ACWI vs. VTWAX

Last updated Jun 5, 2026

ACWI (iShares MSCI ACWI ETF) and VTWAX (Vanguard Total World Stock Index Fund Admiral Shares) are both Global Equities funds - ACWI tracks the MSCI All Country World Index while VTWAX tracks the FTSE Global All Cap Index. Both are passively managed. Over the past 5 years, ACWI returned 11.35%/yr vs 10.98%/yr for VTWAX. With a 1.00 correlation, they move nearly in lockstep. ACWI charges 0.32%/yr vs 0.09%/yr for VTWAX.

Performance

ACWI vs. VTWAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI ACWI ETF (ACWI) and Vanguard Total World Stock Index Fund Admiral Shares (VTWAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ACWI having a 12.47% return and VTWAX slightly lower at 12.29%.

ACWI

• 1D: 0.30%
• 1M: 4.45%
• YTD: 12.47%
• 6M: 13.07%
• 1Y: 29.24%
• 3Y*: 21.38%
• 5Y*: 11.35%
• 10Y*: 12.82%

VTWAX

• 1D: -0.76%
• 1M: 3.90%
• YTD: 12.29%
• 6M: 13.02%
• 1Y: 29.00%
• 3Y*: 20.96%
• 5Y*: 10.98%
• 10Y*: —

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

ACWI vs. VTWAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ACWI iShares MSCI ACWI ETF	12.47%	22.41%	17.45%	22.27%	-18.39%	18.66%	16.34%	17.63%
VTWAX Vanguard Total World Stock Index Fund Admiral Shares	12.29%	22.43%	16.43%	21.85%	-18.02%	18.17%	16.67%	17.53%

Correlation

The correlation between ACWI and VTWAX is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (All Time) Calculated using the full available price history since Feb 8, 2019	1.00

The correlation between ACWI and VTWAX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

ACWI vs. VTWAX - Sectors Allocation Comparison

Sectors	ACWI	VTWAX
Technology	29.4%	27.8%
Financial Services	16.1%	15.9%
Industrials	10.9%	12.0%
Consumer Cyclical	9.3%	9.5%
Communication Services	9.0%	8.3%
Healthcare	8.1%	8.1%
Consumer Defensive	5.0%	4.8%
Energy	4.2%	4.3%
Basic Materials	3.7%	4.2%
Utilities	2.6%	2.7%
Real Estate	1.8%	2.4%

Return for Risk

ACWI vs. VTWAX — Risk / Return Rank

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

ACWI

ACWI Risk / Return Rank: 70
ACWI Sharpe Ratio Rank: 71
ACWI Sortino Ratio Rank: 71
ACWI Omega Ratio Rank: 71
ACWI Calmar Ratio Rank: 62
ACWI Martin Ratio Rank: 73

VTWAX

VTWAX Risk / Return Rank: 63
VTWAX Sharpe Ratio Rank: 64
VTWAX Sortino Ratio Rank: 60
VTWAX Omega Ratio Rank: 59
VTWAX Calmar Ratio Rank: 62
VTWAX Martin Ratio Rank: 71

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. VTWAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI ETF (ACWI) and Vanguard Total World Stock Index Fund Admiral Shares (VTWAX). 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.

	ACWI	VTWAX	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.38	-0.08
Sortino ratio: Return per unit of downside risk	3.17	3.27	-0.10
Omega ratio: Gain probability vs. loss probability	1.42	1.43	-0.01
Calmar ratio: Return relative to maximum drawdown	3.02	3.05	-0.03
Martin ratio: Return relative to average drawdown	13.55	13.64	-0.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ACWI vs. VTWAX - Sharpe Ratio Comparison

The current ACWI Sharpe Ratio is 2.30, which is comparable to the VTWAX Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of ACWI and VTWAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ACWI	VTWAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.38	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.70	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.77	-0.34

Drawdowns

ACWI vs. VTWAX - Drawdown Comparison

The maximum ACWI drawdown since its inception was -56.00%, which is greater than VTWAX's maximum drawdown of -34.20%. Use the drawdown chart below to compare losses from any high point for ACWI and VTWAX.

Drawdown Indicators

	ACWI	VTWAX	Difference
Max Drawdown Largest peak-to-trough decline	-56.00%	-34.20%	-21.80%
Max Drawdown (1Y) Largest decline over 1 year	-9.73%	-9.64%	-0.09%
Max Drawdown (3Y) Largest decline over 3 years	-16.55%	-16.43%	-0.12%
Max Drawdown (5Y) Largest decline over 5 years	-26.42%	-26.40%	-0.02%
Max Drawdown (10Y) Largest decline over 10 years	-33.53%	—	—
Current Drawdown Current decline from peak	-0.53%	-0.76%	+0.23%
Average Drawdown Average peak-to-trough decline	-8.61%	-5.30%	-3.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	2.15%	+0.01%

Volatility

ACWI vs. VTWAX - Volatility Comparison

iShares MSCI ACWI ETF (ACWI) has a higher volatility of 3.83% compared to Vanguard Total World Stock Index Fund Admiral Shares (VTWAX) at 3.64%. This indicates that ACWI's price experiences larger fluctuations and is considered to be riskier than VTWAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACWI	VTWAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.83%	3.64%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	10.30%	9.84%	+0.46%
Volatility (1Y) Calculated over the trailing 1-year period	12.79%	12.39%	+0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.05%	15.72%	+0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.11%	18.20%	-1.09%

ACWI vs. VTWAX - Expense Ratio Comparison

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

Dividends

ACWI vs. VTWAX - Dividend Comparison

ACWI's dividend yield for the trailing twelve months is around 1.38%, less than VTWAX's 1.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACWI iShares MSCI ACWI ETF	1.38%	1.55%	1.70%	1.88%	1.79%	1.71%	1.43%	2.33%	2.18%	1.94%	2.19%	2.56%
VTWAX Vanguard Total World Stock Index Fund Admiral Shares	1.57%	1.80%	1.92%	2.06%	2.17%	1.79%	1.64%	2.28%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ACWI and VTWAX in my portfolio?

With a correlation of 0.99, ACWI and VTWAX 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 VTWAX?

ACWI has higher volatility (3.83%) compared to VTWAX (3.64%). In terms of maximum drawdown, ACWI dropped -56.00% vs VTWAX's -34.20%.

Which has better risk-adjusted returns?

VTWAX currently has the higher Sharpe Ratio (2.38 vs 2.30), 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.