ACWI vs. IAU

Last updated Jun 5, 2026

ACWI (iShares MSCI ACWI ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - ACWI is a Global Equities fund tracking the MSCI All Country World Index, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, ACWI returned 12.82%/yr vs 13.38%/yr for IAU. At a 0.13 correlation, their price movements are largely independent. ACWI charges 0.32%/yr vs 0.25%/yr for IAU.

Performance

ACWI vs. IAU - Performance Comparison

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

Returns By Period

In the year-to-date period, ACWI achieves a 12.47% return, which is significantly higher than IAU's 3.83% return. Both investments have delivered pretty close results over the past 10 years, with ACWI having a 12.82% annualized return and IAU not far ahead at 13.38%.

ACWI

• 1D: 0.30%
• 1M: 4.45%
• YTD: 12.47%
• 6M: 13.07%
• 1Y: 29.24%
• 3Y*: 21.38%
• 5Y*: 11.35%
• 10Y*: 12.82%

IAU

• 1D: 0.83%
• 1M: -1.65%
• YTD: 3.83%
• 6M: 6.31%
• 1Y: 32.47%
• 3Y*: 31.39%
• 5Y*: 18.52%
• 10Y*: 13.38%

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

ACWI vs. IAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACWI iShares MSCI ACWI ETF	12.47%	22.41%	17.45%	22.27%	-18.39%	18.66%	16.34%	26.59%	-9.19%	24.33%
IAU iShares Gold Trust	3.83%	63.95%	26.85%	12.84%	-0.63%	-4.00%	25.03%	17.98%	-1.76%	12.91%

Correlation

The correlation between ACWI and IAU is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since Mar 31, 2008	0.13

The correlation between ACWI and IAU shifts across timeframes, from 0.13 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.

ACWI vs. IAU - Sectors Allocation Comparison

Sectors	ACWI	IAU
Technology	29.4%	-
Financial Services	16.1%	-
Industrials	10.9%	-
Consumer Cyclical	9.3%	-
Communication Services	9.0%	-
Healthcare	8.1%	-
Consumer Defensive	5.0%	-
Energy	4.2%	-
Basic Materials	3.7%	-
Utilities	2.6%	-
Real Estate	1.8%	100.0%

Return for Risk

ACWI vs. IAU — Risk / Return Rank

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

ACWI

ACWI Risk / Return Rank: 70
ACWI Sharpe Ratio Rank: 71
ACWI Sortino Ratio Rank: 71
ACWI Omega Ratio Rank: 71
ACWI Calmar Ratio Rank: 62
ACWI Martin Ratio Rank: 73

IAU

IAU Risk / Return Rank: 34
IAU Sharpe Ratio Rank: 35
IAU Sortino Ratio Rank: 32
IAU Omega Ratio Rank: 39
IAU Calmar Ratio Rank: 35
IAU Martin Ratio Rank: 29

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. IAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI ETF (ACWI) and iShares Gold Trust (IAU). 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	IAU	Difference
Sharpe ratio: Return per unit of total volatility	2.30	1.24	+1.06
Sortino ratio: Return per unit of downside risk	3.17	1.63	+1.54
Omega ratio: Gain probability vs. loss probability	1.42	1.25	+0.17
Calmar ratio: Return relative to maximum drawdown	3.02	1.70	+1.32
Martin ratio: Return relative to average drawdown	13.55	4.18	+9.37
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. IAU - Sharpe Ratio Comparison

The current ACWI Sharpe Ratio is 2.30, which is higher than the IAU Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of ACWI and IAU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ACWI	IAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	1.24	+1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	1.04	-0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	0.84	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.63	-0.20

Drawdowns

ACWI vs. IAU - Drawdown Comparison

The maximum ACWI drawdown since its inception was -56.00%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for ACWI and IAU.

Drawdown Indicators

	ACWI	IAU	Difference
Max Drawdown Largest peak-to-trough decline	-56.00%	-45.14%	-10.86%
Max Drawdown (1Y) Largest decline over 1 year	-9.73%	-19.18%	+9.45%
Max Drawdown (3Y) Largest decline over 3 years	-16.55%	-19.18%	+2.63%
Max Drawdown (5Y) Largest decline over 5 years	-26.42%	-20.93%	-5.49%
Max Drawdown (10Y) Largest decline over 10 years	-33.53%	-21.82%	-11.71%
Current Drawdown Current decline from peak	-0.53%	-17.02%	+16.49%
Average Drawdown Average peak-to-trough decline	-8.61%	-15.96%	+7.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	7.79%	-5.63%

Volatility

ACWI vs. IAU - Volatility Comparison

The current volatility for iShares MSCI ACWI ETF (ACWI) is 3.83%, while iShares Gold Trust (IAU) has a volatility of 5.50%. This indicates that ACWI experiences smaller price fluctuations and is considered to be less risky than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACWI	IAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.83%	5.50%	-1.67%
Volatility (6M) Calculated over the trailing 6-month period	10.30%	23.03%	-12.73%
Volatility (1Y) Calculated over the trailing 1-year period	12.79%	26.41%	-13.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.05%	17.94%	-1.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.11%	15.90%	+1.21%

ACWI vs. IAU - Expense Ratio Comparison

ACWI has a 0.32% expense ratio, which is higher than IAU's 0.25% expense ratio.

Dividends

ACWI vs. IAU - Dividend Comparison

ACWI's dividend yield for the trailing twelve months is around 1.38%, while IAU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACWI iShares MSCI ACWI ETF	1.38%	1.55%	1.70%	1.88%	1.79%	1.71%	1.43%	2.33%	2.18%	1.94%	2.19%	2.56%
IAU iShares Gold Trust	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

Can I hold both ACWI and IAU in my portfolio?

ACWI and IAU have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ACWI or IAU?

IAU has higher volatility (5.50%) compared to ACWI (3.83%). In terms of maximum drawdown, ACWI dropped -56.00% vs IAU's -45.14%.

Which ETF is better, ACWI or IAU?

On 10-year performance, IAU leads with 13.38% vs 12.82% for ACWI. On fees, IAU is cheaper at 0.25% per year. On volatility, ACWI has been the lower-risk option at 3.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ACWI or IAU?

Over the 10-year period, IAU has performed better with a 13.38% return vs 12.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ACWI or IAU?

IAU is cheaper with a 0.25% expense ratio, compared with 0.32% for ACWI.

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

ACWI has the higher dividend yield at 1.38%, compared with 0.00% for IAU.

What is the main difference between ACWI and IAU?

ACWI is categorized as Global Equities, while IAU is Gold. ACWI tracks MSCI All Country World Index, while IAU tracks LBMA Gold Price. Their fees differ too: 0.32% for ACWI and 0.25% for IAU.

Which has better risk-adjusted returns?

ACWI currently has the higher Sharpe Ratio (2.30 vs 1.24), 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.