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ACWI vs. IWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ACWI vs. IWM

Last updated Aug 6, 2026
Documentation

ACWI (iShares MSCI ACWI ETF) and IWM (iShares Russell 2000 ETF) are both exchange-traded funds - ACWI is a Global Equities fund tracking the MSCI All Country World Index, while IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Both are passively managed. Over the past 10 years, ACWI returned 12.69%/yr vs 10.76%/yr for IWM. Their correlation of 0.83 means they have usually moved in the same direction. ACWI charges 0.32%/yr vs 0.19%/yr for IWM.

Performance

ACWI vs. IWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI ACWI ETF (ACWI) and iShares Russell 2000 ETF (IWM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ACWI achieves a 14.17% return, which is significantly lower than IWM's 22.29% return. Over the past 10 years, ACWI has outperformed IWM with an annualized return of 12.69%, while IWM has yielded a comparatively lower 10.76% annualized return.

ACWI

1D
-0.08%
1M
1.60%
6M
11.42%
YTD
14.17%
1Y
25.54%
3Y*
20.39%
5Y*
11.20%
10Y*
12.69%
ALL TIME*
8.61%

IWM

1D
-0.64%
1M
0.29%
6M
15.54%
YTD
22.29%
1Y
37.14%
3Y*
16.95%
5Y*
7.39%
10Y*
10.76%
ALL TIME*
8.85%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

ACWI

iShares MSCI ACWI ETF
$416.62M$465.89M$498.47M

IWM

iShares Russell 2000 ETF
$6.83B$6.34B$7.39B

ACWI vs. IWM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ACWI
iShares MSCI ACWI ETF		14.17%22.41%17.45%22.27%-18.39%18.66%16.34%26.59%-9.19%24.33%
IWM
iShares Russell 2000 ETF		22.29%12.66%11.38%16.83%-20.48%14.54%20.03%25.39%-11.12%14.58%

Correlation

The correlation between ACWI and IWM is 0.80, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.80

Correlation (3Y)
Balances recent behavior with more history.

0.81

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.85

Correlation (10Y)
Provides a long-term view across more market conditions.

0.82

Correlation (All Time)
Calculated using the full available price history since Mar 28, 2008

0.83

The correlation between ACWI and IWM has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.

ACWI vs. IWM - Sectors Allocation Comparison

Sectors
ACWI
IWM

Technology

32.7%
13.6%

Financial Services

16.0%
18.3%

Industrials

10.8%
13.7%

Consumer Cyclical

8.7%
9.2%

Healthcare

8.3%
20.0%

Communication Services

8.0%
2.0%

Consumer Defensive

4.7%
2.8%

Energy

3.6%
5.6%

Basic Materials

3.4%
4.5%

Utilities

2.4%
2.9%

Real Estate

1.6%
7.0%

Technology

ACWI
32.7%
IWM
13.6%

Financial Services

ACWI
16.0%
IWM
18.3%

Industrials

ACWI
10.8%
IWM
13.7%

Consumer Cyclical

ACWI
8.7%
IWM
9.2%

Healthcare

ACWI
8.3%
IWM
20.0%

Communication Services

ACWI
8.0%
IWM
2.0%

Consumer Defensive

ACWI
4.7%
IWM
2.8%

Energy

ACWI
3.6%
IWM
5.6%

Basic Materials

ACWI
3.4%
IWM
4.5%

Utilities

ACWI
2.4%
IWM
2.9%

Real Estate

ACWI
1.6%
IWM
7.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI ACWI ETF

iShares Russell 2000 ETF

Often compared with ACWI:
ACWI vs. VTACWI vs. SPYACWI vs. VWRL.LACWI vs. ACWXACWI vs. VOOACWI vs. ACWI.LACWI vs. VTI
Often compared with IWM:
IWM vs. SPYIWM vs. VTWOIWM vs. IJRIWM vs. AVUVIWM vs. VOOIWM vs. IWNIWM vs. IWO

Return for Risk

ACWI vs. IWM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
ACWI
ACWI Risk / Return Rank: 7070
Overall Rank
ACWI Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
ACWI Sortino Ratio Rank: 6868
Sortino Ratio Rank
ACWI Omega Ratio Rank: 6969
Omega Ratio Rank
ACWI Calmar Ratio Rank: 6666
Calmar Ratio Rank
ACWI Martin Ratio Rank: 7676
Martin Ratio Rank
IWM
IWM Risk / Return Rank: 7676
Overall Rank
IWM Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
IWM Sortino Ratio Rank: 7474
Sortino Ratio Rank
IWM Omega Ratio Rank: 6767
Omega Ratio Rank
IWM Calmar Ratio Rank: 8282
Calmar Ratio Rank
IWM Martin Ratio Rank: 8181
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ACWI vs. IWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI ETF (ACWI) and iShares Russell 2000 ETF (IWM). 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.

