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ACWI vs. VOO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ACWI vs. VOO

Last updated Jun 18, 2026

ACWI (iShares MSCI ACWI ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - ACWI is a Global Equities fund tracking the MSCI All Country World Index, while VOO 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 15.51%/yr for VOO. With a 0.95 correlation, they move nearly in lockstep. ACWI charges 0.32%/yr vs 0.03%/yr for VOO.

Performance

ACWI vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI ACWI ETF (ACWI) and Vanguard S&P 500 ETF (VOO). 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 10.84% return, which is significantly higher than VOO's 9.00% return. Over the past 10 years, ACWI has underperformed VOO with an annualized return of 12.97%, while VOO has yielded a comparatively higher 15.51% 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%

VOO

1D
-1.21%
1M
0.37%
YTD
9.00%
6M
11.04%
1Y
25.53%
3Y*
20.52%
5Y*
13.84%
10Y*
15.51%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ACWI vs. VOO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
VOO
Vanguard S&P 500 ETF		9.00%17.82%24.98%26.32%-18.17%28.79%18.32%31.37%-4.50%21.77%

Correlation

The correlation between ACWI and VOO 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 Sep 9, 2010

0.95

The correlation between ACWI and VOO has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

ACWI vs. VOO - Sectors Allocation Comparison

Sectors
ACWI
VOO

Technology

32.2%
35.6%

Financial Services

15.6%
11.6%

Industrials

10.2%
8.0%

Consumer Cyclical

8.7%
10.1%

Communication Services

8.2%
11.1%

Healthcare

8.1%
8.5%

Consumer Defensive

4.7%
4.9%

Energy

3.9%
3.5%

Basic Materials

3.6%
1.8%

Utilities

2.7%
2.8%

Real Estate

1.6%
1.9%

Technology

ACWI
32.2%
VOO
35.6%

Financial Services

ACWI
15.6%
VOO
11.6%

Industrials

ACWI
10.2%
VOO
8.0%

Consumer Cyclical

ACWI
8.7%
VOO
10.1%

Communication Services

ACWI
8.2%
VOO
11.1%

Healthcare

ACWI
8.1%
VOO
8.5%

Consumer Defensive

ACWI
4.7%
VOO
4.9%

Energy

ACWI
3.9%
VOO
3.5%

Basic Materials

ACWI
3.6%
VOO
1.8%

Utilities

ACWI
2.7%
VOO
2.8%

Real Estate

ACWI
1.6%
VOO
1.9%

Compare stocks, funds, or ETFs

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iShares MSCI ACWI ETF

Vanguard S&P 500 ETF

Often compared with ACWI:
ACWI vs. VTACWI vs. SPYACWI vs. VWRL.LACWI vs. ACWXACWI vs. ACWI.LACWI vs. VTIACWI vs. SSAC.L
Often compared with VOO:
VOO vs. VTIVOO vs. QQQVOO vs. SCHDVOO vs. VTVOO vs. SPYVOO vs. FXAIXVOO vs. IVV

Return for Risk

ACWI vs. VOO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ACWI
ACWI Risk / Return Rank: 6666
Overall Rank
ACWI Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
ACWI Sortino Ratio Rank: 6666
Sortino Ratio Rank
ACWI Omega Ratio Rank: 6868
Omega Ratio Rank
ACWI Calmar Ratio Rank: 6060
Calmar Ratio Rank
ACWI Martin Ratio Rank: 7171
Martin Ratio Rank
VOO
VOO Risk / Return Rank: 6868
Overall Rank
VOO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
VOO Sortino Ratio Rank: 6666
Sortino Ratio Rank
VOO Omega Ratio Rank: 6969
Omega Ratio Rank
VOO Calmar Ratio Rank: 6161
Calmar Ratio Rank
VOO Martin Ratio Rank: 7474
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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI ETF (ACWI) and Vanguard S&P 500 ETF (VOO). 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.

ACWIVOODifference
Sharpe ratioReturn per unit of total volatility
2.04
2.08

-0.04

Sortino ratioReturn per unit of downside risk
2.81
2.81

0.00

Omega ratioGain probability vs. loss probability

1.37

1.38

-0.01

Calmar ratioReturn relative to maximum drawdown

2.82

2.88

-0.06

Martin ratioReturn relative to average drawdown

12.33

12.99

-0.66

ACWI vs. VOO - Sharpe Ratio Comparison

The current ACWI Sharpe Ratio is 2.04, which is comparable to the VOO Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of ACWI and VOO, 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. VOO - Drawdown Comparison

The maximum ACWI drawdown since its inception was -56.00%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for ACWI and VOO.

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Drawdown Indicators

ACWIVOODifference

Max Drawdown

Largest peak-to-trough decline

-56.00%

-33.99%

-22.01%

Max Drawdown (1Y)

Largest decline over 1 year

-9.73%

-8.90%

-0.83%

Max Drawdown (3Y)

Largest decline over 3 years

-16.55%

-18.69%

+2.14%

Max Drawdown (5Y)

Largest decline over 5 years

-26.42%

-24.52%

-1.90%

Max Drawdown (10Y)

Largest decline over 10 years

-33.53%

-33.99%

+0.46%

Current Drawdown

Current decline from peak

-1.97%

-2.41%

+0.44%

Average Drawdown

Average peak-to-trough decline

-8.60%

-3.68%

-4.92%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.22%

1.97%

+0.25%

Volatility

ACWI vs. VOO - Volatility Comparison

iShares MSCI ACWI ETF (ACWI) has a higher volatility of 5.24% compared to Vanguard S&P 500 ETF (VOO) at 4.65%. This indicates that ACWI's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ACWIVOODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.24%

4.65%

+0.59%

Volatility (6M)

Calculated over the trailing 6-month period

11.21%

9.76%

+1.45%

Volatility (1Y)

Calculated over the trailing 1-year period

13.48%

12.37%

+1.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.17%

16.91%

-0.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.16%

18.05%

-0.89%

ACWI vs. VOO - Expense Ratio Comparison

ACWI has a 0.32% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

ACWI vs. VOO - Dividend Comparison

ACWI's dividend yield for the trailing twelve months is around 1.44%, more than VOO's 1.05% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VOO
Vanguard S&P 500 ETF		1.05%1.13%1.24%1.46%1.69%1.25%1.54%1.88%2.06%1.78%2.02%2.10%

Frequently Asked Questions

With a correlation of 0.96, ACWI and VOO 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 (5.24%) compared to VOO (4.65%). In terms of maximum drawdown, ACWI dropped -56.00% vs VOO's -33.99%.

On 10-year performance, VOO leads with 15.51% vs 12.97% for ACWI. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VOO has performed better with a 15.51% return vs 12.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VOO is cheaper with a 0.03% expense ratio, compared with 0.32% for ACWI.

ACWI has the higher dividend yield at 1.44%, compared with 1.05% for VOO.

ACWI is categorized as Global Equities, while VOO is S&P 500. ACWI tracks MSCI All Country World Index, while VOO tracks S&P 500 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.32% for ACWI and 0.03% for VOO.

VOO currently has the higher Sharpe Ratio (2.08 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.

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