UEVM vs. HAWX

Last updated Jun 23, 2026

UEVM (VictoryShares Emerging Markets Value Momentum ETF) and HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) are both exchange-traded funds - UEVM is a Momentum fund tracking the Nasdaq Victory Emerging Market Value Momentum Index, while HAWX is a Foreign Large Cap Equities fund tracking the MSCI ACWI ex USA 100% Hedged to USD. Both are passively managed. Over the past 5 years, UEVM returned 7.98%/yr vs 13.58%/yr for HAWX. A 0.78 correlation means they provide meaningful diversification when combined. UEVM charges 0.45%/yr vs 0.35%/yr for HAWX.

Performance

UEVM vs. HAWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares Emerging Markets Value Momentum ETF (UEVM) 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, UEVM achieves a 8.47% return, which is significantly lower than HAWX's 19.66% return.

UEVM

• 1D: 0.76%
• 1M: 1.23%
• YTD: 8.47%
• 6M: 8.48%
• 1Y: 23.15%
• 3Y*: 18.35%
• 5Y*: 7.98%
• 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)

UEVM vs. HAWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UEVM VictoryShares Emerging Markets Value Momentum ETF	8.47%	22.74%	11.92%	17.41%	-14.60%	11.09%	3.77%	10.71%	-16.96%	3.04%
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF	19.66%	26.24%	14.88%	17.05%	-8.59%	13.40%	6.92%	22.75%	-9.77%	2.10%

Correlation

The correlation between UEVM and HAWX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017	0.78

The correlation between UEVM and HAWX has been stable across timeframes, ranging from 0.74 to 0.79 - a consistent structural relationship.

UEVM vs. HAWX - Sectors Allocation Comparison

Sectors	UEVM	HAWX
Financial Services	23.9%	23.2%
Technology	15.9%	22.5%
Industrials	10.9%	14.2%
Consumer Cyclical	9.9%	7.5%
Consumer Defensive	8.0%	4.8%
Healthcare	8.0%	6.8%
Energy	6.0%	4.8%
Basic Materials	5.2%	6.9%
Utilities	5.0%	3.0%
Real Estate	4.1%	1.4%
Communication Services	3.0%	4.9%

Return for Risk

UEVM vs. HAWX — Risk / Return Rank

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

UEVM

UEVM Risk / Return Rank: 45
UEVM Sharpe Ratio Rank: 44
UEVM Sortino Ratio Rank: 41
UEVM Omega Ratio Rank: 42
UEVM Calmar Ratio Rank: 49
UEVM Martin Ratio Rank: 47

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.

UEVM vs. HAWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares Emerging Markets Value Momentum ETF (UEVM) 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.

	UEVM	HAWX	Difference
Sharpe ratio: Return per unit of total volatility	1.48	2.93	-1.44
Sortino ratio: Return per unit of downside risk	2.03	3.89	-1.85
Omega ratio: Gain probability vs. loss probability	1.27	1.56	-0.29
Calmar ratio: Return relative to maximum drawdown	2.38	4.35	-1.97
Martin ratio: Return relative to average drawdown	7.77	18.01	-10.24

UEVM vs. HAWX - Sharpe Ratio Comparison

The current UEVM Sharpe Ratio is 1.48, which is lower than the HAWX Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of UEVM 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

UEVM vs. HAWX - Drawdown Comparison

The maximum UEVM drawdown since its inception was -45.44%, which is greater than HAWX's maximum drawdown of -30.63%. Use the drawdown chart below to compare losses from any high point for UEVM and HAWX.

Drawdown Indicators

	UEVM	HAWX	Difference
Max Drawdown Largest peak-to-trough decline	-45.44%	-30.63%	-14.81%
Max Drawdown (1Y) Largest decline over 1 year	-9.79%	-9.39%	-0.40%
Max Drawdown (3Y) Largest decline over 3 years	-18.88%	-13.30%	-5.58%
Max Drawdown (5Y) Largest decline over 5 years	-26.73%	-17.47%	-9.26%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.63%	—
Current Drawdown Current decline from peak	-2.65%	0.00%	-2.65%
Average Drawdown Average peak-to-trough decline	-11.62%	-4.27%	-7.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	2.26%	+0.73%

Volatility

UEVM vs. HAWX - Volatility Comparison

VictoryShares Emerging Markets Value Momentum ETF (UEVM) and iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) have volatilities of 5.97% and 5.92%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UEVM	HAWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.97%	5.92%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	12.95%	12.26%	+0.69%
Volatility (1Y) Calculated over the trailing 1-year period	15.71%	13.98%	+1.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.02%	13.54%	+2.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.41%	15.24%	+3.17%

UEVM vs. HAWX - Expense Ratio Comparison

UEVM has a 0.45% expense ratio, which is higher than HAWX's 0.35% expense ratio.

Dividends

UEVM vs. HAWX - Dividend Comparison

UEVM's dividend yield for the trailing twelve months is around 2.79%, more 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%
UEVM VictoryShares Emerging Markets Value Momentum ETF	2.79%	4.02%	5.65%	4.71%	3.46%	4.49%	2.19%	2.79%	2.34%	0.79%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UEVM and HAWX in my portfolio?

UEVM and HAWX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UEVM or HAWX?

UEVM has higher volatility (5.97%) compared to HAWX (5.92%). In terms of maximum drawdown, UEVM dropped -45.44% vs HAWX's -30.63%.

Which ETF is better, UEVM or HAWX?

On 5-year performance, HAWX leads with 13.58% vs 7.98% for UEVM. On fees, HAWX is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UEVM or HAWX?

Over the 5-year period, HAWX has performed better with a 13.58% return vs 7.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UEVM or HAWX?

HAWX is cheaper with a 0.35% expense ratio, compared with 0.45% for UEVM.

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

UEVM has the higher dividend yield at 2.79%, compared with 2.34% for HAWX.

What is the main difference between UEVM and HAWX?

UEVM is categorized as Momentum, while HAWX is Foreign Large Cap Equities. UEVM tracks Nasdaq Victory Emerging Market Value Momentum Index, while HAWX tracks MSCI ACWI ex USA 100% Hedged to USD. They also come from different issuers: Victory Capital and iShares. Their fees differ too: 0.45% for UEVM and 0.35% for HAWX.

Which has better risk-adjusted returns?

HAWX currently has the higher Sharpe Ratio (2.93 vs 1.48), 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.