ACWI vs. SLV
ACWI (iShares MSCI ACWI ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - ACWI is a Global Equities fund tracking the MSCI All Country World Index, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, ACWI returned 13.07%/yr vs 11.85%/yr for SLV. At a 0.28 correlation, their price movements are largely independent. ACWI charges 0.32%/yr vs 0.50%/yr for SLV.
Performance
ACWI vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, ACWI achieves a 9.71% return, which is significantly higher than SLV's -19.62% return. Over the past 10 years, ACWI has outperformed SLV with an annualized return of 13.07%, while SLV has yielded a comparatively lower 11.85% annualized return.
ACWI
- 1D
- -0.14%
- 1M
- -0.49%
- YTD
- 9.71%
- 6M
- 8.77%
- 1Y
- 23.79%
- 3Y*
- 19.95%
- 5Y*
- 10.62%
- 10Y*
- 13.07%
SLV
- 1D
- -7.09%
- 1M
- -24.25%
- YTD
- -19.62%
- 6M
- -20.61%
- 1Y
- 58.79%
- 3Y*
- 36.01%
- 5Y*
- 16.45%
- 10Y*
- 11.85%
ACWI vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ACWI iShares MSCI ACWI ETF | 9.71% | 22.41% | 17.45% | 22.27% | -18.39% | 18.66% | 16.34% | 26.59% | -9.19% | 24.33% |
SLV iShares Silver Trust | -19.62% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
Correlation
The correlation between ACWI and SLV is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Mar 28, 2008 | 0.28 |
The correlation between ACWI and SLV shifts across timeframes, from 0.28 (all time) to 0.41 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ACWI vs. SLV — Risk / Return Rank
ACWI
SLV
ACWI vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI ETF (ACWI) and iShares Silver Trust (SLV). 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 | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.79 | ||
| Sortino ratioReturn per unit of downside risk | +1.04 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.22 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 1.16 | +1.30 |
| Martin ratioReturn relative to average drawdown | 10.66 | 2.66 | +7.99 |
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Drawdowns
ACWI vs. SLV - Drawdown Comparison
The maximum ACWI drawdown since its inception was -56.00%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for ACWI and SLV.
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Drawdown Indicators
| ACWI | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.00% | -76.28% | +20.28% |
Max Drawdown (1Y)Largest decline over 1 year | -9.73% | -50.97% | +41.24% |
Max Drawdown (3Y)Largest decline over 3 years | -16.55% | -50.97% | +34.42% |
Max Drawdown (5Y)Largest decline over 5 years | -26.42% | -50.97% | +24.55% |
Max Drawdown (10Y)Largest decline over 10 years | -33.53% | -50.97% | +17.44% |
Current DrawdownCurrent decline from peak | -2.96% | -50.97% | +48.01% |
Average DrawdownAverage peak-to-trough decline | -8.59% | -44.66% | +36.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.24% | 22.14% | -19.90% |
Volatility
ACWI vs. SLV - Volatility Comparison
The current volatility for iShares MSCI ACWI ETF (ACWI) is 5.57%, while iShares Silver Trust (SLV) has a volatility of 15.67%. This indicates that ACWI experiences smaller price fluctuations and is considered to be less risky than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ACWI | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.57% | 15.67% | -10.10% |
Volatility (6M)Calculated over the trailing 6-month period | 11.35% | 59.65% | -48.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.62% | 60.78% | -47.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.19% | 36.73% | -20.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.07% | 32.16% | -15.09% |
ACWI vs. SLV - Expense Ratio Comparison
ACWI has a 0.32% expense ratio, which is lower than SLV's 0.50% expense ratio.
Dividends
ACWI vs. SLV - Dividend Comparison
ACWI's dividend yield for the trailing twelve months is around 1.46%, while SLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACWI iShares MSCI ACWI ETF | 1.46% | 1.55% | 1.70% | 1.88% | 1.79% | 1.71% | 1.43% | 2.33% | 2.18% | 1.94% | 2.19% | 2.56% |
SLV iShares Silver 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
ACWI and SLV have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (15.67%) compared to ACWI (5.57%). In terms of maximum drawdown, ACWI dropped -56.00% vs SLV's -76.28%.
On 10-year performance, ACWI leads with 13.07% vs 11.85% for SLV. On fees, ACWI is cheaper at 0.32% per year. On volatility, ACWI has been the lower-risk option at 5.57%. 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 13.07% return vs 11.85%. 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 0.50% for SLV.
ACWI has the higher dividend yield at 1.46%, compared with 0.00% for SLV.
ACWI is categorized as Global Equities, while SLV is Silver. ACWI tracks MSCI All Country World Index, while SLV tracks LBMA Silver Price. Their fees differ too: 0.32% for ACWI and 0.50% for SLV.
ACWI currently has the higher Sharpe Ratio (1.76 vs 0.97), 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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