GQGPX vs. HAWX

Last updated Jun 23, 2026

GQGPX (GQG Partners Emerging Markets Equity Fund) and HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) are both funds - GQGPX is a Emerging Markets Diversified fund managed by GQG Partners Inc, while HAWX is a Foreign Large Cap Equities fund tracking the MSCI ACWI ex USA 100% Hedged to USD. Over the past 5 years, GQGPX returned 3.39%/yr vs 13.58%/yr for HAWX. A 0.70 correlation means they provide meaningful diversification when combined. GQGPX charges 1.22%/yr vs 0.35%/yr for HAWX.

Performance

GQGPX vs. HAWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GQG Partners Emerging Markets Equity Fund (GQGPX) 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, GQGPX achieves a 5.31% return, which is significantly lower than HAWX's 19.66% return.

GQGPX

• 1D: 0.05%
• 1M: -1.43%
• YTD: 5.31%
• 6M: 6.08%
• 1Y: 13.23%
• 3Y*: 11.04%
• 5Y*: 3.39%
• 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)

GQGPX vs. HAWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GQGPX GQG Partners Emerging Markets Equity Fund	5.31%	9.67%	6.00%	28.47%	-21.01%	-2.52%	33.74%	20.92%	-14.91%	29.81%
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF	19.66%	26.24%	14.88%	17.05%	-8.59%	13.40%	6.92%	22.75%	-9.77%	19.21%

Correlation

The correlation between GQGPX 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	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.70

The correlation between GQGPX and HAWX has been stable across timeframes, ranging from 0.67 to 0.72 - a consistent structural relationship.

Return for Risk

GQGPX vs. HAWX — Risk / Return Rank

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

GQGPX

GQGPX Risk / Return Rank: 17
GQGPX Sharpe Ratio Rank: 17
GQGPX Sortino Ratio Rank: 17
GQGPX Omega Ratio Rank: 16
GQGPX Calmar Ratio Rank: 17
GQGPX Martin Ratio Rank: 18

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.

GQGPX vs. HAWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GQG Partners Emerging Markets Equity Fund (GQGPX) 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.

	GQGPX	HAWX	Difference
Sharpe ratio: Return per unit of total volatility	1.10	2.93	-1.83
Sortino ratio: Return per unit of downside risk	1.62	3.89	-2.26
Omega ratio: Gain probability vs. loss probability	1.20	1.56	-0.36
Calmar ratio: Return relative to maximum drawdown	1.38	4.35	-2.97
Martin ratio: Return relative to average drawdown	4.34	18.01	-13.67

GQGPX vs. HAWX - Sharpe Ratio Comparison

The current GQGPX Sharpe Ratio is 1.10, which is lower than the HAWX Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of GQGPX 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

GQGPX vs. HAWX - Drawdown Comparison

The maximum GQGPX drawdown since its inception was -33.68%, which is greater than HAWX's maximum drawdown of -30.63%. Use the drawdown chart below to compare losses from any high point for GQGPX and HAWX.

Drawdown Indicators

	GQGPX	HAWX	Difference
Max Drawdown Largest peak-to-trough decline	-33.68%	-30.63%	-3.05%
Max Drawdown (1Y) Largest decline over 1 year	-9.12%	-9.39%	+0.27%
Max Drawdown (3Y) Largest decline over 3 years	-18.83%	-13.30%	-5.53%
Max Drawdown (5Y) Largest decline over 5 years	-29.31%	-17.47%	-11.84%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.63%	—
Current Drawdown Current decline from peak	-5.09%	0.00%	-5.09%
Average Drawdown Average peak-to-trough decline	-11.50%	-4.27%	-7.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	2.26%	+0.64%

Volatility

GQGPX vs. HAWX - Volatility Comparison

The current volatility for GQG Partners Emerging Markets Equity Fund (GQGPX) is 3.17%, while iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) has a volatility of 5.92%. This indicates that GQGPX 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

	GQGPX	HAWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.17%	5.92%	-2.75%
Volatility (6M) Calculated over the trailing 6-month period	9.67%	12.26%	-2.59%
Volatility (1Y) Calculated over the trailing 1-year period	11.49%	13.98%	-2.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.71%	13.54%	+1.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.90%	15.24%	+0.66%

GQGPX vs. HAWX - Expense Ratio Comparison

GQGPX has a 1.22% expense ratio, which is higher than HAWX's 0.35% expense ratio.

Dividends

GQGPX vs. HAWX - Dividend Comparison

GQGPX's dividend yield for the trailing twelve months is around 1.82%, less than HAWX's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GQGPX GQG Partners Emerging Markets Equity Fund	1.82%	1.91%	1.50%	2.54%	5.52%	3.78%	0.15%	1.06%	0.59%	0.17%	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 GQGPX and HAWX in my portfolio?

GQGPX 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.

Which is riskier, GQGPX or HAWX?

HAWX has higher volatility (5.92%) compared to GQGPX (3.17%). In terms of maximum drawdown, GQGPX dropped -33.68% vs HAWX's -30.63%.

Which has better risk-adjusted returns?

HAWX currently has the higher Sharpe Ratio (2.93 vs 1.10), 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.