ACWX vs. CIL

Last updated Jun 24, 2026

ACWX (iShares MSCI ACWI ex U.S. ETF) and CIL (VictoryShares International Volatility Wtd ETF) are both Foreign Large Cap Equities funds - ACWX tracks the MSCI All Country World ex-U.S. Index while CIL tracks the Nasdaq Victory International 500 Volatility Weighted Index. Both are passively managed. Over the past 10 years, ACWX returned 10.06%/yr vs 8.21%/yr for CIL. A 0.71 correlation means they provide meaningful diversification when combined. ACWX charges 0.32%/yr vs 0.45%/yr for CIL.

Performance

ACWX vs. CIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI ACWI ex U.S. ETF (ACWX) and VictoryShares International Volatility Wtd ETF (CIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACWX achieves a 12.88% return, which is significantly higher than CIL's 5.44% return. Over the past 10 years, ACWX has outperformed CIL with an annualized return of 10.06%, while CIL has yielded a comparatively lower 8.21% annualized return.

ACWX

• 1D: -3.17%
• 1M: 0.91%
• YTD: 12.88%
• 6M: 12.78%
• 1Y: 29.85%
• 3Y*: 19.03%
• 5Y*: 8.31%
• 10Y*: 10.06%

CIL

• 1D: 0.00%
• 1M: 0.00%
• YTD: 5.44%
• 6M: 5.34%
• 1Y: 16.95%
• 3Y*: 15.96%
• 5Y*: 7.55%
• 10Y*: 8.21%

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

ACWX vs. CIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACWX iShares MSCI ACWI ex U.S. ETF	12.88%	32.59%	5.17%	15.63%	-16.07%	7.67%	10.29%	21.05%	-13.99%	27.20%
CIL VictoryShares International Volatility Wtd ETF	5.44%	32.99%	3.76%	16.29%	-16.00%	11.07%	7.21%	19.13%	-13.34%	27.67%

Correlation

The correlation between ACWX and CIL is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Aug 20, 2015	0.71

The correlation between ACWX and CIL shifts across timeframes, from 0.62 (1 year) to 0.83 (3 years), reflecting how their relationship changes across market environments.

ACWX vs. CIL - Sectors Allocation Comparison

Sectors	ACWX	CIL
Technology	23.8%	6.4%
Financial Services	23.7%	24.8%
Industrials	13.6%	18.4%
Consumer Cyclical	7.0%	8.2%
Basic Materials	6.6%	6.6%
Healthcare	6.5%	7.7%
Consumer Defensive	5.0%	8.8%
Communication Services	4.6%	5.8%
Energy	4.4%	4.6%
Utilities	2.9%	6.6%
Real Estate	1.3%	2.2%

Return for Risk

ACWX vs. CIL — Risk / Return Rank

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

ACWX

ACWX Risk / Return Rank: 55
ACWX Sharpe Ratio Rank: 55
ACWX Sortino Ratio Rank: 52
ACWX Omega Ratio Rank: 55
ACWX Calmar Ratio Rank: 55
ACWX Martin Ratio Rank: 59

CIL

CIL Risk / Return Rank: 83
CIL Sharpe Ratio Rank: 78
CIL Sortino Ratio Rank: 83
CIL Omega Ratio Rank: 90
CIL Calmar Ratio Rank: 79
CIL Martin Ratio Rank: 85

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.

ACWX vs. CIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI ex U.S. ETF (ACWX) and VictoryShares International Volatility Wtd ETF (CIL). 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	CIL	Difference
Sharpe ratio: Return per unit of total volatility	1.79	2.32	-0.53
Sortino ratio: Return per unit of downside risk	2.44	3.41	-0.97
Omega ratio: Gain probability vs. loss probability	1.33	1.54	-0.21
Calmar ratio: Return relative to maximum drawdown	2.62	3.85	-1.23
Martin ratio: Return relative to average drawdown	10.05	16.75	-6.70

ACWX vs. CIL - Sharpe Ratio Comparison

The current ACWX Sharpe Ratio is 1.79, which is comparable to the CIL Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of ACWX and CIL, 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. CIL - Drawdown Comparison

The maximum ACWX drawdown since its inception was -60.40%, which is greater than CIL's maximum drawdown of -36.27%. Use the drawdown chart below to compare losses from any high point for ACWX and CIL.

Drawdown Indicators

	ACWX	CIL	Difference
Max Drawdown Largest peak-to-trough decline	-60.40%	-36.27%	-24.13%
Max Drawdown (1Y) Largest decline over 1 year	-11.42%	-4.60%	-6.82%
Max Drawdown (3Y) Largest decline over 3 years	-13.84%	-11.96%	-1.88%
Max Drawdown (5Y) Largest decline over 5 years	-29.78%	-29.89%	+0.11%
Max Drawdown (10Y) Largest decline over 10 years	-35.38%	-36.27%	+0.89%
Current Drawdown Current decline from peak	-3.17%	-0.58%	-2.59%
Average Drawdown Average peak-to-trough decline	-13.30%	-6.53%	-6.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	1.07%	+1.91%

Volatility

ACWX vs. CIL - Volatility Comparison

iShares MSCI ACWI ex U.S. ETF (ACWX) has a higher volatility of 7.37% compared to VictoryShares International Volatility Wtd ETF (CIL) at 0.00%. This indicates that ACWX's price experiences larger fluctuations and is considered to be riskier than CIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACWX	CIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.37%	0.00%	+7.37%
Volatility (6M) Calculated over the trailing 6-month period	14.77%	3.38%	+11.39%
Volatility (1Y) Calculated over the trailing 1-year period	16.74%	7.66%	+9.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.53%	16.47%	+0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.27%	17.08%	+0.19%

ACWX vs. CIL - Expense Ratio Comparison

ACWX has a 0.32% expense ratio, which is lower than CIL's 0.45% expense ratio.

Dividends

ACWX vs. CIL - Dividend Comparison

ACWX's dividend yield for the trailing twelve months is around 2.54%, more than CIL's 1.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACWX iShares MSCI ACWI ex U.S. ETF	2.54%	2.82%	2.97%	2.96%	2.68%	2.74%	1.88%	3.22%	2.60%	2.40%	2.77%	2.51%
CIL VictoryShares International Volatility Wtd ETF	1.20%	2.70%	3.46%	2.91%	2.41%	3.04%	1.73%	2.69%	2.85%	2.17%	2.34%	0.43%

Frequently Asked Questions

Can I hold both ACWX and CIL in my portfolio?

ACWX and CIL have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ACWX or CIL?

ACWX has higher volatility (7.37%) compared to CIL (0.00%). In terms of maximum drawdown, ACWX dropped -60.40% vs CIL's -36.27%.

Which ETF is better, ACWX or CIL?

On 10-year performance, ACWX leads with 10.06% vs 8.21% for CIL. On fees, ACWX is cheaper at 0.32% per year. On volatility, CIL has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ACWX or CIL?

Over the 10-year period, ACWX has performed better with a 10.06% return vs 8.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ACWX or CIL?

ACWX is cheaper with a 0.32% expense ratio, compared with 0.45% for CIL.

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

ACWX has the higher dividend yield at 2.54%, compared with 1.20% for CIL.

What is the main difference between ACWX and CIL?

ACWX tracks MSCI All Country World ex-U.S. Index, while CIL tracks Nasdaq Victory International 500 Volatility Weighted Index. They also come from different issuers: iShares and Crestview. Their fees differ too: 0.32% for ACWX and 0.45% for CIL.

Which has better risk-adjusted returns?

CIL currently has the higher Sharpe Ratio (2.32 vs 1.79), 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.