ACWI vs. SPY

Last updated Jun 18, 2026

ACWI (iShares MSCI ACWI ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - ACWI is a Global Equities fund tracking the MSCI All Country World Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, ACWI returned 12.97%/yr vs 15.43%/yr for SPY. Their correlation of 0.94 suggests significant overlap in exposure. ACWI charges 0.32%/yr vs 0.09%/yr for SPY.

Performance

ACWI vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI ACWI ETF (ACWI) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACWI achieves a 10.84% return, which is significantly higher than SPY's 8.95% return. Over the past 10 years, ACWI has underperformed SPY with an annualized return of 12.97%, while SPY has yielded a comparatively higher 15.43% annualized return.

ACWI

• 1D: -0.97%
• 1M: 1.60%
• YTD: 10.84%
• 6M: 13.18%
• 1Y: 27.32%
• 3Y*: 19.44%
• 5Y*: 11.40%
• 10Y*: 12.97%

SPY

• 1D: -1.25%
• 1M: 0.31%
• YTD: 8.95%
• 6M: 10.99%
• 1Y: 25.43%
• 3Y*: 20.41%
• 5Y*: 13.77%
• 10Y*: 15.43%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ACWI vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACWI iShares MSCI ACWI ETF	10.84%	22.41%	17.45%	22.27%	-18.39%	18.66%	16.34%	26.59%	-9.19%	24.33%
SPY State Street SPDR S&P 500 ETF	8.95%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between ACWI and SPY is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Mar 28, 2008	0.94

The correlation between ACWI and SPY has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

ACWI vs. SPY - Sectors Allocation Comparison

Sectors	ACWI	SPY
Technology	32.2%	39.0%
Financial Services	15.6%	11.1%
Industrials	10.2%	7.8%
Consumer Cyclical	8.7%	9.9%
Communication Services	8.2%	10.6%
Healthcare	8.1%	8.3%
Consumer Defensive	4.7%	4.5%
Energy	3.9%	3.1%
Basic Materials	3.6%	1.7%
Utilities	2.7%	2.1%
Real Estate	1.6%	1.8%

Return for Risk

ACWI vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ACWI

ACWI Risk / Return Rank: 66
ACWI Sharpe Ratio Rank: 67
ACWI Sortino Ratio Rank: 66
ACWI Omega Ratio Rank: 68
ACWI Calmar Ratio Rank: 60
ACWI Martin Ratio Rank: 71

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 68
SPY Sortino Ratio Rank: 65
SPY Omega Ratio Rank: 69
SPY Calmar Ratio Rank: 61
SPY Martin Ratio Rank: 74

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI ETF (ACWI) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.04	2.06	-0.02
Sortino ratio: Return per unit of downside risk	2.81	2.80	+0.02
Omega ratio: Gain probability vs. loss probability	1.37	1.38	0.00
Calmar ratio: Return relative to maximum drawdown	2.82	2.87	-0.05
Martin ratio: Return relative to average drawdown	12.33	12.95	-0.62

ACWI vs. SPY - Sharpe Ratio Comparison

The current ACWI Sharpe Ratio is 2.04, which is comparable to the SPY Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of ACWI and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ACWI vs. SPY - Drawdown Comparison

The maximum ACWI drawdown since its inception was -56.00%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ACWI and SPY.

Drawdown Indicators

	ACWI	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-56.00%	-55.19%	-0.81%
Max Drawdown (1Y) Largest decline over 1 year	-9.73%	-8.88%	-0.85%
Max Drawdown (3Y) Largest decline over 3 years	-16.55%	-18.76%	+2.21%
Max Drawdown (5Y) Largest decline over 5 years	-26.42%	-24.50%	-1.92%
Max Drawdown (10Y) Largest decline over 10 years	-33.53%	-33.72%	+0.19%
Current Drawdown Current decline from peak	-1.97%	-2.45%	+0.48%
Average Drawdown Average peak-to-trough decline	-8.60%	-9.04%	+0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	1.97%	+0.25%

Volatility

ACWI vs. SPY - Volatility Comparison

iShares MSCI ACWI ETF (ACWI) has a higher volatility of 5.24% compared to State Street SPDR S&P 500 ETF (SPY) at 4.68%. This indicates that ACWI's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACWI	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.24%	4.68%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	11.21%	9.77%	+1.44%
Volatility (1Y) Calculated over the trailing 1-year period	13.48%	12.41%	+1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.17%	17.15%	-0.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.16%	17.98%	-0.82%

ACWI vs. SPY - Expense Ratio Comparison

ACWI has a 0.32% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

ACWI vs. SPY - Dividend Comparison

ACWI's dividend yield for the trailing twelve months is around 1.44%, more than SPY's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACWI iShares MSCI ACWI ETF	1.44%	1.55%	1.70%	1.88%	1.79%	1.71%	1.43%	2.33%	2.18%	1.94%	2.19%	2.56%
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both ACWI and SPY in my portfolio?

With a correlation of 0.96, ACWI and SPY 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.

Which is riskier, ACWI or SPY?

ACWI has higher volatility (5.24%) compared to SPY (4.68%). In terms of maximum drawdown, ACWI dropped -56.00% vs SPY's -55.19%.

Which ETF is better, ACWI or SPY?

On 10-year performance, SPY leads with 15.43% vs 12.97% for ACWI. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ACWI or SPY?

Over the 10-year period, SPY has performed better with a 15.43% return vs 12.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ACWI or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.32% for ACWI.

Which ETF pays a higher dividend yield, ACWI or SPY?

ACWI has the higher dividend yield at 1.44%, compared with 1.00% for SPY.

What is the main difference between ACWI and SPY?

ACWI is categorized as Global Equities, while SPY is S&P 500. ACWI tracks MSCI All Country World Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.32% for ACWI and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.06 vs 2.04), 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.