HAWX vs. EPIN

Last updated Aug 4, 2026

HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) and EPIN (Harbor International Equity ETF) are both Foreign Large Cap Equities funds. HAWX is passively managed, while EPIN is actively managed. Over the past year, HAWX returned 32.57% vs 38.63% for EPIN. Their correlation of 0.89 means they have usually moved in the same direction. HAWX charges 0.35%/yr vs 0.80%/yr for EPIN.

Performance

HAWX vs. EPIN - 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 Harbor International Equity ETF (EPIN). 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 lower than EPIN's 23.91% 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%

EPIN

• 1D: 0.45%
• 1M: -0.25%
• 6M: 14.24%
• YTD: 23.91%
• 1Y: 38.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 35.02%

*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)
EPIN Harbor International Equity ETF	$42.70K	$24.96K	$19.91K
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF	$978.55K	$1.69M	$1.20M

HAWX vs. EPIN - Yearly Performance Comparison

	2026 (YTD)	2025
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF	15.61%	16.58%
EPIN Harbor International Equity ETF	23.91%	14.36%

Correlation

The correlation between HAWX and EPIN is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	0.89

The correlation between HAWX and EPIN has been stable across timeframes, ranging from 0.89 to 0.89 - a consistent structural relationship.

HAWX vs. EPIN - Sectors Allocation Comparison

Sectors	HAWX	EPIN
Financial Services	25.4%	19.1%
Technology	21.4%	29.6%
Industrials	13.9%	20.6%
Healthcare	7.0%	8.2%
Consumer Cyclical	6.8%	7.0%
Basic Materials	6.4%	7.1%
Energy	4.9%	3.8%
Consumer Defensive	4.9%	3.6%
Communication Services	4.1%	1.0%
Utilities	2.8%	-
Real Estate	1.1%	-

Return for Risk

HAWX vs. EPIN — 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

EPIN

EPIN Risk / Return Rank: 81
EPIN Sharpe Ratio Rank: 81
EPIN Sortino Ratio Rank: 78
EPIN Omega Ratio Rank: 80
EPIN Calmar Ratio Rank: 83
EPIN Martin Ratio Rank: 82

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. EPIN - 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 Harbor International Equity ETF (EPIN). 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	EPIN	Difference
Sharpe ratio: Return per unit of total volatility	2.20	2.03	+0.17
Sortino ratio: Return per unit of downside risk	2.94	2.75	+0.19
Omega ratio: Gain probability vs. loss probability	1.41	1.37	+0.04
Calmar ratio: Return relative to maximum drawdown	3.48	3.34	+0.15
Martin ratio: Return relative to average drawdown	12.99	12.00	+0.99

HAWX vs. EPIN - Sharpe Ratio Comparison

The current HAWX Sharpe Ratio is 2.20, which is comparable to the EPIN Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of HAWX and EPIN, 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. EPIN - Drawdown Comparison

The maximum HAWX drawdown since its inception was -30.63%, which is greater than EPIN's maximum drawdown of -11.64%. Use the drawdown chart below to compare losses from any high point for HAWX and EPIN.

Drawdown Indicators

	HAWX	EPIN	Difference
Max Drawdown Largest peak-to-trough decline	-30.63%	-11.64%	-18.99%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-11.64%	+2.25%
Max Drawdown (3Y) Largest decline over 3 years	-13.30%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.47%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.63%	—	—
Current Drawdown Current decline from peak	-3.38%	-2.05%	-1.33%
Average Drawdown Average peak-to-trough decline	-4.26%	-1.93%	-2.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	3.23%	-0.72%

Volatility

HAWX vs. EPIN - Volatility Comparison

The current volatility for iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) is 4.90%, while Harbor International Equity ETF (EPIN) has a volatility of 5.57%. This indicates that HAWX experiences smaller price fluctuations and is considered to be less risky than EPIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HAWX	EPIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.90%	5.57%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	13.22%	16.91%	-3.69%
Volatility (1Y) Calculated over the trailing 1-year period	14.91%	19.13%	-4.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.69%	18.34%	-4.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.30%	18.34%	-3.04%

HAWX vs. EPIN - Expense Ratio Comparison

HAWX has a 0.35% expense ratio, which is lower than EPIN's 0.80% expense ratio.

Dividends

HAWX vs. EPIN - Dividend Comparison

HAWX's dividend yield for the trailing twelve months is around 2.50%, more than EPIN's 0.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPIN Harbor International Equity ETF	0.64%	0.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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

Can I hold both HAWX and EPIN in my portfolio?

HAWX and EPIN have a correlation of 0.89, 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 EPIN?

EPIN has higher volatility (5.57%) compared to HAWX (4.90%). In terms of maximum drawdown, HAWX dropped -30.63% vs EPIN's -11.64%.

Which ETF is better, HAWX or EPIN?

On 1-year performance, EPIN leads with 38.63% vs 32.57% for HAWX. 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.

Which ETF has performed better, HAWX or EPIN?

Over the 1-year period, EPIN has performed better with a 38.63% return vs 32.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HAWX or EPIN?

HAWX is cheaper with a 0.35% expense ratio, compared with 0.80% for EPIN.

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

HAWX has the higher dividend yield at 2.50%, compared with 0.64% for EPIN.

What is the main difference between HAWX and EPIN?

They also come from different issuers: iShares and Harbor. Their fees differ too: 0.35% for HAWX and 0.80% for EPIN.

Which has better risk-adjusted returns?

HAWX currently has the higher Sharpe Ratio (2.20 vs 2.03), 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.