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HAWX vs. HEFA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HAWX vs. HEFA

Last updated Jun 24, 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 12.50%/yr vs 13.44%/yr for HEFA. Their correlation of 0.83 suggests significant overlap in exposure. 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.

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Returns By Period

In the year-to-date period, HAWX achieves a 16.22% return, which is significantly higher than HEFA's 12.09% return. Over the past 10 years, HAWX has underperformed HEFA with an annualized return of 12.50%, while HEFA has yielded a comparatively higher 13.44% annualized 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%

HEFA

1D
-1.61%
1M
2.31%
YTD
12.09%
6M
12.33%
1Y
29.40%
3Y*
19.37%
5Y*
13.74%
10Y*
13.44%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HAWX vs. HEFA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
HEFA
iShares Currency Hedged MSCI EAFE ETF		12.09%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 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.92

Correlation (3Y)
Calculated over the trailing 3-year period

0.92

Correlation (5Y)
Calculated over the trailing 5-year period

0.93

Correlation (10Y)
Calculated over the trailing 10-year period

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

23.2%
24.3%

Technology

22.5%
12.5%

Industrials

14.2%
18.0%

Consumer Cyclical

7.5%
7.1%

Basic Materials

6.9%
6.0%

Healthcare

6.8%
9.5%

Communication Services

4.9%
4.3%

Consumer Defensive

4.8%
6.5%

Energy

4.8%
3.3%

Utilities

3.0%
3.4%

Real Estate

1.4%
1.4%

Financial Services

HAWX
23.2%
HEFA
24.3%

Technology

HAWX
22.5%
HEFA
12.5%

Industrials

HAWX
14.2%
HEFA
18.0%

Consumer Cyclical

HAWX
7.5%
HEFA
7.1%

Basic Materials

HAWX
6.9%
HEFA
6.0%

Healthcare

HAWX
6.8%
HEFA
9.5%

Communication Services

HAWX
4.9%
HEFA
4.3%

Consumer Defensive

HAWX
4.8%
HEFA
6.5%

Energy

HAWX
4.8%
HEFA
3.3%

Utilities

HAWX
3.0%
HEFA
3.4%

Real Estate

HAWX
1.4%
HEFA
1.4%

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iShares Currency Hedged MSCI ACWI ex U.S. ETF

iShares Currency Hedged MSCI EAFE ETF

Often compared with HAWX:
HAWX vs. DBAWHAWX vs. FEDDXHAWX vs. BUFIXHAWX vs. IHDGHAWX vs. DFWIXHAWX vs. DFAIXHAWX vs. GQGPX
Often compared with HEFA:
HEFA vs. DBEFHEFA vs. FNDFHEFA vs. IDMOHEFA vs. HSCZHEFA vs. HEWJHEFA vs. HEZUHEFA vs. VOO

Return for Risk

HAWX vs. HEFA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HAWX
HAWX Risk / Return Rank: 8282
Overall Rank
HAWX Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
HAWX Sortino Ratio Rank: 8181
Sortino Ratio Rank
HAWX Omega Ratio Rank: 8585
Omega Ratio Rank
HAWX Calmar Ratio Rank: 7979
Calmar Ratio Rank
HAWX Martin Ratio Rank: 8383
Martin Ratio Rank
HEFA
HEFA Risk / Return Rank: 7272
Overall Rank
HEFA Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
HEFA Sortino Ratio Rank: 7474
Sortino Ratio Rank
HEFA Omega Ratio Rank: 7575
Omega Ratio Rank
HEFA Calmar Ratio Rank: 6565
Calmar Ratio Rank
HEFA Martin Ratio Rank: 7373
Martin Ratio Rank
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. 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.

HAWXHEFADifference
Sharpe ratioReturn per unit of total volatility
2.53
2.25

+0.28

Sortino ratioReturn per unit of downside risk
3.35
3.13

+0.22

Omega ratioGain probability vs. loss probability

1.48

1.42

+0.06

Calmar ratioReturn relative to maximum drawdown

3.84

3.10

+0.74

Martin ratioReturn relative to average drawdown

15.87

12.99

+2.88

HAWX vs. HEFA - Sharpe Ratio Comparison

The current HAWX Sharpe Ratio is 2.53, which is comparable to the HEFA Sharpe Ratio of 2.25. 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.

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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.

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Drawdown Indicators

HAWXHEFADifference

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

-2.87%

-1.61%

-1.26%

Average Drawdown

Average peak-to-trough decline

-4.27%

-4.15%

-0.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.27%

2.27%

0.00%

Volatility

HAWX vs. HEFA - Volatility Comparison

iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) has a higher volatility of 6.70% compared to iShares Currency Hedged MSCI EAFE ETF (HEFA) at 4.50%. 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.

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Volatility by Period

HAWXHEFADifference

Volatility (1M)

Calculated over the trailing 1-month period

6.70%

4.50%

+2.20%

Volatility (6M)

Calculated over the trailing 6-month period

12.61%

10.80%

+1.81%

Volatility (1Y)

Calculated over the trailing 1-year period

14.27%

13.11%

+1.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.60%

13.86%

-0.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.27%

15.71%

-0.44%

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 2.41%, less than HEFA's 3.92% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
HEFA
iShares Currency Hedged MSCI EAFE ETF		3.92%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

With a correlation of 0.92, 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.

HAWX has higher volatility (6.70%) compared to HEFA (4.50%). In terms of maximum drawdown, HAWX dropped -30.63% vs HEFA's -32.39%.

On 10-year performance, HEFA leads with 13.44% vs 12.50% for HAWX. Both ETFs have the same 0.35% expense ratio. On volatility, HEFA has been the lower-risk option at 4.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, HEFA has performed better with a 13.44% return vs 12.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

HEFA has the higher dividend yield at 3.92%, compared with 2.41% for HAWX.

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

HAWX currently has the higher Sharpe Ratio (2.53 vs 2.25), 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.

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