ACWX vs. CWI

Last updated Jun 3, 2026

ACWX (iShares MSCI ACWI ex U.S. ETF) and CWI (SPDR MSCI ACWI ex-US ETF) are both Foreign Large Cap Equities funds tracking the MSCI All Country World ex-U.S. Index, from iShares and State Street respectively. Both are passively managed. Over the past 10 years, ACWX returned 9.68%/yr vs 10.05%/yr for CWI. With a 0.98 correlation, they move nearly in lockstep. ACWX charges 0.32%/yr vs 0.30%/yr for CWI.

Performance

ACWX vs. CWI - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with ACWX having a 15.52% return and CWI slightly lower at 15.31%. Both investments have delivered pretty close results over the past 10 years, with ACWX having a 9.68% annualized return and CWI not far ahead at 10.05%.

ACWX

• 1D: 0.79%
• 1M: 5.30%
• YTD: 15.52%
• 6M: 18.73%
• 1Y: 32.87%
• 3Y*: 19.77%
• 5Y*: 8.79%
• 10Y*: 9.68%

CWI

• 1D: 1.01%
• 1M: 5.42%
• YTD: 15.31%
• 6M: 18.45%
• 1Y: 33.32%
• 3Y*: 20.25%
• 5Y*: 9.26%
• 10Y*: 10.05%

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

ACWX vs. CWI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACWX iShares MSCI ACWI ex U.S. ETF	15.52%	32.59%	5.17%	15.63%	-16.07%	7.67%	10.29%	21.05%	-13.99%	27.20%
CWI SPDR MSCI ACWI ex-US ETF	15.31%	32.75%	6.27%	15.74%	-15.39%	8.81%	9.83%	21.92%	-13.83%	26.89%

Correlation

The correlation between ACWX and CWI is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Apr 1, 2008	0.98

The correlation between ACWX and CWI has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

ACWX vs. CWI - Sectors Allocation Comparison

Sectors	ACWX	CWI
Financial Services	23.3%	17.4%
Technology	22.4%	14.9%
Industrials	14.0%	7.8%
Consumer Cyclical	7.3%	5.8%
Healthcare	6.7%	5.3%
Basic Materials	6.7%	4.4%
Consumer Defensive	5.0%	2.8%
Energy	4.8%	5.0%
Communication Services	4.7%	3.2%
Utilities	2.8%	1.2%
Real Estate	1.2%	0.9%

Return for Risk

ACWX vs. CWI — Risk / Return Rank

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

ACWX

ACWX Risk / Return Rank: 62
ACWX Sharpe Ratio Rank: 63
ACWX Sortino Ratio Rank: 62
ACWX Omega Ratio Rank: 63
ACWX Calmar Ratio Rank: 60
ACWX Martin Ratio Rank: 64

CWI

CWI Risk / Return Rank: 64
CWI Sharpe Ratio Rank: 65
CWI Sortino Ratio Rank: 64
CWI Omega Ratio Rank: 65
CWI Calmar Ratio Rank: 60
CWI Martin Ratio Rank: 64

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. CWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI ex U.S. ETF (ACWX) and SPDR MSCI ACWI ex-US ETF (CWI). 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.

	ACWX	CWI	Difference
Sharpe ratio Return per unit of total volatility	2.14	2.19	-0.05
Sortino ratio Return per unit of downside risk	2.93	3.01	-0.09
Omega ratio Gain probability vs. loss probability	1.39	1.40	-0.01
Calmar ratio Return relative to maximum drawdown	3.00	3.01	-0.01
Martin ratio Return relative to average drawdown	11.72	11.72	0.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ACWX vs. CWI - Sharpe Ratio Comparison

The current ACWX Sharpe Ratio is 2.14, which is comparable to the CWI Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of ACWX and CWI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ACWX	CWI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	2.19	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.57	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.59	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.25	-0.02

Drawdowns

ACWX vs. CWI - Drawdown Comparison

The maximum ACWX drawdown since its inception was -60.40%, roughly equal to the maximum CWI drawdown of -60.77%. Use the drawdown chart below to compare losses from any high point for ACWX and CWI.

Drawdown Indicators

	ACWX	CWI	Difference
Max Drawdown Largest peak-to-trough decline	-60.40%	-60.77%	+0.37%
Max Drawdown (1Y) Largest decline over 1 year	-11.42%	-11.47%	+0.05%
Max Drawdown (3Y) Largest decline over 3 years	-13.84%	-13.85%	+0.01%
Max Drawdown (5Y) Largest decline over 5 years	-30.07%	-29.45%	-0.62%
Max Drawdown (10Y) Largest decline over 10 years	-35.38%	-34.64%	-0.74%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-13.34%	-12.86%	-0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	2.95%	-0.02%

Volatility

ACWX vs. CWI - Volatility Comparison

iShares MSCI ACWI ex U.S. ETF (ACWX) and SPDR MSCI ACWI ex-US ETF (CWI) have volatilities of 5.73% and 5.77%, 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

	ACWX	CWI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.73%	5.77%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	13.22%	13.04%	+0.18%
Volatility (1Y) Calculated over the trailing 1-year period	15.50%	15.32%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.28%	16.24%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.38%	17.13%	+0.25%

ACWX vs. CWI - Expense Ratio Comparison

ACWX has a 0.32% expense ratio, which is higher than CWI's 0.30% expense ratio.

Dividends

ACWX vs. CWI - Dividend Comparison

ACWX's dividend yield for the trailing twelve months is around 2.44%, less than CWI's 2.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACWX iShares MSCI ACWI ex U.S. ETF	2.44%	2.82%	2.97%	2.96%	2.68%	2.74%	1.88%	3.22%	2.60%	2.40%	2.77%	2.51%
CWI SPDR MSCI ACWI ex-US ETF	2.67%	2.97%	2.89%	2.80%	3.17%	2.65%	2.07%	3.05%	2.81%	2.29%	2.45%	2.62%

Frequently Asked Questions

Can I hold both ACWX and CWI in my portfolio?

With a correlation of 0.99, ACWX and CWI 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 CWI?

CWI has higher volatility (5.77%) compared to ACWX (5.73%). In terms of maximum drawdown, ACWX dropped -60.40% vs CWI's -60.77%.

Which ETF is better, ACWX or CWI?

On 10-year performance, CWI leads with 10.05% vs 9.68% for ACWX. On fees, CWI is cheaper at 0.30% 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, ACWX or CWI?

Over the 10-year period, CWI has performed better with a 10.05% return vs 9.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ACWX or CWI?

CWI is cheaper with a 0.30% expense ratio, compared with 0.32% for ACWX.

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

CWI has the higher dividend yield at 2.67%, compared with 2.44% for ACWX.

What is the main difference between ACWX and CWI?

Both ETFs track MSCI All Country World ex-U.S. Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.32% for ACWX and 0.30% for CWI.

Which has better risk-adjusted returns?

CWI currently has the higher Sharpe Ratio (2.19 vs 2.14), 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.