GSIHX vs. HAWX

Last updated Jun 3, 2026

GSIHX (Goldman Sachs GQG Partners International Opportunities Fund Class A) and HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) are both Foreign Large Cap Equities funds. Over the past 5 years, GSIHX returned 8.52%/yr vs 13.02%/yr for HAWX. A 0.77 correlation means they provide meaningful diversification when combined. GSIHX charges 1.12%/yr vs 0.35%/yr for HAWX.

Performance

GSIHX vs. HAWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs GQG Partners International Opportunities Fund Class A (GSIHX) 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, GSIHX achieves a 6.23% return, which is significantly lower than HAWX's 16.72% return.

GSIHX

• 1D: -0.55%
• 1M: -0.92%
• YTD: 6.23%
• 6M: 7.79%
• 1Y: 11.62%
• 3Y*: 16.72%
• 5Y*: 8.52%
• 10Y*: —

HAWX

• 1D: 0.90%
• 1M: 6.04%
• YTD: 16.72%
• 6M: 19.18%
• 1Y: 36.85%
• 3Y*: 21.56%
• 5Y*: 13.02%
• 10Y*: 12.11%

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

GSIHX vs. HAWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSIHX Goldman Sachs GQG Partners International Opportunities Fund Class A	6.23%	20.43%	9.35%	21.60%	-11.36%	12.01%	15.36%	27.15%	-6.38%	29.41%
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF	16.72%	26.24%	14.88%	17.05%	-8.59%	13.40%	6.92%	22.75%	-9.77%	17.51%

Correlation

The correlation between GSIHX and HAWX is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.77

Over the past year, the correlation between GSIHX and HAWX has dropped to 0.51 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

Return for Risk

GSIHX vs. HAWX — Risk / Return Rank

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

GSIHX

GSIHX Risk / Return Rank: 20
GSIHX Sharpe Ratio Rank: 20
GSIHX Sortino Ratio Rank: 18
GSIHX Omega Ratio Rank: 20
GSIHX Calmar Ratio Rank: 20
GSIHX Martin Ratio Rank: 21

HAWX

HAWX Risk / Return Rank: 83
HAWX Sharpe Ratio Rank: 85
HAWX Sortino Ratio Rank: 85
HAWX Omega Ratio Rank: 86
HAWX Calmar Ratio Rank: 77
HAWX Martin Ratio Rank: 82

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.

GSIHX vs. HAWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs GQG Partners International Opportunities Fund Class A (GSIHX) 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.

	GSIHX	HAWX	Difference
Sharpe ratio Return per unit of total volatility	1.30	2.85	-1.55
Sortino ratio Return per unit of downside risk	1.83	3.87	-2.04
Omega ratio Gain probability vs. loss probability	1.24	1.54	-0.30
Calmar ratio Return relative to maximum drawdown	1.70	3.99	-2.29
Martin ratio Return relative to average drawdown	5.69	16.82	-11.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSIHX vs. HAWX - Sharpe Ratio Comparison

The current GSIHX Sharpe Ratio is 1.30, which is lower than the HAWX Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of GSIHX 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.

Sharpe Ratios by Period

	GSIHX	HAWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	2.85	-1.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.98	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.80	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.67	+0.12

Drawdowns

GSIHX vs. HAWX - Drawdown Comparison

The maximum GSIHX drawdown since its inception was -28.79%, smaller than the maximum HAWX drawdown of -30.63%. Use the drawdown chart below to compare losses from any high point for GSIHX and HAWX.

Drawdown Indicators

	GSIHX	HAWX	Difference
Max Drawdown Largest peak-to-trough decline	-28.79%	-30.63%	+1.84%
Max Drawdown (1Y) Largest decline over 1 year	-7.83%	-9.39%	+1.56%
Max Drawdown (3Y) Largest decline over 3 years	-10.42%	-13.30%	+2.88%
Max Drawdown (5Y) Largest decline over 5 years	-25.63%	-17.47%	-8.16%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.63%	—
Current Drawdown Current decline from peak	-3.86%	0.00%	-3.86%
Average Drawdown Average peak-to-trough decline	-4.96%	-4.29%	-0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.34%	2.23%	+0.11%

Volatility

GSIHX vs. HAWX - Volatility Comparison

The current volatility for Goldman Sachs GQG Partners International Opportunities Fund Class A (GSIHX) is 2.81%, while iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) has a volatility of 4.76%. This indicates that GSIHX 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

	GSIHX	HAWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.81%	4.76%	-1.95%
Volatility (6M) Calculated over the trailing 6-month period	7.90%	11.08%	-3.18%
Volatility (1Y) Calculated over the trailing 1-year period	9.73%	12.99%	-3.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.39%	13.33%	+1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.71%	15.19%	+0.52%

GSIHX vs. HAWX - Expense Ratio Comparison

GSIHX has a 1.12% expense ratio, which is higher than HAWX's 0.35% expense ratio.

Dividends

GSIHX vs. HAWX - Dividend Comparison

GSIHX's dividend yield for the trailing twelve months is around 4.52%, more than HAWX's 2.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSIHX Goldman Sachs GQG Partners International Opportunities Fund Class A	4.52%	4.80%	10.87%	2.04%	4.47%	1.90%	0.00%	0.41%	0.18%	0.00%	0.00%	0.00%
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF	2.40%	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 GSIHX and HAWX in my portfolio?

GSIHX and HAWX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSIHX or HAWX?

HAWX has higher volatility (4.76%) compared to GSIHX (2.81%). In terms of maximum drawdown, GSIHX dropped -28.79% vs HAWX's -30.63%.

Which has better risk-adjusted returns?

HAWX currently has the higher Sharpe Ratio (2.85 vs 1.30), 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.