HAWX vs HEZU: Grades, Fees and Holdings Compared

iShares Currency Hedged MSCI ACWI ex U.S. ETF

HAWXCNYSE Arca

iShares Currency Hedged MSCI Eurozone ETF

HEZUDNYSE Arca

Overlap

20.6%by weight

Expense ratio

HAWX −0.42pt a year

HAWX0.70%HEZU1.12%

Avg volume · 30D

HEZU 3.9×the volume

HAWX21.6KHEZU85.3K

10Y return · a year

HEZU +0.4pt

HAWX+11.3%HEZU+11.7%

HAWX vs HEZU Performance

Oct 29, 2021 – Oct 30, 2026

+76.4%HAWX+73.8%HEZU

Expense ratio: HAWX 0.70%, better; HEZU 1.12%
Fund size: HAWX $349M; HEZU $417M
1Y total return: HAWX +15.6%, better; HEZU +13.9%
Yield (12M): HAWX 2.56%; HEZU 2.63%, better
Holdings: HAWX 1892; HEZU 219
Avg volume (30D): HAWX 21.6K sh; HEZU 85.3K sh, better
NAV per share: HAWX $44.21; HEZU $47.62
52W range

ETF.net Grade

Pillar letters and Scores for HAWX, HEZU, with each pillar’s weight
Pillar	HAWX	HEZU
Cost30% weight	D28Higher	F11
Mission25% weight	Not scored	Not scored
Risk15% weight	B55	B55
Tradability15% weight	C46	A81Higher
Holdings10% weight	A72Higher	D39
Durability5% weight	B57	B57

Rank among International Stocks (USD-Hedged) funds

How we build Categories ›

Same Category. HAWX and HEZU 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 ›

HAWX ranks 3rd and HEZU 5th 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
Rank 5DHEZUiShares Currency Hedged MSCI Eurozone ETFScore 40

Our read on each fund

ETF.net Research

HAWXCiShares Currency Hedged MSCI ACWI ex U.S. ETF

HEZUDiShares Currency Hedged MSCI Eurozone ETF

In short

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.

HEZU The hedged twin of a big eurozone index fund: same large- and mid-cap basket, euro/dollar swings neutralized. You own the shares, not the currency. That built-in hedge carries a fee well above the typical index wrapper.

Stated mandate

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

HEZU The fund seeks to track an index of large- and mid-cap equities from developed countries that use the euro.

Why people hold it

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.

HEZU Currency hedging is baked into the wrapper: the euro/dollar move is neutralized, so results follow the eurozone shares rather than the exchange rate.
Tracks the same declared index as the unhedged EZU (MSCI EMU), so moving between hedged and unhedged versions keeps the stock lineup identical.
One ticket for large- and mid-cap companies across developed countries that use the euro, running since 2014 under the iShares roof.ishares.com

Worth knowing

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.

HEZU Cost is the headline trade-off: a 1.12% expense ratio against a 0.45% median for index wrappers, and against 0.50% on the unhedged EZU tracking the same index.
The hedge cuts both ways: a strengthening euro no longer adds to dollar-based results the way it can in an unhedged eurozone fund.
Moderately traded rather than a volume heavyweight, so spreads and order size are worth a look before hitting the button.

Full HAWX profile⁠

Full HEZU profile⁠

HAWX vs HEZU Holdings

How HAWX and HEZU differ

Overlap by weight

20.6%

Shared holdings make up 100% of HEZU and 20.8% of HAWX.

Level by level

Countryby domicile20.1%
Holdings215 in both20.6%
Sector11 Sectors89.1%
Asset classEquity100%

Sector

Sector weights in HAWX and HEZU, widest gap first
Sector	More in HAWXMore in HEZU	HAWX	HEZU
Industrials	HEZU +5.3 points	13.7%	19.0%
Technology	HAWX +4.6 points	20.9%	16.3%
Utilities	HEZU +3.9 points	3.1%	7.0%
Materials	HAWX +2.5 points	6.6%	4.1%
Communication	HAWX +1.2 points	4.2%	3.0%
Health Care	HAWX +1.0 points	7.3%	6.3%
Financials	HEZU +1.0 points	24.9%	25.9%
Energy	HAWX +0.8 points	5.2%	4.4%
Real Estate	HAWX +0.7 points	1.2%	0.5%
Consumer Staples	HEZU +0.5 points	5.3%	5.8%
Consumer Discretionary	HEZU +0.1 points	7.5%	7.6%

Country, concentration and asset class

Country by domicile

Country weights in HAWX and HEZU, widest gap first
Country	More in HAWXMore in HEZU	HAWX	HEZU
France	HEZU +21.3 points	6.1%	27.4%
Germany	HEZU +20.2 points	5.8%	26.0%
Japan	HAWX +15.7 points	15.7%	0.0%
Netherlands	HEZU +13.2 points	3.7%	16.9%
Taiwan	HAWX +10.4 points	10.4%	0.0%
Canada	HAWX +9.6 points	9.6%	0.0%
United Kingdom	HAWX +9.5 points	9.5%	0.0%
Spain	HEZU +8.9 points	2.5%	11.4%
Other countries (14)	HAWX +18.4 points	36.8%	18.4%

Outside the US: HAWX 70% developed, 30% emerging. HEZU 100% developed, 0% emerging.

