ACWD.L vs. VPAC.L
ACWD.L (SPDR MSCI All Country World UCITS ETF) and VPAC.L (Invesco Variable Rate Preferred Shares UCITS ETF USD) are both Global Equities funds - ACWD.L tracks the MSCI ACWI Index while VPAC.L tracks the Invesco Variable Rate Preferred Shares UCITS ETF USD. Both are passively managed. Over the past 5 years, ACWD.L returned 11.05%/yr vs 3.51%/yr for VPAC.L. A 0.55 correlation means they provide meaningful diversification when combined. ACWD.L charges 0.12%/yr vs 0.50%/yr for VPAC.L.
Performance
ACWD.L vs. VPAC.L - Performance Comparison
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Returns By Period
In the year-to-date period, ACWD.L achieves a 11.10% return, which is significantly higher than VPAC.L's 2.04% return.
ACWD.L
- 1D
- 0.07%
- 1M
- -0.64%
- 6M
- 9.52%
- YTD
- 11.10%
- 1Y
- 23.82%
- 3Y*
- 19.08%
- 5Y*
- 11.05%
- 10Y*
- 12.42%
VPAC.L
- 1D
- -0.12%
- 1M
- 0.03%
- 6M
- 1.83%
- YTD
- 2.04%
- 1Y
- 5.32%
- 3Y*
- 8.42%
- 5Y*
- 3.51%
- 10Y*
- —
ACWD.L vs. VPAC.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ACWD.L SPDR MSCI All Country World UCITS ETF | 11.10% | 22.83% | 17.76% | 22.27% | -18.37% | 18.77% | 15.91% | 25.80% | -4.02% |
VPAC.L Invesco Variable Rate Preferred Shares UCITS ETF USD | 2.04% | 6.34% | 10.84% | 9.27% | -9.70% | 3.64% | 4.81% | 17.14% | -1.27% |
Correlation
The correlation between ACWD.L and VPAC.L is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2018 | 0.55 |
The correlation between ACWD.L and VPAC.L has been stable across timeframes, ranging from 0.45 to 0.55 - a consistent structural relationship.
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Return for Risk
ACWD.L vs. VPAC.L — Risk / Return Rank
ACWD.L
VPAC.L
ACWD.L vs. VPAC.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI All Country World UCITS ETF (ACWD.L) and Invesco Variable Rate Preferred Shares UCITS ETF USD (VPAC.L). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ACWD.L | VPAC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.32 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 2.54 | +0.17 |
| Martin ratioReturn relative to average drawdown | 10.81 | 9.98 | +0.83 |
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Drawdowns
ACWD.L vs. VPAC.L - Drawdown Comparison
The maximum ACWD.L drawdown since its inception was -33.64%, roughly equal to the maximum VPAC.L drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for ACWD.L and VPAC.L.
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Drawdown Indicators
| ACWD.L | VPAC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.64% | -34.25% | +0.61% |
Max Drawdown (1Y)Largest decline over 1 year | -8.73% | -2.02% | -6.71% |
Max Drawdown (3Y)Largest decline over 3 years | -16.51% | -3.40% | -13.11% |
Max Drawdown (5Y)Largest decline over 5 years | -26.18% | -13.89% | -12.29% |
Max Drawdown (10Y)Largest decline over 10 years | -33.64% | — | — |
Current DrawdownCurrent decline from peak | -1.08% | -0.33% | -0.75% |
Average DrawdownAverage peak-to-trough decline | -4.86% | -3.14% | -1.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.20% | 0.52% | +1.68% |
Volatility
ACWD.L vs. VPAC.L - Volatility Comparison
SPDR MSCI All Country World UCITS ETF (ACWD.L) has a higher volatility of 3.28% compared to Invesco Variable Rate Preferred Shares UCITS ETF USD (VPAC.L) at 0.74%. This indicates that ACWD.L's price experiences larger fluctuations and is considered to be riskier than VPAC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ACWD.L | VPAC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.28% | 0.74% | +2.54% |
Volatility (6M)Calculated over the trailing 6-month period | 10.70% | 2.28% | +8.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.03% | 3.17% | +9.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.66% | 5.30% | +10.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.73% | 11.00% | +4.73% |
ACWD.L vs. VPAC.L - Expense Ratio Comparison
ACWD.L has a 0.12% expense ratio, which is lower than VPAC.L's 0.50% expense ratio.
Dividends
ACWD.L vs. VPAC.L - Dividend Comparison
Neither ACWD.L nor VPAC.L has paid dividends to shareholders.
Frequently Asked Questions
ACWD.L and VPAC.L have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ACWD.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ACWD.L is cheaper with a 0.12% expense ratio, compared with 0.50% for VPAC.L.
ACWD.L tracks MSCI ACWI Index, while VPAC.L tracks Invesco Variable Rate Preferred Shares UCITS ETF USD. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.12% for ACWD.L and 0.50% for VPAC.L.
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