IFLO vs. HAWX

Last updated Jun 23, 2026

IFLO (VictoryShares International Free Cash Flow ETF) and HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) are both Foreign Large Cap Equities funds. A 0.77 correlation means they provide meaningful diversification when combined. IFLO charges 0.56%/yr vs 0.35%/yr for HAWX.

Performance

IFLO vs. HAWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares International Free Cash Flow ETF (IFLO) and iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with IFLO having a 19.27% return and HAWX slightly higher at 19.66%.

IFLO

• 1D: -0.34%
• 1M: 2.38%
• YTD: 19.27%
• 6M: 19.18%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HAWX

• 1D: 0.64%
• 1M: 5.80%
• YTD: 19.66%
• 6M: 20.07%
• 1Y: 40.65%
• 3Y*: 22.87%
• 5Y*: 13.58%
• 10Y*: 12.83%

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

IFLO vs. HAWX - Yearly Performance Comparison

	2026 (YTD)	2025
IFLO VictoryShares International Free Cash Flow ETF	19.27%	13.12%
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF	19.66%	16.11%

Correlation

The correlation between IFLO and HAWX is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.77

IFLO vs. HAWX - Sectors Allocation Comparison

Sectors	IFLO	HAWX
Technology	21.5%	22.5%
Industrials	18.1%	14.2%
Consumer Cyclical	13.8%	7.5%
Energy	12.1%	4.8%
Healthcare	11.7%	6.8%
Basic Materials	11.3%	6.9%
Communication Services	6.7%	4.9%
Consumer Defensive	2.8%	4.8%
Financial Services	1.1%	23.2%
Utilities	1.0%	3.0%
Real Estate	0.0%	1.4%

Return for Risk

IFLO vs. HAWX — Risk / Return Rank

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

IFLO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

HAWX

HAWX Risk / Return Rank: 88
HAWX Sharpe Ratio Rank: 90
HAWX Sortino Ratio Rank: 89
HAWX Omega Ratio Rank: 90
HAWX Calmar Ratio Rank: 84
HAWX Martin Ratio Rank: 87

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.

IFLO vs. HAWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares International Free Cash Flow ETF (IFLO) and iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX). 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.

	IFLO	HAWX	Difference
Sharpe ratio: Return per unit of total volatility	—	2.93	—
Sortino ratio: Return per unit of downside risk	—	3.89	—
Omega ratio: Gain probability vs. loss probability	—	1.56	—
Calmar ratio: Return relative to maximum drawdown	—	4.35	—
Martin ratio: Return relative to average drawdown	—	18.01	—

Drawdowns

IFLO vs. HAWX - Drawdown Comparison

The maximum IFLO drawdown since its inception was -6.44%, smaller than the maximum HAWX drawdown of -30.63%. Use the drawdown chart below to compare losses from any high point for IFLO and HAWX.

Drawdown Indicators

	IFLO	HAWX	Difference
Max Drawdown Largest peak-to-trough decline	-6.44%	-30.63%	+24.19%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.39%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-13.30%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.47%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-30.63%	—
Current Drawdown Current decline from peak	-1.43%	0.00%	-1.43%
Average Drawdown Average peak-to-trough decline	-1.22%	-4.27%	+3.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.26%	—

Volatility

Volatility by Period

	IFLO	HAWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.92%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.26%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.71%	13.98%	+0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.71%	13.54%	+1.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.71%	15.24%	-0.53%

IFLO vs. HAWX - Expense Ratio Comparison

IFLO has a 0.56% expense ratio, which is higher than HAWX's 0.35% expense ratio.

Dividends

IFLO vs. HAWX - Dividend Comparison

IFLO's dividend yield for the trailing twelve months is around 1.48%, less than HAWX's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF	2.34%	2.80%	3.31%	2.95%	16.94%	2.63%	2.00%	3.23%	2.51%	2.40%	2.49%	3.86%
IFLO VictoryShares International Free Cash Flow ETF	1.48%	0.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IFLO and HAWX in my portfolio?

IFLO and HAWX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IFLO or HAWX?

On fees, HAWX is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IFLO or HAWX?

HAWX is cheaper with a 0.35% expense ratio, compared with 0.56% for IFLO.

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

HAWX has the higher dividend yield at 2.34%, compared with 1.48% for IFLO.

What is the main difference between IFLO and HAWX?

They also come from different issuers: VictoryShares and iShares. Their fees differ too: 0.56% for IFLO and 0.35% for HAWX.