Concentration

Weight in the 10 largest Holdings

HAWX15.8%
HEZU30.4%

Securities held

HAWX1,858
HEZU215

Asset class

HAWX: Equity
HEZU: Equity

Holdings

Only in HAWX1,643
In both215
Only in HEZU0

Only in HAWX

1,643 securities, 79.4% of HAWX by weight

Taiwan Semiconductor Manufacturing5.02%
Samsung Electronics Ltd2.23%
Sk Hynix1.74%
Roche Ps Par AG0.94%
Shell0.86%
Tencent Holdings0.82%
Novartis AG0.81%
Hsbc Holdings PLC0.81%
Royal Bank of Canada0.79%
Astrazeneca PLC0.72%
Nestle SA0.71%
Mitsubishi Ufj Financial Group0.65%
Toronto Dominion0.58%
Alibaba Group Holding0.57%
Bhp Group Ltd0.57%
Shopify Subordinate Voting Class A0.56%
Commonwealth Bank of Australia0.54%
Toyota Motor0.52%
Mediatek0.49%
Advantest0.47%
Recruit Holdings Ltd0.43%
Sumitomo Mitsui Financial Group0.43%
Ubs Group AG0.42%
Sony Group0.41%
Hitachi0.40%
Tokyo Electron0.39%
Rolls-Royce Holdings PLC0.39%
Abb Ltd0.38%
Unilever PLC0.38%
Bp PLC0.36%
Novo Nordisk Class B0.34%
Bank of Montreal0.34%
British American Tobacco0.33%
Dbs Group Holdings Ltd0.33%
Bank of Nova Scotia0.32%
Canadian Natural Resources Ltd0.32%
Samsung Electronics Non Voting Pre0.31%
Mizuho Financial Group0.31%
Softbank Group Corp0.31%
Canadian Imperial Bank of Commerce0.30%
China Construction Bank Corp H0.30%
Compagnie Financiere Richemont SA0.30%
Enbridge0.30%
Zurich Insurance Group AG0.29%
Kioxia Holdings0.29%
Aia Group0.28%
Tokio Marine Holdings0.27%
Glaxosmithkline0.27%
Mitsubishi0.26%
Hon Hai Precision Industry0.26%

Only in HEZU

0 securities, 0.0% of HEZU by weight

Weight gaps

The 100 widest of 215 Holdings in both funds.

