ACWV vs. EFAV

Last updated Jun 24, 2026

ACWV (iShares MSCI Global Min Vol Factor ETF) and EFAV (iShares MSCI EAFE Min Vol Factor ETF) are both exchange-traded funds - ACWV is a Large Cap Blend Equities fund tracking the MSCI ACWI Minimum Volatility Index, while EFAV is a Foreign Large Cap Equities fund tracking the MSCI EAFE Minimum Volatility (USD) Index. Both are passively managed. Over the past 10 years, ACWV returned 7.32%/yr vs 6.31%/yr for EFAV. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.20% expense ratio.

Performance

ACWV vs. EFAV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Global Min Vol Factor ETF (ACWV) and iShares MSCI EAFE Min Vol Factor ETF (EFAV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACWV achieves a 1.23% return, which is significantly lower than EFAV's 2.67% return. Over the past 10 years, ACWV has outperformed EFAV with an annualized return of 7.32%, while EFAV has yielded a comparatively lower 6.31% annualized return.

ACWV

• 1D: -0.08%
• 1M: -1.78%
• YTD: 1.23%
• 6M: 0.78%
• 1Y: 3.93%
• 3Y*: 9.62%
• 5Y*: 5.34%
• 10Y*: 7.32%

EFAV

• 1D: -0.18%
• 1M: -3.17%
• YTD: 2.67%
• 6M: 2.24%
• 1Y: 8.51%
• 3Y*: 12.53%
• 5Y*: 5.83%
• 10Y*: 6.31%

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

ACWV vs. EFAV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACWV iShares MSCI Global Min Vol Factor ETF	1.23%	11.04%	11.38%	8.23%	-10.36%	13.97%	3.04%	21.04%	-1.42%	18.57%
EFAV iShares MSCI EAFE Min Vol Factor ETF	2.67%	26.00%	5.30%	12.52%	-15.11%	7.20%	-0.06%	16.67%	-5.74%	22.24%

Correlation

The correlation between ACWV and EFAV is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011	0.82

The correlation between ACWV and EFAV has been stable across timeframes, ranging from 0.77 to 0.83 - a consistent structural relationship.

ACWV vs. EFAV - Sectors Allocation Comparison

Sectors	ACWV	EFAV
Technology	25.8%	4.6%
Financial Services	13.2%	19.4%
Healthcare	13.0%	12.0%
Communication Services	11.9%	9.6%
Consumer Defensive	9.8%	11.9%
Industrials	8.1%	15.9%
Utilities	7.3%	8.8%
Consumer Cyclical	5.1%	5.0%
Energy	3.7%	8.3%
Basic Materials	1.5%	1.5%
Real Estate	0.6%	3.0%

Return for Risk

ACWV vs. EFAV — Risk / Return Rank

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

ACWV

ACWV Risk / Return Rank: 16
ACWV Sharpe Ratio Rank: 17
ACWV Sortino Ratio Rank: 15
ACWV Omega Ratio Rank: 15
ACWV Calmar Ratio Rank: 16
ACWV Martin Ratio Rank: 18

EFAV

EFAV Risk / Return Rank: 24
EFAV Sharpe Ratio Rank: 24
EFAV Sortino Ratio Rank: 22
EFAV Omega Ratio Rank: 22
EFAV Calmar Ratio Rank: 27
EFAV Martin Ratio Rank: 26

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.

ACWV vs. EFAV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Min Vol Factor ETF (ACWV) and iShares MSCI EAFE Min Vol Factor ETF (EFAV). 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.

