FFGX vs. HAWX

Last updated Jun 23, 2026

FFGX (Fidelity Fundamental Global ex-U.S. ETF) and HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) are both Foreign Large Cap Equities funds. FFGX is actively managed, while HAWX is passively managed. Over the past year, FFGX returned 30.36% vs 40.65% for HAWX. Their correlation of 0.90 suggests significant overlap in exposure. FFGX charges 0.55%/yr vs 0.35%/yr for HAWX.

Performance

FFGX vs. HAWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Fundamental Global ex-U.S. ETF (FFGX) 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, FFGX achieves a 17.68% return, which is significantly lower than HAWX's 19.66% return.

FFGX

• 1D: 0.55%
• 1M: 5.85%
• YTD: 17.68%
• 6M: 18.30%
• 1Y: 30.36%
• 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)

FFGX vs. HAWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FFGX Fidelity Fundamental Global ex-U.S. ETF	17.68%	27.85%	-9.98%
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF	19.66%	26.24%	0.94%

Correlation

The correlation between FFGX and HAWX is 0.93, 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	0.93
Correlation (All Time) Calculated using the full available price history since Nov 21, 2024	0.90

The correlation between FFGX and HAWX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

FFGX vs. HAWX — Risk / Return Rank

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

FFGX

FFGX Risk / Return Rank: 50
FFGX Sharpe Ratio Rank: 48
FFGX Sortino Ratio Rank: 47
FFGX Omega Ratio Rank: 50
FFGX Calmar Ratio Rank: 49
FFGX Martin Ratio Rank: 55

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.

FFGX vs. HAWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Fundamental Global ex-U.S. ETF (FFGX) 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.

	FFGX	HAWX	Difference
Sharpe ratio: Return per unit of total volatility	1.61	2.93	-1.31
Sortino ratio: Return per unit of downside risk	2.27	3.89	-1.61
Omega ratio: Gain probability vs. loss probability	1.30	1.56	-0.25
Calmar ratio: Return relative to maximum drawdown	2.37	4.35	-1.98
Martin ratio: Return relative to average drawdown	9.21	18.01	-8.80

FFGX vs. HAWX - Sharpe Ratio Comparison

The current FFGX Sharpe Ratio is 1.61, which is lower than the HAWX Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of FFGX 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

FFGX vs. HAWX - Drawdown Comparison

The maximum FFGX drawdown since its inception was -14.95%, smaller than the maximum HAWX drawdown of -30.63%. Use the drawdown chart below to compare losses from any high point for FFGX and HAWX.

Drawdown Indicators

	FFGX	HAWX	Difference
Max Drawdown Largest peak-to-trough decline	-14.95%	-30.63%	+15.68%
Max Drawdown (1Y) Largest decline over 1 year	-12.86%	-9.39%	-3.47%
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	-2.87%	-4.27%	+1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	2.26%	+1.05%

Volatility

FFGX vs. HAWX - Volatility Comparison

Fidelity Fundamental Global ex-U.S. ETF (FFGX) has a higher volatility of 7.56% compared to iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) at 5.92%. This indicates that FFGX's price experiences larger fluctuations and is considered to be riskier than HAWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFGX	HAWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.56%	5.92%	+1.64%
Volatility (6M) Calculated over the trailing 6-month period	16.98%	12.26%	+4.72%
Volatility (1Y) Calculated over the trailing 1-year period	18.92%	13.98%	+4.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.43%	13.54%	+6.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.43%	15.24%	+5.19%

FFGX vs. HAWX - Expense Ratio Comparison

FFGX has a 0.55% expense ratio, which is higher than HAWX's 0.35% expense ratio.

Dividends

FFGX vs. HAWX - Dividend Comparison

FFGX's dividend yield for the trailing twelve months is around 1.47%, less than HAWX's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFGX Fidelity Fundamental Global ex-U.S. ETF	1.47%	1.62%	0.40%	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 FFGX and HAWX in my portfolio?

With a correlation of 0.93, FFGX and HAWX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FFGX or HAWX?

FFGX has higher volatility (7.56%) compared to HAWX (5.92%). In terms of maximum drawdown, FFGX dropped -14.95% vs HAWX's -30.63%.

Which ETF is better, FFGX or HAWX?

On 1-year performance, HAWX leads with 40.65% vs 30.36% for FFGX. On fees, HAWX is cheaper at 0.35% per year. On volatility, HAWX has been the lower-risk option at 5.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FFGX or HAWX?

Over the 1-year period, HAWX has performed better with a 40.65% return vs 30.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FFGX or HAWX?

HAWX is cheaper with a 0.35% expense ratio, compared with 0.55% for FFGX.

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

HAWX has the higher dividend yield at 2.34%, compared with 1.47% for FFGX.

What is the main difference between FFGX and HAWX?

They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.55% for FFGX and 0.35% for HAWX.

Which has better risk-adjusted returns?

HAWX currently has the higher Sharpe Ratio (2.93 vs 1.61), 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.