ACWI vs. ACWX

Last updated Jun 18, 2026

ACWI (iShares MSCI ACWI ETF) and ACWX (iShares MSCI ACWI ex U.S. ETF) are both exchange-traded funds - ACWI is a Global Equities fund tracking the MSCI All Country World Index, while ACWX is a Foreign Large Cap Equities fund tracking the MSCI All Country World ex-U.S. Index. Both are passively managed. Over the past 10 years, ACWI returned 12.97%/yr vs 9.95%/yr for ACWX. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.32% expense ratio.

Performance

ACWI vs. ACWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI ACWI ETF (ACWI) and iShares MSCI ACWI ex U.S. ETF (ACWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACWI achieves a 10.84% return, which is significantly lower than ACWX's 14.53% return. Over the past 10 years, ACWI has outperformed ACWX with an annualized return of 12.97%, while ACWX has yielded a comparatively lower 9.95% annualized return.

ACWI

• 1D: -0.97%
• 1M: 1.60%
• YTD: 10.84%
• 6M: 13.18%
• 1Y: 27.32%
• 3Y*: 19.44%
• 5Y*: 11.40%
• 10Y*: 12.97%

ACWX

• 1D: -0.51%
• 1M: 3.75%
• YTD: 14.53%
• 6M: 17.58%
• 1Y: 31.91%
• 3Y*: 18.20%
• 5Y*: 8.99%
• 10Y*: 9.95%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ACWI vs. ACWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACWI iShares MSCI ACWI ETF	10.84%	22.41%	17.45%	22.27%	-18.39%	18.66%	16.34%	26.59%	-9.19%	24.33%
ACWX iShares MSCI ACWI ex U.S. ETF	14.53%	32.59%	5.17%	15.63%	-16.07%	7.67%	10.29%	21.05%	-13.99%	27.20%

Correlation

The correlation between ACWI and ACWX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Mar 31, 2008	0.94

The correlation between ACWI and ACWX has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

ACWI vs. ACWX - Sectors Allocation Comparison

Sectors	ACWI	ACWX
Technology	32.2%	22.5%
Financial Services	15.6%	23.2%
Industrials	10.2%	14.2%
Consumer Cyclical	8.7%	7.5%
Communication Services	8.2%	4.9%
Healthcare	8.1%	6.8%
Consumer Defensive	4.7%	4.8%
Energy	3.9%	4.8%
Basic Materials	3.6%	6.9%
Utilities	2.7%	3.0%
Real Estate	1.6%	1.4%

Return for Risk

ACWI vs. ACWX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ACWI

ACWI Risk / Return Rank: 66
ACWI Sharpe Ratio Rank: 67
ACWI Sortino Ratio Rank: 66
ACWI Omega Ratio Rank: 68
ACWI Calmar Ratio Rank: 60
ACWI Martin Ratio Rank: 71

ACWX

ACWX Risk / Return Rank: 63
ACWX Sharpe Ratio Rank: 63
ACWX Sortino Ratio Rank: 61
ACWX Omega Ratio Rank: 65
ACWX Calmar Ratio Rank: 60
ACWX Martin Ratio Rank: 64

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 vs. ACWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI ETF (ACWI) and iShares MSCI ACWI ex U.S. ETF (ACWX). 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.

	ACWI	ACWX	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.96	+0.09
Sortino ratio: Return per unit of downside risk	2.81	2.68	+0.13
Omega ratio: Gain probability vs. loss probability	1.37	1.36	+0.01
Calmar ratio: Return relative to maximum drawdown	2.82	2.81	+0.02
Martin ratio: Return relative to average drawdown	12.33	10.76	+1.56

ACWI vs. ACWX - Sharpe Ratio Comparison

The current ACWI Sharpe Ratio is 2.04, which is comparable to the ACWX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of ACWI and ACWX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ACWI vs. ACWX - Drawdown Comparison

The maximum ACWI drawdown since its inception was -56.00%, smaller than the maximum ACWX drawdown of -60.40%. Use the drawdown chart below to compare losses from any high point for ACWI and ACWX.

Drawdown Indicators

	ACWI	ACWX	Difference
Max Drawdown Largest peak-to-trough decline	-56.00%	-60.40%	+4.40%
Max Drawdown (1Y) Largest decline over 1 year	-9.73%	-11.42%	+1.69%
Max Drawdown (3Y) Largest decline over 3 years	-16.55%	-13.84%	-2.71%
Max Drawdown (5Y) Largest decline over 5 years	-26.42%	-29.78%	+3.36%
Max Drawdown (10Y) Largest decline over 10 years	-33.53%	-35.38%	+1.85%
Current Drawdown Current decline from peak	-1.97%	-0.99%	-0.98%
Average Drawdown Average peak-to-trough decline	-8.60%	-13.31%	+4.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	2.97%	-0.75%

Volatility

ACWI vs. ACWX - Volatility Comparison

The current volatility for iShares MSCI ACWI ETF (ACWI) is 5.24%, while iShares MSCI ACWI ex U.S. ETF (ACWX) has a volatility of 6.72%. This indicates that ACWI experiences smaller price fluctuations and is considered to be less risky than ACWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACWI	ACWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.24%	6.72%	-1.48%
Volatility (6M) Calculated over the trailing 6-month period	11.21%	14.40%	-3.19%
Volatility (1Y) Calculated over the trailing 1-year period	13.48%	16.45%	-2.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.17%	16.48%	-0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.16%	17.43%	-0.27%

ACWI vs. ACWX - Expense Ratio Comparison

Both ACWI and ACWX have an expense ratio of 0.32%.

Dividends

ACWI vs. ACWX - Dividend Comparison

ACWI's dividend yield for the trailing twelve months is around 1.44%, less than ACWX's 2.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACWI iShares MSCI ACWI ETF	1.44%	1.55%	1.70%	1.88%	1.79%	1.71%	1.43%	2.33%	2.18%	1.94%	2.19%	2.56%
ACWX iShares MSCI ACWI ex U.S. ETF	2.50%	2.82%	2.97%	2.96%	2.68%	2.74%	1.88%	3.22%	2.60%	2.40%	2.77%	2.51%

Frequently Asked Questions

Can I hold both ACWI and ACWX in my portfolio?

With a correlation of 0.93, ACWI and ACWX 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.

Which is riskier, ACWI or ACWX?

ACWX has higher volatility (6.72%) compared to ACWI (5.24%). In terms of maximum drawdown, ACWI dropped -56.00% vs ACWX's -60.40%.

Which ETF is better, ACWI or ACWX?

On 10-year performance, ACWI leads with 12.97% vs 9.95% for ACWX. Both ETFs have the same 0.32% expense ratio. On volatility, ACWI has been the lower-risk option at 5.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ACWI or ACWX?

Over the 10-year period, ACWI has performed better with a 12.97% return vs 9.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ACWI or ACWX?

ACWI and ACWX have the same expense ratio: 0.32% per year.

Which ETF pays a higher dividend yield, ACWI or ACWX?

ACWX has the higher dividend yield at 2.50%, compared with 1.44% for ACWI.

What is the main difference between ACWI and ACWX?

ACWI is categorized as Global Equities, while ACWX is Foreign Large Cap Equities. ACWI tracks MSCI All Country World Index, while ACWX tracks MSCI All Country World ex-U.S. Index.

Which has better risk-adjusted returns?

ACWI currently has the higher Sharpe Ratio (2.04 vs 1.96), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.