ENHI vs. HAWX

Last updated Jun 23, 2026

ENHI (iShares Enhanced International Active ETF) and HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) are both Foreign Large Cap Equities funds from iShares. ENHI is actively managed, while HAWX is passively managed. Their correlation of 0.84 suggests significant overlap in exposure. ENHI charges 0.27%/yr vs 0.35%/yr for HAWX.

Performance

ENHI vs. HAWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Enhanced International Active ETF (ENHI) 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

ENHI

• 1D: 0.06%
• 1M: 1.95%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 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)

ENHI vs. HAWX - Yearly Performance Comparison

	2026 (YTD)
ENHI iShares Enhanced International Active ETF	9.76%
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF	13.85%

Correlation

The correlation between ENHI and HAWX is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 12, 2026	0.84

Return for Risk

ENHI vs. HAWX — Risk / Return Rank

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

ENHI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

ENHI vs. HAWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Enhanced International Active ETF (ENHI) 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.

	ENHI	HAWX	Difference
Sharpe ratio: Return per unit of total volatility	—	2.93	—
Sortino ratio: Return per unit of downside risk	—	3.89	—
Omega ratio: Gain probability vs. loss probability	—	1.56	—
Calmar ratio: Return relative to maximum drawdown	—	4.35	—
Martin ratio: Return relative to average drawdown	—	18.01	—

Drawdowns

ENHI vs. HAWX - Drawdown Comparison

The maximum ENHI drawdown since its inception was -5.63%, smaller than the maximum HAWX drawdown of -30.63%. Use the drawdown chart below to compare losses from any high point for ENHI and HAWX.

Drawdown Indicators

	ENHI	HAWX	Difference
Max Drawdown Largest peak-to-trough decline	-5.63%	-30.63%	+25.00%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.39%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-13.30%	—
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.41%	-4.27%	+2.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.26%	—

Volatility

Volatility by Period

	ENHI	HAWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.92%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.26%	—
Volatility (1Y) Calculated over the trailing 1-year period	22.11%	13.98%	+8.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.11%	13.54%	+8.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.11%	15.24%	+6.87%

ENHI vs. HAWX - Expense Ratio Comparison

ENHI has a 0.27% expense ratio, which is lower than HAWX's 0.35% expense ratio.

Dividends

ENHI vs. HAWX - Dividend Comparison

ENHI's dividend yield for the trailing twelve months is around 1.19%, less than HAWX's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENHI iShares Enhanced International Active ETF	1.19%	0.00%	0.00%	0.00%	0.00%	0.00%	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 ENHI and HAWX in my portfolio?

ENHI and HAWX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ENHI or HAWX?

On fees, ENHI is cheaper at 0.27% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ENHI or HAWX?

ENHI is cheaper with a 0.27% expense ratio, compared with 0.35% for HAWX.

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

HAWX has the higher dividend yield at 2.34%, compared with 1.19% for ENHI.

What is the main difference between ENHI and HAWX?

Their fees differ too: 0.27% for ENHI and 0.35% for HAWX.