Holding weights in HAWX and HEZU, widest gap first
Holding	More in HAWXMore in HEZU	HAWX	HEZU
Asml Holding	HEZU +6.91 points	1.79%	8.70%
Sap	HEZU +2.50 points	0.65%	3.15%
Siemens N AG	HEZU +2.34 points	0.61%	2.95%
Eur/Usd	HEZU +2.12 points	0.39%	2.51%
Allianz	HEZU +1.98 points	0.51%	2.49%
Totalenergies	HEZU +1.94 points	0.50%	2.44%
Banco Santander	HEZU +1.77 points	0.46%	2.23%
Iberdrola	HEZU +1.62 points	0.42%	2.04%
Schneider Electric	HEZU +1.61 points	0.42%	2.03%
Banco Bilbao Vizcaya Argentaria	HEZU +1.45 points	0.37%	1.82%
Airbus Group	HEZU +1.38 points	0.36%	1.74%
Lair Liquide Societe Anonyme Pour	HEZU +1.30 points	0.34%	1.64%
Siemens Energy N AG	HEZU +1.24 points	0.33%	1.57%
Unicredit	HEZU +1.20 points	0.31%	1.51%
Loreal SA	HEZU +1.19 points	0.32%	1.51%
Safran SA	HEZU +1.13 points	0.30%	1.43%
Lvmh	HEZU +1.13 points	0.29%	1.42%
Deutsche Telekom N AG	HEZU +1.03 points	0.27%	1.30%
Bnp Paribas SA	HEZU +1.02 points	0.27%	1.29%
Intesa Sanpaolo	HEZU +1.00 points	0.26%	1.26%
Sanofi SA	HEZU +0.98 points	0.26%	1.24%
Ing Groep	HEZU +0.97 points	0.26%	1.23%
Enel	HEZU +0.84 points	0.22%	1.06%
Muenchener Rueckversicherungs-Gese	HEZU +0.83 points	0.22%	1.05%
Infineon Technologies AG	HEZU +0.83 points	0.22%	1.05%
Axa SA	HEZU +0.80 points	0.20%	1.00%
Anheuser-Busch Inbev SA	HEZU +0.74 points	0.20%	0.94%
Industria De Diseno Textil SA	HEZU +0.72 points	0.19%	0.91%
Deutsche Boerse AG	HEZU +0.67 points	0.18%	0.85%
Dhl AG	HEZU +0.65 points	0.16%	0.81%
Deutsche Bank AG	HEZU +0.63 points	0.17%	0.80%
Essilorluxottica SA	HEZU +0.61 points	0.16%	0.77%
Vinci SA	HEZU +0.60 points	0.16%	0.76%
Argenx	HEZU +0.59 points	0.16%	0.75%
Nordea Bank	HEZU +0.59 points	0.14%	0.73%
Rheinmetall AG	HEZU +0.58 points	0.15%	0.73%
Eni	HEZU +0.58 points	0.15%	0.73%
Bayer AG	HEZU +0.55 points	0.15%	0.70%
Basf N	HEZU +0.54 points	0.15%	0.69%
Hermes International	HEZU +0.52 points	0.13%	0.65%
Ferrari	HEZU +0.51 points	0.13%	0.64%
E.on N	HEZU +0.50 points	0.13%	0.63%
Nokia	HEZU +0.50 points	0.13%	0.63%
Engie SA	HEZU +0.49 points	0.14%	0.63%
Prosus NV Class N	HEZU +0.48 points	0.13%	0.61%
Danone SA	HEZU +0.48 points	0.13%	0.61%
Societe Generale SA	HEZU +0.47 points	0.12%	0.59%
Caixabank SA	HEZU +0.46 points	0.12%	0.58%
Rwe AG	HEZU +0.44 points	0.12%	0.56%
Asm International NV	HEZU +0.44 points	0.11%	0.55%
Legrand SA	HEZU +0.40 points	0.11%	0.51%
Ucb SA	HEZU +0.40 points	0.11%	0.51%
Erste Group Bank AG	HEZU +0.39 points	0.10%	0.49%
Repsol	HEZU +0.38 points	0.10%	0.48%
Prysmian	HEZU +0.38 points	0.10%	0.48%
Nebius NV Class ANBIS	HEZU +0.36 points	0.10%	0.46%
Assicurazioni Generali	HEZU +0.36 points	0.10%	0.46%
Compagnie De Saint Gobain SA	HEZU +0.36 points	0.09%	0.45%
Koninklijke Ahold Delhaize	HEZU +0.34 points	0.09%	0.43%
Mercedes-Benz Group N AG	HEZU +0.33 points	0.08%	0.41%
Stmicroelectronics	HEZU +0.33 points	0.09%	0.42%
Orange SA	HEZU +0.32 points	0.08%	0.40%
Adidas N AG	HEZU +0.32 points	0.08%	0.40%
Kbc Groep	HEZU +0.32 points	0.08%	0.40%
Abn Amro Bank NV	HEZU +0.29 points	0.08%	0.37%
Amadeus It Group	HEZU +0.28 points	0.08%	0.36%
Ferrovial NV	HEZU +0.28 points	0.08%	0.36%
Aib Group PLC	HEZU +0.28 points	0.06%	0.34%
Arcelormittal SA	HEZU +0.28 points	0.07%	0.35%
Commerzbank AG	HEZU +0.27 points	0.07%	0.34%
Publicis Groupe	HEZU +0.27 points	0.07%	0.34%
Sampo Class A	HEZU +0.27 points	0.07%	0.34%
Aercap HoldingsAER	HEZU +0.26 points	0.07%	0.33%
Thales SA	HEZU +0.26 points	0.07%	0.33%
Adyen	HEZU +0.26 points	0.07%	0.33%
Leonardo Finmeccanica Spa	HEZU +0.25 points	0.06%	0.31%
Heineken NV	HEZU +0.24 points	0.07%	0.31%
Banca Monte Dei Paschi Di Siena Sp	HEZU +0.25 points	0.06%	0.31%
Aena Sme SA	HEZU +0.24 points	0.06%	0.30%
Nn Group	HEZU +0.25 points	0.06%	0.31%
Fresenius N	HEZU +0.24 points	0.06%	0.30%
Heidelberg Materials AG	HEZU +0.24 points	0.06%	0.30%
Coca Cola Europacific Partners PLCCCEP	HEZU +0.24 points	0.06%	0.30%
Michelin	HEZU +0.24 points	0.06%	0.30%
Koninklijke Philips	HEZU +0.23 points	0.05%	0.28%
Veolia Environ. SA	HEZU +0.23 points	0.06%	0.29%
Merck	HEZU +0.23 points	0.06%	0.29%
Wolters Kluwer	HEZU +0.23 points	0.06%	0.29%
Bmw	HEZU +0.22 points	0.06%	0.28%
Capgemini	HEZU +0.22 points	0.06%	0.28%
Daimler Truck Holding E AG	HEZU +0.22 points	0.06%	0.28%
Poste Italiane	HEZU +0.21 points	0.06%	0.27%
Bper Banca	HEZU +0.22 points	0.06%	0.28%
Mtu Aero Engines Holding AG	HEZU +0.22 points	0.05%	0.27%
Bank of Ireland Group PLC	HEZU +0.21 points	0.06%	0.27%
Dsm Firmenich AG	HEZU +0.21 points	0.05%	0.26%
Hannover Rueck	HEZU +0.20 points	0.05%	0.25%
Kone	HEZU +0.21 points	0.05%	0.26%
Acs Actividades De Construccion Y	HEZU +0.20 points	0.05%	0.25%
Universal Music Group	HEZU +0.20 points	0.05%	0.25%

