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ACWI.L vs. ACWD.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ACWI.L vs. ACWD.L

Last updated Jun 4, 2026

ACWI.L (SPDR MSCI ACWI UCITS ETF) and ACWD.L (SPDR MSCI All Country World UCITS ETF) are both Global Equities funds from State Street - ACWI.L tracks the MSCI ACWI NR USD while ACWD.L tracks the MSCI ACWI Index. Both are passively managed. Over the past 10 years, ACWI.L returned 13.66%/yr vs 13.66%/yr for ACWD.L. Their correlation of 0.84 suggests significant overlap in exposure. ACWI.L charges 0.40%/yr vs 0.12%/yr for ACWD.L.

Performance

ACWI.L vs. ACWD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR MSCI ACWI UCITS ETF (ACWI.L) and SPDR MSCI All Country World UCITS ETF (ACWD.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ACWI.L is traded in GBP, while ACWD.L is traded in USD. To make them comparable, the ACWD.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with ACWI.L having a 11.87% return and ACWD.L slightly higher at 11.99%. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: ACWI.L at 13.66% and ACWD.L at 13.66%.

ACWI.L

1D
-0.37%
1M
5.83%
YTD
11.87%
6M
12.47%
1Y
30.54%
3Y*
18.34%
5Y*
12.53%
10Y*
13.66%

ACWD.L

1D
-0.39%
1M
5.51%
YTD
11.99%
6M
12.64%
1Y
30.62%
3Y*
18.32%
5Y*
12.52%
10Y*
13.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ACWI.L vs. ACWD.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ACWI.L
SPDR MSCI ACWI UCITS ETF		11.87%14.32%19.66%15.59%-8.59%20.28%11.89%21.92%-4.58%12.93%
ACWD.L
SPDR MSCI All Country World UCITS ETF		11.99%14.08%19.81%16.16%-8.66%19.89%12.50%21.02%-4.51%13.36%

Correlation

The correlation between ACWI.L and ACWD.L is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.91

Correlation (3Y)
Calculated over the trailing 3-year period

0.92

Correlation (5Y)
Calculated over the trailing 5-year period

0.91

Correlation (10Y)
Calculated over the trailing 10-year period

0.91

Correlation (All Time)
Calculated using the full available price history since Aug 4, 2011

0.84

The correlation between ACWI.L and ACWD.L has been stable across timeframes, ranging from 0.84 to 0.92 - a consistent structural relationship.

ACWI.L vs. ACWD.L - Sectors Allocation Comparison

Sectors
ACWI.L
ACWD.L

Technology

29.2%
29.2%

Financial Services

16.5%
16.5%

Industrials

10.9%
10.9%

Consumer Cyclical

9.3%
9.3%

Communication Services

9.0%
9.0%

Healthcare

8.0%
8.0%

Consumer Defensive

4.9%
4.9%

Energy

4.3%
4.3%

Basic Materials

3.6%
3.6%

Utilities

2.7%
2.7%

Real Estate

1.7%
1.7%

Technology

ACWI.L
29.2%
ACWD.L
29.2%

Financial Services

ACWI.L
16.5%
ACWD.L
16.5%

Industrials

ACWI.L
10.9%
ACWD.L
10.9%

Consumer Cyclical

ACWI.L
9.3%
ACWD.L
9.3%

Communication Services

ACWI.L
9.0%
ACWD.L
9.0%

Healthcare

ACWI.L
8.0%
ACWD.L
8.0%

Consumer Defensive

ACWI.L
4.9%
ACWD.L
4.9%

Energy

ACWI.L
4.3%
ACWD.L
4.3%

Basic Materials

ACWI.L
3.6%
ACWD.L
3.6%

Utilities

ACWI.L
2.7%
ACWD.L
2.7%

Real Estate

ACWI.L
1.7%
ACWD.L
1.7%

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SPDR MSCI ACWI UCITS ETF

SPDR MSCI All Country World UCITS ETF

Often compared with ACWI.L:
ACWI.L vs. VWCE.DEACWI.L vs. ACWIACWI.L vs. IWDA.LACWI.L vs. SPYACWI.L vs. SSAC.LACWI.L vs. CSPX.ASACWI.L vs. IMID.L
Often compared with ACWD.L:
ACWD.L vs. VWRA.LACWD.L vs. ACWIACWD.L vs. SWRD.LACWD.L vs. IWDA.LACWD.L vs. FWRA.LACWD.L vs. WEBN.DEACWD.L vs. IWQU.L

