HAWX vs. DBAW

Last updated Jun 23, 2026

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 12.83%/yr vs 12.30%/yr for DBAW. Their correlation of 0.86 suggests significant overlap in exposure. 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.

Returns By Period

The year-to-date returns for both stocks are quite close, with HAWX having a 19.66% return and DBAW slightly lower at 19.37%. Both investments have delivered pretty close results over the past 10 years, with HAWX having a 12.83% annualized return and DBAW not far behind at 12.30%.

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%

DBAW

• 1D: 0.47%
• 1M: 5.47%
• YTD: 19.37%
• 6M: 19.97%
• 1Y: 39.95%
• 3Y*: 22.59%
• 5Y*: 12.02%
• 10Y*: 12.30%

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

HAWX vs. DBAW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF	19.37%	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 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jul 1, 2015	0.86

The correlation between HAWX and DBAW shifts across timeframes, from 0.86 (all time) to 0.97 (5 years), reflecting how their relationship changes across market environments.

HAWX vs. DBAW - Sectors Allocation Comparison

Sectors	HAWX	DBAW
Financial Services	23.2%	23.2%
Technology	22.5%	22.4%
Industrials	14.2%	14.3%
Consumer Cyclical	7.5%	7.6%
Basic Materials	6.9%	6.9%
Healthcare	6.8%	6.8%
Communication Services	4.9%	4.9%
Consumer Defensive	4.8%	5.0%
Energy	4.8%	4.8%
Utilities	3.0%	2.9%
Real Estate	1.4%	1.4%

Return for Risk

HAWX vs. DBAW — Risk / Return Rank

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

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

DBAW

DBAW Risk / Return Rank: 88
DBAW Sharpe Ratio Rank: 90
DBAW Sortino Ratio Rank: 89
DBAW Omega Ratio Rank: 91
DBAW Calmar Ratio Rank: 85
DBAW 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.

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.

	HAWX	DBAW	Difference
Sharpe ratio: Return per unit of total volatility	2.93	2.92	0.00
Sortino ratio: Return per unit of downside risk	3.89	3.91	-0.03
Omega ratio: Gain probability vs. loss probability	1.56	1.57	-0.01
Calmar ratio: Return relative to maximum drawdown	4.35	4.46	-0.11
Martin ratio: Return relative to average drawdown	18.01	18.16	-0.16

HAWX vs. DBAW - Sharpe Ratio Comparison

The current HAWX Sharpe Ratio is 2.93, which is comparable to the DBAW Sharpe Ratio of 2.92. 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.

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.

Drawdown Indicators

	HAWX	DBAW	Difference
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.27%	-4.98%	+0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	2.21%	+0.05%

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 5.92% and 5.66%, 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.

Volatility by Period

	HAWX	DBAW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.92%	5.66%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	12.26%	12.02%	+0.24%
Volatility (1Y) Calculated over the trailing 1-year period	13.98%	13.75%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.54%	13.91%	-0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.24%	15.30%	-0.06%

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 2.34%, more than DBAW's 1.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF	1.64%	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	2.34%	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 HAWX and DBAW in my portfolio?

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.

Which is riskier, HAWX or DBAW?

HAWX has higher volatility (5.92%) compared to DBAW (5.66%). In terms of maximum drawdown, HAWX dropped -30.63% vs DBAW's -31.44%.

Which ETF is better, HAWX or DBAW?

On 10-year performance, HAWX leads with 12.83% vs 12.30% for DBAW. On fees, HAWX is cheaper at 0.35% per year. On volatility, DBAW has been the lower-risk option at 5.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HAWX or DBAW?

Over the 10-year period, HAWX has performed better with a 12.83% return vs 12.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HAWX or DBAW?

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

Which ETF pays a higher dividend yield, HAWX or DBAW?

HAWX has the higher dividend yield at 2.34%, compared with 1.64% for DBAW.

What is the main difference between HAWX and 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.

Which has better risk-adjusted returns?

HAWX currently has the higher Sharpe Ratio (2.93 vs 2.92), 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.