ACWX vs. CEFA

Last updated Aug 2, 2026

ACWX (iShares MSCI ACWI ex U.S. ETF) and CEFA (Global X S&P Catholic Values Developed ex-U.S. ETF) are both Foreign Large Cap Equities funds - ACWX tracks the MSCI All Country World ex-U.S. Index while CEFA tracks the S&P Developed ex-U.S. Catholic Values Index. Both are passively managed. Over the past 5 years, ACWX returned 8.92%/yr vs 7.72%/yr for CEFA. Their 0.79 correlation means they have sometimes moved together and sometimes differently. ACWX charges 0.32%/yr vs 0.35%/yr for CEFA.

Performance

ACWX vs. CEFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI ACWI ex U.S. ETF (ACWX) and Global X S&P Catholic Values Developed ex-U.S. ETF (CEFA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACWX achieves a 13.36% return, which is significantly higher than CEFA's 10.56% return.

ACWX

• 1D: -0.17%
• 1M: 0.03%
• 6M: 7.51%
• YTD: 13.36%
• 1Y: 28.82%
• 3Y*: 17.44%
• 5Y*: 8.92%
• 10Y*: 9.34%
• ALL TIME*: 4.91%

CEFA

• 1D: -0.72%
• 1M: 1.53%
• 6M: 5.32%
• YTD: 10.56%
• 1Y: 22.90%
• 3Y*: 15.02%
• 5Y*: 7.72%
• 10Y*: —
• ALL TIME*: 10.97%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ACWX iShares MSCI ACWI ex U.S. ETF	$158.12M	$125.34M	$130.78M
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF	$214.17K	$182.86K	$268.34K

ACWX vs. CEFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ACWX iShares MSCI ACWI ex U.S. ETF	13.36%	32.59%	5.17%	15.63%	-16.07%	7.67%	21.52%
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF	10.56%	26.46%	5.03%	17.40%	-16.66%	7.97%	21.61%

Correlation

The correlation between ACWX and CEFA is 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.94
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (All Time) Calculated using the full available price history since Jun 24, 2020	0.79

The correlation between ACWX and CEFA shifts across timeframes, from 0.79 (all time) to 0.94 (1 year), reflecting how their relationship changes across market environments.

ACWX vs. CEFA - Sectors Allocation Comparison

Sectors	ACWX	CEFA
Financial Services	25.3%	26.4%
Technology	21.1%	13.0%
Industrials	14.1%	18.1%
Healthcare	7.0%	10.3%
Consumer Cyclical	6.9%	8.6%
Basic Materials	6.6%	5.4%
Consumer Defensive	5.1%	6.8%
Energy	4.9%	3.6%
Communication Services	4.1%	3.6%
Utilities	3.0%	3.0%
Real Estate	1.3%	1.1%

Return for Risk

ACWX vs. CEFA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ACWX

ACWX Risk / Return Rank: 72
ACWX Sharpe Ratio Rank: 73
ACWX Sortino Ratio Rank: 71
ACWX Omega Ratio Rank: 73
ACWX Calmar Ratio Rank: 72
ACWX Martin Ratio Rank: 74

CEFA

CEFA Risk / Return Rank: 58
CEFA Sharpe Ratio Rank: 59
CEFA Sortino Ratio Rank: 60
CEFA Omega Ratio Rank: 58
CEFA Calmar Ratio Rank: 55
CEFA Martin Ratio Rank: 60

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ACWX vs. CEFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI ex U.S. ETF (ACWX) and Global X S&P Catholic Values Developed ex-U.S. ETF (CEFA). 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.

	ACWX	CEFA	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.40	+0.24
Sortino ratio: Return per unit of downside risk	2.27	2.03	+0.24
Omega ratio: Gain probability vs. loss probability	1.30	1.25	+0.05
Calmar ratio: Return relative to maximum drawdown	2.49	1.97	+0.52
Martin ratio: Return relative to average drawdown	9.09	7.23	+1.86

ACWX vs. CEFA - Sharpe Ratio Comparison

The current ACWX Sharpe Ratio is 1.64, which is comparable to the CEFA Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of ACWX and CEFA, 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

ACWX vs. CEFA - Drawdown Comparison

The maximum ACWX drawdown since its inception was -60.40%, which is greater than CEFA's maximum drawdown of -31.97%. Use the drawdown chart below to compare losses from any high point for ACWX and CEFA.

Drawdown Indicators

	ACWX	CEFA	Difference
Max Drawdown Largest peak-to-trough decline	-60.40%	-31.97%	-28.43%
Max Drawdown (1Y) Largest decline over 1 year	-11.42%	-11.54%	+0.12%
Max Drawdown (3Y) Largest decline over 3 years	-13.84%	-15.45%	+1.61%
Max Drawdown (5Y) Largest decline over 5 years	-29.78%	-31.97%	+2.19%
Max Drawdown (10Y) Largest decline over 10 years	-35.38%	—	—
Current Drawdown Current decline from peak	-2.75%	-0.72%	-2.03%
Average Drawdown Average peak-to-trough decline	-13.24%	-6.90%	-6.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	3.13%	-0.01%

Volatility

ACWX vs. CEFA - Volatility Comparison

iShares MSCI ACWI ex U.S. ETF (ACWX) has a higher volatility of 5.41% compared to Global X S&P Catholic Values Developed ex-U.S. ETF (CEFA) at 4.70%. This indicates that ACWX's price experiences larger fluctuations and is considered to be riskier than CEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACWX	CEFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.41%	4.70%	+0.71%
Volatility (6M) Calculated over the trailing 6-month period	15.45%	14.09%	+1.36%
Volatility (1Y) Calculated over the trailing 1-year period	17.30%	16.20%	+1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.61%	17.70%	-1.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.27%	17.23%	+0.04%

ACWX vs. CEFA - Expense Ratio Comparison

ACWX has a 0.32% expense ratio, which is lower than CEFA's 0.35% expense ratio.

Dividends

ACWX vs. CEFA - Dividend Comparison

ACWX's dividend yield for the trailing twelve months is around 2.53%, less than CEFA's 2.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACWX iShares MSCI ACWI ex U.S. ETF	2.53%	2.82%	2.97%	2.96%	2.68%	2.74%	1.88%	3.22%	2.60%	2.40%	2.77%	2.51%
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF	2.68%	2.86%	3.26%	2.35%	2.35%	3.49%	0.84%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ACWX and CEFA in my portfolio?

With a correlation of 0.94, ACWX and CEFA 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, ACWX or CEFA?

ACWX has higher volatility (5.41%) compared to CEFA (4.70%). In terms of maximum drawdown, ACWX dropped -60.40% vs CEFA's -31.97%.

Which ETF is better, ACWX or CEFA?

On 5-year performance, ACWX leads with 8.92% vs 7.72% for CEFA. On fees, ACWX is cheaper at 0.32% per year. On volatility, CEFA has been the lower-risk option at 4.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ACWX or CEFA?

Over the 5-year period, ACWX has performed better with a 8.92% return vs 7.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ACWX or CEFA?

ACWX is cheaper with a 0.32% expense ratio, compared with 0.35% for CEFA.

Which ETF pays a higher dividend yield, ACWX or CEFA?

CEFA has the higher dividend yield at 2.68%, compared with 2.53% for ACWX.

What is the main difference between ACWX and CEFA?

ACWX tracks MSCI All Country World ex-U.S. Index, while CEFA tracks S&P Developed ex-U.S. Catholic Values Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.32% for ACWX and 0.35% for CEFA.

Which has better risk-adjusted returns?

ACWX currently has the higher Sharpe Ratio (1.64 vs 1.40), 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.