HAWX vs. SLV

Last updated Jun 5, 2026

HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) and SLV (iShares Silver 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 SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, HAWX returned 12.07%/yr vs 15.63%/yr for SLV. At a 0.21 correlation, their price movements are largely independent. HAWX charges 0.35%/yr vs 0.50%/yr for SLV.

Performance

HAWX vs. SLV - 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 Silver Trust (SLV). 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 SLV's 3.97% return. Over the past 10 years, HAWX has underperformed SLV with an annualized return of 12.07%, while SLV has yielded a comparatively higher 15.63% 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%

SLV

• 1D: 1.16%
• 1M: 1.62%
• YTD: 3.97%
• 6M: 29.40%
• 1Y: 113.72%
• 3Y*: 45.73%
• 5Y*: 21.04%
• 10Y*: 15.63%

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

HAWX vs. SLV - 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%
SLV iShares Silver Trust	3.97%	144.66%	20.89%	-1.09%	2.37%	-12.45%	47.30%	14.88%	-9.19%	5.82%

Correlation

The correlation between HAWX and SLV is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jul 2, 2015	0.21

The correlation between HAWX and SLV shifts across timeframes, from 0.21 (all time) to 0.41 (1 year), reflecting how their relationship changes across market environments.

HAWX vs. SLV - Sectors Allocation Comparison

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

Return for Risk

HAWX vs. SLV — 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

SLV

SLV Risk / Return Rank: 51
SLV Sharpe Ratio Rank: 59
SLV Sortino Ratio Rank: 42
SLV Omega Ratio Rank: 60
SLV Calmar Ratio Rank: 56
SLV Martin Ratio Rank: 38

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. SLV - 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 Silver Trust (SLV). 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	SLV	Difference
Sharpe ratio: Return per unit of total volatility	2.75	1.94	+0.81
Sortino ratio: Return per unit of downside risk	3.75	2.10	+1.65
Omega ratio: Gain probability vs. loss probability	1.52	1.36	+0.16
Calmar ratio: Return relative to maximum drawdown	3.81	2.69	+1.11
Martin ratio: Return relative to average drawdown	16.02	5.76	+10.26
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. SLV - Sharpe Ratio Comparison

The current HAWX Sharpe Ratio is 2.75, which is higher than the SLV Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of HAWX and SLV, 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	SLV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	1.94	+0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	0.58	+0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.49	+0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.25	+0.42

Drawdowns

HAWX vs. SLV - Drawdown Comparison

The maximum HAWX drawdown since its inception was -30.63%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for HAWX and SLV.

Drawdown Indicators

	HAWX	SLV	Difference
Max Drawdown Largest peak-to-trough decline	-30.63%	-76.28%	+45.65%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-42.45%	+33.06%
Max Drawdown (3Y) Largest decline over 3 years	-13.30%	-42.45%	+29.15%
Max Drawdown (5Y) Largest decline over 5 years	-17.47%	-42.45%	+24.98%
Max Drawdown (10Y) Largest decline over 10 years	-30.63%	-42.81%	+12.18%
Current Drawdown Current decline from peak	-0.35%	-36.57%	+36.22%
Average Drawdown Average peak-to-trough decline	-4.28%	-44.67%	+40.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	19.81%	-17.58%

Volatility

HAWX vs. SLV - Volatility Comparison

The current volatility for iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) is 4.52%, while iShares Silver Trust (SLV) has a volatility of 16.34%. This indicates that HAWX experiences smaller price fluctuations and is considered to be less risky than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HAWX	SLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	16.34%	-11.82%
Volatility (6M) Calculated over the trailing 6-month period	11.10%	58.31%	-47.21%
Volatility (1Y) Calculated over the trailing 1-year period	13.00%	58.90%	-45.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.33%	36.15%	-22.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.19%	31.83%	-16.64%

HAWX vs. SLV - Expense Ratio Comparison

HAWX has a 0.35% expense ratio, which is lower than SLV's 0.50% expense ratio.

Dividends

HAWX vs. SLV - Dividend Comparison

HAWX's dividend yield for the trailing twelve months is around 2.41%, while SLV 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%
SLV iShares Silver 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 SLV in my portfolio?

HAWX and SLV have a correlation of 0.41, 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 SLV?

SLV has higher volatility (16.34%) compared to HAWX (4.52%). In terms of maximum drawdown, HAWX dropped -30.63% vs SLV's -76.28%.

Which ETF is better, HAWX or SLV?

On 10-year performance, SLV leads with 15.63% vs 12.07% for HAWX. On fees, HAWX is cheaper at 0.35% 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 SLV?

Over the 10-year period, SLV has performed better with a 15.63% 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 SLV?

HAWX is cheaper with a 0.35% expense ratio, compared with 0.50% for SLV.

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

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

What is the main difference between HAWX and SLV?

HAWX is categorized as Foreign Large Cap Equities, while SLV is Silver. HAWX tracks MSCI ACWI ex USA 100% Hedged to USD, while SLV tracks LBMA Silver Price. Their fees differ too: 0.35% for HAWX and 0.50% for SLV.

Which has better risk-adjusted returns?

HAWX currently has the higher Sharpe Ratio (2.75 vs 1.94), 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.