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

ACWI vs. FSEU.L

Last updated Jun 7, 2026

ACWI (iShares MSCI ACWI ETF) and FSEU.L (iShares Edge MSCI Europe Multifactor UCITS) are both exchange-traded funds - ACWI is a Global Equities fund tracking the MSCI All Country World Index, while FSEU.L is a Europe Equities fund tracking the MSCI Europe NR EUR. Both are passively managed. Over the past 10 years, ACWI returned 12.43%/yr vs 9.81%/yr for FSEU.L. A 0.62 correlation means they provide meaningful diversification when combined. ACWI charges 0.32%/yr vs 0.45%/yr for FSEU.L.

Performance

ACWI vs. FSEU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI ACWI ETF (ACWI) and iShares Edge MSCI Europe Multifactor UCITS (FSEU.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, ACWI achieves a 9.12% return, which is significantly higher than FSEU.L's 7.98% return. Over the past 10 years, ACWI has outperformed FSEU.L with an annualized return of 12.43%, while FSEU.L has yielded a comparatively lower 9.81% annualized return.

ACWI

1D
-2.98%
1M
-0.64%
YTD
9.12%
6M
9.60%
1Y
24.80%
3Y*
19.97%
5Y*
10.68%
10Y*
12.43%

FSEU.L

1D
-0.96%
1M
-0.67%
YTD
7.98%
6M
11.99%
1Y
20.48%
3Y*
20.96%
5Y*
9.36%
10Y*
9.81%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ACWI vs. FSEU.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ACWI
iShares MSCI ACWI ETF		9.12%22.41%17.45%22.27%-18.39%18.66%16.34%26.59%-9.19%24.33%
FSEU.L
iShares Edge MSCI Europe Multifactor UCITS		7.98%36.70%7.42%22.85%-20.10%17.34%8.25%23.04%-15.23%27.77%

Correlation

The correlation between ACWI and FSEU.L is 0.68, 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

0.68

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

0.60

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

0.63

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

0.62

Correlation (All Time)
Calculated using the full available price history since Sep 7, 2015

0.62

The correlation between ACWI and FSEU.L has been stable across timeframes, ranging from 0.60 to 0.68 - a consistent structural relationship.

ACWI vs. FSEU.L - Sectors Allocation Comparison

Sectors
ACWI
FSEU.L

Technology

29.4%
8.4%

Financial Services

16.1%
28.0%

Industrials

10.9%
17.7%

Consumer Cyclical

9.3%
6.2%

Communication Services

9.0%
5.4%

Healthcare

8.1%
11.5%

Consumer Defensive

5.0%
8.2%

Energy

4.2%
5.8%

Basic Materials

3.7%
2.1%

Utilities

2.6%
5.4%

Real Estate

1.8%
1.3%

Technology

ACWI
29.4%
FSEU.L
8.4%

Financial Services

ACWI
16.1%
FSEU.L
28.0%

Industrials

ACWI
10.9%
FSEU.L
17.7%

Consumer Cyclical

ACWI
9.3%
FSEU.L
6.2%

Communication Services

ACWI
9.0%
FSEU.L
5.4%

Healthcare

ACWI
8.1%
FSEU.L
11.5%

Consumer Defensive

ACWI
5.0%
FSEU.L
8.2%

Energy

ACWI
4.2%
FSEU.L
5.8%

Basic Materials

ACWI
3.7%
FSEU.L
2.1%

Utilities

ACWI
2.6%
FSEU.L
5.4%

Real Estate

ACWI
1.8%
FSEU.L
1.3%

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iShares MSCI ACWI ETF

iShares Edge MSCI Europe Multifactor UCITS

Often compared with ACWI:
ACWI vs. VTACWI vs. SPYACWI vs. VWRL.LACWI vs. ACWXACWI vs. ACWI.LACWI vs. VOOACWI vs. VTI
Often compared with FSEU.L:
FSEU.L vs. BIAHXFSEU.L vs. SMEA.LFSEU.L vs. VHYL.ASFSEU.L vs. GOOGFSEU.L vs. XDEQ.LFSEU.L vs. CS1.LFSEU.L vs. CNDX.L

