HAWX vs. IDEV

Last updated Jun 5, 2026

HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) and IDEV (iShares Core MSCI International Developed Markets ETF) are both Foreign Large Cap Equities funds from iShares - HAWX tracks the MSCI ACWI ex USA 100% Hedged to USD while IDEV tracks the MSCI World ex USA Investable Market Index. Both are passively managed. Over the past 5 years, HAWX returned 12.85%/yr vs 8.66%/yr for IDEV. Their correlation of 0.88 suggests significant overlap in exposure. HAWX charges 0.35%/yr vs 0.05%/yr for IDEV.

Performance

HAWX vs. IDEV - 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 Core MSCI International Developed Markets ETF (IDEV). 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 IDEV's 9.80% 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%

IDEV

• 1D: 0.80%
• 1M: 2.86%
• YTD: 9.80%
• 6M: 12.08%
• 1Y: 23.60%
• 3Y*: 17.92%
• 5Y*: 8.66%
• 10Y*: —

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

HAWX vs. IDEV - 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%	13.73%
IDEV iShares Core MSCI International Developed Markets ETF	9.80%	32.56%	4.54%	17.36%	-14.99%	13.00%	8.32%	23.12%	-14.10%	17.29%

Correlation

The correlation between HAWX and IDEV is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Mar 24, 2017	0.88

The correlation between HAWX and IDEV has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.

HAWX vs. IDEV - Sectors Allocation Comparison

Sectors	HAWX	IDEV
Financial Services	23.6%	24.2%
Technology	21.4%	9.9%
Industrials	13.9%	19.1%
Consumer Cyclical	7.3%	7.7%
Healthcare	6.8%	8.6%
Basic Materials	6.6%	8.0%
Consumer Defensive	5.0%	6.0%
Energy	5.0%	5.9%
Communication Services	4.8%	4.0%
Utilities	2.8%	3.7%
Real Estate	1.2%	2.9%

Return for Risk

HAWX vs. IDEV — 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

IDEV

IDEV Risk / Return Rank: 47
IDEV Sharpe Ratio Rank: 48
IDEV Sortino Ratio Rank: 48
IDEV Omega Ratio Rank: 48
IDEV Calmar Ratio Rank: 43
IDEV Martin Ratio Rank: 50

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. IDEV - 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 Core MSCI International Developed Markets ETF (IDEV). 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	IDEV	Difference
Sharpe ratio: Return per unit of total volatility	2.75	1.63	+1.12
Sortino ratio: Return per unit of downside risk	3.75	2.32	+1.43
Omega ratio: Gain probability vs. loss probability	1.52	1.29	+0.23
Calmar ratio: Return relative to maximum drawdown	3.81	2.12	+1.69
Martin ratio: Return relative to average drawdown	16.02	8.30	+7.72
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. IDEV - Sharpe Ratio Comparison

The current HAWX Sharpe Ratio is 2.75, which is higher than the IDEV Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of HAWX and IDEV, 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	IDEV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	1.63	+1.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	0.54	+0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.55	+0.11

Drawdowns

HAWX vs. IDEV - Drawdown Comparison

The maximum HAWX drawdown since its inception was -30.63%, smaller than the maximum IDEV drawdown of -34.77%. Use the drawdown chart below to compare losses from any high point for HAWX and IDEV.

Drawdown Indicators

	HAWX	IDEV	Difference
Max Drawdown Largest peak-to-trough decline	-30.63%	-34.77%	+4.14%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-11.20%	+1.81%
Max Drawdown (3Y) Largest decline over 3 years	-13.30%	-13.41%	+0.11%
Max Drawdown (5Y) Largest decline over 5 years	-17.47%	-29.15%	+11.68%
Max Drawdown (10Y) Largest decline over 10 years	-30.63%	—	—
Current Drawdown Current decline from peak	-0.35%	-0.19%	-0.16%
Average Drawdown Average peak-to-trough decline	-4.28%	-6.56%	+2.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	2.85%	-0.62%

Volatility

HAWX vs. IDEV - Volatility Comparison

iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) and iShares Core MSCI International Developed Markets ETF (IDEV) have volatilities of 4.52% and 4.53%, 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	IDEV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	4.53%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	11.10%	12.12%	-1.02%
Volatility (1Y) Calculated over the trailing 1-year period	13.00%	14.50%	-1.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.33%	16.26%	-2.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.19%	17.27%	-2.08%

HAWX vs. IDEV - Expense Ratio Comparison

HAWX has a 0.35% expense ratio, which is higher than IDEV's 0.05% expense ratio.

Dividends

HAWX vs. IDEV - Dividend Comparison

HAWX's dividend yield for the trailing twelve months is around 2.41%, less than IDEV's 3.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF	2.41%	2.80%	3.31%	2.95%	16.94%	2.63%	2.00%	3.23%	2.51%	2.40%	2.49%	3.86%
IDEV iShares Core MSCI International Developed Markets ETF	3.10%	3.40%	3.30%	3.07%	2.69%	3.05%	2.00%	3.18%	3.16%	1.54%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HAWX and IDEV in my portfolio?

HAWX and IDEV have a correlation of 0.89, 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 IDEV?

IDEV has higher volatility (4.53%) compared to HAWX (4.52%). In terms of maximum drawdown, HAWX dropped -30.63% vs IDEV's -34.77%.

Which ETF is better, HAWX or IDEV?

On 5-year performance, HAWX leads with 12.85% vs 8.66% for IDEV. On fees, IDEV is cheaper at 0.05% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HAWX or IDEV?

Over the 5-year period, HAWX has performed better with a 12.85% return vs 8.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HAWX or IDEV?

IDEV is cheaper with a 0.05% expense ratio, compared with 0.35% for HAWX.

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

IDEV has the higher dividend yield at 3.10%, compared with 2.41% for HAWX.

What is the main difference between HAWX and IDEV?

HAWX tracks MSCI ACWI ex USA 100% Hedged to USD, while IDEV tracks MSCI World ex USA Investable Market Index. Their fees differ too: 0.35% for HAWX and 0.05% for IDEV.

Which has better risk-adjusted returns?

HAWX currently has the higher Sharpe Ratio (2.75 vs 1.63), 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.