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HAWX vs. VEU
Performance
Return for Risk
Dividends
Drawdowns
Volatility

HAWX vs. VEU

Last updated Apr 2, 2026

Compare and contrast key facts about iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) and Vanguard FTSE All-World ex-US ETF (VEU).

HAWX and VEU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HAWX is a passively managed fund by iShares that tracks the performance of the MSCI ACWI ex USA 100% Hedged to USD. It was launched on Jun 29, 2015. VEU is a passively managed fund by Vanguard that tracks the performance of the FTSE All-World ex US Index. It was launched on Mar 2, 2007. Both HAWX and VEU are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

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HAWX vs. VEU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HAWX
iShares Currency Hedged MSCI ACWI ex U.S. ETF		4.90%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		3.60%32.35%5.56%15.84%-15.58%8.27%11.10%21.83%-14.18%27.40%

Returns By Period

In the year-to-date period, HAWX achieves a 4.90% return, which is significantly higher than VEU's 3.60% return. Over the past 10 years, HAWX has outperformed VEU with an annualized return of 11.38%, while VEU has yielded a comparatively lower 9.16% annualized return.

HAWX

1D
1.28%
1M
-3.91%
YTD
4.90%
6M
10.51%
1Y
27.48%
3Y*
18.39%
5Y*
11.23%
10Y*
11.38%

VEU

1D
1.32%
1M
-5.22%
YTD
3.60%
6M
7.76%
1Y
28.98%
3Y*
16.19%
5Y*
7.74%
10Y*
9.16%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Currency Hedged MSCI ACWI ex U.S. ETF

Vanguard FTSE All-World ex-US ETF

Often compared with HAWX:
HAWX vs. HEFAHAWX vs. DBAWHAWX vs. FEDDXHAWX vs. DFWIXHAWX vs. BUFIXHAWX vs. IHDGHAWX vs. DFAIX
Often compared with VEU:
VEU vs. VXUSVEU vs. VEAVEU vs. VOOVEU vs. VGKVEU vs. SPYVEU vs. ACWXVEU vs. VTI

HAWX vs. VEU - Expense Ratio Comparison

HAWX has a 0.35% expense ratio, which is higher than VEU's 0.07% expense ratio.

HAWX
iShares Currency Hedged MSCI ACWI ex U.S. ETF
VEU
Vanguard FTSE All-World ex-US ETF

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: 8585
Overall Rank
HAWX Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
HAWX Sortino Ratio Rank: 8787
Sortino Ratio Rank
HAWX Omega Ratio Rank: 8888
Omega Ratio Rank
HAWX Calmar Ratio Rank: 8282
Calmar Ratio Rank
HAWX Martin Ratio Rank: 8484
Martin Ratio Rank
VEU
VEU Risk / Return Rank: 8484
Overall Rank
VEU Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
VEU Sortino Ratio Rank: 8585
Sortino Ratio Rank
VEU Omega Ratio Rank: 8484
Omega Ratio Rank
VEU Calmar Ratio Rank: 8585
Calmar Ratio Rank
VEU Martin Ratio Rank: 8484
Martin Ratio Rank
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.

HAWXVEUDifference

Sharpe ratio

Return per unit of total volatility

1.82

1.69

+0.13

Sortino ratio

Return per unit of downside risk

2.43

2.32

+0.11

Omega ratio

Gain probability vs. loss probability

1.38

1.34

+0.03

Calmar ratio

Return relative to maximum drawdown

2.47

2.57

-0.10

Martin ratio

Return relative to average drawdown

10.37

9.83

+0.54

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 1.82, which is comparable to the VEU Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of HAWX and VEU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

HAWXVEUDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.82

1.69

+0.13

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.86

0.49

+0.37

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.76

0.54

+0.22

Sharpe Ratio (All Time)

Calculated using the full available price history

0.61

0.23

+0.38

Correlation

The correlation between HAWX and VEU is 0.82, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HAWX vs. VEU - Dividend Comparison

HAWX's dividend yield for the trailing twelve months is around 2.67%, less than VEU's 2.88% yield.

TTM20252024202320222021202020192018201720162015
HAWX
iShares Currency Hedged MSCI ACWI ex U.S. ETF		2.67%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		2.88%3.09%3.24%3.32%3.12%3.08%2.00%3.10%3.27%2.66%2.96%2.95%

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.

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Drawdown Indicators

HAWXVEUDifference

Max Drawdown

Largest peak-to-trough decline

-30.63%

-61.52%

+30.89%

Max Drawdown (1Y)

Largest decline over 1 year

-11.16%

-11.43%

+0.27%

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

-5.16%

-7.36%

+2.20%

Average Drawdown

Average peak-to-trough decline

-4.33%

-13.23%

+8.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.66%

2.99%

-0.33%

Volatility

HAWX vs. VEU - Volatility Comparison

The current volatility for iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) is 6.42%, while Vanguard FTSE All-World ex-US ETF (VEU) has a volatility of 7.65%. 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.

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Volatility by Period

HAWXVEUDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.42%

7.65%

-1.23%

Volatility (6M)

Calculated over the trailing 6-month period

10.12%

11.61%

-1.49%

Volatility (1Y)

Calculated over the trailing 1-year period

15.18%

17.25%

-2.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.11%

15.83%

-2.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.09%

17.13%

-2.04%