AKAF vs. NZAC

Last updated Aug 5, 2026

AKAF (The Frontier Economic Fund) and NZAC (SPDR MSCI ACWI Climate Paris Aligned ETF) are both Global Equities funds - AKAF tracks the Alaska Last Frontier Index while NZAC tracks the MSCI ACWI Climate Paris Aligned Index. Both are passively managed. Over the past year, AKAF returned 30.14% vs 20.64% for NZAC. Their 0.71 correlation means they have sometimes moved together and sometimes differently. AKAF charges 0.20%/yr vs 0.12%/yr for NZAC.

Performance

AKAF vs. NZAC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Frontier Economic Fund (AKAF) and SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AKAF achieves a 13.79% return, which is significantly higher than NZAC's 10.53% return.

AKAF

• 1D: 1.59%
• 1M: 3.43%
• 6M: 3.63%
• YTD: 13.79%
• 1Y: 30.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 29.69%

NZAC

• 1D: 1.92%
• 1M: 3.13%
• 6M: 10.13%
• YTD: 10.53%
• 1Y: 20.64%
• 3Y*: 18.61%
• 5Y*: 9.74%
• 10Y*: 11.95%
• ALL TIME*: 10.33%

*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)
AKAF The Frontier Economic Fund	$446.98	$1.16K	$1.31K
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF	$222.08K	$162.23K	$205.77K

AKAF vs. NZAC - Yearly Performance Comparison

	2026 (YTD)	2025
AKAF The Frontier Economic Fund	13.79%	17.17%
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF	10.53%	12.49%

Correlation

The correlation between AKAF and NZAC is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.71

The correlation between AKAF and NZAC has been stable across timeframes, ranging from 0.71 to 0.72 - a consistent structural relationship.

Return for Risk

AKAF vs. NZAC — Risk / Return Rank

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

AKAF

AKAF Risk / Return Rank: 79
AKAF Sharpe Ratio Rank: 80
AKAF Sortino Ratio Rank: 78
AKAF Omega Ratio Rank: 79
AKAF Calmar Ratio Rank: 80
AKAF Martin Ratio Rank: 76

NZAC

NZAC Risk / Return Rank: 54
NZAC Sharpe Ratio Rank: 53
NZAC Sortino Ratio Rank: 52
NZAC Omega Ratio Rank: 51
NZAC Calmar Ratio Rank: 51
NZAC Martin Ratio Rank: 60

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.

AKAF vs. NZAC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Frontier Economic Fund (AKAF) and SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC). 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.

	AKAF	NZAC	Difference
Sharpe ratio: Return per unit of total volatility	2.05	1.48	+0.57
Sortino ratio: Return per unit of downside risk	2.83	2.09	+0.74
Omega ratio: Gain probability vs. loss probability	1.37	1.26	+0.11
Calmar ratio: Return relative to maximum drawdown	3.25	2.05	+1.20
Martin ratio: Return relative to average drawdown	10.99	8.11	+2.87

AKAF vs. NZAC - Sharpe Ratio Comparison

The current AKAF Sharpe Ratio is 2.05, which is higher than the NZAC Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of AKAF and NZAC, 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

AKAF vs. NZAC - Drawdown Comparison

The maximum AKAF drawdown since its inception was -9.32%, smaller than the maximum NZAC drawdown of -33.72%. Use the drawdown chart below to compare losses from any high point for AKAF and NZAC.

Drawdown Indicators

	AKAF	NZAC	Difference
Max Drawdown Largest peak-to-trough decline	-9.32%	-33.72%	+24.40%
Max Drawdown (1Y) Largest decline over 1 year	-9.32%	-10.10%	+0.78%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.19%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-28.31%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.82%	-5.28%	+3.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	2.55%	+0.20%

Volatility

AKAF vs. NZAC - Volatility Comparison

The current volatility for The Frontier Economic Fund (AKAF) is 3.31%, while SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) has a volatility of 4.48%. This indicates that AKAF experiences smaller price fluctuations and is considered to be less risky than NZAC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AKAF	NZAC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.31%	4.48%	-1.17%
Volatility (6M) Calculated over the trailing 6-month period	11.37%	11.81%	-0.44%
Volatility (1Y) Calculated over the trailing 1-year period	14.88%	14.13%	+0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.61%	16.99%	-2.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.61%	17.09%	-2.48%

AKAF vs. NZAC - Expense Ratio Comparison

AKAF has a 0.20% expense ratio, which is higher than NZAC's 0.12% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

AKAF vs. NZAC - Dividend Comparison

AKAF's dividend yield for the trailing twelve months is around 2.90%, more than NZAC's 2.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AKAF The Frontier Economic Fund	2.90%	2.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF	2.01%	1.90%	1.88%	1.65%	1.81%	1.62%	1.59%	2.17%	2.53%	2.20%	2.00%	2.40%

Frequently Asked Questions

Can I hold both AKAF and NZAC in my portfolio?

AKAF and NZAC 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, AKAF or NZAC?

NZAC has higher volatility (4.48%) compared to AKAF (3.31%). In terms of maximum drawdown, AKAF dropped -9.32% vs NZAC's -33.72%.

Which ETF is better, AKAF or NZAC?

On 1-year performance, AKAF leads with 30.14% vs 20.64% for NZAC. On fees, NZAC is cheaper at 0.12% per year. On volatility, AKAF has been the lower-risk option at 3.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AKAF or NZAC?

Over the 1-year period, AKAF has performed better with a 30.14% return vs 20.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AKAF or NZAC?

NZAC is cheaper with a 0.12% expense ratio, compared with 0.20% for AKAF.

Which ETF pays a higher dividend yield, AKAF or NZAC?

AKAF has the higher dividend yield at 2.90%, compared with 2.01% for NZAC.

What is the main difference between AKAF and NZAC?

AKAF tracks Alaska Last Frontier Index, while NZAC tracks MSCI ACWI Climate Paris Aligned Index. They also come from different issuers: Vident and State Street. Their fees differ too: 0.20% for AKAF and 0.12% for NZAC.

Which has better risk-adjusted returns?

AKAF currently has the higher Sharpe Ratio (2.05 vs 1.48), 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.