HAWX vs. TBWIX

Last updated Jun 5, 2026

HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) and TBWIX (Thornburg Better World International Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, HAWX returned 12.07%/yr vs 10.58%/yr for TBWIX. A 0.71 correlation means they provide meaningful diversification when combined. HAWX charges 0.35%/yr vs 1.21%/yr for TBWIX.

Performance

HAWX vs. TBWIX - 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 Thornburg Better World International Fund (TBWIX). 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 TBWIX's 3.65% return. Over the past 10 years, HAWX has outperformed TBWIX with an annualized return of 12.07%, while TBWIX has yielded a comparatively lower 10.58% 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%

TBWIX

• 1D: -0.89%
• 1M: 1.66%
• YTD: 3.65%
• 6M: 4.45%
• 1Y: 12.23%
• 3Y*: 11.96%
• 5Y*: 5.97%
• 10Y*: 10.58%

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

HAWX vs. TBWIX - 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%
TBWIX Thornburg Better World International Fund	3.65%	24.25%	7.10%	12.72%	-18.02%	20.88%	26.67%	24.57%	-13.61%	22.88%

Correlation

The correlation between HAWX and TBWIX is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.71

The correlation between HAWX and TBWIX has been stable across timeframes, ranging from 0.70 to 0.76 - a consistent structural relationship.

Return for Risk

HAWX vs. TBWIX — 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

TBWIX

TBWIX Risk / Return Rank: 14
TBWIX Sharpe Ratio Rank: 14
TBWIX Sortino Ratio Rank: 14
TBWIX Omega Ratio Rank: 14
TBWIX Calmar Ratio Rank: 12
TBWIX Martin Ratio Rank: 14

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. TBWIX - 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 Thornburg Better World International Fund (TBWIX). 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	TBWIX	Difference
Sharpe ratio: Return per unit of total volatility	2.75	1.03	+1.72
Sortino ratio: Return per unit of downside risk	3.75	1.52	+2.23
Omega ratio: Gain probability vs. loss probability	1.52	1.19	+0.33
Calmar ratio: Return relative to maximum drawdown	3.81	1.10	+2.71
Martin ratio: Return relative to average drawdown	16.02	3.78	+12.24
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. TBWIX - Sharpe Ratio Comparison

The current HAWX Sharpe Ratio is 2.75, which is higher than the TBWIX Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of HAWX and TBWIX, 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	TBWIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	1.03	+1.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	0.34	+0.63
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.63	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.63	+0.04

Drawdowns

HAWX vs. TBWIX - Drawdown Comparison

The maximum HAWX drawdown since its inception was -30.63%, smaller than the maximum TBWIX drawdown of -40.11%. Use the drawdown chart below to compare losses from any high point for HAWX and TBWIX.

Drawdown Indicators

	HAWX	TBWIX	Difference
Max Drawdown Largest peak-to-trough decline	-30.63%	-40.11%	+9.48%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-12.01%	+2.62%
Max Drawdown (3Y) Largest decline over 3 years	-13.30%	-12.49%	-0.81%
Max Drawdown (5Y) Largest decline over 5 years	-17.47%	-40.11%	+22.64%
Max Drawdown (10Y) Largest decline over 10 years	-30.63%	-40.11%	+9.48%
Current Drawdown Current decline from peak	-0.35%	-3.16%	+2.81%
Average Drawdown Average peak-to-trough decline	-4.28%	-10.22%	+5.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	3.50%	-1.27%

Volatility

HAWX vs. TBWIX - Volatility Comparison

iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) has a higher volatility of 4.52% compared to Thornburg Better World International Fund (TBWIX) at 3.56%. This indicates that HAWX's price experiences larger fluctuations and is considered to be riskier than TBWIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HAWX	TBWIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	3.56%	+0.96%
Volatility (6M) Calculated over the trailing 6-month period	11.10%	10.23%	+0.87%
Volatility (1Y) Calculated over the trailing 1-year period	13.00%	12.91%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.33%	17.63%	-4.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.19%	16.86%	-1.67%

HAWX vs. TBWIX - Expense Ratio Comparison

HAWX has a 0.35% expense ratio, which is lower than TBWIX's 1.21% expense ratio.

Dividends

HAWX vs. TBWIX - Dividend Comparison

HAWX's dividend yield for the trailing twelve months is around 2.41%, more than TBWIX's 1.47% 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%
TBWIX Thornburg Better World International Fund	1.47%	1.53%	1.40%	1.55%	0.87%	15.10%	0.40%	1.17%	10.14%	3.53%	5.99%	0.00%

Frequently Asked Questions

Can I hold both HAWX and TBWIX in my portfolio?

HAWX and TBWIX have a correlation of 0.70, 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 TBWIX?

HAWX has higher volatility (4.52%) compared to TBWIX (3.56%). In terms of maximum drawdown, HAWX dropped -30.63% vs TBWIX's -40.11%.

Which has better risk-adjusted returns?

HAWX currently has the higher Sharpe Ratio (2.75 vs 1.03), 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.