HAWX vs. GQGPX
HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) and GQGPX (GQG Partners Emerging Markets Equity Fund) are both funds - HAWX is a Foreign Large Cap Equities fund tracking the MSCI ACWI ex USA 100% Hedged to USD, while GQGPX is a Emerging Markets Diversified fund managed by GQG Partners Inc. Over the past 5 years, HAWX returned 12.75%/yr vs 3.38%/yr for GQGPX. A 0.70 correlation means they provide meaningful diversification when combined. HAWX charges 0.35%/yr vs 1.22%/yr for GQGPX.
Performance
HAWX vs. GQGPX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HAWX achieves a 16.22% return, which is significantly higher than GQGPX's 5.99% return.
HAWX
- 1D
- -2.87%
- 1M
- 2.76%
- YTD
- 16.22%
- 6M
- 16.28%
- 1Y
- 35.93%
- 3Y*
- 21.68%
- 5Y*
- 12.75%
- 10Y*
- 12.50%
GQGPX
- 1D
- 0.64%
- 1M
- -0.79%
- YTD
- 5.99%
- 6M
- 6.17%
- 1Y
- 14.09%
- 3Y*
- 12.03%
- 5Y*
- 3.38%
- 10Y*
- —
HAWX vs. GQGPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF | 16.22% | 26.24% | 14.88% | 17.05% | -8.59% | 13.40% | 6.92% | 22.75% | -9.77% | 19.21% |
GQGPX GQG Partners Emerging Markets Equity Fund | 5.99% | 9.67% | 6.00% | 28.47% | -21.01% | -2.52% | 33.74% | 20.92% | -14.91% | 29.81% |
Correlation
The correlation between HAWX and GQGPX is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017 | 0.70 |
The correlation between HAWX and GQGPX has been stable across timeframes, ranging from 0.67 to 0.72 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HAWX vs. GQGPX — Risk / Return Rank
HAWX
GQGPX
HAWX vs. GQGPX - 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 GQG Partners Emerging Markets Equity Fund (GQGPX). 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 | GQGPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.31 | ||
| Sortino ratioReturn per unit of downside risk | +1.56 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.22 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 3.84 | 1.54 | +2.31 |
| Martin ratioReturn relative to average drawdown | 15.87 | 4.80 | +11.07 |
Loading charts...
Drawdowns
HAWX vs. GQGPX - Drawdown Comparison
The maximum HAWX drawdown since its inception was -30.63%, smaller than the maximum GQGPX drawdown of -33.68%. Use the drawdown chart below to compare losses from any high point for HAWX and GQGPX.
Loading charts...
Drawdown Indicators
| HAWX | GQGPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.63% | -33.68% | +3.05% |
Max Drawdown (1Y)Largest decline over 1 year | -9.39% | -9.12% | -0.27% |
Max Drawdown (3Y)Largest decline over 3 years | -13.30% | -18.83% | +5.53% |
Max Drawdown (5Y)Largest decline over 5 years | -17.47% | -29.31% | +11.84% |
Max Drawdown (10Y)Largest decline over 10 years | -30.63% | — | — |
Current DrawdownCurrent decline from peak | -2.87% | -4.48% | +1.61% |
Average DrawdownAverage peak-to-trough decline | -4.27% | -11.49% | +7.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.27% | 2.92% | -0.65% |
Volatility
HAWX vs. GQGPX - Volatility Comparison
iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) has a higher volatility of 6.70% compared to GQG Partners Emerging Markets Equity Fund (GQGPX) at 3.24%. This indicates that HAWX's price experiences larger fluctuations and is considered to be riskier than GQGPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| HAWX | GQGPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.70% | 3.24% | +3.46% |
Volatility (6M)Calculated over the trailing 6-month period | 12.61% | 9.67% | +2.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.27% | 11.51% | +2.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.60% | 14.71% | -1.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.27% | 15.90% | -0.63% |
HAWX vs. GQGPX - Expense Ratio Comparison
HAWX has a 0.35% expense ratio, which is lower than GQGPX's 1.22% expense ratio.
Dividends
HAWX vs. GQGPX - Dividend Comparison
HAWX's dividend yield for the trailing twelve months is around 2.41%, more than GQGPX's 1.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GQGPX GQG Partners Emerging Markets Equity Fund | 1.81% | 1.91% | 1.50% | 2.54% | 5.52% | 3.78% | 0.15% | 1.06% | 0.59% | 0.17% | 0.00% | 0.00% |
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF | 2.41% | 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 GQGPX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HAWX has higher volatility (6.70%) compared to GQGPX (3.24%). In terms of maximum drawdown, HAWX dropped -30.63% vs GQGPX's -33.68%.
HAWX currently has the higher Sharpe Ratio (2.53 vs 1.22), 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.
Find the right allocation for HAWX and GQGPX
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