HAWX vs. MSMLX
Compare and contrast key facts about iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) and Matthews Emerging Markets Small Companies Fund (MSMLX).
HAWX is a passively managed fund by iShares that tracks the performance of the MSCI ACWI ex USA 100% Hedged to USD. It was launched on Jun 29, 2015. MSMLX is managed by Matthews. It was launched on Sep 14, 2008.
Performance
HAWX vs. MSMLX - Performance Comparison
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HAWX vs. MSMLX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF | 4.90% | 26.24% | 14.88% | 17.05% | -8.59% | 13.40% | 6.92% | 22.75% | -9.77% | 19.21% |
MSMLX Matthews Emerging Markets Small Companies Fund | 2.09% | 13.50% | -6.10% | 20.04% | -16.78% | 26.40% | 43.69% | 17.38% | -17.80% | 30.43% |
Returns By Period
In the year-to-date period, HAWX achieves a 4.90% return, which is significantly higher than MSMLX's 2.09% return. Over the past 10 years, HAWX has outperformed MSMLX with an annualized return of 11.38%, while MSMLX has yielded a comparatively lower 9.52% annualized return.
HAWX
- 1D
- 1.28%
- 1M
- -3.91%
- YTD
- 4.90%
- 6M
- 10.51%
- 1Y
- 27.48%
- 3Y*
- 18.39%
- 5Y*
- 11.23%
- 10Y*
- 11.38%
MSMLX
- 1D
- 2.53%
- 1M
- -7.81%
- YTD
- 2.09%
- 6M
- -0.24%
- 1Y
- 17.97%
- 3Y*
- 7.38%
- 5Y*
- 6.07%
- 10Y*
- 9.52%
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HAWX vs. MSMLX - Expense Ratio Comparison
HAWX has a 0.35% expense ratio, which is lower than MSMLX's 1.37% expense ratio.
Return for Risk
HAWX vs. MSMLX — Risk / Return Rank
HAWX
MSMLX
HAWX vs. MSMLX - 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 Matthews Emerging Markets Small Companies Fund (MSMLX). 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 | MSMLX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.82 | 1.07 | +0.75 |
Sortino ratioReturn per unit of downside risk | 2.43 | 1.50 | +0.93 |
Omega ratioGain probability vs. loss probability | 1.38 | 1.20 | +0.18 |
Calmar ratioReturn relative to maximum drawdown | 2.47 | 1.16 | +1.31 |
Martin ratioReturn relative to average drawdown | 10.37 | 3.76 | +6.61 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HAWX | MSMLX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.82 | 1.07 | +0.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.86 | 0.36 | +0.51 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.76 | 0.57 | +0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.61 | 0.59 | +0.02 |
Correlation
The correlation between HAWX and MSMLX is 0.59, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
HAWX vs. MSMLX - Dividend Comparison
HAWX's dividend yield for the trailing twelve months is around 2.67%, more than MSMLX's 1.47% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF | 2.67% | 2.80% | 3.31% | 2.95% | 16.94% | 2.63% | 2.00% | 3.23% | 2.51% | 2.40% | 2.49% | 3.86% |
MSMLX Matthews Emerging Markets Small Companies Fund | 1.47% | 1.50% | 3.95% | 8.36% | 8.04% | 9.18% | 0.28% | 0.51% | 21.31% | 8.12% | 0.43% | 0.13% |
Drawdowns
HAWX vs. MSMLX - Drawdown Comparison
The maximum HAWX drawdown since its inception was -30.63%, smaller than the maximum MSMLX drawdown of -36.40%. Use the drawdown chart below to compare losses from any high point for HAWX and MSMLX.
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Drawdown Indicators
| HAWX | MSMLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.63% | -36.40% | +5.77% |
Max Drawdown (1Y)Largest decline over 1 year | -11.16% | -12.89% | +1.73% |
Max Drawdown (5Y)Largest decline over 5 years | -17.47% | -28.00% | +10.53% |
Max Drawdown (10Y)Largest decline over 10 years | -30.63% | -34.33% | +3.70% |
Current DrawdownCurrent decline from peak | -5.16% | -10.68% | +5.52% |
Average DrawdownAverage peak-to-trough decline | -4.33% | -9.31% | +4.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.66% | 3.98% | -1.32% |
Volatility
HAWX vs. MSMLX - Volatility Comparison
The current volatility for iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) is 6.42%, while Matthews Emerging Markets Small Companies Fund (MSMLX) has a volatility of 8.75%. This indicates that HAWX experiences smaller price fluctuations and is considered to be less risky than MSMLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HAWX | MSMLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.42% | 8.75% | -2.33% |
Volatility (6M)Calculated over the trailing 6-month period | 10.12% | 13.12% | -3.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.18% | 17.75% | -2.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.11% | 17.28% | -4.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.09% | 16.85% | -1.76% |