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FRGN vs. HAWX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FRGN vs. HAWX

Last updated Jul 17, 2026
Documentation

FRGN (Horizon International Equity ETF) and HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) are both Foreign Large Cap Equities funds. FRGN is actively managed, while HAWX is passively managed. Their correlation of 0.91 suggests significant overlap in exposure. FRGN charges 0.75%/yr vs 0.35%/yr for HAWX.

Performance

FRGN vs. HAWX - Performance Comparison

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

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Returns By Period

In the year-to-date period, FRGN achieves a 20.21% return, which is significantly higher than HAWX's 14.79% return.

FRGN

1D
-1.37%
1M
-3.47%
6M
13.50%
YTD
20.21%
1Y
—
3Y*
—
5Y*
—
10Y*
—

HAWX

1D
-1.19%
1M
-1.60%
6M
9.28%
YTD
14.79%
1Y
30.66%
3Y*
20.40%
5Y*
12.76%
10Y*
11.74%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FRGN vs. HAWX - Yearly Performance Comparison

2026 (YTD)2025
FRGN
Horizon International Equity ETF		20.21%1.47%
HAWX
iShares Currency Hedged MSCI ACWI ex U.S. ETF		14.79%2.11%

Correlation

The correlation between FRGN and HAWX is 0.91, 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 Dec 3, 2025

0.91

FRGN vs. HAWX - Sectors Allocation Comparison

Sectors
FRGN
HAWX

Technology

23.2%
22.5%

Financial Services

18.0%
23.2%

Industrials

13.7%
14.2%

Basic Materials

10.3%
6.9%

Energy

8.7%
4.8%

Healthcare

7.7%
6.8%

Consumer Cyclical

7.2%
7.5%

Communication Services

4.9%
4.9%

Consumer Defensive

3.7%
4.8%

Real Estate

1.4%
1.4%

Utilities

1.2%
3.0%

Technology

FRGN
23.2%
HAWX
22.5%

Financial Services

FRGN
18.0%
HAWX
23.2%

Industrials

FRGN
13.7%
HAWX
14.2%

Basic Materials

FRGN
10.3%
HAWX
6.9%

Energy

FRGN
8.7%
HAWX
4.8%

Healthcare

FRGN
7.7%
HAWX
6.8%

Consumer Cyclical

FRGN
7.2%
HAWX
7.5%

Communication Services

FRGN
4.9%
HAWX
4.9%

Consumer Defensive

FRGN
3.7%
HAWX
4.8%

Real Estate

FRGN
1.4%
HAWX
1.4%

Utilities

FRGN
1.2%
HAWX
3.0%

Compare stocks, funds, or ETFs

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

Horizon International Equity ETF

iShares Currency Hedged MSCI ACWI ex U.S. ETF

Often compared with FRGN:
FRGN vs. SFTXFRGN vs. SMOXFRGN vs. YNOTFRGN vs. QGRDFRGN vs. HBTAFRGN vs. SFTYFRGN vs. GMOI
Often compared with HAWX:
HAWX vs. HEFAHAWX vs. DBAWHAWX vs. FEDDXHAWX vs. BUFIXHAWX vs. DFWIXHAWX vs. IHDGHAWX vs. DFAIX

Return for Risk

FRGN vs. HAWX — Risk / Return Rank

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

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

HAWX
HAWX Risk / Return Rank: 8181
Overall Rank
HAWX Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
HAWX Sortino Ratio Rank: 7979
Sortino Ratio Rank
HAWX Omega Ratio Rank: 8383
Omega Ratio Rank
HAWX Calmar Ratio Rank: 8080
Calmar Ratio Rank
HAWX Martin Ratio Rank: 8383
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.

FRGN vs. HAWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon International Equity ETF (FRGN) 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.

FRGNHAWXDifference
Sharpe ratioReturn per unit of total volatility

—

2.10

—

Sortino ratioReturn per unit of downside risk

—

2.81

—

Omega ratioGain probability vs. loss probability

—

1.39

—

Calmar ratioReturn relative to maximum drawdown

—

3.28

—

Martin ratioReturn relative to average drawdown

—

12.92

—

FRGN vs. HAWX - Sharpe Ratio Comparison

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Drawdowns

FRGN vs. HAWX - Drawdown Comparison

The maximum FRGN drawdown since its inception was -12.40%, smaller than the maximum HAWX drawdown of -30.63%. Use the drawdown chart below to compare losses from any high point for FRGN and HAWX.

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Drawdown Indicators

FRGNHAWXDifference

Max Drawdown

Largest peak-to-trough decline

-12.40%

-30.63%

+18.23%

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

-4.62%

-4.06%

-0.56%

Average Drawdown

Average peak-to-trough decline

-2.50%

-4.26%

+1.76%

Ulcer Index

Depth and duration of drawdowns from previous peaks

—

2.38%

—

Volatility

FRGN vs. HAWX - Volatility Comparison

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Volatility by Period

FRGNHAWXDifference

Volatility (1M)

Calculated over the trailing 1-month period

—

5.20%

—

Volatility (6M)

Calculated over the trailing 6-month period

—

12.97%

—

Volatility (1Y)

Calculated over the trailing 1-year period

22.05%

14.67%

+7.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.05%

13.65%

+8.40%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.05%

15.27%

+6.78%

FRGN vs. HAWX - Expense Ratio Comparison

FRGN has a 0.75% expense ratio, which is higher than HAWX's 0.35% expense ratio.

Dividends

FRGN vs. HAWX - Dividend Comparison

FRGN's dividend yield for the trailing twelve months is around 0.21%, less than HAWX's 2.52% yield.

PositionTTM20252024202320222021202020192018201720162015
FRGN
Horizon International Equity ETF		0.21%0.25%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		2.52%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

With a correlation of 0.91, FRGN 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.

On fees, HAWX is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HAWX is cheaper with a 0.35% expense ratio, compared with 0.75% for FRGN.

HAWX has the higher dividend yield at 2.52%, compared with 0.21% for FRGN.

They also come from different issuers: Horizon and iShares. Their fees differ too: 0.75% for FRGN and 0.35% for HAWX.

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