ACWX vs. IQLT

Last updated Aug 4, 2026

ACWX (iShares MSCI ACWI ex U.S. ETF) and IQLT (iShares MSCI Intl Quality Factor ETF) are both exchange-traded funds - ACWX is a Foreign Large Cap Equities fund tracking the MSCI All Country World ex-U.S. Index, while IQLT is a Quality Factor fund tracking the MSCI World ex USA Sector Neutral Quality Index (Net). Both are passively managed. Over the past 10 years, ACWX returned 9.29%/yr vs 9.78%/yr for IQLT. Their correlation of 0.87 means they have usually moved in the same direction. ACWX charges 0.32%/yr vs 0.30%/yr for IQLT.

Performance

ACWX vs. IQLT - 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 MSCI Intl Quality Factor ETF (IQLT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACWX achieves a 13.98% return, which is significantly higher than IQLT's 12.49% return. Over the past 10 years, ACWX has underperformed IQLT with an annualized return of 9.29%, while IQLT has yielded a comparatively higher 9.78% annualized return.

ACWX

• 1D: 0.54%
• 1M: 0.57%
• 6M: 7.43%
• YTD: 13.98%
• 1Y: 29.52%
• 3Y*: 18.43%
• 5Y*: 8.79%
• 10Y*: 9.29%
• ALL TIME*: 4.94%

IQLT

• 1D: 0.38%
• 1M: 1.53%
• 6M: 6.82%
• YTD: 12.49%
• 1Y: 24.63%
• 3Y*: 15.50%
• 5Y*: 7.60%
• 10Y*: 9.78%
• ALL TIME*: 8.67%

*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	$159.02M	$130.12M	$131.76M
IQLT iShares MSCI Intl Quality Factor ETF	$78.95M	$81.50M	$71.16M

ACWX vs. IQLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACWX iShares MSCI ACWI ex U.S. ETF	13.98%	32.59%	5.17%	15.63%	-16.07%	7.67%	10.29%	21.05%	-13.99%	27.20%
IQLT iShares MSCI Intl Quality Factor ETF	12.49%	25.42%	1.54%	18.73%	-15.22%	12.94%	12.48%	28.18%	-10.76%	24.04%

Correlation

The correlation between ACWX and IQLT is 0.93, 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.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (10Y) Provides a long-term view across more market conditions.	0.93
Correlation (All Time) Calculated using the full available price history since Jan 15, 2015	0.87

The correlation between ACWX and IQLT has been stable across timeframes, ranging from 0.87 to 0.95 - a consistent structural relationship.

ACWX vs. IQLT - Sectors Allocation Comparison

Sectors	ACWX	IQLT
Financial Services	25.3%	26.4%
Technology	21.1%	12.3%
Industrials	14.1%	18.0%
Healthcare	7.0%	8.8%
Consumer Cyclical	6.9%	7.7%
Basic Materials	6.6%	6.7%
Consumer Defensive	5.1%	6.4%
Energy	4.9%	5.5%
Communication Services	4.1%	2.4%
Utilities	3.0%	3.7%
Real Estate	1.3%	1.5%

Return for Risk

ACWX vs. IQLT — Risk / Return Rank

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

ACWX

ACWX Risk / Return Rank: 73
ACWX Sharpe Ratio Rank: 74
ACWX Sortino Ratio Rank: 71
ACWX Omega Ratio Rank: 74
ACWX Calmar Ratio Rank: 73
ACWX Martin Ratio Rank: 75

IQLT

IQLT Risk / Return Rank: 69
IQLT Sharpe Ratio Rank: 70
IQLT Sortino Ratio Rank: 71
IQLT Omega Ratio Rank: 66
IQLT Calmar Ratio Rank: 66
IQLT Martin Ratio Rank: 74

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. IQLT - 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 MSCI Intl Quality Factor ETF (IQLT). 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	IQLT	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.64	+0.07
Sortino ratio: Return per unit of downside risk	2.36	2.35	0.00
Omega ratio: Gain probability vs. loss probability	1.31	1.29	+0.03
Calmar ratio: Return relative to maximum drawdown	2.60	2.38	+0.21
Martin ratio: Return relative to average drawdown	9.48	9.52	-0.04

