SPWO vs. HAWX

Last updated Jun 23, 2026

SPWO (SP Funds S&P World (ex-US) ETF) and HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) are both Foreign Large Cap Equities funds - SPWO tracks the S&P DM Ex-U.S. & EM 50/50 Shariah Index while HAWX tracks the MSCI ACWI ex USA 100% Hedged to USD. Both are passively managed. Over the past year, SPWO returned 51.91% vs 40.65% for HAWX. Their correlation of 0.84 suggests significant overlap in exposure. SPWO charges 0.55%/yr vs 0.35%/yr for HAWX.

Performance

SPWO vs. HAWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SP Funds S&P World (ex-US) ETF (SPWO) 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, SPWO achieves a 29.04% return, which is significantly higher than HAWX's 19.66% return.

SPWO

• 1D: 0.14%
• 1M: 7.06%
• YTD: 29.04%
• 6M: 30.19%
• 1Y: 51.91%
• 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)

SPWO vs. HAWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPWO SP Funds S&P World (ex-US) ETF	29.04%	26.32%	9.25%	1.36%
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF	19.66%	26.24%	14.88%	0.74%

Correlation

The correlation between SPWO and HAWX is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023	0.84

The correlation between SPWO and HAWX has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

SPWO vs. HAWX - Sectors Allocation Comparison

Sectors	SPWO	HAWX
Technology	49.7%	22.5%
Industrials	11.9%	14.2%
Healthcare	10.8%	6.8%
Consumer Cyclical	10.3%	7.5%
Basic Materials	7.3%	6.9%
Consumer Defensive	4.1%	4.8%
Energy	2.6%	4.8%
Communication Services	1.6%	4.9%
Financial Services	0.8%	23.2%
Real Estate	0.7%	1.4%
Utilities	0.3%	3.0%

Return for Risk

SPWO vs. HAWX — Risk / Return Rank

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

SPWO

SPWO Risk / Return Rank: 76
SPWO Sharpe Ratio Rank: 80
SPWO Sortino Ratio Rank: 73
SPWO Omega Ratio Rank: 76
SPWO Calmar Ratio Rank: 76
SPWO Martin Ratio Rank: 76

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.

SPWO vs. HAWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SP Funds S&P World (ex-US) ETF (SPWO) 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.

	SPWO	HAWX	Difference
Sharpe ratio: Return per unit of total volatility	2.45	2.93	-0.48
Sortino ratio: Return per unit of downside risk	3.14	3.89	-0.75
Omega ratio: Gain probability vs. loss probability	1.43	1.56	-0.12
Calmar ratio: Return relative to maximum drawdown	3.79	4.35	-0.56
Martin ratio: Return relative to average drawdown	14.13	18.01	-3.88

SPWO vs. HAWX - Sharpe Ratio Comparison

The current SPWO Sharpe Ratio is 2.45, which is comparable to the HAWX Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of SPWO 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

SPWO vs. HAWX - Drawdown Comparison

The maximum SPWO drawdown since its inception was -18.03%, smaller than the maximum HAWX drawdown of -30.63%. Use the drawdown chart below to compare losses from any high point for SPWO and HAWX.

Drawdown Indicators

	SPWO	HAWX	Difference
Max Drawdown Largest peak-to-trough decline	-18.03%	-30.63%	+12.60%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-9.39%	-4.36%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.80%	-4.27%	+1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.69%	2.26%	+1.43%

Volatility

SPWO vs. HAWX - Volatility Comparison

SP Funds S&P World (ex-US) ETF (SPWO) has a higher volatility of 9.77% compared to iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) at 5.92%. This indicates that SPWO'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

	SPWO	HAWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.77%	5.92%	+3.85%
Volatility (6M) Calculated over the trailing 6-month period	18.51%	12.26%	+6.25%
Volatility (1Y) Calculated over the trailing 1-year period	21.36%	13.98%	+7.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.68%	13.54%	+6.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.68%	15.24%	+4.44%

SPWO vs. HAWX - Expense Ratio Comparison

SPWO has a 0.55% expense ratio, which is higher than HAWX's 0.35% expense ratio.

Dividends

SPWO vs. HAWX - Dividend Comparison

SPWO's dividend yield for the trailing twelve months is around 1.01%, less 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%
SPWO SP Funds S&P World (ex-US) ETF	1.01%	1.29%	1.24%	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 SPWO and HAWX in my portfolio?

SPWO and HAWX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPWO or HAWX?

SPWO has higher volatility (9.77%) compared to HAWX (5.92%). In terms of maximum drawdown, SPWO dropped -18.03% vs HAWX's -30.63%.

Which ETF is better, SPWO or HAWX?

On 1-year performance, SPWO leads with 51.91% vs 40.65% for HAWX. On fees, HAWX is cheaper at 0.35% 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, SPWO or HAWX?

Over the 1-year period, SPWO has performed better with a 51.91% return vs 40.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPWO or HAWX?

HAWX is cheaper with a 0.35% expense ratio, compared with 0.55% for SPWO.

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

HAWX has the higher dividend yield at 2.34%, compared with 1.01% for SPWO.

What is the main difference between SPWO and HAWX?

SPWO tracks S&P DM Ex-U.S. & EM 50/50 Shariah Index, while HAWX tracks MSCI ACWI ex USA 100% Hedged to USD. They also come from different issuers: SP Funds and iShares. Their fees differ too: 0.55% for SPWO and 0.35% for HAWX.

Which has better risk-adjusted returns?

HAWX currently has the higher Sharpe Ratio (2.93 vs 2.45), 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.