DBAW vs HAWX: Grades, Fees and Holdings Compared

Xtrackers MSCI All World ex US Hedged Equity ETF

DBAWBNYSE Arca

iShares Currency Hedged MSCI ACWI ex U.S. ETF

HAWXCNYSE Arca

Overlap

89.9%by weight

Expense ratio

DBAW −0.30pt a year

DBAW0.40%HAWX0.70%

Avg volume · 30D

DBAW 1.9×the volume

DBAW40.2KHAWX21.6K

10Y return · a year

HAWX +0.3pt

DBAW+11.0%HAWX+11.3%

DBAW vs HAWX Performance

Oct 29, 2021 – Oct 30, 2026

+72.2%DBAW+76.4%HAWX

Expense ratio: DBAW 0.40%, better; HAWX 0.70%
Fund size: DBAW $366M; HAWX $349M
1Y total return: DBAW +15.1%; HAWX +15.6%, better
Yield (12M): DBAW 1.74%; HAWX 2.56%, better
Holdings: DBAW 1706; HAWX 1892
Avg volume (30D): DBAW 40.2K sh, better; HAWX 21.6K sh
NAV per share: DBAW $46.63; HAWX $44.21
52W range

ETF.net Grade

Pillar letters and Scores for DBAW, HAWX, with each pillar’s weight
Pillar	DBAW	HAWX
Cost30% weight	A76Higher	D28
Mission25% weight	Not scored	Not scored
Risk15% weight	B58Higher	B55
Tradability15% weight	C46	C46
Holdings10% weight	A76Higher	A72
Durability5% weight	C47	B57Higher

Rank among International Stocks (USD-Hedged) funds

How we build Categories ›

Same Category. DBAW and HAWX are both graded against the same 5 International Stocks (USD-Hedged) funds, so their Grades compare head to head.

International Stocks (USD-Hedged)⁠

Category · 5 funds

See all 5 ›

DBAW ranks 1st and HAWX 3rd of 5 funds in the International Stocks (USD-Hedged) Category.

Rank 1BDBAWXtrackers MSCI All World ex US Hedged Equity ETFScore 64
Rank 2BDBEUXtrackers MSCI Europe Hedged Equity ETFScore 55
Rank 3CHAWXiShares Currency Hedged MSCI ACWI ex U.S. ETFScore 44
Rank 4CDBEZXtrackers MSCI Eurozone Hedged Equity ETFScore 42

Our read on each fund

ETF.net Research

DBAWBXtrackers MSCI All World ex US Hedged Equity ETF

HAWXCiShares Currency Hedged MSCI ACWI ex U.S. ETF

In short

DBAW One ticker for the whole non-US stock market, developed and emerging, with the currency risk stripped out. Running since 2014, DBAW aims to give you what foreign stocks did at home, not what the dollar did to them.

HAWX International stocks without the currency ride. HAWX tracks a broad developed-plus-emerging ex-US index that is 100% hedged back to the US dollar, so results lean on the shares themselves rather than foreign exchange swings.

Stated mandate

DBAW The fund seeks, before fees and expenses, to track the MSCI ACWI ex USA US Dollar Hedged Index. Its mandate provides broad non-U.S. equity exposure through a currency-hedged index.

HAWX The Fund seeks to track an index of international equities excluding the United States while mitigating the effect of currency movements.

Why people hold it

DBAW Hedges the full ex-US market: the index sells each foreign currency forward at the one-month rate across developed and emerging markets, not just Europe and Japan.msci.com dws.com
About 1,800 stocks from developed and emerging markets outside the US, held through representative sampling of the index rather than stock picking.
A decade-plus of live history since its 2014 launch, one of the earlier US-listed funds to wrap the entire non-US market and its currency hedge into a single ticker.dws.com

HAWX One ticker for developed and emerging markets outside the US, with the currency layer built into the mandate instead of bolted on.
The benchmark is the MSCI ACWI ex USA 100% Hedged to USD Index, so foreign-currency exposure is neutralized by design rather than left to drift.ishares.com
Trading since 2015 under the iShares banner, so it has operated through both strong-dollar and weak-dollar stretches.
With the currency swing hedged out, it measures up as one of the steadier profiles among broad international stock funds on risk metrics.

Worth knowing

DBAW The hedging machinery costs: 0.40% a year, above the typical fund in its international peer group and far above unhedged options such as VXUS at 0.05%.
The hedge cuts both ways: forward contracts can wipe out the gain unhedged international funds pick up when foreign currencies rise against the dollar.dws.com
Trades thinly next to the category's giants, and distributions land once or twice a year rather than quarterly.