Return for Risk

ACWI.L vs. ACWD.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ACWI.L
ACWI.L Risk / Return Rank: 8585
Overall Rank
ACWI.L Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
ACWI.L Sortino Ratio Rank: 8787
Sortino Ratio Rank
ACWI.L Omega Ratio Rank: 8888
Omega Ratio Rank
ACWI.L Calmar Ratio Rank: 8181
Calmar Ratio Rank
ACWI.L Martin Ratio Rank: 8484
Martin Ratio Rank
ACWD.L
ACWD.L Risk / Return Rank: 7272
Overall Rank
ACWD.L Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
ACWD.L Sortino Ratio Rank: 7676
Sortino Ratio Rank
ACWD.L Omega Ratio Rank: 7171
Omega Ratio Rank
ACWD.L Calmar Ratio Rank: 6767
Calmar Ratio Rank
ACWD.L Martin Ratio Rank: 7373
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ACWI.L vs. ACWD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI ACWI UCITS ETF (ACWI.L) and SPDR MSCI All Country World UCITS ETF (ACWD.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.

ACWI.LACWD.LDifference
Sharpe ratioReturn per unit of total volatility
2.92
2.53

+0.39

Sortino ratioReturn per unit of downside risk
4.02
3.50

+0.52

Omega ratioGain probability vs. loss probability

1.56

1.48

+0.08

Calmar ratioReturn relative to maximum drawdown

4.31

4.44

-0.12

Martin ratioReturn relative to average drawdown

17.47

16.90

+0.57

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ACWI.L vs. ACWD.L - Sharpe Ratio Comparison

The current ACWI.L Sharpe Ratio is 2.92, which is comparable to the ACWD.L Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of ACWI.L and ACWD.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

ACWI.LACWD.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.92

2.53

+0.39

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.96

0.88

+0.08

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.95

0.89

+0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.81

0.84

-0.03

Drawdowns

ACWI.L vs. ACWD.L - Drawdown Comparison

The maximum ACWI.L drawdown since its inception was -25.44%, roughly equal to the maximum ACWD.L drawdown of -25.57%. Use the drawdown chart below to compare losses from any high point for ACWI.L and ACWD.L.

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Drawdown Indicators

ACWI.LACWD.LDifference

Max Drawdown

Largest peak-to-trough decline

-25.44%

-25.57%

+0.13%

Max Drawdown (1Y)

Largest decline over 1 year

-7.05%

-6.87%

-0.18%

Max Drawdown (3Y)

Largest decline over 3 years

-18.07%

-18.26%

+0.19%

Max Drawdown (5Y)

Largest decline over 5 years

-18.07%

-18.26%

+0.19%

Max Drawdown (10Y)

Largest decline over 10 years

-25.44%

-25.57%

+0.13%

Current Drawdown

Current decline from peak

-0.37%

-0.39%

+0.02%

Average Drawdown

Average peak-to-trough decline

-3.67%

-3.56%

-0.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.74%

1.81%

-0.07%

Volatility

ACWI.L vs. ACWD.L - Volatility Comparison

The current volatility for SPDR MSCI ACWI UCITS ETF (ACWI.L) is 2.89%, while SPDR MSCI All Country World UCITS ETF (ACWD.L) has a volatility of 3.75%. This indicates that ACWI.L experiences smaller price fluctuations and is considered to be less risky than ACWD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ACWI.LACWD.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.89%

3.75%

-0.86%

Volatility (6M)

Calculated over the trailing 6-month period

7.76%

9.37%

-1.61%

Volatility (1Y)

Calculated over the trailing 1-year period

10.45%

12.06%

-1.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.05%

14.27%

-1.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.39%

15.40%

-1.01%

ACWI.L vs. ACWD.L - Expense Ratio Comparison

ACWI.L has a 0.40% expense ratio, which is higher than ACWD.L's 0.12% expense ratio.

Dividends

ACWI.L vs. ACWD.L - Dividend Comparison

Neither ACWI.L nor ACWD.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

With a correlation of 0.91, ACWI.L and ACWD.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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 0.40% for ACWI.L.

ACWI.L tracks MSCI ACWI NR USD, while ACWD.L tracks MSCI ACWI Index. Their fees differ too: 0.40% for ACWI.L and 0.12% for ACWD.L.

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