GQGPX vs. HAWX

Last updated Apr 2, 2026

Compare and contrast key facts about GQG Partners Emerging Markets Equity Fund (GQGPX) and iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX).

GQGPX is managed by GQG Partners Inc. It was launched on Dec 27, 2016. HAWX is a passively managed fund by iShares that tracks the performance of the MSCI ACWI ex USA 100% Hedged to USD. It was launched on Jun 29, 2015.

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.

GQGPX vs. HAWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GQGPX GQG Partners Emerging Markets Equity Fund	2.09%	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	4.90%	26.24%	14.88%	17.05%	-8.59%	13.40%	6.92%	22.75%	-9.77%	17.51%

Returns By Period

In the year-to-date period, GQGPX achieves a 2.09% return, which is significantly lower than HAWX's 4.90% return.

GQGPX

• 1D: 1.63%
• 1M: -4.69%
• YTD: 2.09%
• 6M: 5.19%
• 1Y: 12.31%
• 3Y*: 13.93%
• 5Y*: 3.16%
• 10Y*: —

HAWX

• 1D: 1.28%
• 1M: -3.91%
• YTD: 4.90%
• 6M: 10.51%
• 1Y: 27.48%
• 3Y*: 18.39%
• 5Y*: 11.23%
• 10Y*: 11.38%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GQGPX vs. HAWX - Expense Ratio Comparison

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

GQGPX

GQG Partners Emerging Markets Equity Fund

HAWX

iShares Currency Hedged MSCI ACWI ex U.S. ETF

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: 45
GQGPX Sharpe Ratio Rank: 48
GQGPX Sortino Ratio Rank: 46
GQGPX Omega Ratio Rank: 37
GQGPX Calmar Ratio Rank: 52
GQGPX Martin Ratio Rank: 43

HAWX

HAWX Risk / Return Rank: 85
HAWX Sharpe Ratio Rank: 86
HAWX Sortino Ratio Rank: 87
HAWX Omega Ratio Rank: 88
HAWX Calmar Ratio Rank: 82
HAWX Martin Ratio Rank: 84

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.

	GQGPX	HAWX	Difference
Sharpe ratio Return per unit of total volatility	0.99	1.82	-0.83
Sortino ratio Return per unit of downside risk	1.41	2.43	-1.02
Omega ratio Gain probability vs. loss probability	1.18	1.38	-0.19
Calmar ratio Return relative to maximum drawdown	1.34	2.47	-1.13
Martin ratio Return relative to average drawdown	4.62	10.37	-5.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GQGPX vs. HAWX - Sharpe Ratio Comparison

The current GQGPX Sharpe Ratio is 0.99, which is lower than the HAWX Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of GQGPX and HAWX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GQGPX	HAWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.99	1.82	-0.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.86	-0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.76	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.61	-0.09

Correlation

The correlation between GQGPX and HAWX is 0.70, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

GQGPX vs. HAWX - Dividend Comparison

GQGPX's dividend yield for the trailing twelve months is around 1.88%, less than HAWX's 2.67% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GQGPX GQG Partners Emerging Markets Equity Fund	1.88%	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	2.67%	2.80%	3.31%	2.95%	16.94%	2.63%	2.00%	3.23%	2.51%	2.40%	2.49%	3.86%

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%	-11.16%	+2.04%
Max Drawdown (5Y) Largest decline over 5 years	-30.02%	-17.47%	-12.55%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.63%	—
Current Drawdown Current decline from peak	-7.43%	-5.16%	-2.27%
Average Drawdown Average peak-to-trough decline	-11.70%	-4.33%	-7.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	2.66%	-0.01%

Volatility

GQGPX vs. HAWX - Volatility Comparison

The current volatility for GQG Partners Emerging Markets Equity Fund (GQGPX) is 5.92%, while iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) has a volatility of 6.42%. 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	5.92%	6.42%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	9.00%	10.12%	-1.12%
Volatility (1Y) Calculated over the trailing 1-year period	12.53%	15.18%	-2.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.73%	13.11%	+1.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.99%	15.09%	+0.90%