ACWI vs. TOK

Last updated Jun 14, 2026

ACWI (iShares MSCI ACWI ETF) and TOK (iShares MSCI Kokusai ETF) are both exchange-traded funds - ACWI is a Global Equities fund tracking the MSCI All Country World Index, while TOK is a Large Cap Growth Equities fund tracking the MSCI Kokusai Index. Both are passively managed. Over the past 10 years, ACWI returned 13.02%/yr vs 13.63%/yr for TOK. Their correlation of 0.85 suggests significant overlap in exposure. ACWI charges 0.32%/yr vs 0.25%/yr for TOK.

Performance

ACWI vs. TOK - Performance Comparison

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

Returns By Period

In the year-to-date period, ACWI achieves a 10.59% return, which is significantly higher than TOK's 8.52% return. Both investments have delivered pretty close results over the past 10 years, with ACWI having a 13.02% annualized return and TOK not far ahead at 13.63%.

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%

TOK

• 1D: 0.34%
• 1M: -0.22%
• YTD: 8.52%
• 6M: 9.29%
• 1Y: 24.16%
• 3Y*: 19.82%
• 5Y*: 11.77%
• 10Y*: 13.63%

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

ACWI vs. TOK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
TOK iShares MSCI Kokusai ETF	8.52%	20.83%	19.52%	24.76%	-17.93%	23.84%	15.06%	30.05%	-7.83%	22.09%

Correlation

The correlation between ACWI and TOK is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Mar 28, 2008	0.85

The correlation between ACWI and TOK shifts across timeframes, from 0.85 (all time) to 0.98 (1 year), reflecting how their relationship changes across market environments.

ACWI vs. TOK - Sectors Allocation Comparison

Sectors	ACWI	TOK
Technology	32.2%	31.4%
Financial Services	15.6%	14.9%
Industrials	10.2%	10.1%
Consumer Cyclical	8.7%	9.1%
Communication Services	8.2%	9.1%
Healthcare	8.1%	8.8%
Consumer Defensive	4.7%	5.1%
Energy	3.9%	4.0%
Basic Materials	3.6%	3.3%
Utilities	2.7%	2.5%
Real Estate	1.6%	1.7%

Return for Risk

ACWI vs. TOK — Risk / Return Rank

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

ACWI

ACWI Risk / Return Rank: 67
ACWI Sharpe Ratio Rank: 67
ACWI Sortino Ratio Rank: 66
ACWI Omega Ratio Rank: 67
ACWI Calmar Ratio Rank: 61
ACWI Martin Ratio Rank: 71

TOK

TOK Risk / Return Rank: 63
TOK Sharpe Ratio Rank: 63
TOK Sortino Ratio Rank: 63
TOK Omega Ratio Rank: 62
TOK Calmar Ratio Rank: 57
TOK Martin Ratio Rank: 69

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. TOK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI ETF (ACWI) and iShares MSCI Kokusai ETF (TOK). 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	TOK	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.84	+0.06
Sortino ratio: Return per unit of downside risk	2.62	2.56	+0.06
Omega ratio: Gain probability vs. loss probability	1.35	1.33	+0.02
Calmar ratio: Return relative to maximum drawdown	2.62	2.51	+0.11
Martin ratio: Return relative to average drawdown	11.46	11.28	+0.18

ACWI vs. TOK - Sharpe Ratio Comparison

The current ACWI Sharpe Ratio is 1.90, which is comparable to the TOK Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of ACWI and TOK, 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. TOK - Drawdown Comparison

The maximum ACWI drawdown since its inception was -56.00%, roughly equal to the maximum TOK drawdown of -56.18%. Use the drawdown chart below to compare losses from any high point for ACWI and TOK.

Drawdown Indicators

	ACWI	TOK	Difference
Max Drawdown Largest peak-to-trough decline	-56.00%	-56.18%	+0.18%
Max Drawdown (1Y) Largest decline over 1 year	-9.73%	-9.07%	-0.66%
Max Drawdown (3Y) Largest decline over 3 years	-16.55%	-16.23%	-0.32%
Max Drawdown (5Y) Largest decline over 5 years	-26.42%	-25.86%	-0.56%
Max Drawdown (10Y) Largest decline over 10 years	-33.53%	-34.82%	+1.29%
Current Drawdown Current decline from peak	-2.19%	-1.90%	-0.29%
Average Drawdown Average peak-to-trough decline	-8.60%	-8.51%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	2.02%	+0.20%

Volatility

ACWI vs. TOK - Volatility Comparison

iShares MSCI ACWI ETF (ACWI) has a higher volatility of 5.17% compared to iShares MSCI Kokusai ETF (TOK) at 4.34%. This indicates that ACWI's price experiences larger fluctuations and is considered to be riskier than TOK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACWI	TOK	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.17%	4.34%	+0.83%
Volatility (6M) Calculated over the trailing 6-month period	11.09%	9.96%	+1.13%
Volatility (1Y) Calculated over the trailing 1-year period	13.42%	12.40%	+1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.15%	15.99%	+0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.14%	17.16%	-0.02%

ACWI vs. TOK - Expense Ratio Comparison

ACWI has a 0.32% expense ratio, which is higher than TOK's 0.25% expense ratio.

Dividends

ACWI vs. TOK - Dividend Comparison

ACWI's dividend yield for the trailing twelve months is around 1.40%, more than TOK's 1.27% 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%
TOK iShares MSCI Kokusai ETF	1.27%	1.37%	1.66%	1.95%	3.55%	1.66%	1.52%	2.12%	2.74%	2.60%	2.56%	3.02%

Frequently Asked Questions

Can I hold both ACWI and TOK in my portfolio?

With a correlation of 0.98, ACWI and TOK 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 TOK?

ACWI has higher volatility (5.17%) compared to TOK (4.34%). In terms of maximum drawdown, ACWI dropped -56.00% vs TOK's -56.18%.

Which ETF is better, ACWI or TOK?

On 10-year performance, TOK leads with 13.63% vs 13.02% for ACWI. On fees, TOK is cheaper at 0.25% per year. On volatility, TOK has been the lower-risk option at 4.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ACWI or TOK?

Over the 10-year period, TOK has performed better with a 13.63% return vs 13.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ACWI or TOK?

TOK is cheaper with a 0.25% expense ratio, compared with 0.32% for ACWI.

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

ACWI has the higher dividend yield at 1.40%, compared with 1.27% for TOK.

What is the main difference between ACWI and TOK?

ACWI is categorized as Global Equities, while TOK is Large Cap Growth Equities. ACWI tracks MSCI All Country World Index, while TOK tracks MSCI Kokusai Index. Their fees differ too: 0.32% for ACWI and 0.25% for TOK.

Which has better risk-adjusted returns?

ACWI currently has the higher Sharpe Ratio (1.90 vs 1.84), 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.