NVOH vs. HAWX

Last updated Jun 23, 2026

NVOH (Novo Nordisk A/S (B Shares) ADRhedged ETF) and HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) are both Foreign Large Cap Equities funds. NVOH is actively managed, while HAWX is passively managed. Over the past year, NVOH returned -32.94% vs 40.65% for HAWX. At a 0.30 correlation, their price movements are largely independent. NVOH charges 0.19%/yr vs 0.35%/yr for HAWX.

Performance

NVOH vs. HAWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Novo Nordisk A/S (B Shares) ADRhedged ETF (NVOH) 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, NVOH achieves a -4.50% return, which is significantly lower than HAWX's 19.66% return.

NVOH

• 1D: 6.82%
• 1M: 3.96%
• YTD: -4.50%
• 6M: 1.36%
• 1Y: -32.94%
• 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)

NVOH vs. HAWX - Yearly Performance Comparison

	2026 (YTD)	2025
NVOH Novo Nordisk A/S (B Shares) ADRhedged ETF	-4.50%	-43.79%
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF	19.66%	25.39%

Correlation

The correlation between NVOH and HAWX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (All Time) Calculated using the full available price history since Jan 7, 2025	0.30

Return for Risk

NVOH vs. HAWX — Risk / Return Rank

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

NVOH

NVOH Risk / Return Rank: 4
NVOH Sharpe Ratio Rank: 4
NVOH Sortino Ratio Rank: 4
NVOH Omega Ratio Rank: 4
NVOH Calmar Ratio Rank: 3
NVOH Martin Ratio Rank: 3

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.

NVOH vs. HAWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Novo Nordisk A/S (B Shares) ADRhedged ETF (NVOH) 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.

	NVOH	HAWX	Difference
Sharpe ratio: Return per unit of total volatility	-0.67	2.93	-3.59
Sortino ratio: Return per unit of downside risk	-0.70	3.89	-4.58
Omega ratio: Gain probability vs. loss probability	0.90	1.56	-0.66
Calmar ratio: Return relative to maximum drawdown	-0.71	4.35	-5.07
Martin ratio: Return relative to average drawdown	-1.13	18.01	-19.14

NVOH vs. HAWX - Sharpe Ratio Comparison

The current NVOH Sharpe Ratio is -0.67, which is lower than the HAWX Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of NVOH 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

NVOH vs. HAWX - Drawdown Comparison

The maximum NVOH drawdown since its inception was -61.60%, which is greater than HAWX's maximum drawdown of -30.63%. Use the drawdown chart below to compare losses from any high point for NVOH and HAWX.

Drawdown Indicators

	NVOH	HAWX	Difference
Max Drawdown Largest peak-to-trough decline	-61.60%	-30.63%	-30.97%
Max Drawdown (1Y) Largest decline over 1 year	-46.22%	-9.39%	-36.83%
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	-49.74%	0.00%	-49.74%
Average Drawdown Average peak-to-trough decline	-38.69%	-4.27%	-34.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.05%	2.26%	+29.79%

Volatility

NVOH vs. HAWX - Volatility Comparison

Novo Nordisk A/S (B Shares) ADRhedged ETF (NVOH) has a higher volatility of 11.12% compared to iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) at 5.92%. This indicates that NVOH's price experiences larger fluctuations and is considered to be riskier than HAWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVOH	HAWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.12%	5.92%	+5.20%
Volatility (6M) Calculated over the trailing 6-month period	36.84%	12.26%	+24.58%
Volatility (1Y) Calculated over the trailing 1-year period	49.73%	13.98%	+35.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.86%	13.54%	+35.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.86%	15.24%	+33.62%

NVOH vs. HAWX - Expense Ratio Comparison

NVOH has a 0.19% expense ratio, which is lower than HAWX's 0.35% expense ratio.

Dividends

NVOH vs. HAWX - Dividend Comparison

NVOH's dividend yield for the trailing twelve months is around 6.77%, 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%
NVOH Novo Nordisk A/S (B Shares) ADRhedged ETF	6.77%	2.38%	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 NVOH and HAWX in my portfolio?

NVOH and HAWX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVOH or HAWX?

NVOH has higher volatility (11.12%) compared to HAWX (5.92%). In terms of maximum drawdown, NVOH dropped -61.60% vs HAWX's -30.63%.

Which ETF is better, NVOH or HAWX?

On 1-year performance, HAWX leads with 40.65% vs -32.94% for NVOH. On fees, NVOH is cheaper at 0.19% per year. On volatility, HAWX has been the lower-risk option at 5.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVOH or HAWX?

Over the 1-year period, HAWX has performed better with a 40.65% return vs -32.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVOH or HAWX?

NVOH is cheaper with a 0.19% expense ratio, compared with 0.35% for HAWX.

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

NVOH has the higher dividend yield at 6.77%, compared with 2.34% for HAWX.

What is the main difference between NVOH and HAWX?

They also come from different issuers: Precidian and iShares. Their fees differ too: 0.19% for NVOH and 0.35% for HAWX.

Which has better risk-adjusted returns?

HAWX currently has the higher Sharpe Ratio (2.93 vs -0.67), 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.