HAWX The hedge is a paid feature: 0.70% a year, against 0.32% for the unhedged iShares sibling ACWX and 0.07% for IXUS.
Hedging cuts both ways. When the dollar weakens, this fund forgoes the currency tailwind an unhedged ex-US fund would pick up.
Thinly traded next to the giants of the category, so bid-ask spreads and order type matter more at entry and exit.

Full DBAW profile⁠

Full HAWX profile⁠

DBAW vs HAWX Holdings

How DBAW and HAWX differ

Overlap by weight

89.9%

Shared holdings make up 93.8% of HAWX and 92.9% of DBAW.

Level by level

Holdings1,498 in both89.9%
Countryby domicile91.1%
Sector11 Sectors98.7%
Asset classEquity100%

Sector

Sector weights in DBAW and HAWX, widest gap first
Sector	More in DBAWMore in HAWX	DBAW	HAWX
Consumer Discretionary	HAWX +0.7 points	6.8%	7.5%
Industrials	HAWX +0.5 points	13.2%	13.7%
Technology	DBAW +0.4 points	21.3%	20.9%
Communication	DBAW +0.4 points	4.6%	4.2%
Financials	DBAW +0.2 points	25.1%	24.9%
Energy	DBAW +0.2 points	5.4%	5.2%
Consumer Staples	DBAW +0.1 points	5.4%	5.3%
Health Care	DBAW +0.1 points	7.4%	7.3%
Utilities	Same weight	3.1%	3.1%
Materials	Same weight	6.6%	6.6%
Real Estate	Same weight	1.2%	1.2%

Country, concentration and asset class

Country by domicile

Country weights in DBAW and HAWX, widest gap first
Country	More in DBAWMore in HAWX	DBAW	HAWX
United States	DBAW +1.3 points	1.3%	0.0%
South Africa	DBAW +1.1 points	1.1%	0.0%
France	HAWX +1.2 points	4.9%	6.1%
Japan	HAWX +1.1 points	14.6%	15.7%
United Kingdom	HAWX +1.1 points	8.4%	9.5%
Denmark	DBAW +1.0 points	1.0%	0.0%
Taiwan	HAWX +0.9 points	9.5%	10.4%
Canada	HAWX +0.9 points	8.7%	9.6%
Other countries (31)	DBAW +1.6 points	50.4%	48.8%

Outside the US: DBAW 68% developed, 32% emerging. HAWX 70% developed, 30% emerging.

Concentration

Weight in the 10 largest Holdings

DBAW17.0%
HAWX15.8%

Securities held

DBAW1,704
HAWX1,858

Asset class

DBAW: Equity
HAWX: Equity

Holdings

Only in DBAW206
In both1,498
Only in HAWX360

Only in DBAW

206 securities, 4.8% of DBAW by weight

Spotify Technology SA0.23%
Hdfc Bank Ltd0.22%
ICICI Bank Ltd0.20%
Glencore PLC0.18%
Bharti Airtel Ltd0.15%
Argenx SE0.15%
Teva Pharmaceutical Industries Ltd0.14%
Reliance Industries0.12%
Xtrackers MSCI EAFE Hedged Equity ETF0.10%
Infosys Ltd0.10%
BYD Co Ltd-H0.09%
STMicroelectronics NV0.08%
Axis Bank Ltd0.07%
Larsen & Toubro Ltd0.07%
Reliance Industries Ltd-GDR 144A0.07%
Coca-Cola European Partners0.07%
First Abu Dhabi Bank PJSC0.07%
Kotak Mahindra Bank Ltd Inr 1.00.07%
ArcelorMittal0.07%
Credicorp Ltd0.06%
Tata Consultancy Svcs Ltd0.06%
Bajaj Finance Ltd Npv0.06%
Xtrackers Harvest CSI 300 China A-Shares ETF0.05%
Yum China Holdings Inc0.05%
Emirates Telecommunications Group Company PJSC0.05%
Zomato Ltd0.04%
State Bank Of India0.04%
Sun Pharmaceutical Industries0.04%
Titan Co Ltd0.04%
Maruti Suzuki India Ltd0.04%
Hindustan Unilever Ltd0.04%
Ntpc Ltd0.04%
Abu Dhabi Commercial Bank PJSC0.04%
Coca-Cola HBC AG-CDI0.04%
Bharat Electronics Ltd0.04%
Hcl Technologies Ltd0.03%
Ultratech Cement Ltd0.03%
Divi's Laboratories0.03%
Check Point Software Technologies Ltd0.03%
Power Grid Corp of India0.03%
Tata Steel Ltd0.03%
TVS Motor Co Ltd0.03%
Adani Ports & Special Economic Zone Ltd0.03%
Hindalco Industries Ltd0.03%
Shriram Finance Ltd Inr 2.00.03%
KE Holdings Inc0.03%
Hindustan Aeronautics Ltd0.03%
Eicher Motors Ltd0.03%
JSW Steel Ltd0.03%
Xtrackers MSCI Emerging Markets Hedged Equity ETF0.02%