Return for Risk

ACWI vs. FSEU.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ACWI
ACWI Risk / Return Rank: 5959
Overall Rank
ACWI Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
ACWI Sortino Ratio Rank: 5858
Sortino Ratio Rank
ACWI Omega Ratio Rank: 6060
Omega Ratio Rank
ACWI Calmar Ratio Rank: 5555
Calmar Ratio Rank
ACWI Martin Ratio Rank: 6666
Martin Ratio Rank
FSEU.L
FSEU.L Risk / Return Rank: 6363
Overall Rank
FSEU.L Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
FSEU.L Sortino Ratio Rank: 6565
Sortino Ratio Rank
FSEU.L Omega Ratio Rank: 6868
Omega Ratio Rank
FSEU.L Calmar Ratio Rank: 5858
Calmar Ratio Rank
FSEU.L Martin Ratio Rank: 6060
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 vs. FSEU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI ETF (ACWI) and iShares Edge MSCI Europe Multifactor UCITS (FSEU.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.

ACWIFSEU.LDifference
Sharpe ratioReturn per unit of total volatility
1.97
1.45

+0.52

Sortino ratioReturn per unit of downside risk
2.69
2.10

+0.59

Omega ratioGain probability vs. loss probability

1.36

1.27

+0.09

Calmar ratioReturn relative to maximum drawdown

2.66

2.09

+0.57

Martin ratioReturn relative to average drawdown

11.88

7.51

+4.37

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 vs. FSEU.L - Sharpe Ratio Comparison

The current ACWI Sharpe Ratio is 1.97, which is higher than the FSEU.L Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of ACWI and FSEU.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

ACWIFSEU.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.97

1.45

+0.52

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.67

0.55

+0.12

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.73

0.55

+0.17

Sharpe Ratio (All Time)

Calculated using the full available price history

0.42

0.34

+0.08

Drawdowns

ACWI vs. FSEU.L - Drawdown Comparison

The maximum ACWI drawdown since its inception was -56.00%, which is greater than FSEU.L's maximum drawdown of -38.64%. Use the drawdown chart below to compare losses from any high point for ACWI and FSEU.L.

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Drawdown Indicators

ACWIFSEU.LDifference

Max Drawdown

Largest peak-to-trough decline

-56.00%

-38.64%

-17.36%

Max Drawdown (1Y)

Largest decline over 1 year

-9.73%

-9.76%

+0.03%

Max Drawdown (3Y)

Largest decline over 3 years

-16.55%

-14.01%

-2.54%

Max Drawdown (5Y)

Largest decline over 5 years

-26.42%

-35.73%

+9.31%

Max Drawdown (10Y)

Largest decline over 10 years

-33.53%

-38.64%

+5.11%

Current Drawdown

Current decline from peak

-3.49%

-2.05%

-1.44%

Average Drawdown

Average peak-to-trough decline

-8.61%

-11.36%

+2.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.17%

2.72%

-0.55%

Volatility

ACWI vs. FSEU.L - Volatility Comparison

iShares MSCI ACWI ETF (ACWI) has a higher volatility of 4.59% compared to iShares Edge MSCI Europe Multifactor UCITS (FSEU.L) at 3.78%. This indicates that ACWI's price experiences larger fluctuations and is considered to be riskier than FSEU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ACWIFSEU.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.59%

3.78%

+0.81%

Volatility (6M)

Calculated over the trailing 6-month period

10.76%

11.41%

-0.65%

Volatility (1Y)

Calculated over the trailing 1-year period

13.15%

14.06%

-0.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.10%

17.08%

-0.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.13%

17.65%

-0.52%

ACWI vs. FSEU.L - Expense Ratio Comparison

ACWI has a 0.32% expense ratio, which is lower than FSEU.L's 0.45% expense ratio.

Dividends

ACWI vs. FSEU.L - Dividend Comparison

ACWI's dividend yield for the trailing twelve months is around 1.42%, while FSEU.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
ACWI
iShares MSCI ACWI ETF		1.42%1.55%1.70%1.88%1.79%1.71%1.43%2.33%2.18%1.94%2.19%2.56%
FSEU.L
iShares Edge MSCI Europe Multifactor UCITS		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

ACWI and FSEU.L have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ACWI is cheaper at 0.32% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ACWI is cheaper with a 0.32% expense ratio, compared with 0.45% for FSEU.L.

ACWI is categorized as Global Equities, while FSEU.L is Europe Equities. ACWI tracks MSCI All Country World Index, while FSEU.L tracks MSCI Europe NR EUR. Their fees differ too: 0.32% for ACWI and 0.45% for FSEU.L.

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