PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
FEDDX vs. HAWX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FEDDX vs. HAWX

Last updated Jun 6, 2026

FEDDX (Fidelity Emerging Markets Discovery Fund) and HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) are both funds - FEDDX is a Emerging Markets Equities fund managed by Fidelity, while HAWX is a Foreign Large Cap Equities fund tracking the MSCI ACWI ex USA 100% Hedged to USD. Over the past 10 years, FEDDX returned 10.80%/yr vs 11.69%/yr for HAWX. A 0.67 correlation means they provide meaningful diversification when combined. FEDDX charges 1.19%/yr vs 0.35%/yr for HAWX.

Performance

FEDDX vs. HAWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Emerging Markets Discovery Fund (FEDDX) and iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, FEDDX achieves a 18.91% return, which is significantly higher than HAWX's 12.44% return. Over the past 10 years, FEDDX has underperformed HAWX with an annualized return of 10.80%, while HAWX has yielded a comparatively higher 11.69% annualized return.

FEDDX

1D
-0.04%
1M
-1.81%
YTD
18.91%
6M
21.21%
1Y
37.92%
3Y*
18.57%
5Y*
8.43%
10Y*
10.80%

HAWX

1D
-3.33%
1M
-0.68%
YTD
12.44%
6M
13.97%
1Y
30.93%
3Y*
19.86%
5Y*
12.09%
10Y*
11.69%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FEDDX vs. HAWX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FEDDX
Fidelity Emerging Markets Discovery Fund		18.91%31.90%-3.68%20.76%-11.83%6.65%16.96%19.60%-18.90%36.59%
HAWX
iShares Currency Hedged MSCI ACWI ex U.S. ETF		12.44%26.24%14.88%17.05%-8.59%13.40%6.92%22.75%-9.77%19.21%

Correlation

The correlation between FEDDX and HAWX is 0.69, 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

0.69

Correlation (3Y)
Calculated over the trailing 3-year period

0.71

Correlation (5Y)
Calculated over the trailing 5-year period

0.74

Correlation (10Y)
Calculated over the trailing 10-year period

0.71

Correlation (All Time)
Calculated using the full available price history since Jul 2, 2015

0.67

The correlation between FEDDX and HAWX has been stable across timeframes, ranging from 0.67 to 0.74 - a consistent structural relationship.

FEDDX vs. HAWX - Sectors Allocation Comparison

Sectors
FEDDX
HAWX

Industrials

24.7%
13.9%

Financial Services

19.2%
23.6%

Technology

13.1%
21.4%

Consumer Cyclical

11.2%
7.3%

Consumer Defensive

9.5%
5.0%

Healthcare

6.4%
6.8%

Basic Materials

6.3%
6.6%

Energy

3.6%
5.0%

Real Estate

2.9%
1.2%

Communication Services

2.1%
4.8%

Utilities

1.1%
2.8%

Industrials

FEDDX
24.7%
HAWX
13.9%

Financial Services

FEDDX
19.2%
HAWX
23.6%

Technology

FEDDX
13.1%
HAWX
21.4%

Consumer Cyclical

FEDDX
11.2%
HAWX
7.3%

Consumer Defensive

FEDDX
9.5%
HAWX
5.0%

Healthcare

FEDDX
6.4%
HAWX
6.8%

Basic Materials

FEDDX
6.3%
HAWX
6.6%

Energy

FEDDX
3.6%
HAWX
5.0%

Real Estate

FEDDX
2.9%
HAWX
1.2%

Communication Services

FEDDX
2.1%
HAWX
4.8%

Utilities

FEDDX
1.1%
HAWX
2.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Fidelity Emerging Markets Discovery Fund

iShares Currency Hedged MSCI ACWI ex U.S. ETF

Often compared with FEDDX:
FEDDX vs. FEMKXFEDDX vs. EEMFEDDX vs. FITLXFEDDX vs. GQGPXFEDDX vs. FCPVXFEDDX vs. ECOWFEDDX vs. MSMLX
Often compared with HAWX:
HAWX vs. HEFAHAWX vs. DBAWHAWX vs. BUFIXHAWX vs. DFWIXHAWX vs. IHDGHAWX vs. DFAIXHAWX vs. GQGPX

