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HAWX vs. DBAW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HAWX vs. DBAW

Last updated Aug 2, 2026
Documentation

HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) and DBAW (Xtrackers MSCI All World ex US Hedged Equity ETF) are both Foreign Large Cap Equities funds - HAWX tracks the MSCI ACWI ex USA 100% Hedged to USD while DBAW tracks the MSCI ACWI ex USA US Dollar Hedged Index. Both are passively managed. Over the past 10 years, HAWX returned 12.00%/yr vs 11.19%/yr for DBAW. Their correlation of 0.86 means they have usually moved in the same direction. HAWX charges 0.35%/yr vs 0.41%/yr for DBAW.

Performance

HAWX vs. DBAW - 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 Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with HAWX having a 15.28% return and DBAW slightly lower at 15.22%. Over the past 10 years, HAWX has outperformed DBAW with an annualized return of 12.00%, while DBAW has yielded a comparatively lower 11.19% annualized return.

HAWX

1D
0.04%
1M
-0.89%
6M
10.23%
YTD
15.28%
1Y
32.19%
3Y*
19.74%
5Y*
12.97%
10Y*
12.00%
ALL TIME*
9.95%

DBAW

1D
-0.14%
1M
-0.63%
6M
10.49%
YTD
15.22%
1Y
31.59%
3Y*
19.45%
5Y*
11.46%
10Y*
11.19%
ALL TIME*
9.37%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

DBAW

Xtrackers MSCI All World ex US Hedged Equity ETF
$1.29M$1.79M$1.16M

HAWX

iShares Currency Hedged MSCI ACWI ex U.S. ETF
$915.14K$1.65M$1.22M

HAWX vs. DBAW - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HAWX
iShares Currency Hedged MSCI ACWI ex U.S. ETF		15.28%26.24%14.88%17.05%-8.59%13.40%6.92%22.75%-9.77%19.21%
DBAW
Xtrackers MSCI All World ex US Hedged Equity ETF		15.22%26.47%14.35%16.26%-13.35%13.08%7.44%22.96%-10.38%18.79%

Correlation

The correlation between HAWX and DBAW is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.97

Correlation (3Y)
Balances recent behavior with more history.

0.96

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.97

Correlation (10Y)
Provides a long-term view across more market conditions.

0.93

Correlation (All Time)
Calculated using the full available price history since Jul 1, 2015

0.87

The correlation between HAWX and DBAW shifts across timeframes, from 0.86 (all time) to 0.97 (1 year), reflecting how their relationship changes across market environments.

HAWX vs. DBAW - Sectors Allocation Comparison

Sectors
HAWX
DBAW

Financial Services

25.4%
23.9%

Technology

21.4%
23.5%

Industrials

13.9%
13.9%

Healthcare

7.0%
6.9%

Consumer Cyclical

6.8%
7.1%

Basic Materials

6.4%
6.3%

Energy

4.9%
4.4%

Consumer Defensive

4.9%
5.0%

Communication Services

4.1%
4.7%

Utilities

2.8%
3.0%

Real Estate

1.1%
1.3%

Financial Services

HAWX
25.4%
DBAW
23.9%

Technology

HAWX
21.4%
DBAW
23.5%

Industrials

HAWX
13.9%
DBAW
13.9%

Healthcare

HAWX
7.0%
DBAW
6.9%

Consumer Cyclical

HAWX
6.8%
DBAW
7.1%

Basic Materials

HAWX
6.4%
DBAW
6.3%

Energy

HAWX
4.9%
DBAW
4.4%

Consumer Defensive

HAWX
4.9%
DBAW
5.0%

Communication Services

HAWX
4.1%
DBAW
4.7%

Utilities

HAWX
2.8%
DBAW
3.0%

Real Estate

HAWX
1.1%
DBAW
1.3%

Compare stocks, funds, or ETFs

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iShares Currency Hedged MSCI ACWI ex U.S. ETF

Xtrackers MSCI All World ex US Hedged Equity ETF

Often compared with HAWX:
HAWX vs. HEFAHAWX vs. FEDDXHAWX vs. DFWIXHAWX vs. BUFIXHAWX vs. IHDGHAWX vs. DFAIXHAWX vs. GQGPX
Often compared with DBAW:
DBAW vs. HFXIDBAW vs. GSIEDBAW vs. MDIJXDBAW vs. BROIXDBAW vs. DXJDBAW vs. BKIEDBAW vs. VOO

