HAWX vs. IAU

Last updated Jun 5, 2026

HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - HAWX is a Foreign Large Cap Equities fund tracking the MSCI ACWI ex USA 100% Hedged to USD, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, HAWX returned 12.07%/yr vs 13.38%/yr for IAU. At a 0.07 correlation, their price movements are largely independent. HAWX charges 0.35%/yr vs 0.25%/yr for IAU.

Performance

HAWX vs. IAU - 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 Gold Trust (IAU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HAWX achieves a 16.31% return, which is significantly higher than IAU's 3.83% return. Over the past 10 years, HAWX has underperformed IAU with an annualized return of 12.07%, while IAU has yielded a comparatively higher 13.38% annualized return.

HAWX

• 1D: 0.20%
• 1M: 5.06%
• YTD: 16.31%
• 6M: 18.14%
• 1Y: 35.60%
• 3Y*: 21.62%
• 5Y*: 12.85%
• 10Y*: 12.07%

IAU

• 1D: 0.83%
• 1M: -1.65%
• YTD: 3.83%
• 6M: 6.31%
• 1Y: 32.47%
• 3Y*: 31.39%
• 5Y*: 18.52%
• 10Y*: 13.38%

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

HAWX vs. IAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF	16.31%	26.24%	14.88%	17.05%	-8.59%	13.40%	6.92%	22.75%	-9.77%	19.21%
IAU iShares Gold Trust	3.83%	63.95%	26.85%	12.84%	-0.63%	-4.00%	25.03%	17.98%	-1.76%	12.91%

Correlation

The correlation between HAWX and IAU is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (10Y) Calculated over the trailing 10-year period	0.08
Correlation (All Time) Calculated using the full available price history since Jul 2, 2015	0.07

Over the past year, HAWX and IAU have become more correlated (0.31) than their long-term average of 0.07, meaning their price movements have been converging.

HAWX vs. IAU - Sectors Allocation Comparison

Sectors	HAWX	IAU
Financial Services	23.6%	-
Technology	21.4%	-
Industrials	13.9%	-
Consumer Cyclical	7.3%	-
Healthcare	6.8%	-
Basic Materials	6.6%	-
Consumer Defensive	5.0%	-
Energy	5.0%	-
Communication Services	4.8%	-
Utilities	2.8%	-
Real Estate	1.2%	100.0%

Return for Risk

HAWX vs. IAU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HAWX

HAWX Risk / Return Rank: 83
HAWX Sharpe Ratio Rank: 85
HAWX Sortino Ratio Rank: 85
HAWX Omega Ratio Rank: 86
HAWX Calmar Ratio Rank: 76
HAWX Martin Ratio Rank: 82

IAU

IAU Risk / Return Rank: 34
IAU Sharpe Ratio Rank: 35
IAU Sortino Ratio Rank: 32
IAU Omega Ratio Rank: 39
IAU Calmar Ratio Rank: 35
IAU Martin Ratio Rank: 29

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. IAU - 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 Gold Trust (IAU). 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.

	HAWX	IAU	Difference
Sharpe ratio: Return per unit of total volatility	2.75	1.24	+1.52
Sortino ratio: Return per unit of downside risk	3.75	1.63	+2.12
Omega ratio: Gain probability vs. loss probability	1.52	1.25	+0.27
Calmar ratio: Return relative to maximum drawdown	3.81	1.70	+2.11
Martin ratio: Return relative to average drawdown	16.02	4.18	+11.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HAWX vs. IAU - Sharpe Ratio Comparison

The current HAWX Sharpe Ratio is 2.75, which is higher than the IAU Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of HAWX and IAU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HAWX	IAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	1.24	+1.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	1.04	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.84	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.63	+0.04

Drawdowns

HAWX vs. IAU - Drawdown Comparison

The maximum HAWX drawdown since its inception was -30.63%, smaller than the maximum IAU drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for HAWX and IAU.

Drawdown Indicators

	HAWX	IAU	Difference
Max Drawdown Largest peak-to-trough decline	-30.63%	-45.14%	+14.51%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-19.18%	+9.79%
Max Drawdown (3Y) Largest decline over 3 years	-13.30%	-19.18%	+5.88%
Max Drawdown (5Y) Largest decline over 5 years	-17.47%	-20.93%	+3.46%
Max Drawdown (10Y) Largest decline over 10 years	-30.63%	-21.82%	-8.81%
Current Drawdown Current decline from peak	-0.35%	-17.02%	+16.67%
Average Drawdown Average peak-to-trough decline	-4.28%	-15.96%	+11.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	7.79%	-5.56%

Volatility

HAWX vs. IAU - Volatility Comparison

The current volatility for iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) is 4.52%, while iShares Gold Trust (IAU) has a volatility of 5.50%. This indicates that HAWX experiences smaller price fluctuations and is considered to be less risky than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HAWX	IAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	5.50%	-0.98%
Volatility (6M) Calculated over the trailing 6-month period	11.10%	23.03%	-11.93%
Volatility (1Y) Calculated over the trailing 1-year period	13.00%	26.41%	-13.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.33%	17.94%	-4.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.19%	15.90%	-0.71%

HAWX vs. IAU - Expense Ratio Comparison

HAWX has a 0.35% expense ratio, which is higher than IAU's 0.25% expense ratio.

Dividends

HAWX vs. IAU - Dividend Comparison

HAWX's dividend yield for the trailing twelve months is around 2.41%, while IAU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
IAU iShares Gold Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HAWX and IAU in my portfolio?

HAWX and IAU have a correlation of 0.31, 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 IAU?

IAU has higher volatility (5.50%) compared to HAWX (4.52%). In terms of maximum drawdown, HAWX dropped -30.63% vs IAU's -45.14%.

Which ETF is better, HAWX or IAU?

On 10-year performance, IAU leads with 13.38% vs 12.07% for HAWX. On fees, IAU is cheaper at 0.25% per year. On volatility, HAWX has been the lower-risk option at 4.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HAWX or IAU?

Over the 10-year period, IAU has performed better with a 13.38% return vs 12.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HAWX or IAU?

IAU is cheaper with a 0.25% expense ratio, compared with 0.35% for HAWX.

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

HAWX has the higher dividend yield at 2.41%, compared with 0.00% for IAU.

What is the main difference between HAWX and IAU?

HAWX is categorized as Foreign Large Cap Equities, while IAU is Gold. HAWX tracks MSCI ACWI ex USA 100% Hedged to USD, while IAU tracks LBMA Gold Price. Their fees differ too: 0.35% for HAWX and 0.25% for IAU.

Which has better risk-adjusted returns?

HAWX currently has the higher Sharpe Ratio (2.75 vs 1.24), 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.