Only in HAWX

360 securities, 6.1% of HAWX by weight

Eur/Usd0.39%
Spotify Technology0.23%
Hdfc Bank0.22%
Icici Bank0.20%
Reliance Industries Ltd0.19%
Glencore PLC0.19%
Twd/Usd0.17%
Bharti Airtel Ltd0.16%
Argenx0.16%
Teva Pharmaceutical Industries0.13%
Jpy/Usd0.12%
Infosys0.10%
Byd H0.10%
Stmicroelectronics0.09%
Axis Bank0.08%
Arcelormittal SA0.07%
Larsen and Toubro Ltd0.07%
Kotak Mahindra Bank Ltd0.07%
Credicorp Ltd0.07%
Coca Cola Europacific Partners PLC0.06%
Bajaj Finance Ltd0.06%
First Abu Dhabi Bank0.06%
Tata Consultancy Services Ltd0.06%
Emirates Telecommunications Group0.05%
Eternal0.05%
State Bank of India0.05%
Sun Pharmaceutical Industries0.05%
Brl/Usd0.04%
Titan Company Ltd0.04%
Yum China Holdings Inc0.04%
Maruti Suzuki India Ltd0.04%
Abu Dhabi Commercial Bank0.04%
Coca Cola Hbc AG0.04%
Hcl Technologies Ltd0.04%
Check Point Software Technologies0.04%
Bharat Electronics Ltd0.04%
Hindustan Unilever Ltd0.03%
Divis Laboratories Ltd0.03%
Ntpc Ltd0.03%
Ke Holdings0.03%
Shriram Finance Ltd0.03%
Tata Steel Ltd0.03%
Tvs Motor Company0.03%
Hindalco Industries Ltd0.03%
Adani Ports and Special Economic Z0.03%
Eicher Motors Ltd0.03%
Ultratech Cement Ltd0.03%
Tech Mahindra0.03%
Jardine Matheson Holdings0.03%
Asian Paints0.03%

Weight gaps

The 100 widest of 1,498 Holdings in both funds.

