IVSI vs. HAWX
IVSI (Applied Finance IVS International Large ETF) and HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) are both Foreign Large Cap Equities funds. IVSI is actively managed, while HAWX is passively managed. Their correlation of 0.86 suggests significant overlap in exposure. IVSI charges 0.65%/yr vs 0.35%/yr for HAWX.
Performance
IVSI vs. HAWX - Performance Comparison
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Returns By Period
In the year-to-date period, IVSI achieves a 9.90% return, which is significantly lower than HAWX's 16.16% return.
IVSI
- 1D
- -0.12%
- 1M
- 0.10%
- YTD
- 9.90%
- 6M
- 9.74%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HAWX
- 1D
- -0.05%
- 1M
- 2.71%
- YTD
- 16.16%
- 6M
- 16.24%
- 1Y
- 34.41%
- 3Y*
- 21.66%
- 5Y*
- 12.64%
- 10Y*
- 12.49%
IVSI vs. HAWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IVSI Applied Finance IVS International Large ETF | 9.90% | 0.66% |
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF | 16.16% | 0.98% |
Correlation
The correlation between IVSI and HAWX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Dec 11, 2025 | 0.86 |
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Return for Risk
IVSI vs. HAWX — Risk / Return Rank
IVSI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HAWX
IVSI vs. HAWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Applied Finance IVS International Large ETF (IVSI) 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.
| IVSI | HAWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.46 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 3.68 | — |
| Martin ratioReturn relative to average drawdown | — | 15.14 | — |
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Drawdowns
IVSI vs. HAWX - Drawdown Comparison
The maximum IVSI drawdown since its inception was -11.73%, smaller than the maximum HAWX drawdown of -30.63%. Use the drawdown chart below to compare losses from any high point for IVSI and HAWX.
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Drawdown Indicators
| IVSI | HAWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.73% | -30.63% | +18.90% |
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 DrawdownCurrent decline from peak | -2.06% | -2.92% | +0.86% |
Average DrawdownAverage peak-to-trough decline | -2.41% | -4.27% | +1.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.28% | — |
Volatility
IVSI vs. HAWX - Volatility Comparison
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Volatility by Period
| IVSI | HAWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 6.69% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 12.59% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 17.77% | 14.27% | +3.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.77% | 13.60% | +4.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.77% | 15.27% | +2.50% |
IVSI vs. HAWX - Expense Ratio Comparison
IVSI has a 0.65% expense ratio, which is higher than HAWX's 0.35% expense ratio.
Dividends
IVSI vs. HAWX - Dividend Comparison
IVSI's dividend yield for the trailing twelve months is around 0.04%, less than HAWX's 2.41% 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% |
IVSI Applied Finance IVS International Large ETF | 0.04% | 0.04% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IVSI and HAWX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
HAWX is cheaper with a 0.35% expense ratio, compared with 0.65% for IVSI.
HAWX has the higher dividend yield at 2.41%, compared with 0.04% for IVSI.
They also come from different issuers: Applied Finance and iShares. Their fees differ too: 0.65% for IVSI and 0.35% for HAWX.
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