REFA vs. HAWX
REFA (Columbia Research Enhanced International Equity ETF) and HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) are both Foreign Large Cap Equities funds - REFA tracks the Beta Advantage Research Enhanced International Equity Index while HAWX tracks the MSCI ACWI ex USA 100% Hedged to USD. Both are passively managed. Their correlation of 0.86 suggests significant overlap in exposure. REFA charges 0.32%/yr vs 0.35%/yr for HAWX.
Performance
REFA vs. HAWX - Performance Comparison
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Returns By Period
In the year-to-date period, REFA achieves a 11.14% return, which is significantly lower than HAWX's 16.32% return.
REFA
- 1D
- 1.35%
- 1M
- 2.81%
- 6M
- 9.75%
- YTD
- 11.14%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HAWX
- 1D
- -0.15%
- 1M
- 0.21%
- 6M
- 14.66%
- YTD
- 16.32%
- 1Y
- 33.06%
- 3Y*
- 20.74%
- 5Y*
- 12.80%
- 10Y*
- 12.51%
REFA vs. HAWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
REFA Columbia Research Enhanced International Equity ETF | 11.14% | 0.33% |
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF | 16.32% | 0.98% |
Correlation
The correlation between REFA 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
REFA vs. HAWX — Risk / Return Rank
REFA
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HAWX
REFA vs. HAWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Columbia Research Enhanced International Equity ETF (REFA) 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.
| REFA | HAWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.44 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 3.59 | — |
| Martin ratioReturn relative to average drawdown | — | 14.56 | — |
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Drawdowns
REFA vs. HAWX - Drawdown Comparison
The maximum REFA drawdown since its inception was -11.23%, smaller than the maximum HAWX drawdown of -30.63%. Use the drawdown chart below to compare losses from any high point for REFA and HAWX.
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Drawdown Indicators
| REFA | HAWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.23% | -30.63% | +19.40% |
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 | -0.36% | -2.79% | +2.43% |
Average DrawdownAverage peak-to-trough decline | -2.79% | -4.27% | +1.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.31% | — |
Volatility
REFA vs. HAWX - Volatility Comparison
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Volatility by Period
| REFA | HAWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 6.69% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 12.74% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 18.61% | 14.35% | +4.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.61% | 13.62% | +4.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.61% | 15.28% | +3.33% |
REFA vs. HAWX - Expense Ratio Comparison
REFA has a 0.32% expense ratio, which is lower than HAWX's 0.35% expense ratio.
Dividends
REFA vs. HAWX - Dividend Comparison
REFA's dividend yield for the trailing twelve months is around 0.03%, less than HAWX's 2.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF | 2.49% | 2.80% | 3.31% | 2.95% | 16.94% | 2.63% | 2.00% | 3.23% | 2.51% | 2.40% | 2.49% | 3.86% |
REFA Columbia Research Enhanced International Equity ETF | 0.03% | 0.03% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
REFA 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, REFA is cheaper at 0.32% per year. The better choice depends on whether you care most about return, fees, risk, or income.
REFA is cheaper with a 0.32% expense ratio, compared with 0.35% for HAWX.
HAWX has the higher dividend yield at 2.49%, compared with 0.03% for REFA.
REFA tracks Beta Advantage Research Enhanced International Equity Index, while HAWX tracks MSCI ACWI ex USA 100% Hedged to USD. They also come from different issuers: Columbia Threadneedle and iShares. Their fees differ too: 0.32% for REFA and 0.35% for HAWX.
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