iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) Performance
HAWX total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +13.2% since Dec 31, 2025
- 1 year
- +16.5% total return
- 5 years
- +12.0% a year
- 10 years
- +11.2% a year
- Since first price
- +9.6% a year since 2015
HAWX trailing returns vs SPY, QQQ, AGG
| Period | HAWX total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −3.7% | −3.7% | −1.0% | −5.0% | +0.9% |
| 3 months | −1.7% | −1.7% | +3.2% | +1.9% | −0.4% |
| 6 months | +4.0% | +2.9% | +7.8% | +8.4% | −1.5% |
| YTD | +13.2% | +12.0% | +12.3% | +15.1% | −1.0% |
| 1 year | +16.5% | +13.4% | +14.4% | +15.9% | −1.1% |
| 3 years | +80.8%+21.8%/yr | +65.6% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +75.9%+12.0%/yr | +34.0% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +189.4%+11.2%/yr | +95.2% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| Since inceptionJul 1, 2015 | +181.6%+9.6%/yr | +79.5% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: HAWX vs SPY
From Jul 1, 2015: HAWX grew to $28,161, SPY to $44,038.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
HAWX returns by calendar year
8 of 10 full years positive. Best 2025 (+26.2%), worst 2018 (−9.8%). 2026 is year to date.
HAWX annual returns table
| Year | HAWX | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +13.2% | −9.4% | +12.3% | +15.1% | −1.0% |
| 2025 | +26.2% | −13.3% | +17.7% | +20.8% | +7.2% |
| 2024 | +14.9% | −9.2% | +24.9% | +25.6% | +1.3% |
| 2023 | +17.0% | −8.1% | +26.2% | +54.9% | +5.7% |
| 2022 | −8.6% | −16.8% | −18.2% | −32.6% | −13.0% |
| 2021 | +13.4% | −5.6% | +28.7% | +27.4% | −1.8% |
| 2020 | +6.9% | −30.6% | +18.3% | +48.6% | +7.5% |
| 2019 | +22.7% | −6.6% | +31.2% | +39.0% | +8.5% |
| 2018 | −9.8% | −15.5% | −4.6% | −0.1% | +0.1% |
| 2017 | +19.2% | −2.5% | +21.7% | +32.7% | +3.6% |
| 2016 | +7.2% | −10.6% | +12.0% | +7.1% | +2.4% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
HAWX largest drawdowns
Now 5.4% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 17, 2020 | −30.6% | Mar 16, 2020 | Nov 16, 2020 | 59 days | 10 months |
| Jul 15, 2015 | −19.2% | Feb 9, 2016 | Jan 3, 2017 | 7 months | 1.5 years |
| Nov 16, 2021 | −17.5% | Oct 12, 2022 | Jun 13, 2023 | 11 months | 1.6 years |
| Jan 26, 2018 | −15.5% | Dec 24, 2018 | Apr 23, 2019 | 11 months | 1.2 years |
| Mar 19, 2025 | −13.3% | Apr 8, 2025 | May 12, 2025 | 20 days | 54 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
HAWX risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2015 |
|---|---|---|---|---|
| Annualized return | +21.5% | +13.2% | +11.6% | +10.0% |
| Volatility (annualized) | 9.0% | 11.2% | 11.7% | 12.2% |
| Sharpe ratio | 1.74 | 0.86 | 0.81 | 0.68 |
| Sortino ratio | 3.37 | 1.46 | 1.24 | 1.02 |
| Best month | +6.0% | +8.9% | +10.7% | +10.7% |
| Worst month | −5.9% | −6.6% | −13.4% | −13.4% |
| Best 12 months | +35.5% | +35.5% | +44.4% | +44.4% |
| Worst 12 months | +10.0% | −13.1% | −13.1% | −13.1% |
| Positive months | 78% | 67% | 68% | 67% |
| Beta vs S&P 500 | 0.53 | 0.59 | 0.65 | — |
| Correlation with S&P 500 | 0.73 | 0.82 | 0.85 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
HAWX rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 123 | −13.1% | +12.4% | +44.4% | 83% |
| 3-year (a year) | 99 | −0.3% | +8.6% | +22.0% | 99% |
| 5-year (a year) | 75 | +3.3% | +9.4% | +14.5% | 100% |
| 10-year (a year) | 15 | +8.5% | +11.5% | +12.7% | 100% |
Every holding period starting at a month-end since 2015. Returns for 3 years and longer are annualized.
HAWX performance overview
iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) returned +16.5% over the past year and +11.2% a year over ten years, with distributions reinvested. Since its first recorded price in 2015 it has returned +9.6% a year, turning $10,000 into about $28,161. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −30.6%, from Jan 17, 2020 to Mar 16, 2020, and it took 8 months to get back to the old high. HAWX finished 8 of its 10 full calendar years with a gain; the best year was 2025 (+26.2%) and the worst 2018 (−9.8%). Volatility has been 12.2% a year.
Related: HAWX chart, HAWX holdings, HAWX dividends. See the HAWX overview for the latest quote and fund facts.
HAWX performance FAQ
What is the HAWX return over the past year?
HAWX returned +16.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 13.4%.
What is the average annual return of HAWX?
HAWX has returned +12.0% a year over 5 years, +11.2% a year over 10 years, +9.6% a year since July 1, 2015 (total return, distributions reinvested).
How much would $10,000 invested in HAWX be worth?
$10,000 invested in HAWX at its first recorded close on July 1, 2015 would be worth about $28,161 on October 23, 2026 with distributions reinvested.
What was the worst year for HAWX?
The worst calendar year was 2018, with a total return of −9.8%. The best was 2025 at +26.2%.
What is the biggest drawdown of HAWX?
The largest peak-to-trough decline was −30.6% between January 17, 2020 and March 16, 2020. It recovered to the old high on November 16, 2020, 8 months after the bottom.
How volatile is HAWX?
Over the past 3 years HAWX had an annualized volatility of 9.0% and a Sharpe ratio of 1.74 (excess return over 1–3 month T-bills per unit of risk).