HAWX vs. PWJZX
HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) and PWJZX (PGIM Jennison International Opportunities Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, HAWX returned 12.50%/yr vs 13.29%/yr for PWJZX. A 0.71 correlation means they provide meaningful diversification when combined. HAWX charges 0.35%/yr vs 0.90%/yr for PWJZX.
Performance
HAWX vs. PWJZX - Performance Comparison
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Returns By Period
In the year-to-date period, HAWX achieves a 16.22% return, which is significantly lower than PWJZX's 19.37% return. Over the past 10 years, HAWX has underperformed PWJZX with an annualized return of 12.50%, while PWJZX has yielded a comparatively higher 13.29% 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%
PWJZX
- 1D
- 0.83%
- 1M
- 12.94%
- YTD
- 19.37%
- 6M
- 18.61%
- 1Y
- 22.96%
- 3Y*
- 15.06%
- 5Y*
- 2.96%
- 10Y*
- 13.29%
HAWX vs. PWJZX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF | 16.22% | 26.24% | 14.88% | 17.05% | -8.59% | 13.40% | 6.92% | 22.75% | -9.77% | 19.21% |
PWJZX PGIM Jennison International Opportunities Fund | 19.37% | 14.53% | 6.84% | 20.25% | -36.95% | 13.27% | 55.57% | 38.16% | -12.93% | 49.58% |
Correlation
The correlation between HAWX and PWJZX is 0.85, 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 | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2015 | 0.71 |
The correlation between HAWX and PWJZX shifts across timeframes, from 0.71 (all time) to 0.85 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HAWX vs. PWJZX — Risk / Return Rank
HAWX
PWJZX
HAWX vs. PWJZX - 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 PGIM Jennison International Opportunities Fund (PWJZX). 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.
| HAWX | PWJZX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.54 | ||
| Sortino ratioReturn per unit of downside risk | +1.84 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.20 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 3.84 | 1.37 | +2.48 |
| Martin ratioReturn relative to average drawdown | 15.87 | 4.79 | +11.07 |
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Drawdowns
HAWX vs. PWJZX - Drawdown Comparison
The maximum HAWX drawdown since its inception was -30.63%, smaller than the maximum PWJZX drawdown of -48.22%. Use the drawdown chart below to compare losses from any high point for HAWX and PWJZX.
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Drawdown Indicators
| HAWX | PWJZX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.63% | -48.22% | +17.59% |
Max Drawdown (1Y)Largest decline over 1 year | -9.39% | -18.08% | +8.69% |
Max Drawdown (3Y)Largest decline over 3 years | -13.30% | -20.18% | +6.88% |
Max Drawdown (5Y)Largest decline over 5 years | -17.47% | -48.22% | +30.75% |
Max Drawdown (10Y)Largest decline over 10 years | -30.63% | -48.22% | +17.59% |
Current DrawdownCurrent decline from peak | -2.87% | 0.00% | -2.87% |
Average DrawdownAverage peak-to-trough decline | -4.27% | -13.02% | +8.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.27% | 5.15% | -2.88% |
Volatility
HAWX vs. PWJZX - Volatility Comparison
The current volatility for iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) is 6.70%, while PGIM Jennison International Opportunities Fund (PWJZX) has a volatility of 12.84%. This indicates that HAWX experiences smaller price fluctuations and is considered to be less risky than PWJZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HAWX | PWJZX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.70% | 12.84% | -6.14% |
Volatility (6M)Calculated over the trailing 6-month period | 12.61% | 22.80% | -10.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.27% | 25.11% | -10.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.60% | 22.87% | -9.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.27% | 21.34% | -6.07% |
HAWX vs. PWJZX - Expense Ratio Comparison
HAWX has a 0.35% expense ratio, which is lower than PWJZX's 0.90% expense ratio.
Dividends
HAWX vs. PWJZX - Dividend Comparison
HAWX's dividend yield for the trailing twelve months is around 2.41%, more than PWJZX's 0.16% 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% |
PWJZX PGIM Jennison International Opportunities Fund | 0.16% | 0.19% | 0.07% | 0.09% | 0.00% | 0.09% | 0.00% | 0.00% | 0.06% | 0.17% | 0.24% | 0.00% |
Frequently Asked Questions
HAWX and PWJZX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PWJZX has higher volatility (12.84%) compared to HAWX (6.70%). In terms of maximum drawdown, HAWX dropped -30.63% vs PWJZX's -48.22%.
HAWX currently has the higher Sharpe Ratio (2.53 vs 0.99), 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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