All HAWX holdings⁠All HEZU 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.

HAWX vs HEZU Cost

Overpaying HEZU vs HAWX

$7,001

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

HAWX 0.70%
$13,606
HEZU 1.12%
$20,607

Amount$10,000

Years30 years

Cost over time

HAWX 0.70%
HEZU 1.12%
Overpaying

Year by year

Year	HAWX	HEZU	Overpaying
10	$1,250	$1,965	$715
20	$4,760	$7,344	$2,584
30	$13,606	$20,607	$7,001

Expense ratio

0.70%HAWX, cheaper
1.12%HEZU

HAWX0.70%HEZU1.12%

0.40%1.12%

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

HAWX 4th cheapest of 5 funds

HEZU 5th cheapest of 5 funds

HAWX vs HEZU Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HAWX 2.56%; HEZU 2.63%, better
Payout (12M): HAWX $1.13; HEZU $1.26
Last payment: HAWX $0.50; HEZU $0.84
Ex-dividend: HAWX Jul 2, 2026; HEZU Jul 2, 2026
Paid on: HAWX Jul 8, 2026; HEZU Jul 8, 2026
Frequency: HAWX Twice a year; HEZU Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

HAWXTwice a year · 21 paymentsAll HAWX payments⁠

HEZUTwice a year · 21 paymentsAll HEZU payments⁠

HAWX vs HEZU Risk

Fall from peak · 5 years

HAWX
HEZU

Risk facts

VolatilityStd dev, 3 years: HAWX 9.0%, betterHEZU 10.9%
Return per unit of riskSharpe ratio, 3 years: HAWX 1.72, betterHEZU 1.34
Worst fallMax drawdown, 5 years: HAWX −17.5%, betterHEZU −22.7%
Market sensitivityBeta, 5 years: HAWX 0.59HEZU 0.66; Market = 1

HAWX and HEZU in the news

All news⁠

Deep Dive
Hedged Japan funds rose 0.7% as the yen fell; VGK dropped 1.8%
Sep 20, 2026HEZU
Deep Dive
Unhedged Japan funds rose 0.3% on the yen; VGK fell 1.9% after the ECB hike
Sep 13, 2026HEZU
News
ECB raises the deposit rate to 2.50% as energy inflation climbs to 14.3%
Sep 10, 2026HEZU

Popular comparisons

HAWXCvsDBAWB
iShares Currency Hedged MSCI ACWI ex U.S. ETF · Xtrackers MSCI All World ex US Hedged Equity ETF
Expense ratio
0.70% · 0.40%
Category
HEZUDvsDBAWB
iShares Currency Hedged MSCI Eurozone ETF · Xtrackers MSCI All World ex US Hedged Equity ETF
Expense ratio
1.12% · 0.40%
Category
HAWXCvsDBEUB
iShares Currency Hedged MSCI ACWI ex U.S. ETF · Xtrackers MSCI Europe Hedged Equity ETF
Expense ratio
0.70% · 0.46%
Category
HEZUDvsDBEUB
iShares Currency Hedged MSCI Eurozone ETF · Xtrackers MSCI Europe Hedged Equity ETF
Expense ratio
1.12% · 0.46%
Category
HAWXCvsDBEZC
iShares Currency Hedged MSCI ACWI ex U.S. ETF · Xtrackers MSCI Eurozone Hedged Equity ETF
Expense ratio
0.70% · 0.45%
Category
HEZUDvsDBEZC
iShares Currency Hedged MSCI Eurozone ETF · Xtrackers MSCI Eurozone Hedged Equity ETF
Expense ratio
1.12% · 0.45%
Category

HAWX vs HEZU

In short

Stated mandate

Why people hold it