HAWX vs. VEU

Last updated Jun 5, 2026

HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) and VEU (Vanguard FTSE All-World ex-US ETF) are both Foreign Large Cap Equities funds - HAWX tracks the MSCI ACWI ex USA 100% Hedged to USD while VEU tracks the FTSE All-World ex US Index. Both are passively managed. Over the past 10 years, HAWX returned 12.07%/yr vs 9.88%/yr for VEU. Their correlation of 0.82 suggests significant overlap in exposure. HAWX charges 0.35%/yr vs 0.04%/yr for VEU.

Performance

HAWX vs. VEU - 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 All-World ex-US ETF (VEU). 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 VEU's 14.77% return. Over the past 10 years, HAWX has outperformed VEU with an annualized return of 12.07%, while VEU has yielded a comparatively lower 9.88% 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%

VEU

• 1D: 0.15%
• 1M: 3.74%
• YTD: 14.77%
• 6M: 17.23%
• 1Y: 31.73%
• 3Y*: 19.86%
• 5Y*: 8.71%
• 10Y*: 9.88%

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

HAWX vs. VEU - 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%
VEU Vanguard FTSE All-World ex-US ETF	14.77%	32.35%	5.56%	15.84%	-15.58%	8.27%	11.10%	21.83%	-14.18%	27.40%

Correlation

The correlation between HAWX and VEU is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jul 2, 2015	0.82

The correlation between HAWX and VEU shifts across timeframes, from 0.82 (all time) to 0.93 (1 year), reflecting how their relationship changes across market environments.

HAWX vs. VEU - Sectors Allocation Comparison

Sectors	HAWX	VEU
Financial Services	23.6%	23.3%
Technology	21.4%	18.5%
Industrials	13.9%	15.7%
Consumer Cyclical	7.3%	8.2%
Healthcare	6.8%	7.1%
Basic Materials	6.6%	7.1%
Consumer Defensive	5.0%	5.1%
Energy	5.0%	5.2%
Communication Services	4.8%	4.6%
Utilities	2.8%	3.2%
Real Estate	1.2%	2.0%

Return for Risk

HAWX vs. VEU — 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

VEU

VEU Risk / Return Rank: 62
VEU Sharpe Ratio Rank: 64
VEU Sortino Ratio Rank: 63
VEU Omega Ratio Rank: 64
VEU Calmar Ratio Rank: 57
VEU Martin Ratio Rank: 61

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. VEU - 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 All-World ex-US ETF (VEU). 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	VEU	Difference
Sharpe ratio: Return per unit of total volatility	2.75	2.09	+0.66
Sortino ratio: Return per unit of downside risk	3.75	2.89	+0.86
Omega ratio: Gain probability vs. loss probability	1.52	1.38	+0.14
Calmar ratio: Return relative to maximum drawdown	3.81	2.79	+1.02
Martin ratio: Return relative to average drawdown	16.02	10.84	+5.18
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. VEU - Sharpe Ratio Comparison

The current HAWX Sharpe Ratio is 2.75, which is higher than the VEU Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of HAWX and VEU, 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	VEU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	2.09	+0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	0.54	+0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.58	+0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.25	+0.41

Drawdowns

HAWX vs. VEU - Drawdown Comparison

The maximum HAWX drawdown since its inception was -30.63%, smaller than the maximum VEU drawdown of -61.52%. Use the drawdown chart below to compare losses from any high point for HAWX and VEU.

Drawdown Indicators

	HAWX	VEU	Difference
Max Drawdown Largest peak-to-trough decline	-30.63%	-61.52%	+30.89%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-11.43%	+2.04%
Max Drawdown (3Y) Largest decline over 3 years	-13.30%	-13.69%	+0.39%
Max Drawdown (5Y) Largest decline over 5 years	-17.47%	-29.31%	+11.84%
Max Drawdown (10Y) Largest decline over 10 years	-30.63%	-34.98%	+4.35%
Current Drawdown Current decline from peak	-0.35%	-0.82%	+0.47%
Average Drawdown Average peak-to-trough decline	-4.28%	-13.13%	+8.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	2.93%	-0.70%

Volatility

HAWX vs. VEU - Volatility Comparison

The current volatility for iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) is 4.52%, while Vanguard FTSE All-World ex-US ETF (VEU) has a volatility of 5.45%. This indicates that HAWX experiences smaller price fluctuations and is considered to be less risky than VEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HAWX	VEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	5.45%	-0.93%
Volatility (6M) Calculated over the trailing 6-month period	11.10%	13.04%	-1.94%
Volatility (1Y) Calculated over the trailing 1-year period	13.00%	15.28%	-2.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.33%	16.06%	-2.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.19%	17.20%	-2.01%

HAWX vs. VEU - Expense Ratio Comparison

HAWX has a 0.35% expense ratio, which is higher than VEU's 0.04% expense ratio.

Dividends

HAWX vs. VEU - Dividend Comparison

HAWX's dividend yield for the trailing twelve months is around 2.41%, less than VEU's 2.60% 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%
VEU Vanguard FTSE All-World ex-US ETF	2.60%	3.09%	3.24%	3.32%	3.12%	3.08%	2.00%	3.10%	3.27%	2.66%	2.96%	2.95%

Frequently Asked Questions

Can I hold both HAWX and VEU in my portfolio?

With a correlation of 0.93, HAWX and VEU 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 VEU?

VEU has higher volatility (5.45%) compared to HAWX (4.52%). In terms of maximum drawdown, HAWX dropped -30.63% vs VEU's -61.52%.

Which ETF is better, HAWX or VEU?

On 10-year performance, HAWX leads with 12.07% vs 9.88% for VEU. On fees, VEU is cheaper at 0.04% 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 VEU?

Over the 10-year period, HAWX has performed better with a 12.07% return vs 9.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HAWX or VEU?

VEU is cheaper with a 0.04% expense ratio, compared with 0.35% for HAWX.

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

VEU has the higher dividend yield at 2.60%, compared with 2.41% for HAWX.

What is the main difference between HAWX and VEU?

HAWX tracks MSCI ACWI ex USA 100% Hedged to USD, while VEU tracks FTSE All-World ex US Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.35% for HAWX and 0.04% for VEU.

Which has better risk-adjusted returns?

HAWX currently has the higher Sharpe Ratio (2.75 vs 2.09), 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.