividend ETF (DWX) 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, DWX achieves a 5.78% return, which is significantly lower than HAWX's 16.22% return. Over the past 10 years, DWX has underperformed HAWX with an annualized return of 7.81%, while HAWX has yielded a comparatively higher 12.50% annualized return.

DWX

• 1D: -0.51%
• 1M: -1.18%
• YTD: 5.78%
• 6M: 6.08%
• 1Y: 14.56%
• 3Y*: 15.28%
• 5Y*: 7.29%
• 10Y*: 7.81%

HAWX

• 1D: -2.87%
• 1M: 2.76%
• YTD: 16.22%
• 6M: 16.28%
• 1Y: 35.93%
• 3Y*: 21.68%
• 5Y*: 12.75%
• 10Y*: 12.50%

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

DWX vs. HAWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DWX SPDR S&P International Dividend ETF	5.78%	31.62%	2.56%	14.74%	-12.99%	10.56%	-5.10%	20.26%	-11.11%	18.91%
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF	16.22%	26.24%	14.88%	17.05%	-8.59%	13.40%	6.92%	22.75%	-9.77%	19.21%

Correlation

The correlation between DWX and HAWX is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jul 1, 2015	0.64

The correlation between DWX and HAWX shifts across timeframes, from 0.58 (1 year) to 0.70 (10 years), reflecting how their relationship changes across market environments.

DWX vs. HAWX - Sectors Allocation Comparison

Sectors	DWX	HAWX
Financial Services	16.5%	23.2%
Communication Services	12.9%	4.9%
Consumer Defensive	12.8%	4.8%
Utilities	10.7%	3.0%
Industrials	10.5%	14.2%
Energy	10.3%	4.8%
Real Estate	10.1%	1.4%
Consumer Cyclical	6.3%	7.5%
Healthcare	4.3%	6.8%
Technology	3.4%	22.5%
Basic Materials	2.2%	6.9%

Return for Risk

DWX vs. HAWX — Risk / Return Rank

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

DWX

DWX Risk / Return Rank: 37
DWX Sharpe Ratio Rank: 39
DWX Sortino Ratio Rank: 38
DWX Omega Ratio Rank: 39
DWX Calmar Ratio Rank: 35
DWX Martin Ratio Rank: 36

HAWX

HAWX Risk / Return Rank: 82
HAWX Sharpe Ratio Rank: 84
HAWX Sortino Ratio Rank: 81
HAWX Omega Ratio Rank: 85
HAWX Calmar Ratio Rank: 79
HAWX Martin Ratio Rank: 83

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.

DWX vs. HAWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P International Dividend ETF (DWX) 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.

	DWX	HAWX	Difference
Sharpe ratio: Return per unit of total volatility	1.33	2.53	-1.20
Sortino ratio: Return per unit of downside risk	1.88	3.35	-1.47
Omega ratio: Gain probability vs. loss probability	1.24	1.48	-0.24
Calmar ratio: Return relative to maximum drawdown	1.70	3.84	-2.14
Martin ratio: Return relative to average drawdown	5.28	15.87	-10.59

DWX vs. HAWX - Sharpe Ratio Comparison

The current DWX Sharpe Ratio is 1.33, which is lower than the HAWX Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of DWX 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

DWX vs. HAWX - Drawdown Comparison

The maximum DWX drawdown since its inception was -66.86%, which is greater than HAWX's maximum drawdown of -30.63%. Use the drawdown chart below to compare losses from any high point for DWX and HAWX.

Drawdown Indicators

	DWX	HAWX	Difference
Max Drawdown Largest peak-to-trough decline	-66.86%	-30.63%	-36.23%
Max Drawdown (1Y) Largest decline over 1 year	-8.59%	-9.39%	+0.80%
Max Drawdown (3Y) Largest decline over 3 years	-10.65%	-13.30%	+2.65%
Max Drawdown (5Y) Largest decline over 5 years	-26.96%	-17.47%	-9.49%
Max Drawdown (10Y) Largest decline over 10 years	-36.05%	-30.63%	-5.42%
Current Drawdown Current decline from peak	-4.53%	-2.87%	-1.66%
Average Drawdown Average peak-to-trough decline	-14.10%	-4.27%	-9.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	2.27%	+0.49%

Volatility

DWX vs. HAWX - Volatility Comparison

The current volatility for SPDR S&P International Dividend ETF (DWX) is 2.98%, while iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) has a volatility of 6.70%. This indicates that DWX 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

	DWX	HAWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.98%	6.70%	-3.72%
Volatility (6M) Calculated over the trailing 6-month period	8.96%	12.61%	-3.65%
Volatility (1Y) Calculated over the trailing 1-year period	11.00%	14.27%	-3.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.23%	13.60%	-1.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.82%	15.27%	-0.45%

DWX vs. HAWX - Expense Ratio Comparison

DWX has a 0.45% expense ratio, which is higher than HAWX's 0.35% expense ratio.

Dividends

DWX vs. HAWX - Dividend Comparison

DWX's dividend yield for the trailing twelve months is around 4.31%, more than HAWX's 2.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DWX SPDR S&P International Dividend ETF	4.31%	4.44%	4.31%	4.12%	4.68%	3.89%	3.84%	4.40%	5.06%	3.85%	5.25%	5.81%
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF	2.41%	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 DWX and HAWX in my portfolio?

DWX and HAWX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DWX or HAWX?

HAWX has higher volatility (6.70%) compared to DWX (2.98%). In terms of maximum drawdown, DWX dropped -66.86% vs HAWX's -30.63%.

Which ETF is better, DWX or HAWX?

On 10-year performance, HAWX leads with 12.50% vs 7.81% for DWX. On fees, HAWX is cheaper at 0.35% per year. On volatility, DWX has been the lower-risk option at 2.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DWX or HAWX?

Over the 10-year period, HAWX has performed better with a 12.50% return vs 7.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DWX or HAWX?

HAWX is cheaper with a 0.35% expense ratio, compared with 0.45% for DWX.

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

DWX has the higher dividend yield at 4.31%, compared with 2.41% for HAWX.

What is the main difference between DWX and HAWX?

DWX tracks S&P International Dividend Opportunities Index, while HAWX tracks MSCI ACWI ex USA 100% Hedged to USD. They also come from different issuers: State Street and iShares. Their fees differ too: 0.45% for DWX and 0.35% for HAWX.

Which has better risk-adjusted returns?

HAWX currently has the higher Sharpe Ratio (2.53 vs 1.33), 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.