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ACWI vs. QUAL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ACWI vs. QUAL

Last updated Jun 13, 2026

ACWI (iShares MSCI ACWI ETF) and QUAL (iShares MSCI USA Quality Factor ETF) are both exchange-traded funds - ACWI is a Global Equities fund tracking the MSCI All Country World Index, while QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 10 years, ACWI returned 13.02%/yr vs 14.46%/yr for QUAL. Their correlation of 0.92 suggests significant overlap in exposure. ACWI charges 0.32%/yr vs 0.15%/yr for QUAL.

Performance

ACWI vs. QUAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI ACWI ETF (ACWI) and iShares MSCI USA Quality Factor ETF (QUAL). 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 10.59% return, which is significantly higher than QUAL's 9.44% return. Over the past 10 years, ACWI has underperformed QUAL with an annualized return of 13.02%, while QUAL has yielded a comparatively higher 14.46% annualized return.

ACWI

1D
0.41%
1M
-0.11%
YTD
10.59%
6M
11.34%
1Y
26.86%
3Y*
19.78%
5Y*
10.88%
10Y*
13.02%

QUAL

1D
0.47%
1M
2.14%
YTD
9.44%
6M
9.29%
1Y
22.87%
3Y*
19.30%
5Y*
11.97%
10Y*
14.46%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ACWI vs. QUAL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
QUAL
iShares MSCI USA Quality Factor ETF		9.44%12.65%22.29%30.88%-20.50%26.94%17.04%33.89%-5.70%22.26%

Correlation

The correlation between ACWI and QUAL is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.92

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

0.92

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

0.93

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

0.93

Correlation (All Time)
Calculated using the full available price history since Jul 18, 2013

0.92

The correlation between ACWI and QUAL has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

ACWI vs. QUAL - Sectors Allocation Comparison

Sectors
ACWI
QUAL

Technology

29.4%
36.5%

Financial Services

16.1%
11.5%

Industrials

10.9%
8.2%

Consumer Cyclical

9.3%
9.3%

Communication Services

9.0%
11.1%

Healthcare

8.1%
9.0%

Consumer Defensive

5.0%
4.9%

Energy

4.2%
4.0%

Basic Materials

3.7%
1.7%

Utilities

2.6%
1.9%

Real Estate

1.8%
1.8%

Technology

ACWI
29.4%
QUAL
36.5%

Financial Services

ACWI
16.1%
QUAL
11.5%

Industrials

ACWI
10.9%
QUAL
8.2%

Consumer Cyclical

ACWI
9.3%
QUAL
9.3%

Communication Services

ACWI
9.0%
QUAL
11.1%

Healthcare

ACWI
8.1%
QUAL
9.0%

Consumer Defensive

ACWI
5.0%
QUAL
4.9%

Energy

ACWI
4.2%
QUAL
4.0%

Basic Materials

ACWI
3.7%
QUAL
1.7%

Utilities

ACWI
2.6%
QUAL
1.9%

Real Estate

ACWI
1.8%
QUAL
1.8%

Compare stocks, funds, or ETFs

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iShares MSCI ACWI ETF

iShares MSCI USA Quality Factor ETF

Often compared with ACWI:
ACWI vs. VTACWI vs. SPYACWI vs. VWRL.LACWI vs. ACWXACWI vs. ACWI.LACWI vs. VOOACWI vs. VTI
Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD

Return for Risk

ACWI vs. QUAL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ACWI
ACWI Risk / Return Rank: 6767
Overall Rank
ACWI Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
ACWI Sortino Ratio Rank: 6666
Sortino Ratio Rank
ACWI Omega Ratio Rank: 6767
Omega Ratio Rank
ACWI Calmar Ratio Rank: 6161
Calmar Ratio Rank
ACWI Martin Ratio Rank: 7171
Martin Ratio Rank
QUAL
QUAL Risk / Return Rank: 5959
Overall Rank
QUAL Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
QUAL Sortino Ratio Rank: 6060
Sortino Ratio Rank
QUAL Omega Ratio Rank: 5656
Omega Ratio Rank
QUAL Calmar Ratio Rank: 5353
Calmar Ratio Rank
QUAL Martin Ratio Rank: 6767
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. QUAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI ETF (ACWI) and iShares MSCI USA Quality Factor ETF (QUAL). 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.

