ACWX vs. REBYX

Last updated Jun 3, 2026

ACWX (iShares MSCI ACWI ex U.S. ETF) and REBYX (Russell Investments U.S. Small Cap Equity Fund) are both funds - ACWX is a Foreign Large Cap Equities fund tracking the MSCI All Country World ex-U.S. Index, while REBYX is a Small Cap Blend Equities fund managed by Russell. Over the past 10 years, ACWX returned 9.68%/yr vs 9.31%/yr for REBYX. A 0.75 correlation means they provide meaningful diversification when combined. ACWX charges 0.32%/yr vs 0.90%/yr for REBYX.

Performance

ACWX vs. REBYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI ACWI ex U.S. ETF (ACWX) and Russell Investments U.S. Small Cap Equity Fund (REBYX). 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 lower than REBYX's 16.68% return. Both investments have delivered pretty close results over the past 10 years, with ACWX having a 9.68% annualized return and REBYX not far behind at 9.31%.

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%

REBYX

• 1D: -0.17%
• 1M: 2.65%
• YTD: 16.68%
• 6M: 18.32%
• 1Y: 37.97%
• 3Y*: 14.94%
• 5Y*: 6.12%
• 10Y*: 9.31%

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

ACWX vs. REBYX - 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%
REBYX Russell Investments U.S. Small Cap Equity Fund	16.68%	8.86%	8.16%	13.81%	-16.14%	26.28%	13.04%	23.74%	-12.22%	2.12%

Correlation

The correlation between ACWX and REBYX is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Apr 1, 2008	0.75

The correlation between ACWX and REBYX has been stable across timeframes, ranging from 0.70 to 0.75 - a consistent structural relationship.

Return for Risk

ACWX vs. REBYX — 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

REBYX

REBYX Risk / Return Rank: 62
REBYX Sharpe Ratio Rank: 52
REBYX Sortino Ratio Rank: 52
REBYX Omega Ratio Rank: 46
REBYX Calmar Ratio Rank: 86
REBYX Martin Ratio Rank: 74

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. REBYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI ex U.S. ETF (ACWX) and Russell Investments U.S. Small Cap Equity Fund (REBYX). 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	REBYX	Difference
Sharpe ratio Return per unit of total volatility	2.14	2.14	0.00
Sortino ratio Return per unit of downside risk	2.93	3.05	-0.12
Omega ratio Gain probability vs. loss probability	1.39	1.37	+0.02
Calmar ratio Return relative to maximum drawdown	3.00	4.07	-1.06
Martin ratio Return relative to average drawdown	11.72	14.08	-2.36
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. REBYX - Sharpe Ratio Comparison

The current ACWX Sharpe Ratio is 2.14, which is comparable to the REBYX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of ACWX and REBYX, 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	REBYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	2.14	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.27	+0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.40	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.33	-0.10

Drawdowns

ACWX vs. REBYX - Drawdown Comparison

The maximum ACWX drawdown since its inception was -60.40%, roughly equal to the maximum REBYX drawdown of -62.03%. Use the drawdown chart below to compare losses from any high point for ACWX and REBYX.

Drawdown Indicators

	ACWX	REBYX	Difference
Max Drawdown Largest peak-to-trough decline	-60.40%	-62.03%	+1.63%
Max Drawdown (1Y) Largest decline over 1 year	-11.42%	-9.16%	-2.26%
Max Drawdown (3Y) Largest decline over 3 years	-13.84%	-32.68%	+18.84%
Max Drawdown (5Y) Largest decline over 5 years	-30.07%	-32.68%	+2.61%
Max Drawdown (10Y) Largest decline over 10 years	-35.38%	-44.79%	+9.41%
Current Drawdown Current decline from peak	0.00%	-0.70%	+0.70%
Average Drawdown Average peak-to-trough decline	-13.34%	-11.18%	-2.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	2.65%	+0.28%

Volatility

ACWX vs. REBYX - Volatility Comparison

iShares MSCI ACWI ex U.S. ETF (ACWX) has a higher volatility of 5.73% compared to Russell Investments U.S. Small Cap Equity Fund (REBYX) at 5.06%. This indicates that ACWX's price experiences larger fluctuations and is considered to be riskier than REBYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACWX	REBYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.73%	5.06%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	13.22%	12.42%	+0.80%
Volatility (1Y) Calculated over the trailing 1-year period	15.50%	17.87%	-2.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.28%	22.77%	-6.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.38%	23.53%	-6.15%

ACWX vs. REBYX - Expense Ratio Comparison

ACWX has a 0.32% expense ratio, which is lower than REBYX's 0.90% expense ratio.

Dividends

ACWX vs. REBYX - Dividend Comparison

ACWX's dividend yield for the trailing twelve months is around 2.44%, less than REBYX's 7.10% 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%
REBYX Russell Investments U.S. Small Cap Equity Fund	7.10%	8.28%	13.03%	2.64%	5.30%	31.12%	0.64%	4.46%	18.61%	0.33%	0.88%	8.23%

Frequently Asked Questions

Can I hold both ACWX and REBYX in my portfolio?

ACWX and REBYX have a correlation of 0.72, 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 REBYX?

ACWX has higher volatility (5.73%) compared to REBYX (5.06%). In terms of maximum drawdown, ACWX dropped -60.40% vs REBYX's -62.03%.

Which has better risk-adjusted returns?

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