PIEL vs. HAWX
PIEL (Pacer International Export Leaders ETF) and HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) are both Foreign Large Cap Equities funds - PIEL tracks the Pacer International Export Leaders Index while HAWX tracks the MSCI ACWI ex USA 100% Hedged to USD. Both are passively managed. Their correlation of 0.90 suggests significant overlap in exposure. PIEL charges 0.60%/yr vs 0.35%/yr for HAWX.
Performance
PIEL vs. HAWX - Performance Comparison
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Returns By Period
In the year-to-date period, PIEL achieves a 14.89% return, which is significantly lower than HAWX's 16.83% return.
PIEL
- 1D
- -0.23%
- 1M
- -0.18%
- 6M
- 9.81%
- YTD
- 14.89%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HAWX
- 1D
- 0.10%
- 1M
- 1.49%
- 6M
- 12.50%
- YTD
- 16.83%
- 1Y
- 33.61%
- 3Y*
- 21.68%
- 5Y*
- 12.98%
- 10Y*
- 12.37%
PIEL vs. HAWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PIEL Pacer International Export Leaders ETF | 14.89% | -0.43% |
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF | 16.83% | 0.35% |
Correlation
The correlation between PIEL and HAWX is 0.90, 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 23, 2025 | 0.90 |
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Return for Risk
PIEL vs. HAWX — Risk / Return Rank
PIEL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HAWX
PIEL vs. HAWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Pacer International Export Leaders ETF (PIEL) 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.
| PIEL | HAWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.43 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 3.52 | — |
| Martin ratioReturn relative to average drawdown | — | 14.11 | — |
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Drawdowns
PIEL vs. HAWX - Drawdown Comparison
The maximum PIEL drawdown since its inception was -14.67%, smaller than the maximum HAWX drawdown of -30.63%. Use the drawdown chart below to compare losses from any high point for PIEL and HAWX.
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Drawdown Indicators
| PIEL | HAWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.67% | -30.63% | +15.96% |
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 | -3.89% | -2.36% | -1.53% |
Average DrawdownAverage peak-to-trough decline | -3.42% | -4.26% | +0.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.34% | — |
Volatility
PIEL vs. HAWX - Volatility Comparison
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Volatility by Period
| PIEL | HAWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 6.18% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 12.88% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 24.81% | 14.55% | +10.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.81% | 13.63% | +11.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.81% | 15.30% | +9.51% |
PIEL vs. HAWX - Expense Ratio Comparison
PIEL has a 0.60% expense ratio, which is higher than HAWX's 0.35% expense ratio.
Dividends
PIEL vs. HAWX - Dividend Comparison
PIEL has not paid dividends to shareholders, while HAWX's dividend yield for the trailing twelve months is around 2.48%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF | 2.48% | 2.80% | 3.31% | 2.95% | 16.94% | 2.63% | 2.00% | 3.23% | 2.51% | 2.40% | 2.49% | 3.86% |
PIEL Pacer International Export Leaders ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.90, PIEL and HAWX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
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 0.60% for PIEL.
HAWX has the higher dividend yield at 2.48%, compared with 0.00% for PIEL.
PIEL tracks Pacer International Export Leaders Index, while HAWX tracks MSCI ACWI ex USA 100% Hedged to USD. They also come from different issuers: Pacer and iShares. Their fees differ too: 0.60% for PIEL and 0.35% for HAWX.
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