ACWIIWMDifference
Sharpe ratioReturn per unit of total volatility
1.83
1.93

-0.10

Sortino ratioReturn per unit of downside risk
2.54
2.72

-0.18

Omega ratioGain probability vs. loss probability

1.33

1.32

+0.01

Calmar ratioReturn relative to maximum drawdown

2.64

3.38

-0.75

Martin ratioReturn relative to average drawdown

11.01

11.99

-0.99

ACWI vs. IWM - Sharpe Ratio Comparison

The current ACWI Sharpe Ratio is 1.83, which is comparable to the IWM Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of ACWI and IWM, 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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Drawdowns

ACWI vs. IWM - Drawdown Comparison

The maximum ACWI drawdown since its inception was -56.00%, smaller than the maximum IWM drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for ACWI and IWM.

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Drawdown Indicators

ACWIIWMDifference

Max Drawdown

Largest peak-to-trough decline

-56.00%

-59.05%

+3.05%

Max Drawdown (1Y)

Largest decline over 1 year

-9.73%

-11.03%

+1.30%

Max Drawdown (3Y)

Largest decline over 3 years

-16.55%

-27.50%

+10.95%

Max Drawdown (5Y)

Largest decline over 5 years

-26.42%

-31.91%

+5.49%

Max Drawdown (10Y)

Largest decline over 10 years

-33.53%

-41.13%

+7.60%

Current Drawdown

Current decline from peak

-0.08%

-0.64%

+0.56%

Average Drawdown

Average peak-to-trough decline

-8.55%

-10.70%

+2.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.33%

3.11%

-0.78%

Volatility

ACWI vs. IWM - Volatility Comparison

The current volatility for iShares MSCI ACWI ETF (ACWI) is 4.18%, while iShares Russell 2000 ETF (IWM) has a volatility of 4.53%. This indicates that ACWI experiences smaller price fluctuations and is considered to be less risky than IWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ACWIIWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.18%

4.53%

-0.35%

Volatility (6M)

Calculated over the trailing 6-month period

11.80%

14.23%

-2.43%

Volatility (1Y)

Calculated over the trailing 1-year period

13.99%

19.30%

-5.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.25%

22.49%

-6.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.07%

23.02%

-5.95%

ACWI vs. IWM - Expense Ratio Comparison

ACWI has a 0.32% expense ratio, which is higher than IWM's 0.19% expense ratio.

Dividends

ACWI vs. IWM - Dividend Comparison

ACWI's dividend yield for the trailing twelve months is around 1.40%, more than IWM's 0.89% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
IWM
iShares Russell 2000 ETF		0.89%1.04%1.15%1.35%1.48%0.94%1.04%1.26%1.40%1.26%1.38%1.54%

Frequently Asked Questions

ACWI and IWM have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IWM has higher volatility (4.53%) compared to ACWI (4.18%). In terms of maximum drawdown, ACWI dropped -56.00% vs IWM's -59.05%.

On 10-year performance, ACWI leads with 12.69% vs 10.76% for IWM. On fees, IWM is cheaper at 0.19% per year. On volatility, ACWI has been the lower-risk option at 4.18%. 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 12.69% return vs 10.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWM is cheaper with a 0.19% expense ratio, compared with 0.32% for ACWI.

ACWI has the higher dividend yield at 1.40%, compared with 0.89% for IWM.

ACWI is categorized as Global Equities, while IWM is Small Cap Blend Equities. ACWI tracks MSCI All Country World Index, while IWM tracks Russell 2000 Index. Their fees differ too: 0.32% for ACWI and 0.19% for IWM.

IWM currently has the higher Sharpe Ratio (1.93 vs 1.83), 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.

Portfolio Optimizer

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