ACWX vs. IQLT - Sharpe Ratio Comparison

The current ACWX Sharpe Ratio is 1.72, which is comparable to the IQLT Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of ACWX and IQLT, 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. IQLT - Drawdown Comparison

The maximum ACWX drawdown since its inception was -60.40%, which is greater than IQLT's maximum drawdown of -32.21%. Use the drawdown chart below to compare losses from any high point for ACWX and IQLT.

Drawdown Indicators

	ACWX	IQLT	Difference
Max Drawdown Largest peak-to-trough decline	-60.40%	-32.21%	-28.19%
Max Drawdown (1Y) Largest decline over 1 year	-11.42%	-10.38%	-1.04%
Max Drawdown (3Y) Largest decline over 3 years	-13.84%	-13.18%	-0.66%
Max Drawdown (5Y) Largest decline over 5 years	-29.78%	-30.24%	+0.46%
Max Drawdown (10Y) Largest decline over 10 years	-35.38%	-32.21%	-3.17%
Current Drawdown Current decline from peak	-2.22%	-0.43%	-1.79%
Average Drawdown Average peak-to-trough decline	-13.24%	-6.14%	-7.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	2.59%	+0.53%

Volatility

ACWX vs. IQLT - Volatility Comparison

iShares MSCI ACWI ex U.S. ETF (ACWX) has a higher volatility of 5.43% compared to iShares MSCI Intl Quality Factor ETF (IQLT) at 3.68%. This indicates that ACWX's price experiences larger fluctuations and is considered to be riskier than IQLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACWX	IQLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.43%	3.68%	+1.75%
Volatility (6M) Calculated over the trailing 6-month period	15.37%	12.87%	+2.50%
Volatility (1Y) Calculated over the trailing 1-year period	17.31%	15.08%	+2.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.62%	16.58%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.28%	16.78%	+0.50%

ACWX vs. IQLT - Expense Ratio Comparison

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

Dividends

ACWX vs. IQLT - Dividend Comparison

ACWX's dividend yield for the trailing twelve months is around 2.51%, more than IQLT's 2.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACWX iShares MSCI ACWI ex U.S. ETF	2.51%	2.82%	2.97%	2.96%	2.68%	2.74%	1.88%	3.22%	2.60%	2.40%	2.77%	2.51%
IQLT iShares MSCI Intl Quality Factor ETF	2.37%	2.33%	2.87%	2.27%	3.14%	2.24%	1.61%	2.28%	2.72%	2.36%	2.91%	2.78%

Frequently Asked Questions

Can I hold both ACWX and IQLT in my portfolio?

With a correlation of 0.93, ACWX and IQLT 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 IQLT?

ACWX has higher volatility (5.43%) compared to IQLT (3.68%). In terms of maximum drawdown, ACWX dropped -60.40% vs IQLT's -32.21%.

Which ETF is better, ACWX or IQLT?

On 10-year performance, IQLT leads with 9.78% vs 9.29% for ACWX. On fees, IQLT is cheaper at 0.30% per year. On volatility, IQLT has been the lower-risk option at 3.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ACWX or IQLT?

Over the 10-year period, IQLT has performed better with a 9.78% return vs 9.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ACWX or IQLT?

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

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

ACWX has the higher dividend yield at 2.51%, compared with 2.37% for IQLT.

What is the main difference between ACWX and IQLT?

ACWX is categorized as Foreign Large Cap Equities, while IQLT is Quality Factor. ACWX tracks MSCI All Country World ex-U.S. Index, while IQLT tracks MSCI World ex USA Sector Neutral Quality Index (Net). Their fees differ too: 0.32% for ACWX and 0.30% for IQLT.

Which has better risk-adjusted returns?

ACWX currently has the higher Sharpe Ratio (1.72 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.