TPIF vs. HAWX

Last updated Jun 25, 2026

TPIF (Timothy Plan International ETF) and HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) are both Foreign Large Cap Equities funds - TPIF tracks the Victory International Volatility Weighted BRI Index while HAWX tracks the MSCI ACWI ex USA 100% Hedged to USD. Both are passively managed. Over the past 5 years, TPIF returned 7.44%/yr vs 12.64%/yr for HAWX. Their correlation of 0.87 suggests significant overlap in exposure. TPIF charges 0.62%/yr vs 0.35%/yr for HAWX.

Performance

TPIF vs. HAWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Timothy Plan International ETF (TPIF) 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, TPIF achieves a 7.95% return, which is significantly lower than HAWX's 16.16% return.

TPIF

• 1D: -0.14%
• 1M: -1.49%
• YTD: 7.95%
• 6M: 7.33%
• 1Y: 18.87%
• 3Y*: 17.57%
• 5Y*: 7.44%
• 10Y*: —

HAWX

• 1D: -0.05%
• 1M: 2.71%
• YTD: 16.16%
• 6M: 16.24%
• 1Y: 34.41%
• 3Y*: 21.66%
• 5Y*: 12.64%
• 10Y*: 12.49%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TPIF vs. HAWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
TPIF Timothy Plan International ETF	7.95%	34.34%	3.49%	16.64%	-18.07%	10.42%	7.21%	4.13%
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF	16.16%	26.24%	14.88%	17.05%	-8.59%	13.40%	6.92%	3.12%

Correlation

The correlation between TPIF and HAWX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Dec 3, 2019	0.87

The correlation between TPIF and HAWX has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

TPIF vs. HAWX - Sectors Allocation Comparison

Sectors	TPIF	HAWX
Industrials	25.1%	14.2%
Financial Services	23.9%	23.2%
Basic Materials	9.0%	6.9%
Utilities	8.4%	3.0%
Technology	7.6%	22.5%
Energy	6.0%	4.8%
Healthcare	5.9%	6.8%
Consumer Cyclical	5.8%	7.5%
Consumer Defensive	3.5%	4.8%
Communication Services	2.5%	4.9%
Real Estate	2.3%	1.4%

Return for Risk

TPIF vs. HAWX — Risk / Return Rank

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

TPIF

TPIF Risk / Return Rank: 43
TPIF Sharpe Ratio Rank: 42
TPIF Sortino Ratio Rank: 41
TPIF Omega Ratio Rank: 42
TPIF Calmar Ratio Rank: 41
TPIF Martin Ratio Rank: 47

HAWX

HAWX Risk / Return Rank: 83
HAWX Sharpe Ratio Rank: 84
HAWX Sortino Ratio Rank: 82
HAWX Omega Ratio Rank: 86
HAWX Calmar Ratio Rank: 79
HAWX Martin Ratio Rank: 83

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.

TPIF vs. HAWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Timothy Plan International ETF (TPIF) 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.

	TPIF	HAWX	Difference
Sharpe ratio: Return per unit of total volatility	1.33	2.43	-1.10
Sortino ratio: Return per unit of downside risk	1.88	3.23	-1.35
Omega ratio: Gain probability vs. loss probability	1.25	1.46	-0.22
Calmar ratio: Return relative to maximum drawdown	1.86	3.68	-1.82
Martin ratio: Return relative to average drawdown	7.13	15.14	-8.02

TPIF vs. HAWX - Sharpe Ratio Comparison

The current TPIF Sharpe Ratio is 1.33, which is lower than the HAWX Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of TPIF 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

TPIF vs. HAWX - Drawdown Comparison

The maximum TPIF drawdown since its inception was -34.02%, which is greater than HAWX's maximum drawdown of -30.63%. Use the drawdown chart below to compare losses from any high point for TPIF and HAWX.

Drawdown Indicators

	TPIF	HAWX	Difference
Max Drawdown Largest peak-to-trough decline	-34.02%	-30.63%	-3.39%
Max Drawdown (1Y) Largest decline over 1 year	-10.19%	-9.39%	-0.80%
Max Drawdown (3Y) Largest decline over 3 years	-12.64%	-13.30%	+0.66%
Max Drawdown (5Y) Largest decline over 5 years	-32.11%	-17.47%	-14.64%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.63%	—
Current Drawdown Current decline from peak	-3.32%	-2.92%	-0.40%
Average Drawdown Average peak-to-trough decline	-7.91%	-4.27%	-3.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	2.28%	+0.38%

Volatility

TPIF vs. HAWX - Volatility Comparison

The current volatility for Timothy Plan International ETF (TPIF) is 5.09%, while iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) has a volatility of 6.69%. This indicates that TPIF 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.

Volatility by Period

	TPIF	HAWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.09%	6.69%	-1.60%
Volatility (6M) Calculated over the trailing 6-month period	12.31%	12.59%	-0.28%
Volatility (1Y) Calculated over the trailing 1-year period	14.28%	14.27%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.76%	13.60%	+2.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.30%	15.27%	+3.03%

TPIF vs. HAWX - Expense Ratio Comparison

TPIF has a 0.62% expense ratio, which is higher than HAWX's 0.35% expense ratio.

Dividends

TPIF vs. HAWX - Dividend Comparison

TPIF's dividend yield for the trailing twelve months is around 2.73%, more 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%
TPIF Timothy Plan International ETF	2.73%	2.65%	2.98%	2.40%	2.58%	2.38%	1.72%	0.13%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TPIF and HAWX in my portfolio?

TPIF and HAWX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TPIF or HAWX?

HAWX has higher volatility (6.69%) compared to TPIF (5.09%). In terms of maximum drawdown, TPIF dropped -34.02% vs HAWX's -30.63%.

Which ETF is better, TPIF or HAWX?

On 5-year performance, HAWX leads with 12.64% vs 7.44% for TPIF. On fees, HAWX is cheaper at 0.35% per year. On volatility, TPIF has been the lower-risk option at 5.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TPIF or HAWX?

Over the 5-year period, HAWX has performed better with a 12.64% return vs 7.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TPIF or HAWX?

HAWX is cheaper with a 0.35% expense ratio, compared with 0.62% for TPIF.

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

TPIF has the higher dividend yield at 2.73%, compared with 2.41% for HAWX.

What is the main difference between TPIF and HAWX?

TPIF tracks Victory International Volatility Weighted BRI Index, while HAWX tracks MSCI ACWI ex USA 100% Hedged to USD. They also come from different issuers: Timothy Plan and iShares. Their fees differ too: 0.62% for TPIF and 0.35% for HAWX.

Which has better risk-adjusted returns?

HAWX currently has the higher Sharpe Ratio (2.43 vs 1.33), 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.