ACWX vs. VAGS.L
ACWX (iShares MSCI ACWI ex U.S. ETF) and VAGS.L (Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating) are both exchange-traded funds - ACWX is a Foreign Large Cap Equities fund tracking the MSCI All Country World ex-U.S. Index, while VAGS.L is a Global Bonds fund tracking the Bloomberg Global Aggregate TR Hdg GBP. Both are passively managed. Over the past 5 years, ACWX returned 8.26%/yr vs 0.41%/yr for VAGS.L. At a 0.45 correlation, their price movements are largely independent. ACWX charges 0.32%/yr vs 0.10%/yr for VAGS.L.
Performance
ACWX vs. VAGS.L - Performance Comparison
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Different Trading Currencies
ACWX is traded in USD, while VAGS.L is traded in GBP. To make them comparable, the VAGS.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 VAGS.L's -0.15% 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%
VAGS.L
- 1D
- 0.15%
- 1M
- 0.41%
- YTD
- -0.15%
- 6M
- 1.24%
- 1Y
- 2.01%
- 3Y*
- 8.18%
- 5Y*
- 0.41%
- 10Y*
- —
ACWX vs. VAGS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ACWX iShares MSCI ACWI ex U.S. ETF | 13.90% | 32.59% | 5.17% | 15.63% | -16.07% | 7.67% | 10.29% | 10.33% |
VAGS.L Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating | -0.15% | 14.62% | 3.81% | 14.28% | -21.87% | -2.20% | 9.97% | 7.62% |
Correlation
The correlation between ACWX and VAGS.L is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Jun 18, 2019 | 0.45 |
The correlation between ACWX and VAGS.L shifts across timeframes, from 0.45 (all time) to 0.63 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ACWX vs. VAGS.L — Risk / Return Rank
ACWX
VAGS.L
ACWX vs. VAGS.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 Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating (VAGS.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.
| ACWX | VAGS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.59 | ||
| Sortino ratioReturn per unit of downside risk | +2.12 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.03 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | 0.26 | +2.26 |
| Martin ratioReturn relative to average drawdown | 9.66 | 0.60 | +9.05 |
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Drawdowns
ACWX vs. VAGS.L - Drawdown Comparison
The maximum ACWX drawdown since its inception was -60.40%, which is greater than VAGS.L's maximum drawdown of -34.86%. Use the drawdown chart below to compare losses from any high point for ACWX and VAGS.L.
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Drawdown Indicators
| ACWX | VAGS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.40% | -34.86% | -25.54% |
Max Drawdown (1Y)Largest decline over 1 year | -11.42% | -5.44% | -5.98% |
Max Drawdown (3Y)Largest decline over 3 years | -13.84% | -10.83% | -3.01% |
Max Drawdown (5Y)Largest decline over 5 years | -30.01% | -34.83% | +4.82% |
Max Drawdown (10Y)Largest decline over 10 years | -35.38% | — | — |
Current DrawdownCurrent decline from peak | -1.41% | -2.94% | +1.53% |
Average DrawdownAverage peak-to-trough decline | -13.32% | -9.10% | -4.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.98% | 2.33% | +0.65% |
Volatility
ACWX vs. VAGS.L - Volatility Comparison
iShares MSCI ACWI ex U.S. ETF (ACWX) has a higher volatility of 6.97% compared to Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating (VAGS.L) at 2.62%. This indicates that ACWX's price experiences larger fluctuations and is considered to be riskier than VAGS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ACWX | VAGS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.97% | 2.62% | +4.35% |
Volatility (6M)Calculated over the trailing 6-month period | 14.32% | 6.14% | +8.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.43% | 8.44% | +7.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.46% | 10.89% | +5.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.43% | 10.89% | +6.54% |
ACWX vs. VAGS.L - Expense Ratio Comparison
ACWX has a 0.32% expense ratio, which is higher than VAGS.L's 0.10% expense ratio.
Dividends
ACWX vs. VAGS.L - Dividend Comparison
ACWX's dividend yield for the trailing twelve months is around 2.48%, while VAGS.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VAGS.L Vanguard Global Aggregate Bond UCITS ETF GBP Hedged Accumulating | 0.00% | 1.43% | 3.03% | 2.33% | 1.45% | 0.87% | 1.08% | 0.10% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ACWX and VAGS.L have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VAGS.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VAGS.L is cheaper with a 0.10% expense ratio, compared with 0.32% for ACWX.
ACWX is categorized as Foreign Large Cap Equities, while VAGS.L is Global Bonds. ACWX tracks MSCI All Country World ex-U.S. Index, while VAGS.L tracks Bloomberg Global Aggregate TR Hdg GBP. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.32% for ACWX and 0.10% for VAGS.L.
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