	ACWV	EFAV	Difference
Sharpe ratio: Return per unit of total volatility	0.51	0.81	-0.30
Sortino ratio: Return per unit of downside risk	0.75	1.19	-0.44
Omega ratio: Gain probability vs. loss probability	1.09	1.15	-0.06
Calmar ratio: Return relative to maximum drawdown	0.62	1.28	-0.66
Martin ratio: Return relative to average drawdown	1.83	3.26	-1.43

ACWV vs. EFAV - Sharpe Ratio Comparison

The current ACWV Sharpe Ratio is 0.51, which is lower than the EFAV Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of ACWV and EFAV, 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

ACWV vs. EFAV - Drawdown Comparison

The maximum ACWV drawdown since its inception was -28.82%, roughly equal to the maximum EFAV drawdown of -27.56%. Use the drawdown chart below to compare losses from any high point for ACWV and EFAV.

Drawdown Indicators

	ACWV	EFAV	Difference
Max Drawdown Largest peak-to-trough decline	-28.82%	-27.56%	-1.26%
Max Drawdown (1Y) Largest decline over 1 year	-6.37%	-6.66%	+0.29%
Max Drawdown (3Y) Largest decline over 3 years	-7.56%	-8.75%	+1.19%
Max Drawdown (5Y) Largest decline over 5 years	-18.14%	-27.46%	+9.32%
Max Drawdown (10Y) Largest decline over 10 years	-28.82%	-27.56%	-1.26%
Current Drawdown Current decline from peak	-3.99%	-6.66%	+2.67%
Average Drawdown Average peak-to-trough decline	-3.11%	-4.77%	+1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	2.61%	-0.46%

Volatility

ACWV vs. EFAV - Volatility Comparison

The current volatility for iShares MSCI Global Min Vol Factor ETF (ACWV) is 2.11%, while iShares MSCI EAFE Min Vol Factor ETF (EFAV) has a volatility of 3.10%. This indicates that ACWV experiences smaller price fluctuations and is considered to be less risky than EFAV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACWV	EFAV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.11%	3.10%	-0.99%
Volatility (6M) Calculated over the trailing 6-month period	5.70%	8.53%	-2.83%
Volatility (1Y) Calculated over the trailing 1-year period	7.82%	10.57%	-2.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.22%	11.82%	-1.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.29%	13.06%	-0.77%

ACWV vs. EFAV - Expense Ratio Comparison

Both ACWV and EFAV have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

ACWV vs. EFAV - Dividend Comparison

ACWV's dividend yield for the trailing twelve months is around 1.98%, less than EFAV's 3.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACWV iShares MSCI Global Min Vol Factor ETF	1.98%	2.09%	2.33%	2.41%	2.18%	1.92%	1.77%	2.54%	2.32%	2.04%	2.56%	2.28%
EFAV iShares MSCI EAFE Min Vol Factor ETF	3.29%	3.20%	3.24%	3.08%	2.53%	2.47%	1.33%	4.19%	3.34%	2.45%	3.94%	2.49%

Frequently Asked Questions

Can I hold both ACWV and EFAV in my portfolio?

ACWV and EFAV have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ACWV or EFAV?

EFAV has higher volatility (3.10%) compared to ACWV (2.11%). In terms of maximum drawdown, ACWV dropped -28.82% vs EFAV's -27.56%.

Which ETF is better, ACWV or EFAV?

On 10-year performance, ACWV leads with 7.32% vs 6.31% for EFAV. Both ETFs have the same 0.20% expense ratio. On volatility, ACWV has been the lower-risk option at 2.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ACWV or EFAV?

Over the 10-year period, ACWV has performed better with a 7.32% return vs 6.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ACWV or EFAV?

ACWV and EFAV have the same expense ratio: 0.20% per year.

Which ETF pays a higher dividend yield, ACWV or EFAV?

EFAV has the higher dividend yield at 3.29%, compared with 1.98% for ACWV.

What is the main difference between ACWV and EFAV?

ACWV is categorized as Large Cap Blend Equities, while EFAV is Foreign Large Cap Equities. ACWV tracks MSCI ACWI Minimum Volatility Index, while EFAV tracks MSCI EAFE Minimum Volatility (USD) Index.

Which has better risk-adjusted returns?

EFAV currently has the higher Sharpe Ratio (0.81 vs 0.51), 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.