ACWX vs. EFAV

Last updated Jun 3, 2026

ACWX (iShares MSCI ACWI ex U.S. ETF) and EFAV (iShares Edge MSCI Min Vol EAFE ETF) are both Foreign Large Cap Equities funds from iShares - ACWX tracks the MSCI All Country World ex-U.S. Index while EFAV tracks the MSCI EAFE Minimum Volatility Index. Both are passively managed. Over the past 10 years, ACWX returned 9.68%/yr vs 6.00%/yr for EFAV. Their correlation of 0.86 suggests significant overlap in exposure. ACWX charges 0.32%/yr vs 0.20%/yr for EFAV.

Performance

ACWX vs. EFAV - Performance Comparison

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

Returns By Period

In the year-to-date period, ACWX achieves a 15.52% return, which is significantly higher than EFAV's 4.53% return. Over the past 10 years, ACWX has outperformed EFAV with an annualized return of 9.68%, while EFAV has yielded a comparatively lower 6.00% annualized return.

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%

EFAV

• 1D: 0.10%
• 1M: -1.48%
• YTD: 4.53%
• 6M: 6.20%
• 1Y: 9.18%
• 3Y*: 13.13%
• 5Y*: 6.49%
• 10Y*: 6.00%

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

ACWX vs. EFAV - 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%
EFAV iShares Edge MSCI Min Vol EAFE ETF	4.53%	26.00%	5.30%	12.52%	-15.11%	7.20%	-0.06%	16.67%	-5.74%	22.24%

Correlation

The correlation between ACWX and EFAV is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Oct 21, 2011	0.86

The correlation between ACWX and EFAV shifts across timeframes, from 0.73 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

ACWX vs. EFAV - Sectors Allocation Comparison

Sectors	ACWX	EFAV
Financial Services	23.3%	19.9%
Technology	22.4%	4.5%
Industrials	14.0%	15.1%
Consumer Cyclical	7.3%	5.2%
Healthcare	6.7%	12.4%
Basic Materials	6.7%	1.6%
Consumer Defensive	5.0%	11.5%
Energy	4.8%	8.2%
Communication Services	4.7%	9.7%
Utilities	2.8%	9.1%
Real Estate	1.2%	2.9%

Return for Risk

ACWX vs. EFAV — 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

EFAV

EFAV Risk / Return Rank: 27
EFAV Sharpe Ratio Rank: 25
EFAV Sortino Ratio Rank: 24
EFAV Omega Ratio Rank: 24
EFAV Calmar Ratio Rank: 32
EFAV Martin Ratio Rank: 31

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. EFAV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI ex U.S. ETF (ACWX) and iShares Edge MSCI Min Vol EAFE ETF (EFAV). 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	EFAV	Difference
Sharpe ratio Return per unit of total volatility	2.14	0.89	+1.24
Sortino ratio Return per unit of downside risk	2.93	1.30	+1.62
Omega ratio Gain probability vs. loss probability	1.39	1.16	+0.22
Calmar ratio Return relative to maximum drawdown	3.00	1.59	+1.41
Martin ratio Return relative to average drawdown	11.72	4.53	+7.19
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. EFAV - Sharpe Ratio Comparison

The current ACWX Sharpe Ratio is 2.14, which is higher than the EFAV Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of ACWX and EFAV, 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	EFAV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	0.89	+1.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.55	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.46	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.54	-0.30

Drawdowns

ACWX vs. EFAV - Drawdown Comparison

The maximum ACWX drawdown since its inception was -60.40%, which is greater than EFAV's maximum drawdown of -27.56%. Use the drawdown chart below to compare losses from any high point for ACWX and EFAV.

Drawdown Indicators

	ACWX	EFAV	Difference
Max Drawdown Largest peak-to-trough decline	-60.40%	-27.56%	-32.84%
Max Drawdown (1Y) Largest decline over 1 year	-11.42%	-6.46%	-4.96%
Max Drawdown (3Y) Largest decline over 3 years	-13.84%	-8.75%	-5.09%
Max Drawdown (5Y) Largest decline over 5 years	-30.07%	-27.46%	-2.61%
Max Drawdown (10Y) Largest decline over 10 years	-35.38%	-27.56%	-7.82%
Current Drawdown Current decline from peak	0.00%	-4.96%	+4.96%
Average Drawdown Average peak-to-trough decline	-13.34%	-4.77%	-8.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	2.27%	+0.66%

Volatility

ACWX vs. EFAV - Volatility Comparison

iShares MSCI ACWI ex U.S. ETF (ACWX) has a higher volatility of 5.73% compared to iShares Edge MSCI Min Vol EAFE ETF (EFAV) at 3.27%. This indicates that ACWX's price experiences larger fluctuations and is considered to be riskier than EFAV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACWX	EFAV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.73%	3.27%	+2.46%
Volatility (6M) Calculated over the trailing 6-month period	13.22%	8.15%	+5.07%
Volatility (1Y) Calculated over the trailing 1-year period	15.50%	10.37%	+5.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.28%	11.79%	+4.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.38%	13.21%	+4.17%

ACWX vs. EFAV - Expense Ratio Comparison

ACWX has a 0.32% expense ratio, which is higher than EFAV's 0.20% expense ratio.

Dividends

ACWX vs. EFAV - Dividend Comparison

ACWX's dividend yield for the trailing twelve months is around 2.44%, less than EFAV's 3.06% 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%
EFAV iShares Edge MSCI Min Vol EAFE ETF	3.06%	3.20%	3.24%	3.08%	2.53%	2.47%	1.33%	4.19%	3.34%	2.45%	3.94%	2.49%

Frequently Asked Questions

Can I hold both ACWX and EFAV in my portfolio?

ACWX and EFAV have a correlation of 0.73, 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 EFAV?

ACWX has higher volatility (5.73%) compared to EFAV (3.27%). In terms of maximum drawdown, ACWX dropped -60.40% vs EFAV's -27.56%.

Which ETF is better, ACWX or EFAV?

On 10-year performance, ACWX leads with 9.68% vs 6.00% for EFAV. On fees, EFAV is cheaper at 0.20% per year. On volatility, EFAV has been the lower-risk option at 3.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ACWX or EFAV?

Over the 10-year period, ACWX has performed better with a 9.68% return vs 6.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ACWX or EFAV?

EFAV is cheaper with a 0.20% expense ratio, compared with 0.32% for ACWX.

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

EFAV has the higher dividend yield at 3.06%, compared with 2.44% for ACWX.

What is the main difference between ACWX and EFAV?

ACWX tracks MSCI All Country World ex-U.S. Index, while EFAV tracks MSCI EAFE Minimum Volatility Index. Their fees differ too: 0.32% for ACWX and 0.20% for EFAV.

Which has better risk-adjusted returns?

ACWX currently has the higher Sharpe Ratio (2.14 vs 0.89), 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.