APAM.AS vs. IWDA.AS

Last updated Jun 4, 2026

APAM.AS (Aperam S.A.) is a stock, while IWDA.AS (iShares Core MSCI World UCITS ETF USD (Acc)) is Global Equities fund tracking the MSCI ACWI NR USD. Over the past 10 years, APAM.AS returned 10.23%/yr vs 12.88%/yr for IWDA.AS. At a 0.46 correlation, their price movements are largely independent.

Performance

APAM.AS vs. IWDA.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Aperam S.A. (APAM.AS) and iShares Core MSCI World UCITS ETF USD (Acc) (IWDA.AS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APAM.AS achieves a 53.88% return, which is significantly higher than IWDA.AS's 11.10% return. Over the past 10 years, APAM.AS has underperformed IWDA.AS with an annualized return of 10.23%, while IWDA.AS has yielded a comparatively higher 12.88% annualized return.

APAM.AS

• 1D: 0.86%
• 1M: 13.52%
• YTD: 53.88%
• 6M: 64.92%
• 1Y: 111.36%
• 3Y*: 26.77%
• 5Y*: 8.77%
• 10Y*: 10.23%

IWDA.AS

• 1D: -0.31%
• 1M: 5.58%
• YTD: 11.10%
• 6M: 11.60%
• 1Y: 23.84%
• 3Y*: 17.67%
• 5Y*: 12.89%
• 10Y*: 12.88%

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

APAM.AS vs. IWDA.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
APAM.AS Aperam S.A.	53.88%	50.04%	-17.32%	19.08%	-34.40%	45.01%	28.27%	33.01%	-43.94%	1.73%
IWDA.AS iShares Core MSCI World UCITS ETF USD (Acc)	11.10%	7.08%	27.23%	19.89%	-13.54%	32.54%	6.20%	29.58%	-4.16%	7.49%

Correlation

The correlation between APAM.AS and IWDA.AS is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jan 27, 2011	0.46

The correlation between APAM.AS and IWDA.AS shifts across timeframes, from 0.34 (3 years) to 0.46 (all time), reflecting how their relationship changes across market environments.

Return for Risk

APAM.AS vs. IWDA.AS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

APAM.AS

APAM.AS Risk / Return Rank: 91
APAM.AS Sharpe Ratio Rank: 93
APAM.AS Sortino Ratio Rank: 92
APAM.AS Omega Ratio Rank: 91
APAM.AS Calmar Ratio Rank: 89
APAM.AS Martin Ratio Rank: 91

IWDA.AS

IWDA.AS Risk / Return Rank: 68
IWDA.AS Sharpe Ratio Rank: 63
IWDA.AS Sortino Ratio Rank: 64
IWDA.AS Omega Ratio Rank: 66
IWDA.AS Calmar Ratio Rank: 72
IWDA.AS Martin Ratio Rank: 75

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.

APAM.AS vs. IWDA.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aperam S.A. (APAM.AS) and iShares Core MSCI World UCITS ETF USD (Acc) (IWDA.AS). 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.

	APAM.AS	IWDA.AS	Difference
Sharpe ratio: Return per unit of total volatility	2.69	2.16	+0.53
Sortino ratio: Return per unit of downside risk	3.49	3.03	+0.46
Omega ratio: Gain probability vs. loss probability	1.45	1.41	+0.05
Calmar ratio: Return relative to maximum drawdown	4.24	3.65	+0.60
Martin ratio: Return relative to average drawdown	13.78	14.56	-0.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APAM.AS vs. IWDA.AS - Sharpe Ratio Comparison

The current APAM.AS Sharpe Ratio is 2.69, which is comparable to the IWDA.AS Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of APAM.AS and IWDA.AS, 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

	APAM.AS	IWDA.AS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.69	2.16	+0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.90	-0.66
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.85	-0.56
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.82	-0.61

Drawdowns

APAM.AS vs. IWDA.AS - Drawdown Comparison

The maximum APAM.AS drawdown since its inception was -71.96%, which is greater than IWDA.AS's maximum drawdown of -33.63%. Use the drawdown chart below to compare losses from any high point for APAM.AS and IWDA.AS.

Drawdown Indicators

	APAM.AS	IWDA.AS	Difference
Max Drawdown Largest peak-to-trough decline	-71.96%	-33.63%	-38.33%
Max Drawdown (1Y) Largest decline over 1 year	-25.80%	-6.45%	-19.35%
Max Drawdown (3Y) Largest decline over 3 years	-26.69%	-21.59%	-5.10%
Max Drawdown (5Y) Largest decline over 5 years	-54.69%	-21.59%	-33.10%
Max Drawdown (10Y) Largest decline over 10 years	-63.43%	-33.63%	-29.80%
Current Drawdown Current decline from peak	0.00%	-0.31%	+0.31%
Average Drawdown Average peak-to-trough decline	-31.83%	-4.25%	-27.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.99%	1.63%	+6.36%

Volatility

APAM.AS vs. IWDA.AS - Volatility Comparison

Aperam S.A. (APAM.AS) has a higher volatility of 9.90% compared to iShares Core MSCI World UCITS ETF USD (Acc) (IWDA.AS) at 2.79%. This indicates that APAM.AS's price experiences larger fluctuations and is considered to be riskier than IWDA.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APAM.AS	IWDA.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.90%	2.79%	+7.11%
Volatility (6M) Calculated over the trailing 6-month period	33.59%	7.61%	+25.98%
Volatility (1Y) Calculated over the trailing 1-year period	40.77%	10.96%	+29.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.60%	14.08%	+21.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.06%	15.00%	+20.06%

Dividends

APAM.AS vs. IWDA.AS - Dividend Comparison

APAM.AS's dividend yield for the trailing twelve months is around 3.77%, while IWDA.AS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
APAM.AS Aperam S.A.	3.77%	5.68%	7.93%	6.08%	6.78%	3.67%	5.13%	6.14%	6.66%	3.03%	2.48%
IWDA.AS iShares Core MSCI World UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APAM.AS and IWDA.AS in my portfolio?

APAM.AS and IWDA.AS have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.