Return for Risk

FEDDX vs. HAWX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FEDDX
FEDDX Risk / Return Rank: 8585
Overall Rank
FEDDX Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
FEDDX Sortino Ratio Rank: 8181
Sortino Ratio Rank
FEDDX Omega Ratio Rank: 8282
Omega Ratio Rank
FEDDX Calmar Ratio Rank: 8787
Calmar Ratio Rank
FEDDX Martin Ratio Rank: 8686
Martin Ratio Rank
HAWX
HAWX Risk / Return Rank: 7474
Overall Rank
HAWX Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
HAWX Sortino Ratio Rank: 7272
Sortino Ratio Rank
HAWX Omega Ratio Rank: 7777
Omega Ratio Rank
HAWX Calmar Ratio Rank: 6969
Calmar Ratio Rank
HAWX Martin Ratio Rank: 7676
Martin Ratio Rank
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.

FEDDX vs. HAWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets Discovery Fund (FEDDX) 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.

FEDDXHAWXDifference
Sharpe ratioReturn per unit of total volatility
2.93
2.31

+0.62

Sortino ratioReturn per unit of downside risk
3.79
3.10

+0.69

Omega ratioGain probability vs. loss probability

1.54

1.44

+0.10

Calmar ratioReturn relative to maximum drawdown

4.06

3.31

+0.75

Martin ratioReturn relative to average drawdown

15.53

13.85

+1.68

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEDDX vs. HAWX - Sharpe Ratio Comparison

The current FEDDX Sharpe Ratio is 2.93, which is comparable to the HAWX Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of FEDDX 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.

Loading charts...

Sharpe Ratios by Period

FEDDXHAWXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.93

2.31

+0.62

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.60

0.90

-0.30

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.69

0.77

-0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.57

0.64

-0.07

Drawdowns

FEDDX vs. HAWX - Drawdown Comparison

The maximum FEDDX drawdown since its inception was -42.95%, which is greater than HAWX's maximum drawdown of -30.63%. Use the drawdown chart below to compare losses from any high point for FEDDX and HAWX.

Loading charts...

Drawdown Indicators

FEDDXHAWXDifference

Max Drawdown

Largest peak-to-trough decline

-42.95%

-30.63%

-12.32%

Max Drawdown (1Y)

Largest decline over 1 year

-9.54%

-9.39%

-0.15%

Max Drawdown (3Y)

Largest decline over 3 years

-17.29%

-13.30%

-3.99%

Max Drawdown (5Y)

Largest decline over 5 years

-27.45%

-17.47%

-9.98%

Max Drawdown (10Y)

Largest decline over 10 years

-42.95%

-30.63%

-12.32%

Current Drawdown

Current decline from peak

-2.10%

-3.67%

+1.57%

Average Drawdown

Average peak-to-trough decline

-8.77%

-4.28%

-4.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.49%

2.24%

+0.25%

Volatility

FEDDX vs. HAWX - Volatility Comparison

The current volatility for Fidelity Emerging Markets Discovery Fund (FEDDX) is 4.33%, while iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) has a volatility of 5.34%. This indicates that FEDDX 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.

Loading charts...

Volatility by Period

FEDDXHAWXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.33%

5.34%

-1.01%

Volatility (6M)

Calculated over the trailing 6-month period

10.69%

11.64%

-0.95%

Volatility (1Y)

Calculated over the trailing 1-year period

13.23%

13.45%

-0.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.11%

13.41%

+0.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.74%

15.22%

+0.52%

FEDDX vs. HAWX - Expense Ratio Comparison

FEDDX has a 1.19% expense ratio, which is higher than HAWX's 0.35% expense ratio.

Dividends

FEDDX vs. HAWX - Dividend Comparison

FEDDX's dividend yield for the trailing twelve months is around 3.91%, more than HAWX's 2.49% yield.

PositionTTM20252024202320222021202020192018201720162015
FEDDX
Fidelity Emerging Markets Discovery Fund		3.91%4.65%3.99%2.05%1.69%11.90%0.59%1.05%1.88%1.50%1.36%0.81%
HAWX
iShares Currency Hedged MSCI ACWI ex U.S. ETF		2.49%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

FEDDX and HAWX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HAWX has higher volatility (5.34%) compared to FEDDX (4.33%). In terms of maximum drawdown, FEDDX dropped -42.95% vs HAWX's -30.63%.

FEDDX currently has the higher Sharpe Ratio (2.93 vs 2.31), 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.

Portfolio Optimizer

Find the right allocation for FEDDX and HAWX

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer