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ACWX vs. SPX5.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ACWX vs. SPX5.L

Last updated Jun 14, 2026

ACWX (iShares MSCI ACWI ex U.S. ETF) and SPX5.L (SPDR S&P 500 UCITS 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 SPX5.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, ACWX returned 10.05%/yr vs 15.20%/yr for SPX5.L. A 0.57 correlation means they provide meaningful diversification when combined. ACWX charges 0.32%/yr vs 0.09%/yr for SPX5.L.

Performance

ACWX vs. SPX5.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI ACWI ex U.S. ETF (ACWX) and SPDR S&P 500 UCITS ETF (SPX5.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ACWX is traded in USD, while SPX5.L is traded in GBP. To make them comparable, the SPX5.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ACWX achieves a 13.90% return, which is significantly higher than SPX5.L's 8.27% return. Over the past 10 years, ACWX has underperformed SPX5.L with an annualized return of 10.05%, while SPX5.L has yielded a comparatively higher 15.20% annualized return.

ACWX

1D
0.42%
1M
1.39%
YTD
13.90%
6M
15.65%
1Y
30.35%
3Y*
18.44%
5Y*
8.26%
10Y*
10.05%

SPX5.L

1D
1.31%
1M
-0.40%
YTD
8.27%
6M
9.40%
1Y
25.12%
3Y*
20.67%
5Y*
13.20%
10Y*
15.20%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ACWX vs. SPX5.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ACWX
iShares MSCI ACWI ex U.S. ETF		13.90%32.59%5.17%15.63%-16.07%7.67%10.29%21.05%-13.99%27.20%
SPX5.L
SPDR S&P 500 UCITS ETF		8.27%17.59%25.34%26.07%-18.73%29.78%17.00%31.40%-5.69%21.25%

Correlation

The correlation between ACWX and SPX5.L is 0.61, 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

0.61

Correlation (3Y)
Calculated over the trailing 3-year period

0.54

Correlation (5Y)
Calculated over the trailing 5-year period

0.58

Correlation (10Y)
Calculated over the trailing 10-year period

0.57

Correlation (All Time)
Calculated using the full available price history since Mar 19, 2012

0.57

The correlation between ACWX and SPX5.L has been stable across timeframes, ranging from 0.54 to 0.61 - a consistent structural relationship.

ACWX vs. SPX5.L - Sectors Allocation Comparison

Sectors
ACWX
SPX5.L

Financial Services

23.2%
11.8%

Technology

22.5%
35.6%

Industrials

14.2%
8.3%

Consumer Cyclical

7.5%
10.1%

Basic Materials

6.9%
1.8%

Healthcare

6.8%
8.5%

Communication Services

4.9%
11.2%

Consumer Defensive

4.8%
4.9%

Energy

4.8%
3.5%

Utilities

3.0%
2.3%

Real Estate

1.4%
1.9%

Financial Services

ACWX
23.2%
SPX5.L
11.8%

Technology

ACWX
22.5%
SPX5.L
35.6%

Industrials

ACWX
14.2%
SPX5.L
8.3%

Consumer Cyclical

ACWX
7.5%
SPX5.L
10.1%

Basic Materials

ACWX
6.9%
SPX5.L
1.8%

Healthcare

ACWX
6.8%
SPX5.L
8.5%

Communication Services

ACWX
4.9%
SPX5.L
11.2%

Consumer Defensive

ACWX
4.8%
SPX5.L
4.9%

Energy

ACWX
4.8%
SPX5.L
3.5%

Utilities

ACWX
3.0%
SPX5.L
2.3%

Real Estate

ACWX
1.4%
SPX5.L
1.9%

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iShares MSCI ACWI ex U.S. ETF

SPDR S&P 500 UCITS ETF

Often compared with ACWX:
ACWX vs. SPYACWX vs. VXUSACWX vs. ACWIACWX vs. VEUACWX vs. IXUSACWX vs. VOOACWX vs. IWV
Often compared with SPX5.L:
SPX5.L vs. SPYSPX5.L vs. SPXP.LSPX5.L vs. VUSA.DESPX5.L vs. VUSA.LSPX5.L vs. VOOSPX5.L vs. IUSA.LSPX5.L vs. EQQQ.L

