HAWX vs. DBO
HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - HAWX is a Foreign Large Cap Equities fund tracking the MSCI ACWI ex USA 100% Hedged to USD, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 10 years, HAWX returned 12.07%/yr vs 11.43%/yr for DBO. Their 0.18 correlation means their historical movements had little consistent relationship. HAWX charges 0.35%/yr vs 0.78%/yr for DBO.
Performance
HAWX vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, HAWX achieves a 15.61% return, which is significantly lower than DBO's 66.72% return. Over the past 10 years, HAWX has outperformed DBO with an annualized return of 12.07%, while DBO has yielded a comparatively lower 11.43% annualized return.
HAWX
- 1D
- 0.28%
- 1M
- -0.61%
- 6M
- 9.66%
- YTD
- 15.61%
- 1Y
- 32.57%
- 3Y*
- 20.58%
- 5Y*
- 12.79%
- 10Y*
- 12.07%
- ALL TIME*
- 9.97%
DBO
- 1D
- -5.53%
- 1M
- 17.71%
- 6M
- 53.16%
- YTD
- 66.72%
- 1Y
- 51.44%
- 3Y*
- 12.33%
- 5Y*
- 13.64%
- 10Y*
- 11.43%
- ALL TIME*
- 0.22%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.34M | $10.71M | $13.49M | |
| $978.55K | $1.69M | $1.20M |
HAWX vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF | 15.61% | 26.24% | 14.88% | 17.05% | -8.59% | 13.40% | 6.92% | 22.75% | -9.77% | 19.21% |
DBO Invesco DB Oil Fund | 66.72% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -15.22% | 4.86% |
Correlation
The correlation between HAWX and DBO is -0.28, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.28 |
Correlation (3Y) Balances recent behavior with more history. | -0.05 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.09 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.19 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2015 | 0.18 |
The correlation between HAWX and DBO shifts across timeframes, from -0.28 (1 year) to 0.19 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
HAWX vs. DBO — Risk / Return Rank
HAWX
DBO
HAWX vs. DBO - 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 Invesco DB Oil Fund (DBO). 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 | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.87 | ||
| Sortino ratioReturn per unit of downside risk | +1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.23 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.48 | 1.86 | +1.62 |
| Martin ratioReturn relative to average drawdown | 12.99 | 5.64 | +7.35 |
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Drawdowns
HAWX vs. DBO - Drawdown Comparison
The maximum HAWX drawdown since its inception was -30.63%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for HAWX and DBO.
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Drawdown Indicators
| HAWX | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.63% | -90.18% | +59.55% |
Max Drawdown (1Y)Largest decline over 1 year | -9.39% | -27.73% | +18.34% |
Max Drawdown (3Y)Largest decline over 3 years | -13.30% | -28.20% | +14.90% |
Max Drawdown (5Y)Largest decline over 5 years | -17.47% | -37.68% | +20.21% |
Max Drawdown (10Y)Largest decline over 10 years | -30.63% | -61.69% | +31.06% |
Current DrawdownCurrent decline from peak | -3.38% | -56.13% | +52.75% |
Average DrawdownAverage peak-to-trough decline | -4.26% | -62.20% | +57.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.51% | 9.16% | -6.65% |
Volatility
HAWX vs. DBO - Volatility Comparison
The current volatility for iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) is 4.90%, while Invesco DB Oil Fund (DBO) has a volatility of 18.99%. This indicates that HAWX experiences smaller price fluctuations and is considered to be less risky than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HAWX | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.90% | 18.99% | -14.09% |
Volatility (6M)Calculated over the trailing 6-month period | 13.22% | 34.30% | -21.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.91% | 38.86% | -23.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.69% | 33.43% | -19.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.30% | 32.24% | -16.94% |
HAWX vs. DBO - Expense Ratio Comparison
HAWX has a 0.35% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
HAWX vs. DBO - Dividend Comparison
HAWX's dividend yield for the trailing twelve months is around 2.50%, more than DBO's 2.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 2.11% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% | 0.00% | 0.00% | 0.00% |
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF | 2.50% | 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
HAWX and DBO have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (18.99%) compared to HAWX (4.90%). In terms of maximum drawdown, HAWX dropped -30.63% vs DBO's -90.18%.
On 10-year performance, HAWX leads with 12.07% vs 11.43% for DBO. On fees, HAWX is cheaper at 0.35% per year. On volatility, HAWX has been the lower-risk option at 4.90%. 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 12.07% return vs 11.43%. 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 0.78% for DBO.
HAWX has the higher dividend yield at 2.50%, compared with 2.11% for DBO.
HAWX is categorized as Foreign Large Cap Equities, while DBO is Oil & Gas. HAWX tracks MSCI ACWI ex USA 100% Hedged to USD, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.35% for HAWX and 0.78% for DBO.
HAWX currently has the higher Sharpe Ratio (2.20 vs 1.33), 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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