HAWX vs. HEFA

Last updated Aug 2, 2026

HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) and HEFA (iShares Currency Hedged MSCI EAFE ETF) are both Foreign Large Cap Equities funds from iShares - HAWX tracks the MSCI ACWI ex USA 100% Hedged to USD while HEFA tracks the MSCI EAFE 100% Hedged to USD Index. Both are passively managed. Over the past 10 years, HAWX returned 12.00%/yr vs 12.94%/yr for HEFA. Their correlation of 0.83 means they have usually moved in the same direction. Both charge a 0.35% expense ratio.

Performance

HAWX vs. HEFA - 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 Currency Hedged MSCI EAFE ETF (HEFA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HAWX achieves a 15.28% return, which is significantly higher than HEFA's 14.00% return. Over the past 10 years, HAWX has underperformed HEFA with an annualized return of 12.00%, while HEFA has yielded a comparatively higher 12.94% annualized return.

HAWX

• 1D: 0.04%
• 1M: -0.89%
• 6M: 10.23%
• YTD: 15.28%
• 1Y: 32.19%
• 3Y*: 19.74%
• 5Y*: 12.97%
• 10Y*: 12.00%
• ALL TIME*: 9.95%

HEFA

• 1D: -0.74%
• 1M: 0.22%
• 6M: 10.13%
• YTD: 14.00%
• 1Y: 30.42%
• 3Y*: 18.79%
• 5Y*: 14.16%
• 10Y*: 12.94%
• ALL TIME*: 10.81%

*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)
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF	$915.14K	$1.65M	$1.22M
HEFA iShares Currency Hedged MSCI EAFE ETF	$18.09M	$30.10M	$25.37M

HAWX vs. HEFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF	15.28%	26.24%	14.88%	17.05%	-8.59%	13.40%	6.92%	22.75%	-9.77%	19.21%
HEFA iShares Currency Hedged MSCI EAFE ETF	14.00%	24.58%	13.71%	20.33%	-4.86%	19.59%	2.09%	27.63%	-9.33%	16.67%

Correlation

The correlation between HAWX and HEFA is 0.91, 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.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.90
Correlation (All Time) Calculated using the full available price history since Jul 1, 2015	0.83

The correlation between HAWX and HEFA has been stable across timeframes, ranging from 0.83 to 0.93 - a consistent structural relationship.

HAWX vs. HEFA - Sectors Allocation Comparison

Sectors	HAWX	HEFA
Financial Services	25.4%	24.7%
Technology	21.4%	12.6%
Industrials	13.9%	18.8%
Healthcare	7.0%	10.5%
Consumer Cyclical	6.8%	7.5%
Basic Materials	6.4%	5.8%
Energy	4.9%	3.3%
Consumer Defensive	4.9%	6.8%
Communication Services	4.1%	4.5%
Utilities	2.8%	3.8%
Real Estate	1.1%	1.7%

Return for Risk

HAWX vs. HEFA — Risk / Return Rank

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

HAWX

HAWX Risk / Return Rank: 86
HAWX Sharpe Ratio Rank: 86
HAWX Sortino Ratio Rank: 84
HAWX Omega Ratio Rank: 87
HAWX Calmar Ratio Rank: 85
HAWX Martin Ratio Rank: 86

HEFA

HEFA Risk / Return Rank: 87
HEFA Sharpe Ratio Rank: 89
HEFA Sortino Ratio Rank: 88
HEFA Omega Ratio Rank: 88
HEFA Calmar Ratio Rank: 82
HEFA Martin Ratio Rank: 86

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. HEFA - 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 Currency Hedged MSCI EAFE ETF (HEFA). 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	HEFA	Difference
Sharpe ratio: Return per unit of total volatility	2.05	2.16	-0.12
Sortino ratio: Return per unit of downside risk	2.76	2.99	-0.23
Omega ratio: Gain probability vs. loss probability	1.38	1.40	-0.02
Calmar ratio: Return relative to maximum drawdown	3.26	2.98	+0.28
Martin ratio: Return relative to average drawdown	12.19	12.45	-0.25

HAWX vs. HEFA - Sharpe Ratio Comparison

The current HAWX Sharpe Ratio is 2.05, which is comparable to the HEFA Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of HAWX and HEFA, 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. HEFA - Drawdown Comparison

The maximum HAWX drawdown since its inception was -30.63%, smaller than the maximum HEFA drawdown of -32.39%. Use the drawdown chart below to compare losses from any high point for HAWX and HEFA.

Drawdown Indicators

	HAWX	HEFA	Difference
Max Drawdown Largest peak-to-trough decline	-30.63%	-32.39%	+1.76%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-9.52%	+0.13%
Max Drawdown (3Y) Largest decline over 3 years	-13.30%	-14.28%	+0.98%
Max Drawdown (5Y) Largest decline over 5 years	-17.47%	-14.79%	-2.68%
Max Drawdown (10Y) Largest decline over 10 years	-30.63%	-32.39%	+1.76%
Current Drawdown Current decline from peak	-3.65%	-0.75%	-2.90%
Average Drawdown Average peak-to-trough decline	-4.26%	-4.13%	-0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	2.28%	+0.23%

Volatility

HAWX vs. HEFA - Volatility Comparison

iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) has a higher volatility of 4.89% compared to iShares Currency Hedged MSCI EAFE ETF (HEFA) at 3.56%. This indicates that HAWX's price experiences larger fluctuations and is considered to be riskier than HEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HAWX	HEFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.89%	3.56%	+1.33%
Volatility (6M) Calculated over the trailing 6-month period	13.25%	10.86%	+2.39%
Volatility (1Y) Calculated over the trailing 1-year period	14.96%	13.14%	+1.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.69%	13.84%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.30%	15.67%	-0.37%

HAWX vs. HEFA - Expense Ratio Comparison

Both HAWX and HEFA have an expense ratio of 0.35%.

Dividends

HAWX vs. HEFA - Dividend Comparison

HAWX's dividend yield for the trailing twelve months is around 2.51%, less than HEFA's 4.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF	2.51%	2.80%	3.31%	2.95%	16.94%	2.63%	2.00%	3.23%	2.51%	2.40%	2.49%	3.86%
HEFA iShares Currency Hedged MSCI EAFE ETF	4.03%	4.40%	3.09%	3.02%	25.14%	3.06%	2.10%	7.56%	4.58%	2.55%	3.17%	3.54%

Frequently Asked Questions

Can I hold both HAWX and HEFA in my portfolio?

With a correlation of 0.91, HAWX and HEFA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, HAWX or HEFA?

HAWX has higher volatility (4.89%) compared to HEFA (3.56%). In terms of maximum drawdown, HAWX dropped -30.63% vs HEFA's -32.39%.

Which ETF is better, HAWX or HEFA?

On 10-year performance, HEFA leads with 12.94% vs 12.00% for HAWX. Both ETFs have the same 0.35% expense ratio. On volatility, HEFA has been the lower-risk option at 3.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HAWX or HEFA?

Over the 10-year period, HEFA has performed better with a 12.94% return vs 12.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HAWX or HEFA?

HAWX and HEFA have the same expense ratio: 0.35% per year.

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

HEFA has the higher dividend yield at 4.03%, compared with 2.51% for HAWX.

What is the main difference between HAWX and HEFA?

HAWX tracks MSCI ACWI ex USA 100% Hedged to USD, while HEFA tracks MSCI EAFE 100% Hedged to USD Index.

Which has better risk-adjusted returns?

HEFA currently has the higher Sharpe Ratio (2.16 vs 2.05), 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.