ACWX vs. DFWIX

Last updated Jun 4, 2026

ACWX (iShares MSCI ACWI ex U.S. ETF) and DFWIX (DFA World ex U.S. Core Equity Portfolio) are both Foreign Large Cap Equities funds. Over the past 10 years, ACWX returned 9.57%/yr vs 11.25%/yr for DFWIX. With a 0.96 correlation, they move nearly in lockstep. ACWX charges 0.32%/yr vs 0.31%/yr for DFWIX.

Performance

ACWX vs. DFWIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI ACWI ex U.S. ETF (ACWX) and DFA World ex U.S. Core Equity Portfolio (DFWIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACWX achieves a 14.30% return, which is significantly lower than DFWIX's 15.43% return. Over the past 10 years, ACWX has underperformed DFWIX with an annualized return of 9.57%, while DFWIX has yielded a comparatively higher 11.25% annualized return.

ACWX

• 1D: -1.06%
• 1M: 5.24%
• YTD: 14.30%
• 6M: 17.01%
• 1Y: 32.04%
• 3Y*: 19.35%
• 5Y*: 8.36%
• 10Y*: 9.57%

DFWIX

• 1D: 0.41%
• 1M: 4.81%
• YTD: 15.43%
• 6M: 18.28%
• 1Y: 34.25%
• 3Y*: 20.44%
• 5Y*: 11.58%
• 10Y*: 11.25%

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

ACWX vs. DFWIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACWX iShares MSCI ACWI ex U.S. ETF	14.30%	32.59%	5.17%	15.63%	-16.07%	7.67%	10.29%	21.05%	-13.99%	27.20%
DFWIX DFA World ex U.S. Core Equity Portfolio	15.43%	33.45%	4.34%	16.74%	-14.04%	22.41%	9.35%	19.98%	-17.00%	30.17%

Correlation

The correlation between ACWX and DFWIX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.96

The correlation between ACWX and DFWIX has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

Return for Risk

ACWX vs. DFWIX — Risk / Return Rank

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

ACWX

ACWX Risk / Return Rank: 59
ACWX Sharpe Ratio Rank: 60
ACWX Sortino Ratio Rank: 59
ACWX Omega Ratio Rank: 60
ACWX Calmar Ratio Rank: 56
ACWX Martin Ratio Rank: 60

DFWIX

DFWIX Risk / Return Rank: 71
DFWIX Sharpe Ratio Rank: 79
DFWIX Sortino Ratio Rank: 71
DFWIX Omega Ratio Rank: 72
DFWIX Calmar Ratio Rank: 67
DFWIX Martin Ratio Rank: 63

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. DFWIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI ex U.S. ETF (ACWX) and DFA World ex U.S. Core Equity Portfolio (DFWIX). 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	DFWIX	Difference
Sharpe ratio: Return per unit of total volatility	2.08	2.57	-0.50
Sortino ratio: Return per unit of downside risk	2.85	3.52	-0.67
Omega ratio: Gain probability vs. loss probability	1.38	1.48	-0.10
Calmar ratio: Return relative to maximum drawdown	2.82	3.16	-0.34
Martin ratio: Return relative to average drawdown	10.96	12.45	-1.48
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. DFWIX - Sharpe Ratio Comparison

The current ACWX Sharpe Ratio is 2.08, which is comparable to the DFWIX Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of ACWX and DFWIX, 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	DFWIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	2.57	-0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.77	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.72	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.56	-0.33

Drawdowns

ACWX vs. DFWIX - Drawdown Comparison

The maximum ACWX drawdown since its inception was -60.40%, which is greater than DFWIX's maximum drawdown of -41.80%. Use the drawdown chart below to compare losses from any high point for ACWX and DFWIX.

Drawdown Indicators

	ACWX	DFWIX	Difference
Max Drawdown Largest peak-to-trough decline	-60.40%	-41.80%	-18.60%
Max Drawdown (1Y) Largest decline over 1 year	-11.42%	-10.82%	-0.60%
Max Drawdown (3Y) Largest decline over 3 years	-13.84%	-13.11%	-0.73%
Max Drawdown (5Y) Largest decline over 5 years	-30.07%	-27.31%	-2.76%
Max Drawdown (10Y) Largest decline over 10 years	-35.38%	-41.80%	+6.42%
Current Drawdown Current decline from peak	-1.06%	0.00%	-1.06%
Average Drawdown Average peak-to-trough decline	-13.34%	-8.15%	-5.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	2.73%	+0.20%

Volatility

ACWX vs. DFWIX - Volatility Comparison

iShares MSCI ACWI ex U.S. ETF (ACWX) has a higher volatility of 5.74% compared to DFA World ex U.S. Core Equity Portfolio (DFWIX) at 4.46%. This indicates that ACWX's price experiences larger fluctuations and is considered to be riskier than DFWIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACWX	DFWIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.74%	4.46%	+1.28%
Volatility (6M) Calculated over the trailing 6-month period	13.26%	11.16%	+2.10%
Volatility (1Y) Calculated over the trailing 1-year period	15.51%	13.32%	+2.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.29%	15.14%	+1.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.38%	15.63%	+1.75%

ACWX vs. DFWIX - Expense Ratio Comparison

ACWX has a 0.32% expense ratio, which is higher than DFWIX's 0.31% expense ratio.

Dividends

ACWX vs. DFWIX - Dividend Comparison

ACWX's dividend yield for the trailing twelve months is around 2.47%, less than DFWIX's 2.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACWX iShares MSCI ACWI ex U.S. ETF	2.47%	2.82%	2.97%	2.96%	2.68%	2.74%	1.88%	3.22%	2.60%	2.40%	2.77%	2.51%
DFWIX DFA World ex U.S. Core Equity Portfolio	2.78%	3.00%	3.32%	3.36%	3.11%	10.71%	1.81%	2.36%	3.50%	2.36%	2.59%	2.31%

Frequently Asked Questions

Can I hold both ACWX and DFWIX in my portfolio?

With a correlation of 0.94, ACWX and DFWIX 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 DFWIX?

ACWX has higher volatility (5.74%) compared to DFWIX (4.46%). In terms of maximum drawdown, ACWX dropped -60.40% vs DFWIX's -41.80%.

Which has better risk-adjusted returns?

DFWIX currently has the higher Sharpe Ratio (2.57 vs 2.08), 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.