ACWU.L vs. IAU

Last updated Jun 5, 2026

ACWU.L (Lyxor MSCI All Country World UCITS C-USD) and IAU (iShares Gold Trust) are both exchange-traded funds - ACWU.L is a Global Equities fund tracking the MSCI ACWI NR USD, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, ACWU.L returned 12.61%/yr vs 13.38%/yr for IAU. At a 0.07 correlation, their price movements are largely independent. ACWU.L charges 0.45%/yr vs 0.25%/yr for IAU.

Performance

ACWU.L vs. IAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lyxor MSCI All Country World UCITS C-USD (ACWU.L) and iShares Gold Trust (IAU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACWU.L achieves a 11.52% return, which is significantly higher than IAU's 3.83% return. Over the past 10 years, ACWU.L has underperformed IAU with an annualized return of 12.61%, while IAU has yielded a comparatively higher 13.38% annualized return.

ACWU.L

• 1D: -0.20%
• 1M: 4.16%
• YTD: 11.52%
• 6M: 12.86%
• 1Y: 28.39%
• 3Y*: 20.98%
• 5Y*: 11.12%
• 10Y*: 12.61%

IAU

• 1D: 0.83%
• 1M: -1.65%
• YTD: 3.83%
• 6M: 6.31%
• 1Y: 32.47%
• 3Y*: 31.39%
• 5Y*: 18.52%
• 10Y*: 13.38%

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

ACWU.L vs. IAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACWU.L Lyxor MSCI All Country World UCITS C-USD	11.52%	22.66%	17.03%	21.98%	-18.69%	19.16%	16.15%	26.85%	-10.03%	23.31%
IAU iShares Gold Trust	3.83%	63.95%	26.85%	12.84%	-0.63%	-4.00%	25.03%	17.98%	-1.76%	12.91%

Correlation

The correlation between ACWU.L and IAU is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (10Y) Calculated over the trailing 10-year period	0.08
Correlation (All Time) Calculated using the full available price history since Nov 21, 2014	0.07

The correlation between ACWU.L and IAU shifts across timeframes, from 0.07 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.

ACWU.L vs. IAU - Sectors Allocation Comparison

Sectors	ACWU.L	IAU
Technology	29.3%	-
Financial Services	16.2%	-
Industrials	10.9%	-
Consumer Cyclical	9.3%	-
Communication Services	9.0%	-
Healthcare	8.1%	-
Consumer Defensive	5.0%	-
Energy	4.2%	-
Basic Materials	3.7%	-
Utilities	2.6%	-
Real Estate	1.8%	100.0%

Return for Risk

ACWU.L vs. IAU — Risk / Return Rank

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

ACWU.L

ACWU.L Risk / Return Rank: 71
ACWU.L Sharpe Ratio Rank: 70
ACWU.L Sortino Ratio Rank: 75
ACWU.L Omega Ratio Rank: 72
ACWU.L Calmar Ratio Rank: 64
ACWU.L Martin Ratio Rank: 72

IAU

IAU Risk / Return Rank: 34
IAU Sharpe Ratio Rank: 35
IAU Sortino Ratio Rank: 32
IAU Omega Ratio Rank: 39
IAU Calmar Ratio Rank: 35
IAU Martin Ratio Rank: 29

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.

ACWU.L vs. IAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lyxor MSCI All Country World UCITS C-USD (ACWU.L) and iShares Gold Trust (IAU). 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.

	ACWU.L	IAU	Difference
Sharpe ratio: Return per unit of total volatility	2.27	1.24	+1.04
Sortino ratio: Return per unit of downside risk	3.32	1.63	+1.69
Omega ratio: Gain probability vs. loss probability	1.42	1.25	+0.17
Calmar ratio: Return relative to maximum drawdown	3.16	1.70	+1.46
Martin ratio: Return relative to average drawdown	13.36	4.18	+9.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ACWU.L vs. IAU - Sharpe Ratio Comparison

The current ACWU.L Sharpe Ratio is 2.27, which is higher than the IAU Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of ACWU.L and IAU, 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

	ACWU.L	IAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	1.24	+1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	1.04	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.04	0.84	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.63	+0.27

Drawdowns

ACWU.L vs. IAU - Drawdown Comparison

The maximum ACWU.L drawdown since its inception was -33.80%, smaller than the maximum IAU drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for ACWU.L and IAU.

Drawdown Indicators

	ACWU.L	IAU	Difference
Max Drawdown Largest peak-to-trough decline	-33.80%	-45.14%	+11.34%
Max Drawdown (1Y) Largest decline over 1 year	-8.94%	-19.18%	+10.24%
Max Drawdown (3Y) Largest decline over 3 years	-17.17%	-19.18%	+2.01%
Max Drawdown (5Y) Largest decline over 5 years	-26.08%	-20.93%	-5.15%
Max Drawdown (10Y) Largest decline over 10 years	-33.80%	-21.82%	-11.98%
Current Drawdown Current decline from peak	-0.80%	-17.02%	+16.22%
Average Drawdown Average peak-to-trough decline	-4.78%	-15.96%	+11.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	7.79%	-5.67%

Volatility

ACWU.L vs. IAU - Volatility Comparison

The current volatility for Lyxor MSCI All Country World UCITS C-USD (ACWU.L) is 3.88%, while iShares Gold Trust (IAU) has a volatility of 5.50%. This indicates that ACWU.L experiences smaller price fluctuations and is considered to be less risky than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACWU.L	IAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	5.50%	-1.62%
Volatility (6M) Calculated over the trailing 6-month period	9.82%	23.03%	-13.21%
Volatility (1Y) Calculated over the trailing 1-year period	12.45%	26.41%	-13.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.17%	17.94%	+1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.45%	15.90%	+5.55%

ACWU.L vs. IAU - Expense Ratio Comparison

ACWU.L has a 0.45% expense ratio, which is higher than IAU's 0.25% expense ratio.

Dividends

ACWU.L vs. IAU - Dividend Comparison

Neither ACWU.L nor IAU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ACWU.L and IAU in my portfolio?

ACWU.L and IAU have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ACWU.L or IAU?

On fees, IAU is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ACWU.L or IAU?

IAU is cheaper with a 0.25% expense ratio, compared with 0.45% for ACWU.L.

What is the main difference between ACWU.L and IAU?

ACWU.L is categorized as Global Equities, while IAU is Gold. ACWU.L tracks MSCI ACWI NR USD, while IAU tracks LBMA Gold Price. They also come from different issuers: Amundi and iShares. Their fees differ too: 0.45% for ACWU.L and 0.25% for IAU.