ACWX vs. IFLO

Last updated Aug 2, 2026

ACWX (iShares MSCI ACWI ex U.S. ETF) and IFLO (VictoryShares International Free Cash Flow ETF) are both Foreign Large Cap Equities funds - ACWX tracks the MSCI All Country World ex-U.S. Index while IFLO tracks the Victory International Free Cash Flow Index. Both are passively managed. Over the past year, ACWX returned 28.82% vs 36.91% for IFLO. Their correlation of 0.82 means they have usually moved in the same direction. ACWX charges 0.32%/yr vs 0.56%/yr for IFLO.

Performance

ACWX vs. IFLO - 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 Free Cash Flow ETF (IFLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACWX achieves a 13.36% return, which is significantly lower than IFLO's 22.59% return.

ACWX

• 1D: -0.17%
• 1M: 0.03%
• 6M: 7.51%
• YTD: 13.36%
• 1Y: 28.82%
• 3Y*: 17.44%
• 5Y*: 8.92%
• 10Y*: 9.34%
• ALL TIME*: 4.91%

IFLO

• 1D: -1.73%
• 1M: 3.06%
• 6M: 17.38%
• YTD: 22.59%
• 1Y: 36.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 34.80%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ACWX iShares MSCI ACWI ex U.S. ETF	$158.12M	$125.34M	$130.78M
IFLO VictoryShares International Free Cash Flow ETF	$595.85K	$548.57K	$406.06K

ACWX vs. IFLO - Yearly Performance Comparison

	2026 (YTD)	2025
ACWX iShares MSCI ACWI ex U.S. ETF	13.36%	13.67%
IFLO VictoryShares International Free Cash Flow ETF	22.59%	13.12%

Correlation

The correlation between ACWX and IFLO is 0.82, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.82
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.82

The correlation between ACWX and IFLO has been stable across timeframes, ranging from 0.82 to 0.82 - a consistent structural relationship.

ACWX vs. IFLO - Sectors Allocation Comparison

Sectors	ACWX	IFLO
Financial Services	25.3%	0.8%
Technology	21.1%	16.8%
Industrials	14.1%	17.8%
Healthcare	7.0%	12.7%
Consumer Cyclical	6.9%	10.8%
Basic Materials	6.6%	13.8%
Consumer Defensive	5.1%	6.7%
Energy	4.9%	14.4%
Communication Services	4.1%	5.3%
Utilities	3.0%	0.8%
Real Estate	1.3%	0.0%

Return for Risk

ACWX vs. IFLO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ACWX

ACWX Risk / Return Rank: 72
ACWX Sharpe Ratio Rank: 73
ACWX Sortino Ratio Rank: 71
ACWX Omega Ratio Rank: 73
ACWX Calmar Ratio Rank: 72
ACWX Martin Ratio Rank: 74

IFLO

IFLO Risk / Return Rank: 94
IFLO Sharpe Ratio Rank: 94
IFLO Sortino Ratio Rank: 93
IFLO Omega Ratio Rank: 92
IFLO Calmar Ratio Rank: 96
IFLO Martin Ratio Rank: 95

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ACWX vs. IFLO - 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 Free Cash Flow ETF (IFLO). 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	IFLO	Difference
Sharpe ratio: Return per unit of total volatility	1.64	2.57	-0.92
Sortino ratio: Return per unit of downside risk	2.27	3.60	-1.33
Omega ratio: Gain probability vs. loss probability	1.30	1.45	-0.15
Calmar ratio: Return relative to maximum drawdown	2.49	5.73	-3.25
Martin ratio: Return relative to average drawdown	9.09	19.78	-10.69

ACWX vs. IFLO - Sharpe Ratio Comparison

The current ACWX Sharpe Ratio is 1.64, which is lower than the IFLO Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of ACWX and IFLO, 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. IFLO - Drawdown Comparison

The maximum ACWX drawdown since its inception was -60.40%, which is greater than IFLO's maximum drawdown of -6.44%. Use the drawdown chart below to compare losses from any high point for ACWX and IFLO.

Drawdown Indicators

	ACWX	IFLO	Difference
Max Drawdown Largest peak-to-trough decline	-60.40%	-6.44%	-53.96%
Max Drawdown (1Y) Largest decline over 1 year	-11.42%	-6.44%	-4.98%
Max Drawdown (3Y) Largest decline over 3 years	-13.84%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-29.78%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.38%	—	—
Current Drawdown Current decline from peak	-2.75%	-1.73%	-1.02%
Average Drawdown Average peak-to-trough decline	-13.24%	-1.29%	-11.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	1.86%	+1.26%

Volatility

ACWX vs. IFLO - Volatility Comparison

iShares MSCI ACWI ex U.S. ETF (ACWX) has a higher volatility of 5.41% compared to VictoryShares International Free Cash Flow ETF (IFLO) at 4.10%. This indicates that ACWX's price experiences larger fluctuations and is considered to be riskier than IFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACWX	IFLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.41%	4.10%	+1.31%
Volatility (6M) Calculated over the trailing 6-month period	15.45%	12.32%	+3.13%
Volatility (1Y) Calculated over the trailing 1-year period	17.30%	14.41%	+2.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.61%	14.59%	+2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.27%	14.59%	+2.68%

ACWX vs. IFLO - Expense Ratio Comparison

ACWX has a 0.32% expense ratio, which is lower than IFLO's 0.56% expense ratio.

Dividends

ACWX vs. IFLO - Dividend Comparison

ACWX's dividend yield for the trailing twelve months is around 2.53%, more than IFLO's 1.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACWX iShares MSCI ACWI ex U.S. ETF	2.53%	2.82%	2.97%	2.96%	2.68%	2.74%	1.88%	3.22%	2.60%	2.40%	2.77%	2.51%
IFLO VictoryShares International Free Cash Flow ETF	1.52%	0.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ACWX and IFLO in my portfolio?

ACWX and IFLO have a correlation of 0.82, 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 IFLO?

ACWX has higher volatility (5.41%) compared to IFLO (4.10%). In terms of maximum drawdown, ACWX dropped -60.40% vs IFLO's -6.44%.

Which ETF is better, ACWX or IFLO?

On 1-year performance, IFLO leads with 36.91% vs 28.82% for ACWX. On fees, ACWX is cheaper at 0.32% per year. On volatility, IFLO has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ACWX or IFLO?

Over the 1-year period, IFLO has performed better with a 36.91% return vs 28.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ACWX or IFLO?

ACWX is cheaper with a 0.32% expense ratio, compared with 0.56% for IFLO.

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

ACWX has the higher dividend yield at 2.53%, compared with 1.52% for IFLO.

What is the main difference between ACWX and IFLO?

ACWX tracks MSCI All Country World ex-U.S. Index, while IFLO tracks Victory International Free Cash Flow Index. They also come from different issuers: iShares and VictoryShares. Their fees differ too: 0.32% for ACWX and 0.56% for IFLO.

Which has better risk-adjusted returns?

IFLO currently has the higher Sharpe Ratio (2.57 vs 1.64), 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.