AWPAX vs. ACWX

Last updated Jun 4, 2026

AWPAX (AB Sustainable International Thematic Fund) and ACWX (iShares MSCI ACWI ex U.S. ETF) are both Foreign Large Cap Equities funds. Over the past 10 years, AWPAX returned 6.54%/yr vs 9.57%/yr for ACWX. Their correlation of 0.92 suggests significant overlap in exposure. AWPAX charges 1.03%/yr vs 0.32%/yr for ACWX.

Performance

AWPAX vs. ACWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AB Sustainable International Thematic Fund (AWPAX) and iShares MSCI ACWI ex U.S. ETF (ACWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AWPAX achieves a 7.33% return, which is significantly lower than ACWX's 14.30% return. Over the past 10 years, AWPAX has underperformed ACWX with an annualized return of 6.54%, while ACWX has yielded a comparatively higher 9.57% annualized return.

AWPAX

• 1D: 0.70%
• 1M: 4.79%
• YTD: 7.33%
• 6M: 8.55%
• 1Y: 10.85%
• 3Y*: 8.46%
• 5Y*: 1.12%
• 10Y*: 6.54%

ACWX

• 1D: -1.06%
• 1M: 5.24%
• YTD: 14.30%
• 6M: 17.01%
• 1Y: 32.04%
• 3Y*: 19.35%
• 5Y*: 8.36%
• 10Y*: 9.57%

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

AWPAX vs. ACWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AWPAX AB Sustainable International Thematic Fund	7.33%	13.57%	-0.32%	13.09%	-26.80%	9.20%	29.55%	26.88%	-17.50%	34.46%
ACWX iShares MSCI ACWI ex U.S. ETF	14.30%	32.59%	5.17%	15.63%	-16.07%	7.67%	10.29%	21.05%	-13.99%	27.20%

Correlation

The correlation between AWPAX and ACWX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Apr 1, 2008	0.92

The correlation between AWPAX and ACWX has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

AWPAX vs. ACWX — Risk / Return Rank

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

AWPAX

AWPAX Risk / Return Rank: 8
AWPAX Sharpe Ratio Rank: 8
AWPAX Sortino Ratio Rank: 8
AWPAX Omega Ratio Rank: 8
AWPAX Calmar Ratio Rank: 8
AWPAX Martin Ratio Rank: 10

ACWX

ACWX Risk / Return Rank: 59
ACWX Sharpe Ratio Rank: 60
ACWX Sortino Ratio Rank: 59
ACWX Omega Ratio Rank: 60
ACWX Calmar Ratio Rank: 56
ACWX Martin Ratio Rank: 60

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.

AWPAX vs. ACWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AB Sustainable International Thematic Fund (AWPAX) and iShares MSCI ACWI ex U.S. ETF (ACWX). 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.

	AWPAX	ACWX	Difference
Sharpe ratio: Return per unit of total volatility	0.65	2.08	-1.43
Sortino ratio: Return per unit of downside risk	1.03	2.85	-1.82
Omega ratio: Gain probability vs. loss probability	1.13	1.38	-0.25
Calmar ratio: Return relative to maximum drawdown	0.78	2.82	-2.04
Martin ratio: Return relative to average drawdown	2.90	10.96	-8.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AWPAX vs. ACWX - Sharpe Ratio Comparison

The current AWPAX Sharpe Ratio is 0.65, which is lower than the ACWX Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of AWPAX and ACWX, 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

	AWPAX	ACWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.65	2.08	-1.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.52	-0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.55	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.23	+0.11

Drawdowns

AWPAX vs. ACWX - Drawdown Comparison

The maximum AWPAX drawdown since its inception was -63.00%, roughly equal to the maximum ACWX drawdown of -60.40%. Use the drawdown chart below to compare losses from any high point for AWPAX and ACWX.

Drawdown Indicators

	AWPAX	ACWX	Difference
Max Drawdown Largest peak-to-trough decline	-63.00%	-60.40%	-2.60%
Max Drawdown (1Y) Largest decline over 1 year	-13.44%	-11.42%	-2.02%
Max Drawdown (3Y) Largest decline over 3 years	-19.47%	-13.84%	-5.63%
Max Drawdown (5Y) Largest decline over 5 years	-38.13%	-30.07%	-8.06%
Max Drawdown (10Y) Largest decline over 10 years	-38.13%	-35.38%	-2.75%
Current Drawdown Current decline from peak	-2.01%	-1.06%	-0.95%
Average Drawdown Average peak-to-trough decline	-18.78%	-13.34%	-5.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.60%	2.93%	+0.67%

Volatility

AWPAX vs. ACWX - Volatility Comparison

AB Sustainable International Thematic Fund (AWPAX) and iShares MSCI ACWI ex U.S. ETF (ACWX) have volatilities of 5.75% and 5.74%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AWPAX	ACWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.75%	5.74%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	13.97%	13.26%	+0.71%
Volatility (1Y) Calculated over the trailing 1-year period	16.22%	15.51%	+0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.36%	16.29%	+1.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.83%	17.38%	-0.55%

AWPAX vs. ACWX - Expense Ratio Comparison

AWPAX has a 1.03% expense ratio, which is higher than ACWX's 0.32% expense ratio.

Dividends

AWPAX vs. ACWX - Dividend Comparison

AWPAX has not paid dividends to shareholders, while ACWX's dividend yield for the trailing twelve months is around 2.47%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACWX iShares MSCI ACWI ex U.S. ETF	2.47%	2.82%	2.97%	2.96%	2.68%	2.74%	1.88%	3.22%	2.60%	2.40%	2.77%	2.51%
AWPAX AB Sustainable International Thematic Fund	0.00%	0.00%	0.00%	0.00%	0.52%	7.00%	1.67%	1.11%	14.44%	0.00%	0.77%	0.00%

Frequently Asked Questions

Can I hold both AWPAX and ACWX in my portfolio?

With a correlation of 0.92, AWPAX and ACWX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, AWPAX or ACWX?

AWPAX has higher volatility (5.75%) compared to ACWX (5.74%). In terms of maximum drawdown, AWPAX dropped -63.00% vs ACWX's -60.40%.

Which has better risk-adjusted returns?

ACWX currently has the higher Sharpe Ratio (2.08 vs 0.65), 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.