INEQ vs. HAWX

Last updated Jun 23, 2026

INEQ (Columbia International Equity Income ETF) and HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) are both Foreign Large Cap Equities funds. INEQ is actively managed, while HAWX is passively managed. Over the past 10 years, INEQ returned 9.70%/yr vs 12.83%/yr for HAWX. A 0.73 correlation means they provide meaningful diversification when combined. INEQ charges 0.45%/yr vs 0.35%/yr for HAWX.

Performance

INEQ vs. HAWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia International Equity Income ETF (INEQ) 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

In the year-to-date period, INEQ achieves a 6.17% return, which is significantly lower than HAWX's 19.66% return. Over the past 10 years, INEQ has underperformed HAWX with an annualized return of 9.70%, while HAWX has yielded a comparatively higher 12.83% annualized return.

INEQ

• 1D: -0.53%
• 1M: -2.02%
• YTD: 6.17%
• 6M: 7.02%
• 1Y: 24.52%
• 3Y*: 19.56%
• 5Y*: 12.08%
• 10Y*: 9.70%

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)

INEQ vs. HAWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INEQ Columbia International Equity Income ETF	6.17%	39.85%	6.02%	20.88%	-5.95%	10.18%	-0.52%	15.83%	-18.30%	24.88%
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF	19.66%	26.24%	14.88%	17.05%	-8.59%	13.40%	6.92%	22.75%	-9.77%	19.21%

Correlation

The correlation between INEQ and HAWX is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jun 13, 2016	0.73

The correlation between INEQ and HAWX has been stable across timeframes, ranging from 0.71 to 0.80 - a consistent structural relationship.

INEQ vs. HAWX - Sectors Allocation Comparison

Sectors	INEQ	HAWX
Financial Services	24.4%	23.2%
Industrials	21.2%	14.2%
Healthcare	15.4%	6.8%
Energy	9.8%	4.8%
Communication Services	7.1%	4.9%
Consumer Defensive	6.7%	4.8%
Consumer Cyclical	4.9%	7.5%
Basic Materials	3.9%	6.9%
Technology	2.9%	22.5%
Utilities	1.9%	3.0%
Real Estate	1.8%	1.4%

Return for Risk

INEQ vs. HAWX — Risk / Return Rank

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

INEQ

INEQ Risk / Return Rank: 54
INEQ Sharpe Ratio Rank: 55
INEQ Sortino Ratio Rank: 53
INEQ Omega Ratio Rank: 53
INEQ Calmar Ratio Rank: 54
INEQ Martin Ratio Rank: 53

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.

INEQ vs. HAWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia International Equity Income ETF (INEQ) 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.

	INEQ	HAWX	Difference
Sharpe ratio: Return per unit of total volatility	1.79	2.93	-1.13
Sortino ratio: Return per unit of downside risk	2.51	3.89	-1.37
Omega ratio: Gain probability vs. loss probability	1.32	1.56	-0.23
Calmar ratio: Return relative to maximum drawdown	2.58	4.35	-1.77
Martin ratio: Return relative to average drawdown	8.91	18.01	-9.10

INEQ vs. HAWX - Sharpe Ratio Comparison

The current INEQ Sharpe Ratio is 1.79, which is lower than the HAWX Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of INEQ and HAWX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

INEQ vs. HAWX - Drawdown Comparison

The maximum INEQ drawdown since its inception was -41.71%, which is greater than HAWX's maximum drawdown of -30.63%. Use the drawdown chart below to compare losses from any high point for INEQ and HAWX.

Drawdown Indicators

	INEQ	HAWX	Difference
Max Drawdown Largest peak-to-trough decline	-41.71%	-30.63%	-11.08%
Max Drawdown (1Y) Largest decline over 1 year	-9.56%	-9.39%	-0.17%
Max Drawdown (3Y) Largest decline over 3 years	-14.38%	-13.30%	-1.08%
Max Drawdown (5Y) Largest decline over 5 years	-24.51%	-17.47%	-7.04%
Max Drawdown (10Y) Largest decline over 10 years	-41.71%	-30.63%	-11.08%
Current Drawdown Current decline from peak	-4.54%	0.00%	-4.54%
Average Drawdown Average peak-to-trough decline	-7.04%	-4.27%	-2.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	2.26%	+0.50%

Volatility

INEQ vs. HAWX - Volatility Comparison

The current volatility for Columbia International Equity Income ETF (INEQ) is 3.88%, while iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) has a volatility of 5.92%. This indicates that INEQ experiences smaller price fluctuations and is considered to be less risky than HAWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INEQ	HAWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	5.92%	-2.04%
Volatility (6M) Calculated over the trailing 6-month period	11.02%	12.26%	-1.24%
Volatility (1Y) Calculated over the trailing 1-year period	13.76%	13.98%	-0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.32%	13.54%	+1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.34%	15.24%	+1.10%

INEQ vs. HAWX - Expense Ratio Comparison

INEQ has a 0.45% expense ratio, which is higher than HAWX's 0.35% expense ratio.

Dividends

INEQ vs. HAWX - Dividend Comparison

INEQ's dividend yield for the trailing twelve months is around 9.29%, more 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%
INEQ Columbia International Equity Income ETF	9.29%	9.76%	3.11%	3.27%	3.57%	3.43%	2.64%	3.34%	7.25%	4.63%	2.52%	0.00%

Frequently Asked Questions

Can I hold both INEQ and HAWX in my portfolio?

INEQ and HAWX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INEQ or HAWX?

HAWX has higher volatility (5.92%) compared to INEQ (3.88%). In terms of maximum drawdown, INEQ dropped -41.71% vs HAWX's -30.63%.

Which ETF is better, INEQ or HAWX?

On 10-year performance, HAWX leads with 12.83% vs 9.70% for INEQ. On fees, HAWX is cheaper at 0.35% per year. On volatility, INEQ has been the lower-risk option at 3.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INEQ or HAWX?

Over the 10-year period, HAWX has performed better with a 12.83% return vs 9.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INEQ or HAWX?

HAWX is cheaper with a 0.35% expense ratio, compared with 0.45% for INEQ.

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

INEQ has the higher dividend yield at 9.29%, compared with 2.34% for HAWX.

What is the main difference between INEQ and HAWX?

They also come from different issuers: Columbia Threadneedle and iShares. Their fees differ too: 0.45% for INEQ and 0.35% for HAWX.

Which has better risk-adjusted returns?

HAWX currently has the higher Sharpe Ratio (2.93 vs 1.79), 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.