HAWX vs. CIL

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) and VictoryShares International Volatility Wtd ETF (CIL).

HAWX and CIL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. CIL is a passively managed fund by Crestview that tracks the performance of the Nasdaq Victory International 500 Volatility Weighted Index. It was launched on Aug 19, 2015. Both HAWX and CIL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

HAWX vs. CIL - Performance Comparison

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

HAWX vs. CIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF	3.57%	26.24%	14.88%	17.05%	-8.59%	13.40%	6.92%	22.75%	-9.77%	19.21%
CIL VictoryShares International Volatility Wtd ETF	5.44%	32.99%	3.76%	16.29%	-16.00%	11.07%	7.21%	19.13%	-13.34%	27.67%

Returns By Period

In the year-to-date period, HAWX achieves a 3.57% return, which is significantly lower than CIL's 5.44% return. Over the past 10 years, HAWX has outperformed CIL with an annualized return of 11.24%, while CIL has yielded a comparatively lower 8.47% annualized return.

HAWX

• 1D: 2.38%
• 1M: -5.92%
• YTD: 3.57%
• 6M: 9.86%
• 1Y: 25.94%
• 3Y*: 17.89%
• 5Y*: 10.95%
• 10Y*: 11.24%

CIL

• 1D: 0.00%
• 1M: 0.00%
• YTD: 5.44%
• 6M: 10.80%
• 1Y: 29.06%
• 3Y*: 16.16%
• 5Y*: 8.79%
• 10Y*: 8.47%

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

HAWX vs. CIL - Expense Ratio Comparison

HAWX has a 0.35% expense ratio, which is lower than CIL's 0.45% expense ratio.

CIL

VictoryShares International Volatility Wtd ETF

HAWX

iShares Currency Hedged MSCI ACWI ex U.S. ETF

Return for Risk

HAWX vs. CIL — Risk / Return Rank

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

HAWX

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

CIL

CIL Risk / Return Rank: 92
CIL Sharpe Ratio Rank: 94
CIL Sortino Ratio Rank: 95
CIL Omega Ratio Rank: 96
CIL Calmar Ratio Rank: 81
CIL Martin Ratio Rank: 95

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.

HAWX vs. CIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) and VictoryShares International Volatility Wtd ETF (CIL). 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.

	HAWX	CIL	Difference
Sharpe ratio Return per unit of total volatility	1.72	2.29	-0.57
Sortino ratio Return per unit of downside risk	2.31	3.15	-0.84
Omega ratio Gain probability vs. loss probability	1.36	1.54	-0.18
Calmar ratio Return relative to maximum drawdown	2.27	2.32	-0.04
Martin ratio Return relative to average drawdown	9.61	15.10	-5.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HAWX vs. CIL - Sharpe Ratio Comparison

The current HAWX Sharpe Ratio is 1.72, which is comparable to the CIL Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of HAWX and CIL, 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

	HAWX	CIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.72	2.29	-0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	0.53	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	0.49	+0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.44	+0.16

Correlation

The correlation between HAWX and CIL is 0.63, 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

HAWX vs. CIL - Dividend Comparison

HAWX's dividend yield for the trailing twelve months is around 2.71%, more than CIL's 2.38% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF	2.71%	2.80%	3.31%	2.95%	16.94%	2.63%	2.00%	3.23%	2.51%	2.40%	2.49%	3.86%
CIL VictoryShares International Volatility Wtd ETF	2.38%	2.70%	3.46%	2.91%	2.41%	3.04%	1.73%	2.69%	2.85%	2.17%	2.34%	0.43%

Drawdowns

HAWX vs. CIL - Drawdown Comparison

The maximum HAWX drawdown since its inception was -30.63%, smaller than the maximum CIL drawdown of -36.27%. Use the drawdown chart below to compare losses from any high point for HAWX and CIL.

Drawdown Indicators

	HAWX	CIL	Difference
Max Drawdown Largest peak-to-trough decline	-30.63%	-36.27%	+5.64%
Max Drawdown (1Y) Largest decline over 1 year	-11.16%	-9.66%	-1.50%
Max Drawdown (5Y) Largest decline over 5 years	-17.47%	-29.89%	+12.42%
Max Drawdown (10Y) Largest decline over 10 years	-30.63%	-36.27%	+5.64%
Current Drawdown Current decline from peak	-6.37%	-0.58%	-5.79%
Average Drawdown Average peak-to-trough decline	-4.33%	-6.66%	+2.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	1.73%	+0.91%

Volatility

HAWX vs. CIL - Volatility Comparison

iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) has a higher volatility of 6.92% compared to VictoryShares International Volatility Wtd ETF (CIL) at 0.00%. This indicates that HAWX's price experiences larger fluctuations and is considered to be riskier than CIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HAWX	CIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.92%	0.00%	+6.92%
Volatility (6M) Calculated over the trailing 6-month period	10.05%	5.76%	+4.29%
Volatility (1Y) Calculated over the trailing 1-year period	15.14%	13.30%	+1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.11%	16.67%	-3.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.08%	17.32%	-2.24%