HAWX vs. VTIAX

Last updated Jun 5, 2026

HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) and VTIAX (Vanguard Total International Stock Index Fund Admiral Shares) are both Foreign Large Cap Equities funds - HAWX tracks the MSCI ACWI ex USA 100% Hedged to USD while VTIAX tracks the FTSE Global All Cap ex US Index. Both are passively managed. Over the past 10 years, HAWX returned 12.07%/yr vs 9.76%/yr for VTIAX. Their correlation of 0.81 suggests significant overlap in exposure. HAWX charges 0.35%/yr vs 0.09%/yr for VTIAX.

Performance

HAWX vs. VTIAX - 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 Total International Stock Index Fund Admiral Shares (VTIAX). 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 VTIAX's 14.49% return. Over the past 10 years, HAWX has outperformed VTIAX with an annualized return of 12.07%, while VTIAX has yielded a comparatively lower 9.76% 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%

VTIAX

• 1D: -0.79%
• 1M: 3.57%
• YTD: 14.49%
• 6M: 16.99%
• 1Y: 31.52%
• 3Y*: 19.47%
• 5Y*: 8.45%
• 10Y*: 9.76%

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

HAWX vs. VTIAX - 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%
VTIAX Vanguard Total International Stock Index Fund Admiral Shares	14.49%	32.18%	5.34%	15.28%	-16.02%	8.59%	11.27%	21.52%	-14.46%	27.54%

Correlation

The correlation between HAWX and VTIAX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jul 2, 2015	0.81

The correlation between HAWX and VTIAX shifts across timeframes, from 0.81 (all time) to 0.92 (1 year), reflecting how their relationship changes across market environments.

HAWX vs. VTIAX - Sectors Allocation Comparison

Sectors	HAWX	VTIAX
Financial Services	23.6%	22.3%
Technology	21.4%	18.1%
Industrials	13.9%	16.1%
Consumer Cyclical	7.3%	8.4%
Healthcare	6.8%	7.1%
Basic Materials	6.6%	7.6%
Consumer Defensive	5.0%	5.0%
Energy	5.0%	5.2%
Communication Services	4.8%	4.4%
Utilities	2.8%	3.2%
Real Estate	1.2%	2.6%

Return for Risk

HAWX vs. VTIAX — 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

VTIAX

VTIAX Risk / Return Rank: 56
VTIAX Sharpe Ratio Rank: 59
VTIAX Sortino Ratio Rank: 54
VTIAX Omega Ratio Rank: 57
VTIAX Calmar Ratio Rank: 56
VTIAX Martin Ratio Rank: 56

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. VTIAX - 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 Total International Stock Index Fund Admiral Shares (VTIAX). 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	VTIAX	Difference
Sharpe ratio: Return per unit of total volatility	2.75	2.28	+0.47
Sortino ratio: Return per unit of downside risk	3.75	3.10	+0.65
Omega ratio: Gain probability vs. loss probability	1.52	1.42	+0.10
Calmar ratio: Return relative to maximum drawdown	3.81	2.87	+0.94
Martin ratio: Return relative to average drawdown	16.02	11.34	+4.68
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. VTIAX - Sharpe Ratio Comparison

The current HAWX Sharpe Ratio is 2.75, which is comparable to the VTIAX Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of HAWX and VTIAX, 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	VTIAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	2.28	+0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	0.56	+0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.61	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.44	+0.23

Drawdowns

HAWX vs. VTIAX - Drawdown Comparison

The maximum HAWX drawdown since its inception was -30.63%, smaller than the maximum VTIAX drawdown of -35.83%. Use the drawdown chart below to compare losses from any high point for HAWX and VTIAX.

Drawdown Indicators

	HAWX	VTIAX	Difference
Max Drawdown Largest peak-to-trough decline	-30.63%	-35.83%	+5.20%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-11.28%	+1.89%
Max Drawdown (3Y) Largest decline over 3 years	-13.30%	-13.13%	-0.17%
Max Drawdown (5Y) Largest decline over 5 years	-17.47%	-29.56%	+12.09%
Max Drawdown (10Y) Largest decline over 10 years	-30.63%	-35.83%	+5.20%
Current Drawdown Current decline from peak	-0.35%	-0.79%	+0.44%
Average Drawdown Average peak-to-trough decline	-4.28%	-8.08%	+3.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	2.85%	-0.62%

Volatility

HAWX vs. VTIAX - Volatility Comparison

The current volatility for iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) is 4.52%, while Vanguard Total International Stock Index Fund Admiral Shares (VTIAX) has a volatility of 4.87%. This indicates that HAWX experiences smaller price fluctuations and is considered to be less risky than VTIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HAWX	VTIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	4.87%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	11.10%	11.93%	-0.83%
Volatility (1Y) Calculated over the trailing 1-year period	13.00%	14.23%	-1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.33%	15.04%	-1.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.19%	15.93%	-0.74%

HAWX vs. VTIAX - Expense Ratio Comparison

HAWX has a 0.35% expense ratio, which is higher than VTIAX's 0.09% expense ratio.

Dividends

HAWX vs. VTIAX - Dividend Comparison

HAWX's dividend yield for the trailing twelve months is around 2.41%, less than VTIAX's 2.62% 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%
VTIAX Vanguard Total International Stock Index Fund Admiral Shares	2.62%	3.15%	3.33%	3.22%	3.04%	3.05%	2.10%	3.04%	3.16%	2.73%	2.93%	2.84%

Frequently Asked Questions

Can I hold both HAWX and VTIAX in my portfolio?

With a correlation of 0.92, HAWX and VTIAX 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 VTIAX?

VTIAX has higher volatility (4.87%) compared to HAWX (4.52%). In terms of maximum drawdown, HAWX dropped -30.63% vs VTIAX's -35.83%.

Which has better risk-adjusted returns?

HAWX currently has the higher Sharpe Ratio (2.75 vs 2.28), 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.