TBWIX vs. HAWX
TBWIX (Thornburg Better World International Fund) and HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) are both Foreign Large Cap Equities funds. Over the past 10 years, TBWIX returned 10.97%/yr vs 12.50%/yr for HAWX. A 0.71 correlation means they provide meaningful diversification when combined. TBWIX charges 1.21%/yr vs 0.35%/yr for HAWX.
Performance
TBWIX vs. HAWX - Performance Comparison
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Returns By Period
In the year-to-date period, TBWIX achieves a 2.89% return, which is significantly lower than HAWX's 16.22% return. Over the past 10 years, TBWIX has underperformed HAWX with an annualized return of 10.97%, while HAWX has yielded a comparatively higher 12.50% annualized return.
TBWIX
- 1D
- -0.30%
- 1M
- -0.09%
- YTD
- 2.89%
- 6M
- 2.30%
- 1Y
- 13.73%
- 3Y*
- 11.73%
- 5Y*
- 4.51%
- 10Y*
- 10.97%
HAWX
- 1D
- -2.87%
- 1M
- 2.76%
- YTD
- 16.22%
- 6M
- 16.28%
- 1Y
- 35.93%
- 3Y*
- 21.68%
- 5Y*
- 12.75%
- 10Y*
- 12.50%
TBWIX vs. HAWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBWIX Thornburg Better World International Fund | 2.89% | 24.25% | 7.10% | 12.72% | -18.02% | 20.88% | 26.67% | 24.57% | -13.61% | 22.88% |
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF | 16.22% | 26.24% | 14.88% | 17.05% | -8.59% | 13.40% | 6.92% | 22.75% | -9.77% | 19.21% |
Correlation
The correlation between TBWIX and HAWX is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.71 |
The correlation between TBWIX and HAWX has been stable across timeframes, ranging from 0.70 to 0.76 - a consistent structural relationship.
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Return for Risk
TBWIX vs. HAWX — Risk / Return Rank
TBWIX
HAWX
TBWIX vs. HAWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Thornburg Better World International Fund (TBWIX) 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.
| TBWIX | HAWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.49 | ||
| Sortino ratioReturn per unit of downside risk | -1.81 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.48 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 1.13 | 3.84 | -2.71 |
| Martin ratioReturn relative to average drawdown | 3.77 | 15.87 | -12.10 |
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Drawdowns
TBWIX vs. HAWX - Drawdown Comparison
The maximum TBWIX drawdown since its inception was -40.11%, which is greater than HAWX's maximum drawdown of -30.63%. Use the drawdown chart below to compare losses from any high point for TBWIX and HAWX.
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Drawdown Indicators
| TBWIX | HAWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.11% | -30.63% | -9.48% |
Max Drawdown (1Y)Largest decline over 1 year | -12.01% | -9.39% | -2.62% |
Max Drawdown (3Y)Largest decline over 3 years | -12.49% | -13.30% | +0.81% |
Max Drawdown (5Y)Largest decline over 5 years | -40.11% | -17.47% | -22.64% |
Max Drawdown (10Y)Largest decline over 10 years | -40.11% | -30.63% | -9.48% |
Current DrawdownCurrent decline from peak | -3.86% | -2.87% | -0.99% |
Average DrawdownAverage peak-to-trough decline | -10.19% | -4.27% | -5.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.59% | 2.27% | +1.32% |
Volatility
TBWIX vs. HAWX - Volatility Comparison
The current volatility for Thornburg Better World International Fund (TBWIX) is 3.44%, while iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) has a volatility of 6.70%. This indicates that TBWIX experiences smaller price fluctuations and is considered to be less risky than HAWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBWIX | HAWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.44% | 6.70% | -3.26% |
Volatility (6M)Calculated over the trailing 6-month period | 10.53% | 12.61% | -2.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.08% | 14.27% | -1.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.30% | 13.60% | +3.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.86% | 15.27% | +1.59% |
TBWIX vs. HAWX - Expense Ratio Comparison
TBWIX has a 1.21% expense ratio, which is higher than HAWX's 0.35% expense ratio.
Dividends
TBWIX vs. HAWX - Dividend Comparison
TBWIX's dividend yield for the trailing twelve months is around 1.48%, 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% |
TBWIX Thornburg Better World International Fund | 1.48% | 1.53% | 1.40% | 1.55% | 0.87% | 15.10% | 0.40% | 1.17% | 10.14% | 3.53% | 5.99% | 0.00% |
Frequently Asked Questions
TBWIX and HAWX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HAWX has higher volatility (6.70%) compared to TBWIX (3.44%). In terms of maximum drawdown, TBWIX dropped -40.11% vs HAWX's -30.63%.
HAWX currently has the higher Sharpe Ratio (2.53 vs 1.04), 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.
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