Holding weights in DBAW and HAWX, widest gap first
Holding	More in DBAWMore in HAWX	DBAW	HAWX
SK Hynix Inc	HAWX +0.12 points	1.62%	1.74%
ASML Holding NV	HAWX +0.11 points	1.68%	1.79%
Hong Kong Exchanges & Clear	DBAW +0.11 points	0.17%	0.06%
Taiwan Semiconductor Manufacturing	HAWX +0.10 points	4.92%	5.02%
Samsung Electronics Co Ltd	HAWX +0.06 points	2.17%	2.23%
AstraZeneca PLCAZN.L	DBAW +0.05 points	0.77%	0.72%
Chocoladefabriken Lindt & Spruengli	DBAW +0.04 points	0.06%	0.02%
Shopify Inc	HAWX +0.04 points	0.52%	0.56%
Siemens Energy AG	HAWX +0.03 points	0.30%	0.33%
Siemens AG-Reg	HAWX +0.03 points	0.58%	0.61%
Delta Electronics Inc	HAWX +0.02 points	0.22%	0.24%
Banco Santander SA	HAWX +0.02 points	0.44%	0.46%
Advantest Corp	HAWX +0.02 points	0.45%	0.47%
Schneider Electric SE	HAWX +0.02 points	0.40%	0.42%
Bank Hapoalim BM	DBAW +0.02 points	0.08%	0.06%
Toronto-Dominion Bank	HAWX +0.02 points	0.56%	0.58%
Tokyo Electron Ltd	HAWX +0.02 points	0.37%	0.39%
Murata Manufacturing Co Ltd	HAWX +0.03 points	0.17%	0.20%
Abu Dhabi Islamic Bank	HAWX +0.02 points	<0.01%	0.02%
Fujitsu Ltd	HAWX +0.02 points	0.10%	0.12%
MediaTek Inc	HAWX +0.02 points	0.47%	0.49%
SoftBank Group Corp	HAWX +0.02 points	0.29%	0.31%
Singapore Exchange Ltd	DBAW +0.02 points	0.04%	0.02%
Givaudan SA-REG	DBAW +0.02 points	0.14%	0.12%
Mitsubishi UFJ Financial Group	HAWX +0.02 points	0.63%	0.65%
Samsung Electronics Co Ltd-PFD	HAWX +0.02 points	0.29%	0.31%
Bridgestone Corp	DBAW +0.02 points	0.08%	0.06%
Ibiden Co Ltd	HAWX +0.02 points	0.06%	0.08%
China Shenhua Energy Co Ltd-H	DBAW +0.02 points	0.07%	0.05%
Uni-President Enterprises Co	DBAW +0.02 points	0.05%	0.03%
China Merchants Bank Co Ltd-H	DBAW +0.02 points	0.09%	0.07%
Agnico Eagle Mines Ltd	HAWX +0.02 points	0.23%	0.25%
Royal Bank of Canada	HAWX +0.02 points	0.77%	0.79%
Canon Inc	DBAW +0.02 points	0.08%	0.06%
Sumitomo Mitsui Financial Group	HAWX +0.02 points	0.41%	0.43%
Infineon Technologies AG	HAWX +0.02 points	0.20%	0.22%
DBS Group Holdings Ltd	HAWX +0.02 points	0.31%	0.33%
Anglogold Ashanti Plc	HAWX +0.02 points	0.10%	0.12%
TDK Corp	HAWX +0.02 points	0.08%	0.10%
Inpex Corp	DBAW +0.02 points	0.08%	0.06%
Cathay Financial Holding Co Ltd	DBAW +0.02 points	0.11%	0.09%
Bank of Montreal	HAWX +0.02 points	0.32%	0.34%
Nintendo Co Ltd	DBAW +0.02 points	0.17%	0.15%
BNP Paribas SA	HAWX +0.02 points	0.25%	0.27%
Mizuho Financial Group Inc	DBAW +0.02 points	0.33%	0.31%
Kirin Holdings Co Ltd	DBAW +0.01 points	0.05%	0.04%
Wuxi Biologics	DBAW +0.02 points	0.07%	0.05%
Zurich Insurance Group AG	DBAW +0.02 points	0.31%	0.29%
Fuyao Glass Industry Group-A	DBAW +0.02 points	0.02%	<0.01%
Elite Material Co Ltd TWD 10.0	HAWX +0.02 points	0.10%	0.12%
CK Hutchison Holdings Ltd	DBAW +0.02 points	0.08%	0.06%
East Japan Railway Co	DBAW +0.01 points	0.07%	0.06%
Mitsubishi Electric Corp	HAWX +0.01 points	0.15%	0.16%
Industrial & Commercial Bank-H	HAWX +0.01 points	0.18%	0.19%
Engie SA	HAWX +0.02 points	0.12%	0.14%
Geely Automobile Holdings Ltd	DBAW +0.02 points	0.05%	0.03%
Shionogi & Co Ltd	DBAW +0.01 points	0.05%	0.04%
Nan Ya Plastics Corp	HAWX +0.01 points	0.11%	0.12%
Petrochina Co Ltd-A	DBAW +0.01 points	0.02%	<0.01%
China Life Insurance Co Ltd	DBAW +0.02 points	0.08%	0.06%
Takeda Pharmaceutical Co Ltd	DBAW +0.02 points	0.18%	0.16%
Barrick Mining Corporation	HAWX +0.02 points	0.16%	0.18%
China Resources Land Ltd	DBAW +0.01 points	0.04%	0.03%
Toyota Motor Corp	HAWX +0.02 points	0.50%	0.52%
Banco Bilbao Vizcaya Argentari	HAWX +0.01 points	0.36%	0.37%
Wheaton Precious Metals Corp	HAWX +0.02 points	0.14%	0.16%
Rio Tinto PLCRIO.L	HAWX +0.02 points	0.23%	0.25%
Pan American Silver Corp	HAWX +0.02 points	0.03%	0.05%
Kioxia Holdings Corp	HAWX +0.01 points	0.28%	0.29%
Sekisui House Ltd	DBAW +0.02 points	0.05%	0.03%
Barclays PLCBARC.L	HAWX +0.02 points	0.20%	0.22%
Beigene Ltd	DBAW +0.01 points	0.07%	0.06%
Brookfield Asset Management Ltd TSX	HAWX +0.02 points	0.03%	0.05%
Daiwa House Industry Co Ltd	DBAW +0.01 points	0.05%	0.04%
Nokia OYJ	HAWX +0.01 points	0.12%	0.13%
BOC Hong Kong Holdings Ltd	DBAW +0.01 points	0.08%	0.07%
Embraer On	DBAW +0.01 points	0.05%	0.04%
ABB Ltd-Reg	HAWX +0.01 points	0.37%	0.38%
Mitsubishi Corp	HAWX +0.01 points	0.25%	0.26%
Shin-Etsu Chemical Co Ltd	HAWX +0.02 points	0.16%	0.18%
Dai-ichi Life Holdings Inc	HAWX +0.02 points	0.10%	0.12%
ANTA Sports Products Ltd	DBAW +0.01 points	0.04%	0.03%
Enbridge Inc	DBAW +0.01 points	0.31%	0.30%
Bank of China Ltd-H	HAWX +0.01 points	0.15%	0.16%
Mitsubishi Heavy Industries Ltd	HAWX +0.01 points	0.19%	0.20%
Intesa Sanpaolo SpA	HAWX +0.02 points	0.24%	0.26%
Chubu Electric Power Co Inc	DBAW +0.01 points	0.04%	0.03%
Kao Corp	DBAW +0.01 points	0.07%	0.06%
SK Square Co Ltd	HAWX +0.01 points	0.17%	0.18%
NEC Corp	DBAW +0.01 points	0.11%	0.10%
Kikkoman Corp	DBAW +0.01 points	0.03%	0.02%
COSCO SHIPPING Holdings Co Ltd-H	DBAW +0.02 points	0.03%	0.01%
Public Power Corp	DBAW +0.01 points	0.02%	0.01%
UBS Group AG	HAWX +0.01 points	0.41%	0.42%
Tokio Marine Holdings Inc	HAWX +0.01 points	0.26%	0.27%
Bse Ltd Inr 2.0	DBAW +0.01 points	0.02%	<0.01%
Daimler AG	DBAW +0.01 points	0.09%	0.08%
Financiere De Tubize SA NPV	DBAW +0.02 points	0.03%	0.01%
China Shenhua Energy Co-A	DBAW +0.01 points	0.02%	0.01%
Honda Motor Co Ltd	HAWX +0.02 points	0.10%	0.12%

