PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
HAWX vs. DFAIX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HAWX vs. DFAIX

Last updated Jun 23, 2026

HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) and DFAIX (DFA Short-Duration Real Return Portfolio) are both funds - HAWX is a Foreign Large Cap Equities fund tracking the MSCI ACWI ex USA 100% Hedged to USD, while DFAIX is a Short-Term Bond fund managed by Dimensional. Over the past 10 years, HAWX returned 12.83%/yr vs 3.28%/yr for DFAIX. At a 0.09 correlation, their price movements are largely independent. HAWX charges 0.35%/yr vs 0.22%/yr for DFAIX.

Performance

HAWX vs. DFAIX - 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 DFA Short-Duration Real Return Portfolio (DFAIX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, HAWX achieves a 19.66% return, which is significantly higher than DFAIX's 2.29% return. Over the past 10 years, HAWX has outperformed DFAIX with an annualized return of 12.83%, while DFAIX has yielded a comparatively lower 3.28% annualized return.

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%

DFAIX

1D
0.09%
1M
0.09%
YTD
2.29%
6M
2.38%
1Y
4.27%
3Y*
5.69%
5Y*
3.83%
10Y*
3.28%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HAWX vs. DFAIX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
DFAIX
DFA Short-Duration Real Return Portfolio		2.29%4.86%6.38%5.64%-2.77%5.40%2.75%5.63%0.11%1.71%

Correlation

The correlation between HAWX and DFAIX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.18

Correlation (3Y)
Calculated over the trailing 3-year period

0.10

Correlation (5Y)
Calculated over the trailing 5-year period

0.11

Correlation (10Y)
Calculated over the trailing 10-year period

0.10

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

0.09

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Currency Hedged MSCI ACWI ex U.S. ETF

DFA Short-Duration Real Return Portfolio

Often compared with HAWX:
HAWX vs. HEFAHAWX vs. DBAWHAWX vs. FEDDXHAWX vs. BUFIXHAWX vs. IHDGHAWX vs. DFWIXHAWX vs. GQGPX
Often compared with DFAIX:
DFAIX vs. SLQDDFAIX vs. SDMZXDFAIX vs. DFIVXDFAIX vs. SCHODFAIX vs. DFUSXDFAIX vs. VCSHDFAIX vs. DISVX

Return for Risk

HAWX vs. DFAIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HAWX
HAWX Risk / Return Rank: 8888
Overall Rank
HAWX Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
HAWX Sortino Ratio Rank: 8989
Sortino Ratio Rank
HAWX Omega Ratio Rank: 9090
Omega Ratio Rank
HAWX Calmar Ratio Rank: 8484
Calmar Ratio Rank
HAWX Martin Ratio Rank: 8787
Martin Ratio Rank
DFAIX
DFAIX Risk / Return Rank: 9898
Overall Rank
DFAIX Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
DFAIX Sortino Ratio Rank: 9898
Sortino Ratio Rank
DFAIX Omega Ratio Rank: 9898
Omega Ratio Rank
DFAIX Calmar Ratio Rank: 9999
Calmar Ratio Rank
DFAIX Martin Ratio Rank: 9999
Martin Ratio Rank
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. DFAIX - 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 DFA Short-Duration Real Return Portfolio (DFAIX). 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.

HAWXDFAIXDifference
Sharpe ratioReturn per unit of total volatility
2.93
3.77

-0.84

Sortino ratioReturn per unit of downside risk
3.89
6.11

-2.23

Omega ratioGain probability vs. loss probability

1.56

2.12

-0.56

Calmar ratioReturn relative to maximum drawdown

4.35

9.35

-5.00

Martin ratioReturn relative to average drawdown

18.01

40.24

-22.23

HAWX vs. DFAIX - Sharpe Ratio Comparison

The current HAWX Sharpe Ratio is 2.93, which is comparable to the DFAIX Sharpe Ratio of 3.77. The chart below compares the historical Sharpe Ratios of HAWX and DFAIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

HAWX vs. DFAIX - Drawdown Comparison

The maximum HAWX drawdown since its inception was -30.63%, which is greater than DFAIX's maximum drawdown of -5.63%. Use the drawdown chart below to compare losses from any high point for HAWX and DFAIX.

Loading charts...

Drawdown Indicators

HAWXDFAIXDifference

Max Drawdown

Largest peak-to-trough decline

-30.63%

-5.63%

-25.00%

Max Drawdown (1Y)

Largest decline over 1 year

-9.39%

-0.47%

-8.92%

Max Drawdown (3Y)

Largest decline over 3 years

-13.30%

-3.12%

-10.18%

Max Drawdown (5Y)

Largest decline over 5 years

-17.47%

-5.46%

-12.01%

Max Drawdown (10Y)

Largest decline over 10 years

-30.63%

-5.63%

-25.00%

Current Drawdown

Current decline from peak

0.00%

-0.28%

+0.28%

Average Drawdown

Average peak-to-trough decline

-4.27%

-0.94%

-3.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.26%

0.11%

+2.15%

Volatility

HAWX vs. DFAIX - Volatility Comparison

iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) has a higher volatility of 5.92% compared to DFA Short-Duration Real Return Portfolio (DFAIX) at 0.48%. This indicates that HAWX's price experiences larger fluctuations and is considered to be riskier than DFAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

HAWXDFAIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.92%

0.48%

+5.44%

Volatility (6M)

Calculated over the trailing 6-month period

12.26%

0.99%

+11.27%

Volatility (1Y)

Calculated over the trailing 1-year period

13.98%

1.17%

+12.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.54%

3.18%

+10.36%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.24%

2.55%

+12.69%

HAWX vs. DFAIX - Expense Ratio Comparison

HAWX has a 0.35% expense ratio, which is higher than DFAIX's 0.22% expense ratio.

Dividends

HAWX vs. DFAIX - Dividend Comparison

HAWX's dividend yield for the trailing twelve months is around 2.34%, less than DFAIX's 4.55% yield.

PositionTTM20252024202320222021202020192018201720162015
DFAIX
DFA Short-Duration Real Return Portfolio		4.55%4.65%4.14%3.66%1.68%0.98%0.82%2.53%2.72%1.71%1.41%1.29%
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

HAWX and DFAIX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HAWX has higher volatility (5.92%) compared to DFAIX (0.48%). In terms of maximum drawdown, HAWX dropped -30.63% vs DFAIX's -5.63%.

DFAIX currently has the higher Sharpe Ratio (3.77 vs 2.93), 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.

Portfolio Optimizer

Find the right allocation for HAWX and DFAIX

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer