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HEZU vs. ACWI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HEZU vs. ACWI

Last updated Aug 4, 2026
Documentation

HEZU (iShares Currency Hedged MSCI Eurozone ETF) and ACWI (iShares MSCI ACWI ETF) are both exchange-traded funds - HEZU is a Europe Equities fund tracking the MSCI EMU 100% USD Hedged Index, while ACWI is a Global Equities fund tracking the MSCI All Country World Index. Both are passively managed. Over the past 10 years, HEZU returned 12.50%/yr vs 12.51%/yr for ACWI. Their correlation of 0.81 means they have usually moved in the same direction. HEZU charges 0.52%/yr vs 0.32%/yr for ACWI.

Performance

HEZU vs. ACWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI Eurozone ETF (HEZU) and iShares MSCI ACWI ETF (ACWI). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HEZU achieves a 15.20% return, which is significantly higher than ACWI's 12.35% return. Both investments have delivered pretty close results over the past 10 years, with HEZU having a 12.50% annualized return and ACWI not far ahead at 12.51%.

HEZU

1D
1.29%
1M
0.86%
6M
9.83%
YTD
15.20%
1Y
28.69%
3Y*
19.41%
5Y*
13.05%
10Y*
12.50%
ALL TIME*
11.05%

ACWI

1D
0.97%
1M
1.15%
6M
8.65%
YTD
12.35%
1Y
24.97%
3Y*
19.75%
5Y*
10.91%
10Y*
12.51%
ALL TIME*
8.52%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

ACWI

iShares MSCI ACWI ETF
$355.08M$458.17M$501.32M

HEZU

iShares Currency Hedged MSCI Eurozone ETF
$807.52K$1.37M$1.59M

HEZU vs. ACWI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HEZU
iShares Currency Hedged MSCI Eurozone ETF		15.20%25.93%10.63%22.98%-9.54%23.51%0.52%29.48%-10.23%14.26%
ACWI
iShares MSCI ACWI ETF		12.35%22.41%17.45%22.27%-18.39%18.66%16.34%26.59%-9.19%24.33%

Correlation

The correlation between HEZU and ACWI is 0.82, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.82

Correlation (3Y)
Balances recent behavior with more history.

0.78

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.82

Correlation (10Y)
Provides a long-term view across more market conditions.

0.82

Correlation (All Time)
Calculated using the full available price history since Aug 7, 2014

0.81

The correlation between HEZU and ACWI has been stable across timeframes, ranging from 0.78 to 0.82 - a consistent structural relationship.

HEZU vs. ACWI - Sectors Allocation Comparison

Sectors
HEZU
ACWI

Financial Services

24.7%
16.0%

Industrials

20.5%
10.8%

Technology

16.8%
32.7%

Consumer Cyclical

7.9%
8.7%

Utilities

6.5%
2.4%

Healthcare

5.8%
8.3%

Consumer Defensive

5.5%
4.7%

Communication Services

3.9%
8.0%

Basic Materials

3.9%
3.4%

Energy

3.5%
3.6%

Real Estate

0.8%
1.6%

Financial Services

HEZU
24.7%
ACWI
16.0%

Industrials

HEZU
20.5%
ACWI
10.8%

Technology

HEZU
16.8%
ACWI
32.7%

Consumer Cyclical

HEZU
7.9%
ACWI
8.7%

Utilities

HEZU
6.5%
ACWI
2.4%

Healthcare

HEZU
5.8%
ACWI
8.3%

Consumer Defensive

HEZU
5.5%
ACWI
4.7%

Communication Services

HEZU
3.9%
ACWI
8.0%

Basic Materials

HEZU
3.9%
ACWI
3.4%

Energy

HEZU
3.5%
ACWI
3.6%

Real Estate

HEZU
0.8%
ACWI
1.6%

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 Eurozone ETF

iShares MSCI ACWI ETF

Often compared with HEZU:
HEZU vs. EZUHEZU vs. HEDJHEZU vs. HEFAHEZU vs. HSCZHEZU vs. BCIHEZU vs. KBAHEZU vs. EWT
Often compared with ACWI:
ACWI vs. VTACWI vs. SPYACWI vs. VWRL.LACWI vs. ACWXACWI vs. VOOACWI vs. ACWI.LACWI vs. VTI

Return for Risk

HEZU vs. ACWI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
HEZU
HEZU Risk / Return Rank: 7777
Overall Rank
HEZU Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
HEZU Sortino Ratio Rank: 7878
Sortino Ratio Rank
HEZU Omega Ratio Rank: 7777
Omega Ratio Rank
HEZU Calmar Ratio Rank: 7373
Calmar Ratio Rank
HEZU Martin Ratio Rank: 7777
Martin Ratio Rank
ACWI
ACWI Risk / Return Rank: 7777
Overall Rank
ACWI Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
ACWI Sortino Ratio Rank: 7676
Sortino Ratio Rank
ACWI Omega Ratio Rank: 7676
Omega Ratio Rank
ACWI Calmar Ratio Rank: 7373
Calmar Ratio Rank
ACWI Martin Ratio Rank: 8181
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HEZU vs. ACWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Eurozone ETF (HEZU) and iShares MSCI ACWI ETF (ACWI). 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.

HEZUACWIDifference
Sharpe ratioReturn per unit of total volatility
1.85
1.80

+0.05

Sortino ratioReturn per unit of downside risk
2.64
2.49

+0.14

Omega ratioGain probability vs. loss probability

1.33

1.32

+0.01

Calmar ratioReturn relative to maximum drawdown

2.63

2.58

+0.05

Martin ratioReturn relative to average drawdown

10.27

10.76

-0.49

HEZU vs. ACWI - Sharpe Ratio Comparison

The current HEZU Sharpe Ratio is 1.85, which is comparable to the ACWI Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of HEZU and ACWI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

HEZU vs. ACWI - Drawdown Comparison

The maximum HEZU drawdown since its inception was -38.80%, smaller than the maximum ACWI drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for HEZU and ACWI.

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Drawdown Indicators

HEZUACWIDifference

Max Drawdown

Largest peak-to-trough decline

-38.80%

-56.00%

+17.20%

Max Drawdown (1Y)

Largest decline over 1 year

-10.95%

-9.73%

-1.22%

Max Drawdown (3Y)

Largest decline over 3 years

-14.83%

-16.55%

+1.72%

Max Drawdown (5Y)

Largest decline over 5 years

-22.79%

-26.42%

+3.63%

Max Drawdown (10Y)

Largest decline over 10 years

-38.80%

-33.53%

-5.27%

Current Drawdown

Current decline from peak

0.00%

-0.63%

+0.63%

Average Drawdown

Average peak-to-trough decline

-5.77%

-8.55%

+2.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.80%

2.33%

+0.47%

Volatility

HEZU vs. ACWI - Volatility Comparison

iShares Currency Hedged MSCI Eurozone ETF (HEZU) has a higher volatility of 4.35% compared to iShares MSCI ACWI ETF (ACWI) at 4.14%. This indicates that HEZU's price experiences larger fluctuations and is considered to be riskier than ACWI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HEZUACWIDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.35%

4.14%

+0.21%

Volatility (6M)

Calculated over the trailing 6-month period

13.52%

11.71%

+1.81%

Volatility (1Y)

Calculated over the trailing 1-year period

15.65%

13.99%

+1.66%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.62%

16.23%

+0.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.15%

17.07%

+1.08%

HEZU vs. ACWI - Expense Ratio Comparison

HEZU has a 0.52% expense ratio, which is higher than ACWI's 0.32% expense ratio.

Dividends

HEZU vs. ACWI - Dividend Comparison

HEZU's dividend yield for the trailing twelve months is around 2.54%, more than ACWI's 1.42% yield.

PositionTTM20252024202320222021202020192018201720162015
ACWI
iShares MSCI ACWI ETF		1.42%1.55%1.70%1.88%1.79%1.71%1.43%2.33%2.18%1.94%2.19%2.56%
HEZU
iShares Currency Hedged MSCI Eurozone ETF		2.54%2.92%2.77%2.52%23.26%2.25%2.32%5.40%3.48%1.92%3.11%2.68%

Frequently Asked Questions

HEZU and ACWI have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HEZU has higher volatility (4.35%) compared to ACWI (4.14%). In terms of maximum drawdown, HEZU dropped -38.80% vs ACWI's -56.00%.

On 10-year performance, ACWI leads with 12.51% vs 12.50% for HEZU. On fees, ACWI is cheaper at 0.32% per year. On volatility, ACWI has been the lower-risk option at 4.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, ACWI has performed better with a 12.51% return vs 12.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ACWI is cheaper with a 0.32% expense ratio, compared with 0.52% for HEZU.

HEZU has the higher dividend yield at 2.54%, compared with 1.42% for ACWI.

HEZU is categorized as Europe Equities, while ACWI is Global Equities. HEZU tracks MSCI EMU 100% USD Hedged Index, while ACWI tracks MSCI All Country World Index. Their fees differ too: 0.52% for HEZU and 0.32% for ACWI.

HEZU currently has the higher Sharpe Ratio (1.85 vs 1.80), 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.

Portfolio Optimizer

Find the right allocation for HEZU and ACWI

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