HAWX vs SPY
HAWX vs SPY
iShares Currency Hedged MSCI ACWI ex US ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. HAWX delivered stronger 1-year returns. HAWX offers more diversification with 1379 holdings.
Side-by-Side Comparison
| Metric | HAWX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.35% | 0.09% | |
| AUM | $346M | $789.1B | |
| Dividend Yield | 2.38% | 1.01% | |
| Holdings | 2,085 | 505 | |
| YTD Return | +16.35% | +13.79% | |
| 1Y Return | +32.25% | +23.66% | |
| 3Y Return (annualized) | +21.41% | +21.40% | |
| 5Y Return (annualized) | +13.15% | +13.37% | |
| Volatility (annualized) | 12.4% | 15.3% | |
| Max Drawdown | -30.6% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jun 29, 2015 | Jan 22, 1993 |
HAWX vs SPY Performance
iShares Currency Hedged MSCI ACWI ex US ETF (HAWX) is a ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year HAWX returned +32.25% while SPY returned +23.66%. Year to date, HAWX is up 16.35% versus a gain of 13.79% for SPY.
Over three years, HAWX compounded at +21.41% per year against +21.40% for SPY; over five years the annualized figures are +13.15% and +13.37% respectively. Across the full 11-year window we track, SPY has the edge at +8.85% annualized vs +8.53%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 12.4% for HAWX. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -30.6% for HAWX and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.84. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
HAWX charges 0.35% per year while SPY charges 0.09%. On a $10,000 position that is $35 vs $9 annually, a gap of $26 per year that compounds over a long holding period. On income, HAWX currently yields 2.38% against 1.01% for SPY.
Holdings Overlap
HAWX and SPY share 1 holdings out of 1881 unique holdings combined, representing a 0.1% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in HAWX | Weight in SPY | Difference |
|---|---|---|---|
| MRK | 0.06% | 0.48% | 0.42% |
Frequently Asked Questions
Which is cheaper, HAWX or SPY?
HAWX has an expense ratio of 0.35% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $26 per year of difference.
Which performed better, HAWX or SPY?
Over the past year HAWX returned +32.25% vs +23.66% for SPY, so HAWX leads on 1-year performance. Over the longest common window we track (11 years), HAWX annualized +8.53% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, HAWX or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 12.4% for HAWX. Worst drawdown: HAWX -30.6% vs SPY -56.5%.
Should I hold both HAWX and SPY?
HAWX and SPY have a monthly-return correlation of 0.84, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between HAWX and SPY?
HAWX and SPY share 1 common holdings with a 0.1% weight overlap. Combined, they hold 1881 unique securities.
Which pays a higher dividend, HAWX or SPY?
HAWX yields 2.38% while SPY yields 1.01%, so HAWX currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.