Return for Risk

HAWX vs. DBAW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
HAWX
HAWX Risk / Return Rank: 8686
Overall Rank
HAWX Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
HAWX Sortino Ratio Rank: 8484
Sortino Ratio Rank
HAWX Omega Ratio Rank: 8787
Omega Ratio Rank
HAWX Calmar Ratio Rank: 8585
Calmar Ratio Rank
HAWX Martin Ratio Rank: 8686
Martin Ratio Rank
DBAW
DBAW Risk / Return Rank: 8686
Overall Rank
DBAW Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
DBAW Sortino Ratio Rank: 8585
Sortino Ratio Rank
DBAW Omega Ratio Rank: 8787
Omega Ratio Rank
DBAW Calmar Ratio Rank: 8686
Calmar Ratio Rank
DBAW Martin Ratio Rank: 8686
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HAWX vs. DBAW - 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 Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW). 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.

HAWXDBAWDifference
Sharpe ratioReturn per unit of total volatility
2.05
2.05

-0.01

Sortino ratioReturn per unit of downside risk
2.76
2.81

-0.05

Omega ratioGain probability vs. loss probability

1.38

1.39

-0.01

Calmar ratioReturn relative to maximum drawdown

3.26

3.35

-0.10

Martin ratioReturn relative to average drawdown

12.19

12.36

-0.17

HAWX vs. DBAW - Sharpe Ratio Comparison

The current HAWX Sharpe Ratio is 2.05, which is comparable to the DBAW Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of HAWX and DBAW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

HAWX vs. DBAW - Drawdown Comparison

The maximum HAWX drawdown since its inception was -30.63%, roughly equal to the maximum DBAW drawdown of -31.44%. Use the drawdown chart below to compare losses from any high point for HAWX and DBAW.

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Drawdown Indicators

HAWXDBAWDifference

Max Drawdown

Largest peak-to-trough decline

-30.63%

-31.44%

+0.81%

Max Drawdown (1Y)

Largest decline over 1 year

-9.39%

-9.00%

-0.39%

Max Drawdown (3Y)

Largest decline over 3 years

-13.30%

-14.11%

+0.81%

Max Drawdown (5Y)

Largest decline over 5 years

-17.47%

-17.87%

+0.40%

Max Drawdown (10Y)

Largest decline over 10 years

-30.63%

-31.44%

+0.81%

Current Drawdown

Current decline from peak

-3.65%

-3.47%

-0.18%

Average Drawdown

Average peak-to-trough decline

-4.26%

-4.97%

+0.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.51%

2.44%

+0.07%

Volatility

HAWX vs. DBAW - Volatility Comparison

iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) and Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) have volatilities of 4.89% and 4.83%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HAWXDBAWDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.89%

4.83%

+0.06%

Volatility (6M)

Calculated over the trailing 6-month period

13.25%

12.96%

+0.29%

Volatility (1Y)

Calculated over the trailing 1-year period

14.96%

14.70%

+0.26%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.69%

14.04%

-0.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.30%

15.22%

+0.08%

HAWX vs. DBAW - Expense Ratio Comparison

HAWX has a 0.35% expense ratio, which is lower than DBAW's 0.41% expense ratio.

Dividends

HAWX vs. DBAW - Dividend Comparison

HAWX's dividend yield for the trailing twelve months is around 2.51%, more than DBAW's 1.70% yield.

PositionTTM20252024202320222021202020192018201720162015
DBAW
Xtrackers MSCI All World ex US Hedged Equity ETF		1.70%3.83%1.70%3.45%8.81%2.05%2.08%2.91%2.93%2.41%1.99%5.74%
HAWX
iShares Currency Hedged MSCI ACWI ex U.S. ETF		2.51%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 0.97, HAWX and DBAW 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.

HAWX has higher volatility (4.89%) compared to DBAW (4.83%). In terms of maximum drawdown, HAWX dropped -30.63% vs DBAW's -31.44%.

On 10-year performance, HAWX leads with 12.00% vs 11.19% for DBAW. On fees, HAWX is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, HAWX has performed better with a 12.00% return vs 11.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

HAWX is cheaper with a 0.35% expense ratio, compared with 0.41% for DBAW.

HAWX has the higher dividend yield at 2.51%, compared with 1.70% for DBAW.

HAWX tracks MSCI ACWI ex USA 100% Hedged to USD, while DBAW tracks MSCI ACWI ex USA US Dollar Hedged Index. They also come from different issuers: iShares and Deutsche Bank. Their fees differ too: 0.35% for HAWX and 0.41% for DBAW.

DBAW currently has the higher Sharpe Ratio (2.05 vs 2.05), 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.

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