HAWX vs. FEDDX

Last updated Jun 23, 2026

HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) and FEDDX (Fidelity Emerging Markets Discovery Fund) are both funds - HAWX is a Foreign Large Cap Equities fund tracking the MSCI ACWI ex USA 100% Hedged to USD, while FEDDX is a Emerging Markets Equities fund managed by Fidelity. Over the past 10 years, HAWX returned 12.83%/yr vs 11.09%/yr for FEDDX. A 0.67 correlation means they provide meaningful diversification when combined. HAWX charges 0.35%/yr vs 1.19%/yr for FEDDX.

Performance

HAWX vs. FEDDX - 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 Fidelity Emerging Markets Discovery Fund (FEDDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HAWX achieves a 19.66% return, which is significantly lower than FEDDX's 21.51% return. Over the past 10 years, HAWX has outperformed FEDDX with an annualized return of 12.83%, while FEDDX has yielded a comparatively lower 11.09% 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%

FEDDX

• 1D: 1.39%
• 1M: 1.92%
• YTD: 21.51%
• 6M: 23.18%
• 1Y: 41.02%
• 3Y*: 17.95%
• 5Y*: 9.28%
• 10Y*: 11.09%

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

HAWX vs. FEDDX - 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%
FEDDX Fidelity Emerging Markets Discovery Fund	21.51%	31.90%	-3.68%	20.76%	-11.83%	6.65%	16.96%	19.60%	-18.90%	36.59%

Correlation

The correlation between HAWX and FEDDX is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Jul 1, 2015	0.67

The correlation between HAWX and FEDDX has been stable across timeframes, ranging from 0.67 to 0.74 - a consistent structural relationship.

HAWX vs. FEDDX - Sectors Allocation Comparison

Sectors	HAWX	FEDDX
Financial Services	23.2%	18.9%
Technology	22.5%	15.2%
Industrials	14.2%	24.2%
Consumer Cyclical	7.5%	11.6%
Basic Materials	6.9%	5.9%
Healthcare	6.8%	6.2%
Communication Services	4.9%	1.9%
Consumer Defensive	4.8%	9.0%
Energy	4.8%	3.6%
Utilities	3.0%	1.1%
Real Estate	1.4%	2.4%

Return for Risk

HAWX vs. FEDDX — 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

FEDDX

FEDDX Risk / Return Rank: 87
FEDDX Sharpe Ratio Rank: 91
FEDDX Sortino Ratio Rank: 84
FEDDX Omega Ratio Rank: 84
FEDDX Calmar Ratio Rank: 89
FEDDX Martin Ratio Rank: 88

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. FEDDX - 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 Fidelity Emerging Markets Discovery Fund (FEDDX). 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	FEDDX	Difference
Sharpe ratio: Return per unit of total volatility	2.93	2.82	+0.10
Sortino ratio: Return per unit of downside risk	3.89	3.68	+0.21
Omega ratio: Gain probability vs. loss probability	1.56	1.52	+0.04
Calmar ratio: Return relative to maximum drawdown	4.35	4.17	+0.18
Martin ratio: Return relative to average drawdown	18.01	15.53	+2.48

HAWX vs. FEDDX - Sharpe Ratio Comparison

The current HAWX Sharpe Ratio is 2.93, which is comparable to the FEDDX Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of HAWX and FEDDX, 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. FEDDX - Drawdown Comparison

The maximum HAWX drawdown since its inception was -30.63%, smaller than the maximum FEDDX drawdown of -42.95%. Use the drawdown chart below to compare losses from any high point for HAWX and FEDDX.

Drawdown Indicators

	HAWX	FEDDX	Difference
Max Drawdown Largest peak-to-trough decline	-30.63%	-42.95%	+12.32%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-9.54%	+0.15%
Max Drawdown (3Y) Largest decline over 3 years	-13.30%	-17.29%	+3.99%
Max Drawdown (5Y) Largest decline over 5 years	-17.47%	-27.45%	+9.98%
Max Drawdown (10Y) Largest decline over 10 years	-30.63%	-42.95%	+12.32%
Current Drawdown Current decline from peak	0.00%	-0.68%	+0.68%
Average Drawdown Average peak-to-trough decline	-4.27%	-8.75%	+4.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	2.56%	-0.30%

Volatility

HAWX vs. FEDDX - Volatility Comparison

iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) and Fidelity Emerging Markets Discovery Fund (FEDDX) have volatilities of 5.92% and 6.23%, 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	FEDDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.92%	6.23%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	12.26%	11.80%	+0.46%
Volatility (1Y) Calculated over the trailing 1-year period	13.98%	14.11%	-0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.54%	14.29%	-0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.24%	15.80%	-0.56%

HAWX vs. FEDDX - Expense Ratio Comparison

HAWX has a 0.35% expense ratio, which is lower than FEDDX's 1.19% expense ratio.

Dividends

HAWX vs. FEDDX - Dividend Comparison

HAWX's dividend yield for the trailing twelve months is around 2.34%, less than FEDDX's 3.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEDDX Fidelity Emerging Markets Discovery Fund	3.83%	4.65%	3.99%	2.05%	1.69%	11.90%	0.59%	1.05%	1.88%	1.50%	1.36%	0.81%
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 FEDDX in my portfolio?

HAWX and FEDDX have a correlation of 0.69, 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 FEDDX?

FEDDX has higher volatility (6.23%) compared to HAWX (5.92%). In terms of maximum drawdown, HAWX dropped -30.63% vs FEDDX's -42.95%.

Which has better risk-adjusted returns?

HAWX currently has the higher Sharpe Ratio (2.93 vs 2.82), 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.