HAWX vs. DGRO

Last updated Aug 4, 2026

HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - HAWX is a Foreign Large Cap Equities fund tracking the MSCI ACWI ex USA 100% Hedged to USD, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Both are passively managed. Over the past 10 years, HAWX returned 12.07%/yr vs 13.38%/yr for DGRO. Their 0.65 correlation means they have sometimes moved together and sometimes differently. HAWX charges 0.35%/yr vs 0.08%/yr for DGRO.

Performance

HAWX vs. DGRO - 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 iShares Core Dividend Growth ETF (DGRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HAWX achieves a 15.61% return, which is significantly higher than DGRO's 13.79% return. Over the past 10 years, HAWX has underperformed DGRO with an annualized return of 12.07%, while DGRO has yielded a comparatively higher 13.38% 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%

DGRO

• 1D: 0.35%
• 1M: 1.32%
• 6M: 9.21%
• YTD: 13.79%
• 1Y: 24.64%
• 3Y*: 17.09%
• 5Y*: 11.15%
• 10Y*: 13.38%
• ALL TIME*: 12.49%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DGRO iShares Core Dividend Growth ETF	$107.57M	$103.25M	$110.55M
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF	$978.55K	$1.69M	$1.20M

HAWX vs. DGRO - 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%
DGRO iShares Core Dividend Growth ETF	13.79%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%

Correlation

The correlation between HAWX and DGRO is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.49
Correlation (3Y) Balances recent behavior with more history.	0.61
Correlation (5Y) Shows whether the relationship held over a longer period.	0.69
Correlation (10Y) Provides a long-term view across more market conditions.	0.70
Correlation (All Time) Calculated using the full available price history since Jul 1, 2015	0.65

The correlation between HAWX and DGRO shifts across timeframes, from 0.49 (1 year) to 0.70 (10 years), reflecting how their relationship changes across market environments.

HAWX vs. DGRO - Sectors Allocation Comparison

Sectors	HAWX	DGRO
Financial Services	25.4%	20.4%
Technology	21.4%	17.3%
Industrials	13.9%	11.3%
Healthcare	7.0%	17.9%
Consumer Cyclical	6.8%	6.5%
Basic Materials	6.4%	2.5%
Energy	4.9%	4.8%
Consumer Defensive	4.9%	11.9%
Communication Services	4.1%	0.1%
Utilities	2.8%	7.3%
Real Estate	1.1%	-

Return for Risk

HAWX vs. DGRO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HAWX

HAWX Risk / Return Rank: 87
HAWX Sharpe Ratio Rank: 88
HAWX Sortino Ratio Rank: 85
HAWX Omega Ratio Rank: 88
HAWX Calmar Ratio Rank: 86
HAWX Martin Ratio Rank: 86

DGRO

DGRO Risk / Return Rank: 92
DGRO Sharpe Ratio Rank: 94
DGRO Sortino Ratio Rank: 94
DGRO Omega Ratio Rank: 93
DGRO Calmar Ratio Rank: 90
DGRO Martin Ratio Rank: 90

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. DGRO - 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 iShares Core Dividend Growth ETF (DGRO). 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	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	2.20	2.60	-0.40
Sortino ratio: Return per unit of downside risk	2.94	3.77	-0.83
Omega ratio: Gain probability vs. loss probability	1.41	1.48	-0.07
Calmar ratio: Return relative to maximum drawdown	3.48	3.83	-0.34
Martin ratio: Return relative to average drawdown	12.99	14.91	-1.92

HAWX vs. DGRO - Sharpe Ratio Comparison

The current HAWX Sharpe Ratio is 2.20, which is comparable to the DGRO Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of HAWX and DGRO, 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. DGRO - Drawdown Comparison

The maximum HAWX drawdown since its inception was -30.63%, smaller than the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for HAWX and DGRO.

Drawdown Indicators

	HAWX	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-30.63%	-35.10%	+4.47%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-6.47%	-2.92%
Max Drawdown (3Y) Largest decline over 3 years	-13.30%	-14.03%	+0.73%
Max Drawdown (5Y) Largest decline over 5 years	-17.47%	-19.31%	+1.84%
Max Drawdown (10Y) Largest decline over 10 years	-30.63%	-35.10%	+4.47%
Current Drawdown Current decline from peak	-3.38%	-1.01%	-2.37%
Average Drawdown Average peak-to-trough decline	-4.26%	-3.41%	-0.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	1.66%	+0.85%

Volatility

HAWX vs. DGRO - Volatility Comparison

iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) has a higher volatility of 4.90% compared to iShares Core Dividend Growth ETF (DGRO) at 2.88%. This indicates that HAWX's price experiences larger fluctuations and is considered to be riskier than DGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HAWX	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.90%	2.88%	+2.02%
Volatility (6M) Calculated over the trailing 6-month period	13.22%	7.12%	+6.10%
Volatility (1Y) Calculated over the trailing 1-year period	14.91%	9.54%	+5.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.69%	13.79%	-0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.30%	16.58%	-1.28%

HAWX vs. DGRO - Expense Ratio Comparison

HAWX has a 0.35% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

HAWX vs. DGRO - Dividend Comparison

HAWX's dividend yield for the trailing twelve months is around 2.50%, more than DGRO's 1.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.89%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
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

Can I hold both HAWX and DGRO in my portfolio?

HAWX and DGRO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HAWX or DGRO?

HAWX has higher volatility (4.90%) compared to DGRO (2.88%). In terms of maximum drawdown, HAWX dropped -30.63% vs DGRO's -35.10%.

Which ETF is better, HAWX or DGRO?

On 10-year performance, DGRO leads with 13.38% vs 12.07% for HAWX. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 2.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HAWX or DGRO?

Over the 10-year period, DGRO has performed better with a 13.38% return vs 12.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HAWX or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.35% for HAWX.

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

HAWX has the higher dividend yield at 2.50%, compared with 1.89% for DGRO.

What is the main difference between HAWX and DGRO?

HAWX is categorized as Foreign Large Cap Equities, while DGRO is Large Cap Growth Equities. HAWX tracks MSCI ACWI ex USA 100% Hedged to USD, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.35% for HAWX and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.60 vs 2.20), 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.