Return for Risk

ACWX vs. SPX5.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ACWX
ACWX Risk / Return Rank: 6060
Overall Rank
ACWX Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
ACWX Sortino Ratio Rank: 5959
Sortino Ratio Rank
ACWX Omega Ratio Rank: 6161
Omega Ratio Rank
ACWX Calmar Ratio Rank: 5858
Calmar Ratio Rank
ACWX Martin Ratio Rank: 6262
Martin Ratio Rank
SPX5.L
SPX5.L Risk / Return Rank: 8383
Overall Rank
SPX5.L Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
SPX5.L Sortino Ratio Rank: 8484
Sortino Ratio Rank
SPX5.L Omega Ratio Rank: 8585
Omega Ratio Rank
SPX5.L Calmar Ratio Rank: 8080
Calmar Ratio Rank
SPX5.L Martin Ratio Rank: 7979
Martin Ratio Rank
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. SPX5.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI ex U.S. ETF (ACWX) and SPDR S&P 500 UCITS ETF (SPX5.L). 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.

ACWXSPX5.LDifference
Sharpe ratioReturn per unit of total volatility
1.75
2.11

-0.36

Sortino ratioReturn per unit of downside risk
2.42
3.05

-0.63

Omega ratioGain probability vs. loss probability

1.32

1.37

-0.05

Calmar ratioReturn relative to maximum drawdown

2.52

2.77

-0.25

Martin ratioReturn relative to average drawdown

9.66

11.66

-2.00

ACWX vs. SPX5.L - Sharpe Ratio Comparison

The current ACWX Sharpe Ratio is 1.75, which is comparable to the SPX5.L Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of ACWX and SPX5.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

ACWX vs. SPX5.L - Drawdown Comparison

The maximum ACWX drawdown since its inception was -60.40%, which is greater than SPX5.L's maximum drawdown of -42.43%. Use the drawdown chart below to compare losses from any high point for ACWX and SPX5.L.

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Drawdown Indicators

ACWXSPX5.LDifference

Max Drawdown

Largest peak-to-trough decline

-60.40%

-42.43%

-17.97%

Max Drawdown (1Y)

Largest decline over 1 year

-11.42%

-8.64%

-2.78%

Max Drawdown (3Y)

Largest decline over 3 years

-13.84%

-18.43%

+4.59%

Max Drawdown (5Y)

Largest decline over 5 years

-30.01%

-25.18%

-4.83%

Max Drawdown (10Y)

Largest decline over 10 years

-35.38%

-33.47%

-1.91%

Current Drawdown

Current decline from peak

-1.41%

-2.33%

+0.92%

Average Drawdown

Average peak-to-trough decline

-13.32%

-7.97%

-5.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.98%

2.06%

+0.92%

Volatility

ACWX vs. SPX5.L - Volatility Comparison

iShares MSCI ACWI ex U.S. ETF (ACWX) has a higher volatility of 6.97% compared to SPDR S&P 500 UCITS ETF (SPX5.L) at 3.28%. This indicates that ACWX's price experiences larger fluctuations and is considered to be riskier than SPX5.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ACWXSPX5.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.97%

3.28%

+3.69%

Volatility (6M)

Calculated over the trailing 6-month period

14.32%

8.31%

+6.01%

Volatility (1Y)

Calculated over the trailing 1-year period

16.43%

11.35%

+5.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.46%

15.59%

+0.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.43%

16.07%

+1.36%

ACWX vs. SPX5.L - Expense Ratio Comparison

ACWX has a 0.32% expense ratio, which is higher than SPX5.L's 0.09% expense ratio.

Dividends

ACWX vs. SPX5.L - Dividend Comparison

ACWX's dividend yield for the trailing twelve months is around 2.48%, more than SPX5.L's 0.90% yield.

PositionTTM20252024202320222021202020192018201720162015
ACWX
iShares MSCI ACWI ex U.S. ETF		2.48%2.82%2.97%2.96%2.68%2.74%1.88%3.22%2.60%2.40%2.77%2.51%
SPX5.L
SPDR S&P 500 UCITS ETF		0.90%0.98%1.03%1.21%1.39%0.98%1.40%1.48%1.71%1.57%1.49%1.68%

Frequently Asked Questions

ACWX and SPX5.L have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SPX5.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SPX5.L is cheaper with a 0.09% expense ratio, compared with 0.32% for ACWX.

ACWX is categorized as Foreign Large Cap Equities, while SPX5.L is S&P 500. ACWX tracks MSCI All Country World ex-U.S. Index, while SPX5.L tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.32% for ACWX and 0.09% for SPX5.L.

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