ACWV vs. FDLO

Last updated Jul 21, 2026

ACWV (iShares MSCI Global Min Vol Factor ETF) and FDLO (Fidelity Low Volatility Factor ETF) are both exchange-traded funds - ACWV is a Global Equities fund tracking the MSCI ACWI Minimum Volatility Index, while FDLO is a Volatility Hedged Equity fund tracking the Fidelity U.S. Low Volatility Factor Index. Both are passively managed. Over the past 5 years, ACWV returned 5.45%/yr vs 9.21%/yr for FDLO. Their correlation of 0.85 suggests significant overlap in exposure. ACWV charges 0.20%/yr vs 0.15%/yr for FDLO.

Performance

ACWV vs. FDLO - Performance Comparison

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

Returns By Period

In the year-to-date period, ACWV achieves a 3.37% return, which is significantly lower than FDLO's 5.53% return.

ACWV

• 1D: -0.03%
• 1M: 2.00%
• 6M: 2.51%
• YTD: 3.37%
• 1Y: 5.99%
• 3Y*: 9.33%
• 5Y*: 5.45%
• 10Y*: 6.94%
• ALL TIME*: 8.60%

FDLO

• 1D: -0.26%
• 1M: 2.39%
• 6M: 3.93%
• YTD: 5.53%
• 1Y: 12.36%
• 3Y*: 12.82%
• 5Y*: 9.21%
• 10Y*: —
• ALL TIME*: 12.79%

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

ACWV vs. FDLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACWV iShares MSCI Global Min Vol Factor ETF	3.37%	11.04%	11.38%	8.23%	-10.36%	13.97%	3.04%	21.04%	-1.42%	18.57%
FDLO Fidelity Low Volatility Factor ETF	5.53%	11.77%	16.06%	16.38%	-10.38%	24.00%	12.19%	31.10%	-0.26%	20.44%

Correlation

The correlation between ACWV and FDLO is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Sep 15, 2016	0.85

The correlation between ACWV and FDLO shifts across timeframes, from 0.73 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

ACWV vs. FDLO - Sectors Allocation Comparison

Sectors	ACWV	FDLO
Technology	25.3%	33.2%
Healthcare	13.8%	10.6%
Financial Services	13.5%	13.1%
Communication Services	11.3%	10.1%
Consumer Defensive	9.7%	4.7%
Industrials	8.1%	8.7%
Utilities	7.5%	2.4%
Consumer Cyclical	5.3%	10.0%
Energy	3.5%	3.1%
Basic Materials	1.5%	1.8%
Real Estate	0.6%	2.3%

Return for Risk

ACWV vs. FDLO — Risk / Return Rank

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

ACWV

ACWV Risk / Return Rank: 26
ACWV Sharpe Ratio Rank: 27
ACWV Sortino Ratio Rank: 26
ACWV Omega Ratio Rank: 25
ACWV Calmar Ratio Rank: 26
ACWV Martin Ratio Rank: 27

FDLO

FDLO Risk / Return Rank: 52
FDLO Sharpe Ratio Rank: 54
FDLO Sortino Ratio Rank: 53
FDLO Omega Ratio Rank: 51
FDLO Calmar Ratio Rank: 45
FDLO Martin Ratio Rank: 55

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. FDLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Min Vol Factor ETF (ACWV) and Fidelity Low Volatility Factor ETF (FDLO). 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	FDLO	Difference
Sharpe ratio: Return per unit of total volatility	0.75	1.39	-0.64
Sortino ratio: Return per unit of downside risk	1.12	1.97	-0.85
Omega ratio: Gain probability vs. loss probability	1.14	1.25	-0.11
Calmar ratio: Return relative to maximum drawdown	0.94	1.74	-0.80
Martin ratio: Return relative to average drawdown	2.68	7.06	-4.38

ACWV vs. FDLO - Sharpe Ratio Comparison

The current ACWV Sharpe Ratio is 0.75, which is lower than the FDLO Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of ACWV and FDLO, 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. FDLO - Drawdown Comparison

The maximum ACWV drawdown since its inception was -28.82%, smaller than the maximum FDLO drawdown of -34.35%. Use the drawdown chart below to compare losses from any high point for ACWV and FDLO.

Drawdown Indicators

	ACWV	FDLO	Difference
Max Drawdown Largest peak-to-trough decline	-28.82%	-34.35%	+5.53%
Max Drawdown (1Y) Largest decline over 1 year	-6.37%	-7.13%	+0.76%
Max Drawdown (3Y) Largest decline over 3 years	-7.56%	-13.68%	+6.12%
Max Drawdown (5Y) Largest decline over 5 years	-18.14%	-19.23%	+1.09%
Max Drawdown (10Y) Largest decline over 10 years	-28.82%	—	—
Current Drawdown Current decline from peak	-1.96%	-0.80%	-1.16%
Average Drawdown Average peak-to-trough decline	-3.11%	-3.35%	+0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	1.76%	+0.48%

Volatility

ACWV vs. FDLO - Volatility Comparison

iShares MSCI Global Min Vol Factor ETF (ACWV) and Fidelity Low Volatility Factor ETF (FDLO) have volatilities of 2.99% and 2.91%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACWV	FDLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	2.91%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	6.26%	6.98%	-0.72%
Volatility (1Y) Calculated over the trailing 1-year period	8.03%	8.97%	-0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.28%	13.09%	-2.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.29%	15.45%	-3.16%

ACWV vs. FDLO - Expense Ratio Comparison

ACWV has a 0.20% expense ratio, which is higher than FDLO's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ACWV vs. FDLO - Dividend Comparison

ACWV's dividend yield for the trailing twelve months is around 1.94%, more than FDLO's 1.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACWV iShares MSCI Global Min Vol Factor ETF	1.94%	2.09%	2.33%	2.41%	2.18%	1.92%	1.77%	2.54%	2.32%	2.04%	2.56%	2.28%
FDLO Fidelity Low Volatility Factor ETF	1.41%	1.37%	1.40%	1.35%	1.49%	1.11%	1.38%	1.55%	1.76%	1.61%	0.55%	0.00%

Frequently Asked Questions

Can I hold both ACWV and FDLO in my portfolio?

ACWV and FDLO have a correlation of 0.73, 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 FDLO?

ACWV has higher volatility (2.99%) compared to FDLO (2.91%). In terms of maximum drawdown, ACWV dropped -28.82% vs FDLO's -34.35%.

Which ETF is better, ACWV or FDLO?

On 5-year performance, FDLO leads with 9.21% vs 5.45% for ACWV. On fees, FDLO is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ACWV or FDLO?

Over the 5-year period, FDLO has performed better with a 9.21% return vs 5.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ACWV or FDLO?

FDLO is cheaper with a 0.15% expense ratio, compared with 0.20% for ACWV.

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

ACWV has the higher dividend yield at 1.94%, compared with 1.41% for FDLO.

What is the main difference between ACWV and FDLO?

ACWV is categorized as Global Equities, while FDLO is Volatility Hedged Equity. ACWV tracks MSCI ACWI Minimum Volatility Index, while FDLO tracks Fidelity U.S. Low Volatility Factor Index. They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.20% for ACWV and 0.15% for FDLO.

Which has better risk-adjusted returns?

FDLO currently has the higher Sharpe Ratio (1.39 vs 0.75), 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.