ACWI vs. ISHG
ACWI (iShares MSCI ACWI ETF) and ISHG (iShares 1-3 Year International Treasury Bond ETF) are both exchange-traded funds - ACWI is a Global Equities fund tracking the MSCI All Country World Index, while ISHG is a International Government Bonds fund tracking the S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year. Both are passively managed. Over the past 10 years, ACWI returned 13.02%/yr vs -0.14%/yr for ISHG. At a 0.29 correlation, their price movements are largely independent. ACWI charges 0.32%/yr vs 0.35%/yr for ISHG.
Performance
ACWI vs. ISHG - Performance Comparison
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Returns By Period
In the year-to-date period, ACWI achieves a 10.59% return, which is significantly higher than ISHG's -0.18% return. Over the past 10 years, ACWI has outperformed ISHG with an annualized return of 13.02%, while ISHG has yielded a comparatively lower -0.14% annualized return.
ACWI
- 1D
- 0.41%
- 1M
- 0.38%
- YTD
- 10.59%
- 6M
- 11.34%
- 1Y
- 25.40%
- 3Y*
- 19.78%
- 5Y*
- 10.88%
- 10Y*
- 13.02%
ISHG
- 1D
- 0.06%
- 1M
- -0.91%
- YTD
- -0.18%
- 6M
- 0.19%
- 1Y
- 0.99%
- 3Y*
- 4.08%
- 5Y*
- -1.07%
- 10Y*
- -0.14%
ACWI vs. ISHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ACWI iShares MSCI ACWI ETF | 10.59% | 22.41% | 17.45% | 22.27% | -18.39% | 18.66% | 16.34% | 26.59% | -9.19% | 24.33% |
ISHG iShares 1-3 Year International Treasury Bond ETF | -0.18% | 13.31% | -4.16% | 3.76% | -10.95% | -7.05% | 7.47% | -0.64% | -3.54% | 10.91% |
Correlation
The correlation between ACWI and ISHG is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2009 | 0.29 |
Over the past year, ACWI and ISHG have become more correlated (0.54) than their long-term average of 0.29, meaning their price movements have been converging.
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Return for Risk
ACWI vs. ISHG — Risk / Return Rank
ACWI
ISHG
ACWI vs. ISHG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI ETF (ACWI) and iShares 1-3 Year International Treasury Bond ETF (ISHG). 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 | ISHG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.75 | ||
| Sortino ratioReturn per unit of downside risk | +2.35 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.03 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 2.62 | 0.20 | +2.42 |
| Martin ratioReturn relative to average drawdown | 11.46 | 0.49 | +10.98 |
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Drawdowns
ACWI vs. ISHG - Drawdown Comparison
The maximum ACWI drawdown since its inception was -56.00%, which is greater than ISHG's maximum drawdown of -37.24%. Use the drawdown chart below to compare losses from any high point for ACWI and ISHG.
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Drawdown Indicators
| ACWI | ISHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.00% | -37.24% | -18.76% |
Max Drawdown (1Y)Largest decline over 1 year | -9.73% | -5.02% | -4.71% |
Max Drawdown (3Y)Largest decline over 3 years | -16.55% | -8.21% | -8.34% |
Max Drawdown (5Y)Largest decline over 5 years | -26.42% | -23.55% | -2.87% |
Max Drawdown (10Y)Largest decline over 10 years | -33.53% | -25.56% | -7.97% |
Current DrawdownCurrent decline from peak | -2.19% | -22.37% | +20.18% |
Average DrawdownAverage peak-to-trough decline | -8.60% | -18.44% | +9.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.22% | 2.05% | +0.17% |
Volatility
ACWI vs. ISHG - Volatility Comparison
iShares MSCI ACWI ETF (ACWI) has a higher volatility of 5.17% compared to iShares 1-3 Year International Treasury Bond ETF (ISHG) at 1.67%. This indicates that ACWI's price experiences larger fluctuations and is considered to be riskier than ISHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ACWI | ISHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.17% | 1.67% | +3.50% |
Volatility (6M)Calculated over the trailing 6-month period | 11.09% | 4.76% | +6.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.42% | 6.51% | +6.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.15% | 7.58% | +8.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.14% | 6.94% | +10.20% |
ACWI vs. ISHG - Expense Ratio Comparison
ACWI has a 0.32% expense ratio, which is lower than ISHG's 0.35% expense ratio.
Dividends
ACWI vs. ISHG - Dividend Comparison
ACWI's dividend yield for the trailing twelve months is around 1.40%, less than ISHG's 1.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACWI iShares MSCI ACWI ETF | 1.40% | 1.55% | 1.70% | 1.88% | 1.79% | 1.71% | 1.43% | 2.33% | 2.18% | 1.94% | 2.19% | 2.56% |
ISHG iShares 1-3 Year International Treasury Bond ETF | 1.45% | 1.45% | 2.56% | 0.18% | 0.00% | 1.29% | 0.00% | 0.00% | 1.80% | 0.46% | 0.00% | 0.09% |
Frequently Asked Questions
ACWI and ISHG have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ACWI has higher volatility (5.17%) compared to ISHG (1.67%). In terms of maximum drawdown, ACWI dropped -56.00% vs ISHG's -37.24%.
On 10-year performance, ACWI leads with 13.02% vs -0.14% for ISHG. On fees, ACWI is cheaper at 0.32% per year. On volatility, ISHG has been the lower-risk option at 1.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ACWI has performed better with a 13.02% return vs -0.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ACWI is cheaper with a 0.32% expense ratio, compared with 0.35% for ISHG.
ISHG has the higher dividend yield at 1.45%, compared with 1.40% for ACWI.
ACWI is categorized as Global Equities, while ISHG is International Government Bonds. ACWI tracks MSCI All Country World Index, while ISHG tracks S&P/Citigroup International Treasury Bond Index Ex-US 1-3 Year. Their fees differ too: 0.32% for ACWI and 0.35% for ISHG.
ACWI currently has the higher Sharpe Ratio (1.90 vs 0.15), 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.
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