ACWV vs. NZAC
ACWV (iShares MSCI Global Min Vol Factor ETF) and NZAC (SPDR MSCI ACWI Climate Paris Aligned ETF) are both Global Equities funds - ACWV tracks the MSCI ACWI Minimum Volatility Index while NZAC tracks the MSCI ACWI Climate Paris Aligned Index. Both are passively managed. Over the past 10 years, ACWV returned 6.98%/yr vs 11.81%/yr for NZAC. A 0.70 correlation means they provide meaningful diversification when combined. ACWV charges 0.20%/yr vs 0.12%/yr for NZAC.
Performance
ACWV vs. NZAC - Performance Comparison
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Returns By Period
In the year-to-date period, ACWV achieves a 3.42% return, which is significantly lower than NZAC's 7.57% return. Over the past 10 years, ACWV has underperformed NZAC with an annualized return of 6.98%, while NZAC has yielded a comparatively higher 11.81% annualized return.
ACWV
- 1D
- -0.39%
- 1M
- 0.53%
- 6M
- 2.85%
- YTD
- 3.42%
- 1Y
- 5.53%
- 3Y*
- 9.73%
- 5Y*
- 5.39%
- 10Y*
- 6.98%
NZAC
- 1D
- 0.43%
- 1M
- 0.75%
- 6M
- 6.25%
- YTD
- 7.57%
- 1Y
- 18.67%
- 3Y*
- 16.80%
- 5Y*
- 9.44%
- 10Y*
- 11.81%
ACWV vs. NZAC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ACWV iShares MSCI Global Min Vol Factor ETF | 3.42% | 11.04% | 11.38% | 8.23% | -10.36% | 13.97% | 3.04% | 21.04% | -1.42% | 18.57% |
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF | 7.57% | 20.55% | 16.67% | 23.22% | -19.77% | 18.35% | 17.21% | 28.24% | -9.80% | 22.93% |
Correlation
The correlation between ACWV and NZAC is 0.50, 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 | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2014 | 0.70 |
The correlation between ACWV and NZAC shifts across timeframes, from 0.50 (1 year) to 0.74 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
ACWV vs. NZAC — Risk / Return Rank
ACWV
NZAC
ACWV vs. NZAC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Min Vol Factor ETF (ACWV) and SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC). 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 | NZAC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.68 | ||
| Sortino ratioReturn per unit of downside risk | -0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.25 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | 1.86 | -0.98 |
| Martin ratioReturn relative to average drawdown | 2.49 | 7.59 | -5.09 |
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Drawdowns
ACWV vs. NZAC - Drawdown Comparison
The maximum ACWV drawdown since its inception was -28.82%, smaller than the maximum NZAC drawdown of -33.72%. Use the drawdown chart below to compare losses from any high point for ACWV and NZAC.
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Drawdown Indicators
| ACWV | NZAC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.82% | -33.72% | +4.90% |
Max Drawdown (1Y)Largest decline over 1 year | -6.37% | -10.10% | +3.73% |
Max Drawdown (3Y)Largest decline over 3 years | -7.56% | -16.19% | +8.63% |
Max Drawdown (5Y)Largest decline over 5 years | -18.14% | -28.31% | +10.17% |
Max Drawdown (10Y)Largest decline over 10 years | -28.82% | -33.72% | +4.90% |
Current DrawdownCurrent decline from peak | -1.91% | -1.96% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -3.11% | -5.29% | +2.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.22% | 2.47% | -0.25% |
Volatility
ACWV vs. NZAC - Volatility Comparison
The current volatility for iShares MSCI Global Min Vol Factor ETF (ACWV) is 3.15%, while SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) has a volatility of 4.02%. This indicates that ACWV experiences smaller price fluctuations and is considered to be less risky than NZAC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ACWV | NZAC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.15% | 4.02% | -0.87% |
Volatility (6M)Calculated over the trailing 6-month period | 6.25% | 11.50% | -5.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.06% | 13.72% | -5.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.27% | 16.95% | -6.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.29% | 17.05% | -4.76% |
ACWV vs. NZAC - Expense Ratio Comparison
ACWV has a 0.20% expense ratio, which is higher than NZAC's 0.12% 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. NZAC - Dividend Comparison
ACWV's dividend yield for the trailing twelve months is around 1.94%, less than NZAC's 2.06% 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% |
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF | 2.06% | 1.90% | 1.88% | 1.65% | 1.81% | 1.62% | 1.59% | 2.17% | 2.53% | 2.20% | 2.00% | 2.40% |
Frequently Asked Questions
ACWV and NZAC have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NZAC has higher volatility (4.02%) compared to ACWV (3.15%). In terms of maximum drawdown, ACWV dropped -28.82% vs NZAC's -33.72%.
On 10-year performance, NZAC leads with 11.81% vs 6.98% for ACWV. On fees, NZAC is cheaper at 0.12% per year. On volatility, ACWV has been the lower-risk option at 3.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, NZAC has performed better with a 11.81% return vs 6.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NZAC is cheaper with a 0.12% expense ratio, compared with 0.20% for ACWV.
NZAC has the higher dividend yield at 2.06%, compared with 1.94% for ACWV.
ACWV tracks MSCI ACWI Minimum Volatility Index, while NZAC tracks MSCI ACWI Climate Paris Aligned Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.20% for ACWV and 0.12% for NZAC.
NZAC currently has the higher Sharpe Ratio (1.37 vs 0.69), 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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