All 1,737 DBAW holdings⁠All HAWX holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DBAW vs HAWX Cost

Overpaying HAWX vs DBAW

$5,516

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

DBAW 0.40%
$8,090
HAWX 0.70%
$13,606

Amount$10,000

Years30 years

Cost over time

DBAW 0.40%
HAWX 0.70%
Overpaying

Year by year

Year	DBAW	HAWX	Overpaying
10	$723	$1,250	$527
20	$2,793	$4,760	$1,967
30	$8,090	$13,606	$5,516

Expense ratio

0.40%DBAW, cheaper
0.70%HAWX

DBAW0.40%HAWX0.70%

0.40%1.12%

Middle half of International Stocks (USD-Hedged) funds
Median 0.46%

DBAW cheapest of 5 funds

HAWX 4th cheapest of 5 funds

DBAW vs HAWX Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DBAW 1.74%; HAWX 2.56%, better
Payout (12M): DBAW $0.81; HAWX $1.13
Last payment: DBAW $0.02; HAWX $0.50
Ex-dividend: DBAW Jun 18, 2026; HAWX Jul 2, 2026
Paid on: DBAW Jun 26, 2026; HAWX Jul 8, 2026
Frequency: DBAW Twice a year; HAWX Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

DBAWTwice a year · 20 paymentsAll DBAW payments⁠

HAWXTwice a year · 21 paymentsAll HAWX payments⁠

DBAW vs HAWX Risk

Fall from peak · 5 years

DBAW
HAWX

Risk facts

VolatilityStd dev, 3 years: DBAW 9.3%HAWX 9.0%, better
Return per unit of riskSharpe ratio, 3 years: DBAW 1.65HAWX 1.72, better
Worst fallMax drawdown, 5 years: DBAW −17.9%HAWX −17.5%, better
Market sensitivityBeta, 5 years: DBAW 0.64HAWX 0.59; Market = 1

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