ACWI vs. NZAC
ACWI (iShares MSCI ACWI ETF) and NZAC (SPDR MSCI ACWI Climate Paris Aligned ETF) are both Global Equities funds - ACWI tracks the MSCI All Country World Index while NZAC tracks the MSCI ACWI Climate Paris Aligned Index. Both are passively managed. Over the past 10 years, ACWI returned 12.69%/yr vs 11.95%/yr for NZAC. Their correlation of 0.88 means they have usually moved in the same direction. ACWI charges 0.32%/yr vs 0.12%/yr for NZAC.
Performance
ACWI vs. NZAC - Performance Comparison
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Returns By Period
In the year-to-date period, ACWI achieves a 14.17% return, which is significantly higher than NZAC's 10.47% return. Over the past 10 years, ACWI has outperformed NZAC with an annualized return of 12.69%, while NZAC has yielded a comparatively lower 11.95% 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%
NZAC
- 1D
- -0.05%
- 1M
- 1.93%
- 6M
- 10.56%
- YTD
- 10.47%
- 1Y
- 20.75%
- 3Y*
- 18.59%
- 5Y*
- 9.76%
- 10Y*
- 11.95%
- ALL TIME*
- 10.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $416.62M | $465.89M | $498.47M | |
| $225.27K | $160.91K | $205.87K |
ACWI vs. NZAC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF | 10.47% | 20.55% | 16.67% | 23.22% | -19.77% | 18.35% | 17.21% | 28.24% | -9.80% | 22.93% |
Correlation
The correlation between ACWI and NZAC is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.98 |
Correlation (3Y) Balances recent behavior with more history. | 0.95 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.96 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.93 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2014 | 0.88 |
The correlation between ACWI and NZAC shifts across timeframes, from 0.88 (all time) to 0.98 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ACWI vs. NZAC — Risk / Return Rank
ACWI
NZAC
ACWI vs. NZAC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI ETF (ACWI) and SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC). 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 | NZAC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | +0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.26 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.64 | 2.06 | +0.57 |
| Martin ratioReturn relative to average drawdown | 11.01 | 8.16 | +2.85 |
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Drawdowns
ACWI vs. NZAC - Drawdown Comparison
The maximum ACWI drawdown since its inception was -56.00%, which is greater than NZAC's maximum drawdown of -33.72%. Use the drawdown chart below to compare losses from any high point for ACWI and NZAC.
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Drawdown Indicators
| ACWI | NZAC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.00% | -33.72% | -22.28% |
Max Drawdown (1Y)Largest decline over 1 year | -9.73% | -10.10% | +0.37% |
Max Drawdown (3Y)Largest decline over 3 years | -16.55% | -16.19% | -0.36% |
Max Drawdown (5Y)Largest decline over 5 years | -26.42% | -28.31% | +1.89% |
Max Drawdown (10Y)Largest decline over 10 years | -33.53% | -33.72% | +0.19% |
Current DrawdownCurrent decline from peak | -0.08% | -0.05% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -8.55% | -5.28% | -3.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.33% | 2.55% | -0.22% |
Volatility
ACWI vs. NZAC - Volatility Comparison
iShares MSCI ACWI ETF (ACWI) and SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) have volatilities of 4.18% and 4.36%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ACWI | NZAC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.18% | 4.36% | -0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 11.80% | 11.76% | +0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.99% | 14.05% | -0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.25% | 16.99% | -0.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.07% | 17.09% | -0.02% |
ACWI vs. NZAC - Expense Ratio Comparison
ACWI has a 0.32% expense ratio, which is higher than NZAC's 0.12% expense ratio.
Dividends
ACWI vs. NZAC - Dividend Comparison
ACWI's dividend yield for the trailing twelve months is around 1.40%, less than NZAC's 2.01% 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% |
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF | 2.01% | 1.90% | 1.88% | 1.65% | 1.81% | 1.62% | 1.59% | 2.17% | 2.53% | 2.20% | 2.00% | 2.40% |
Frequently Asked Questions
With a correlation of 0.98, ACWI and NZAC 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.
NZAC has higher volatility (4.36%) compared to ACWI (4.18%). In terms of maximum drawdown, ACWI dropped -56.00% vs NZAC's -33.72%.
On 10-year performance, ACWI leads with 12.69% vs 11.95% for NZAC. On fees, NZAC is cheaper at 0.12% 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 11.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NZAC is cheaper with a 0.12% expense ratio, compared with 0.32% for ACWI.
NZAC has the higher dividend yield at 2.01%, compared with 1.40% for ACWI.
ACWI tracks MSCI All Country World Index, while NZAC tracks MSCI ACWI Climate Paris Aligned Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.32% for ACWI and 0.12% for NZAC.
ACWI currently has the higher Sharpe Ratio (1.83 vs 1.48), 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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