HAWX vs. MSMLX

Last updated Jun 5, 2026

HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) and MSMLX (Matthews Emerging Markets Small Companies Fund) are both funds - HAWX is a Foreign Large Cap Equities fund tracking the MSCI ACWI ex USA 100% Hedged to USD, while MSMLX is a Emerging Markets Diversified fund managed by Matthews. Over the past 10 years, HAWX returned 12.07%/yr vs 11.67%/yr for MSMLX. A 0.60 correlation means they provide meaningful diversification when combined. HAWX charges 0.35%/yr vs 1.37%/yr for MSMLX.

Performance

HAWX vs. MSMLX - 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 Matthews Emerging Markets Small Companies Fund (MSMLX). 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 lower than MSMLX's 24.77% return. Both investments have delivered pretty close results over the past 10 years, with HAWX having a 12.07% annualized return and MSMLX not far behind at 11.67%.

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%

MSMLX

• 1D: -0.56%
• 1M: -0.28%
• YTD: 24.77%
• 6M: 24.56%
• 1Y: 33.03%
• 3Y*: 13.12%
• 5Y*: 8.34%
• 10Y*: 11.67%

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

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	16.31%	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	24.77%	13.50%	-6.10%	20.04%	-16.78%	26.40%	43.69%	17.38%	-17.80%	30.43%

Correlation

The correlation between HAWX and MSMLX is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jul 2, 2015	0.60

The correlation between HAWX and MSMLX has been stable across timeframes, ranging from 0.60 to 0.67 - a consistent structural relationship.

Return for Risk

HAWX vs. MSMLX — 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

MSMLX

MSMLX Risk / Return Rank: 42
MSMLX Sharpe Ratio Rank: 41
MSMLX Sortino Ratio Rank: 39
MSMLX Omega Ratio Rank: 40
MSMLX Calmar Ratio Rank: 50
MSMLX Martin Ratio Rank: 42

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. 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 ratio: Return per unit of total volatility	2.75	1.85	+0.90
Sortino ratio: Return per unit of downside risk	3.75	2.58	+1.17
Omega ratio: Gain probability vs. loss probability	1.52	1.34	+0.18
Calmar ratio: Return relative to maximum drawdown	3.81	2.70	+1.11
Martin ratio: Return relative to average drawdown	16.02	8.88	+7.15
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. MSMLX - Sharpe Ratio Comparison

The current HAWX Sharpe Ratio is 2.75, which is higher than the MSMLX Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of HAWX and MSMLX, 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	MSMLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	1.85	+0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	0.47	+0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.68	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.65	+0.02

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.

Drawdown Indicators

	HAWX	MSMLX	Difference
Max Drawdown Largest peak-to-trough decline	-30.63%	-36.40%	+5.77%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-12.89%	+3.50%
Max Drawdown (3Y) Largest decline over 3 years	-13.30%	-22.62%	+9.32%
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 Drawdown Current decline from peak	-0.35%	-2.04%	+1.69%
Average Drawdown Average peak-to-trough decline	-4.28%	-9.24%	+4.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	3.87%	-1.64%

Volatility

HAWX vs. MSMLX - Volatility Comparison

The current volatility for iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) is 4.52%, while Matthews Emerging Markets Small Companies Fund (MSMLX) has a volatility of 7.17%. 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.

Volatility by Period

	HAWX	MSMLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	7.17%	-2.65%
Volatility (6M) Calculated over the trailing 6-month period	11.10%	15.80%	-4.70%
Volatility (1Y) Calculated over the trailing 1-year period	13.00%	18.81%	-5.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.33%	17.74%	-4.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.19%	17.18%	-1.99%

HAWX vs. MSMLX - Expense Ratio Comparison

HAWX has a 0.35% expense ratio, which is lower than MSMLX's 1.37% expense ratio.

Dividends

HAWX vs. MSMLX - Dividend Comparison

HAWX's dividend yield for the trailing twelve months is around 2.41%, more than MSMLX's 1.20% 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%
MSMLX Matthews Emerging Markets Small Companies Fund	1.20%	1.50%	3.95%	8.36%	8.04%	9.18%	0.28%	0.51%	21.31%	8.12%	0.43%	0.13%

Frequently Asked Questions

Can I hold both HAWX and MSMLX in my portfolio?

HAWX and MSMLX have a correlation of 0.63, 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 MSMLX?

MSMLX has higher volatility (7.17%) compared to HAWX (4.52%). In terms of maximum drawdown, HAWX dropped -30.63% vs MSMLX's -36.40%.

Which has better risk-adjusted returns?

HAWX currently has the higher Sharpe Ratio (2.75 vs 1.85), 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.