ACWX vs. FDTS

Last updated Jun 9, 2026

ACWX (iShares MSCI ACWI ex U.S. ETF) and FDTS (First Trust Developed Markets ex-US Small Cap AlphaDEX Fund) are both exchange-traded funds - ACWX is a Foreign Large Cap Equities fund tracking the MSCI All Country World ex-U.S. Index, while FDTS is a Foreign Small & Mid Cap Equities fund tracking the NASDAQ AlphaDEX DM Ex-US Small Cap Index. Both are passively managed. Over the past 10 years, ACWX returned 9.49%/yr vs 9.93%/yr for FDTS. A 0.55 correlation means they provide meaningful diversification when combined. ACWX charges 0.32%/yr vs 0.80%/yr for FDTS.

Performance

ACWX vs. FDTS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI ACWI ex U.S. ETF (ACWX) and First Trust Developed Markets ex-US Small Cap AlphaDEX Fund (FDTS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACWX achieves a 11.20% return, which is significantly lower than FDTS's 14.34% return. Both investments have delivered pretty close results over the past 10 years, with ACWX having a 9.49% annualized return and FDTS not far ahead at 9.93%.

ACWX

• 1D: 0.99%
• 1M: -1.50%
• YTD: 11.20%
• 6M: 13.60%
• 1Y: 27.04%
• 3Y*: 18.01%
• 5Y*: 7.87%
• 10Y*: 9.49%

FDTS

• 1D: 1.24%
• 1M: -8.33%
• YTD: 14.34%
• 6M: 16.46%
• 1Y: 40.77%
• 3Y*: 23.77%
• 5Y*: 10.11%
• 10Y*: 9.93%

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

ACWX vs. FDTS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACWX iShares MSCI ACWI ex U.S. ETF	11.20%	32.59%	5.17%	15.63%	-16.07%	7.67%	10.29%	21.05%	-13.99%	27.20%
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	14.34%	51.17%	2.44%	10.96%	-15.34%	11.79%	12.90%	18.71%	-23.71%	36.01%

Correlation

The correlation between ACWX and FDTS is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Feb 17, 2012	0.55

Over the past year, ACWX and FDTS have become more correlated (0.85) than their long-term average of 0.55, meaning their price movements have been converging.

ACWX vs. FDTS - Sectors Allocation Comparison

Sectors	ACWX	FDTS
Financial Services	23.3%	11.7%
Technology	22.4%	13.4%
Industrials	14.0%	23.0%
Consumer Cyclical	7.3%	18.4%
Healthcare	6.7%	3.0%
Basic Materials	6.7%	11.2%
Consumer Defensive	5.0%	5.0%
Energy	4.8%	4.3%
Communication Services	4.7%	3.0%
Utilities	2.8%	2.7%
Real Estate	1.2%	4.3%

Return for Risk

ACWX vs. FDTS — 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: 53
ACWX Omega Ratio Rank: 56
ACWX Calmar Ratio Rank: 53
ACWX Martin Ratio Rank: 57

FDTS

FDTS Risk / Return Rank: 74
FDTS Sharpe Ratio Rank: 80
FDTS Sortino Ratio Rank: 75
FDTS Omega Ratio Rank: 76
FDTS Calmar Ratio Rank: 71
FDTS Martin Ratio Rank: 69

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. FDTS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI ex U.S. ETF (ACWX) and First Trust Developed Markets ex-US Small Cap AlphaDEX Fund (FDTS). 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	FDTS	Difference
Sharpe ratio: Return per unit of total volatility	1.70	2.32	-0.63
Sortino ratio: Return per unit of downside risk	2.32	3.01	-0.69
Omega ratio: Gain probability vs. loss probability	1.31	1.40	-0.09
Calmar ratio: Return relative to maximum drawdown	2.38	3.25	-0.87
Martin ratio: Return relative to average drawdown	9.17	11.52	-2.35
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. FDTS - Sharpe Ratio Comparison

The current ACWX Sharpe Ratio is 1.70, which is comparable to the FDTS Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of ACWX and FDTS, 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	FDTS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	2.32	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.35	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.40	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.36	-0.14

Drawdowns

ACWX vs. FDTS - Drawdown Comparison

The maximum ACWX drawdown since its inception was -60.40%, which is greater than FDTS's maximum drawdown of -51.26%. Use the drawdown chart below to compare losses from any high point for ACWX and FDTS.

Drawdown Indicators

	ACWX	FDTS	Difference
Max Drawdown Largest peak-to-trough decline	-60.40%	-51.26%	-9.14%
Max Drawdown (1Y) Largest decline over 1 year	-11.42%	-12.61%	+1.19%
Max Drawdown (3Y) Largest decline over 3 years	-13.84%	-13.19%	-0.65%
Max Drawdown (5Y) Largest decline over 5 years	-30.07%	-33.11%	+3.04%
Max Drawdown (10Y) Largest decline over 10 years	-35.38%	-51.26%	+15.88%
Current Drawdown Current decline from peak	-3.74%	-8.33%	+4.59%
Average Drawdown Average peak-to-trough decline	-13.33%	-10.65%	-2.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	3.55%	-0.60%

Volatility

ACWX vs. FDTS - Volatility Comparison

The current volatility for iShares MSCI ACWI ex U.S. ETF (ACWX) is 6.26%, while First Trust Developed Markets ex-US Small Cap AlphaDEX Fund (FDTS) has a volatility of 7.49%. This indicates that ACWX experiences smaller price fluctuations and is considered to be less risky than FDTS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACWX	FDTS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.26%	7.49%	-1.23%
Volatility (6M) Calculated over the trailing 6-month period	13.90%	14.83%	-0.93%
Volatility (1Y) Calculated over the trailing 1-year period	16.05%	17.67%	-1.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.38%	29.35%	-12.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.42%	24.88%	-7.46%

ACWX vs. FDTS - Expense Ratio Comparison

ACWX has a 0.32% expense ratio, which is lower than FDTS's 0.80% expense ratio.

Dividends

ACWX vs. FDTS - Dividend Comparison

ACWX's dividend yield for the trailing twelve months is around 2.54%, less than FDTS's 2.63% 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%
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund	2.63%	2.94%	3.94%	2.90%	3.71%	3.01%	2.02%	2.30%	1.96%	2.08%	1.78%	1.73%

Frequently Asked Questions

Can I hold both ACWX and FDTS in my portfolio?

ACWX and FDTS have a correlation of 0.85, 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 FDTS?

FDTS has higher volatility (7.49%) compared to ACWX (6.26%). In terms of maximum drawdown, ACWX dropped -60.40% vs FDTS's -51.26%.

Which ETF is better, ACWX or FDTS?

On 10-year performance, FDTS leads with 9.93% vs 9.49% for ACWX. On fees, ACWX is cheaper at 0.32% per year. On volatility, ACWX has been the lower-risk option at 6.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ACWX or FDTS?

Over the 10-year period, FDTS has performed better with a 9.93% return vs 9.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ACWX or FDTS?

ACWX is cheaper with a 0.32% expense ratio, compared with 0.80% for FDTS.

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

FDTS has the higher dividend yield at 2.63%, compared with 2.54% for ACWX.

What is the main difference between ACWX and FDTS?

ACWX is categorized as Foreign Large Cap Equities, while FDTS is Foreign Small & Mid Cap Equities. ACWX tracks MSCI All Country World ex-U.S. Index, while FDTS tracks NASDAQ AlphaDEX DM Ex-US Small Cap Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.32% for ACWX and 0.80% for FDTS.

Which has better risk-adjusted returns?

FDTS currently has the higher Sharpe Ratio (2.32 vs 1.70), 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.