ACWIQUALDifference
Sharpe ratioReturn per unit of total volatility
1.90
1.74

+0.17

Sortino ratioReturn per unit of downside risk
2.62
2.46

+0.16

Omega ratioGain probability vs. loss probability

1.35

1.31

+0.04

Calmar ratioReturn relative to maximum drawdown

2.62

2.32

+0.30

Martin ratioReturn relative to average drawdown

11.46

10.60

+0.86

ACWI vs. QUAL - Sharpe Ratio Comparison

The current ACWI Sharpe Ratio is 1.90, which is comparable to the QUAL Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of ACWI and QUAL, 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. QUAL - Drawdown Comparison

The maximum ACWI drawdown since its inception was -56.00%, which is greater than QUAL's maximum drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for ACWI and QUAL.

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Drawdown Indicators

ACWIQUALDifference

Max Drawdown

Largest peak-to-trough decline

-56.00%

-34.06%

-21.94%

Max Drawdown (1Y)

Largest decline over 1 year

-9.73%

-9.03%

-0.70%

Max Drawdown (3Y)

Largest decline over 3 years

-16.55%

-18.00%

+1.45%

Max Drawdown (5Y)

Largest decline over 5 years

-26.42%

-28.23%

+1.81%

Max Drawdown (10Y)

Largest decline over 10 years

-33.53%

-34.06%

+0.53%

Current Drawdown

Current decline from peak

-2.19%

-0.19%

-2.00%

Average Drawdown

Average peak-to-trough decline

-8.60%

-4.10%

-4.50%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.22%

1.99%

+0.23%

Volatility

ACWI vs. QUAL - Volatility Comparison

iShares MSCI ACWI ETF (ACWI) has a higher volatility of 5.17% compared to iShares MSCI USA Quality Factor ETF (QUAL) at 3.63%. This indicates that ACWI's price experiences larger fluctuations and is considered to be riskier than QUAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ACWIQUALDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.17%

3.63%

+1.54%

Volatility (6M)

Calculated over the trailing 6-month period

11.09%

9.43%

+1.66%

Volatility (1Y)

Calculated over the trailing 1-year period

13.42%

12.10%

+1.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.15%

17.36%

-1.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.14%

18.11%

-0.97%

ACWI vs. QUAL - Expense Ratio Comparison

ACWI has a 0.32% expense ratio, which is higher than QUAL's 0.15% expense ratio.

Dividends

ACWI vs. QUAL - Dividend Comparison

ACWI's dividend yield for the trailing twelve months is around 1.40%, more than QUAL's 0.87% 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%
QUAL
iShares MSCI USA Quality Factor ETF		0.87%0.94%1.02%1.23%1.59%1.20%1.39%1.60%2.00%1.76%1.96%1.63%

Frequently Asked Questions

With a correlation of 0.92, ACWI and QUAL 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.

ACWI has higher volatility (5.17%) compared to QUAL (3.63%). In terms of maximum drawdown, ACWI dropped -56.00% vs QUAL's -34.06%.

On 10-year performance, QUAL leads with 14.46% vs 13.02% for ACWI. On fees, QUAL is cheaper at 0.15% per year. On volatility, QUAL has been the lower-risk option at 3.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QUAL has performed better with a 14.46% return vs 13.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QUAL is cheaper with a 0.15% expense ratio, compared with 0.32% for ACWI.

ACWI has the higher dividend yield at 1.40%, compared with 0.87% for QUAL.

ACWI is categorized as Global Equities, while QUAL is Large Cap Blend Equities. ACWI tracks MSCI All Country World Index, while QUAL tracks MSCI USA Sector Neutral Quality Index. Their fees differ too: 0.32% for ACWI and 0.15% for QUAL.

ACWI currently has the higher Sharpe Ratio (1.90 vs 1.74), 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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