HAWX vs SPY
iShares Currency Hedged MSCI ACWI ex US ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, HAWX or SPY?
Each has led over a different period.
SPY has a lower expense ratio. HAWX led over 1Y, SPY over 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | HAWX | SPY |
|---|---|---|
| Expense Ratio | 0.35% | 0.09%Best |
| AUM | $351M | $804.7B |
| Dividend Yield | 2.46% | 0.98% |
| Holdings | 2,085 | 505 |
| YTD Return | +15.31%Best | +12.47% |
| 1Y Return | +25.58%Best | +17.51% |
| 3Y Return (annualized) | +21.15% | +21.18%Best |
| 5Y Return (annualized) | +12.68% | +12.88%Best |
| Volatility (annualized) | 12.3%Best | 15.2% |
| Max Drawdown | -30.6%Best | -34.1% |
| $10,000 over 5 years | $18,165 | $18,327Best |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jun 29, 2015 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jul 1, 2015 to Sep 11, 2026 (11.2 years).
HAWX vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 11.2 years both funds cover.
HAWX vs SPY Performance
iShares Currency Hedged MSCI ACWI ex US ETF (HAWX) is an ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year HAWX returned +25.58% while SPY returned +17.51%. Year to date, HAWX is up 15.31% versus a gain of 12.47% for SPY.
Over three years, HAWX compounded at +21.15% per year against +21.18% for SPY; over five years the annualized figures are +12.68% and +12.88% respectively. Across the full 11-year window we track, SPY has the edge at +13.09% annualized vs +8.37%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.2% compared with 12.3% 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 -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
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 2.46% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 3 holdings in HAWX and 504 in SPY, totalling 101.0% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 3 positions we hold weights for in HAWX and 504 in SPY, against full books of 2,085 and 505.
You are not choosing between two funds in isolation.
Whichever of HAWX and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
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, by $26 a year on a $10,000 investment.
Which performed better, HAWX or SPY?
Over the past year HAWX returned +25.58% vs +17.51% for SPY, so HAWX leads on 1-year performance. Over the longest common window we track (11 years), HAWX annualized +8.37% vs +13.09% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, HAWX or SPY?
SPY has been the more volatile fund at 15.2% annualized versus 12.3% for HAWX. Worst drawdown: HAWX -30.6% vs SPY -34.1%.
Should I hold both HAWX and SPY?
HAWX and SPY have a monthly-return correlation of 0.84, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, HAWX or SPY?
HAWX yields 2.46% while SPY yields 0.98%, so HAWX currently pays the higher dividend yield.
Is SPY better than HAWX?
SPY has a lower expense ratio. HAWX led over 1Y, SPY over 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.