HAWX vs. VEA

Last updated Jun 24, 2026

HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) and VEA (Vanguard FTSE Developed Markets ETF) are both Foreign Large Cap Equities funds - HAWX tracks the MSCI ACWI ex USA 100% Hedged to USD while VEA tracks the FTSE Developed All Cap ex US Index. Both are passively managed. Over the past 10 years, HAWX returned 12.50%/yr vs 10.72%/yr for VEA. Their correlation of 0.81 suggests significant overlap in exposure. HAWX charges 0.35%/yr vs 0.03%/yr for VEA.

Performance

HAWX vs. VEA - 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 Vanguard FTSE Developed Markets ETF (VEA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HAWX achieves a 16.22% return, which is significantly higher than VEA's 13.11% return. Over the past 10 years, HAWX has outperformed VEA with an annualized return of 12.50%, while VEA has yielded a comparatively lower 10.72% 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%

VEA

• 1D: -3.07%
• 1M: 0.11%
• YTD: 13.11%
• 6M: 12.98%
• 1Y: 30.28%
• 3Y*: 19.47%
• 5Y*: 9.50%
• 10Y*: 10.72%

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

HAWX vs. VEA - 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%
VEA Vanguard FTSE Developed Markets ETF	13.11%	35.16%	3.15%	17.93%	-15.34%	11.66%	9.71%	22.62%	-14.75%	26.42%

Correlation

The correlation between HAWX and VEA is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jul 1, 2015	0.81

The correlation between HAWX and VEA shifts across timeframes, from 0.81 (all time) to 0.91 (1 year), reflecting how their relationship changes across market environments.

HAWX vs. VEA - Sectors Allocation Comparison

Sectors	HAWX	VEA
Financial Services	23.2%	22.3%
Technology	22.5%	16.6%
Industrials	14.2%	17.5%
Consumer Cyclical	7.5%	7.4%
Basic Materials	6.9%	7.5%
Healthcare	6.8%	7.6%
Communication Services	4.9%	3.2%
Consumer Defensive	4.8%	5.5%
Energy	4.8%	4.7%
Utilities	3.0%	3.0%
Real Estate	1.4%	2.5%

Return for Risk

HAWX vs. VEA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HAWX

HAWX Risk / Return Rank: 82
HAWX Sharpe Ratio Rank: 84
HAWX Sortino Ratio Rank: 81
HAWX Omega Ratio Rank: 85
HAWX Calmar Ratio Rank: 79
HAWX Martin Ratio Rank: 83

VEA

VEA Risk / Return Rank: 55
VEA Sharpe Ratio Rank: 55
VEA Sortino Ratio Rank: 53
VEA Omega Ratio Rank: 55
VEA Calmar Ratio Rank: 55
VEA Martin Ratio Rank: 59

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. VEA - 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 Vanguard FTSE Developed Markets ETF (VEA). 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	VEA	Difference
Sharpe ratio: Return per unit of total volatility	2.53	1.81	+0.72
Sortino ratio: Return per unit of downside risk	3.35	2.48	+0.87
Omega ratio: Gain probability vs. loss probability	1.48	1.33	+0.15
Calmar ratio: Return relative to maximum drawdown	3.84	2.62	+1.23
Martin ratio: Return relative to average drawdown	15.87	10.06	+5.80

HAWX vs. VEA - Sharpe Ratio Comparison

The current HAWX Sharpe Ratio is 2.53, which is higher than the VEA Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of HAWX and VEA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HAWX vs. VEA - Drawdown Comparison

The maximum HAWX drawdown since its inception was -30.63%, smaller than the maximum VEA drawdown of -60.68%. Use the drawdown chart below to compare losses from any high point for HAWX and VEA.

Drawdown Indicators

	HAWX	VEA	Difference
Max Drawdown Largest peak-to-trough decline	-30.63%	-60.68%	+30.05%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-11.63%	+2.24%
Max Drawdown (3Y) Largest decline over 3 years	-13.30%	-13.45%	+0.15%
Max Drawdown (5Y) Largest decline over 5 years	-17.47%	-29.71%	+12.24%
Max Drawdown (10Y) Largest decline over 10 years	-30.63%	-35.73%	+5.10%
Current Drawdown Current decline from peak	-2.87%	-3.07%	+0.20%
Average Drawdown Average peak-to-trough decline	-4.27%	-13.26%	+8.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	3.02%	-0.75%

Volatility

HAWX vs. VEA - Volatility Comparison

The current volatility for iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) is 6.70%, while Vanguard FTSE Developed Markets ETF (VEA) has a volatility of 7.09%. This indicates that HAWX experiences smaller price fluctuations and is considered to be less risky than VEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HAWX	VEA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.70%	7.09%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	12.61%	14.74%	-2.13%
Volatility (1Y) Calculated over the trailing 1-year period	14.27%	16.79%	-2.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.60%	16.76%	-3.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.27%	17.21%	-1.94%

HAWX vs. VEA - Expense Ratio Comparison

HAWX has a 0.35% expense ratio, which is higher than VEA's 0.03% expense ratio.

Dividends

HAWX vs. VEA - Dividend Comparison

HAWX's dividend yield for the trailing twelve months is around 2.41%, less than VEA's 2.58% 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%
VEA Vanguard FTSE Developed Markets ETF	2.58%	3.22%	3.35%	3.15%	2.91%	3.16%	2.04%	3.04%	3.35%	2.77%	3.05%	2.92%

Frequently Asked Questions

Can I hold both HAWX and VEA in my portfolio?

With a correlation of 0.91, HAWX and VEA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, HAWX or VEA?

VEA has higher volatility (7.09%) compared to HAWX (6.70%). In terms of maximum drawdown, HAWX dropped -30.63% vs VEA's -60.68%.

Which ETF is better, HAWX or VEA?

On 10-year performance, HAWX leads with 12.50% vs 10.72% for VEA. On fees, VEA is cheaper at 0.03% per year. On volatility, HAWX has been the lower-risk option at 6.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HAWX or VEA?

Over the 10-year period, HAWX has performed better with a 12.50% return vs 10.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HAWX or VEA?

VEA is cheaper with a 0.03% expense ratio, compared with 0.35% for HAWX.

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

VEA has the higher dividend yield at 2.58%, compared with 2.41% for HAWX.

What is the main difference between HAWX and VEA?

HAWX tracks MSCI ACWI ex USA 100% Hedged to USD, while VEA tracks FTSE Developed All Cap ex US Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.35% for HAWX and 0.03% for VEA.

Which has better risk-adjusted returns?

HAWX currently has the higher Sharpe Ratio (2.53 vs 1.81), 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.