CWI vs. ACWX

Last updated Jun 24, 2026

CWI (SPDR MSCI ACWI ex-US ETF) and ACWX (iShares MSCI ACWI ex U.S. ETF) are both Foreign Large Cap Equities funds tracking the MSCI All Country World ex-U.S. Index, from State Street and iShares respectively. Both are passively managed. Over the past 10 years, CWI returned 10.48%/yr vs 10.06%/yr for ACWX. With a 0.98 correlation, they move nearly in lockstep. CWI charges 0.30%/yr vs 0.32%/yr for ACWX.

Performance

CWI vs. ACWX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with CWI having a 12.84% return and ACWX slightly higher at 12.88%. Both investments have delivered pretty close results over the past 10 years, with CWI having a 10.48% annualized return and ACWX not far behind at 10.06%.

CWI

• 1D: -3.07%
• 1M: 1.17%
• YTD: 12.84%
• 6M: 12.77%
• 1Y: 30.17%
• 3Y*: 19.40%
• 5Y*: 8.81%
• 10Y*: 10.48%

ACWX

• 1D: -3.17%
• 1M: 0.91%
• YTD: 12.88%
• 6M: 12.78%
• 1Y: 29.85%
• 3Y*: 19.03%
• 5Y*: 8.31%
• 10Y*: 10.06%

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

CWI vs. ACWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CWI SPDR MSCI ACWI ex-US ETF	12.84%	32.75%	6.27%	15.74%	-15.39%	8.81%	9.83%	21.92%	-13.83%	26.89%
ACWX iShares MSCI ACWI ex U.S. ETF	12.88%	32.59%	5.17%	15.63%	-16.07%	7.67%	10.29%	21.05%	-13.99%	27.20%

Correlation

The correlation between CWI and ACWX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Mar 31, 2008	0.98

The correlation between CWI and ACWX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

CWI vs. ACWX - Sectors Allocation Comparison

Sectors	CWI	ACWX
Financial Services	23.8%	23.7%
Technology	21.6%	23.8%
Industrials	14.4%	13.6%
Consumer Cyclical	8.0%	7.0%
Healthcare	6.8%	6.5%
Basic Materials	6.6%	6.6%
Energy	5.1%	4.4%
Communication Services	5.0%	4.6%
Consumer Defensive	5.0%	5.0%
Utilities	2.8%	2.9%
Real Estate	1.2%	1.3%

Return for Risk

CWI vs. ACWX — Risk / Return Rank

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

CWI

CWI Risk / Return Rank: 57
CWI Sharpe Ratio Rank: 57
CWI Sortino Ratio Rank: 55
CWI Omega Ratio Rank: 58
CWI Calmar Ratio Rank: 56
CWI Martin Ratio Rank: 60

ACWX

ACWX Risk / Return Rank: 55
ACWX Sharpe Ratio Rank: 55
ACWX Sortino Ratio Rank: 52
ACWX Omega Ratio Rank: 55
ACWX Calmar Ratio Rank: 55
ACWX Martin Ratio Rank: 59

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.

CWI vs. ACWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI ACWI ex-US ETF (CWI) 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.

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.

	CWI	ACWX	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.79	+0.04
Sortino ratio: Return per unit of downside risk	2.51	2.44	+0.07
Omega ratio: Gain probability vs. loss probability	1.34	1.33	+0.01
Calmar ratio: Return relative to maximum drawdown	2.64	2.62	+0.02
Martin ratio: Return relative to average drawdown	10.12	10.05	+0.07

CWI vs. ACWX - Sharpe Ratio Comparison

The current CWI Sharpe Ratio is 1.83, which is comparable to the ACWX Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of CWI 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.

Drawdowns

CWI vs. ACWX - Drawdown Comparison

The maximum CWI drawdown since its inception was -60.77%, roughly equal to the maximum ACWX drawdown of -60.40%. Use the drawdown chart below to compare losses from any high point for CWI and ACWX.

Drawdown Indicators

	CWI	ACWX	Difference
Max Drawdown Largest peak-to-trough decline	-60.77%	-60.40%	-0.37%
Max Drawdown (1Y) Largest decline over 1 year	-11.47%	-11.42%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-13.85%	-13.84%	-0.01%
Max Drawdown (5Y) Largest decline over 5 years	-28.80%	-29.78%	+0.98%
Max Drawdown (10Y) Largest decline over 10 years	-34.64%	-35.38%	+0.74%
Current Drawdown Current decline from peak	-3.07%	-3.17%	+0.10%
Average Drawdown Average peak-to-trough decline	-12.82%	-13.30%	+0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	2.98%	+0.01%

Volatility

CWI vs. ACWX - Volatility Comparison

SPDR MSCI ACWI ex-US ETF (CWI) and iShares MSCI ACWI ex U.S. ETF (ACWX) have volatilities of 7.31% and 7.37%, 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

	CWI	ACWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.31%	7.37%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	14.53%	14.77%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	16.55%	16.74%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.49%	16.53%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.03%	17.27%	-0.24%

CWI vs. ACWX - Expense Ratio Comparison

CWI has a 0.30% expense ratio, which is lower than ACWX's 0.32% expense ratio.

Dividends

CWI vs. ACWX - Dividend Comparison

CWI's dividend yield for the trailing twelve months is around 2.73%, more than ACWX's 2.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACWX iShares MSCI ACWI ex U.S. ETF	2.54%	2.82%	2.97%	2.96%	2.68%	2.74%	1.88%	3.22%	2.60%	2.40%	2.77%	2.51%
CWI SPDR MSCI ACWI ex-US ETF	2.73%	2.97%	2.89%	2.80%	3.17%	2.65%	2.07%	3.05%	2.81%	2.29%	2.45%	2.62%

Frequently Asked Questions

Can I hold both CWI and ACWX in my portfolio?

With a correlation of 0.99, CWI 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, CWI or ACWX?

ACWX has higher volatility (7.37%) compared to CWI (7.31%). In terms of maximum drawdown, CWI dropped -60.77% vs ACWX's -60.40%.

Which ETF is better, CWI or ACWX?

On 10-year performance, CWI leads with 10.48% vs 10.06% for ACWX. On fees, CWI is cheaper at 0.30% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CWI or ACWX?

Over the 10-year period, CWI has performed better with a 10.48% return vs 10.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CWI or ACWX?

CWI is cheaper with a 0.30% expense ratio, compared with 0.32% for ACWX.

Which ETF pays a higher dividend yield, CWI or ACWX?

CWI has the higher dividend yield at 2.73%, compared with 2.54% for ACWX.

What is the main difference between CWI and ACWX?

Both ETFs track MSCI All Country World ex-U.S. Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.30% for CWI and 0.32% for ACWX.

Which has better risk-adjusted returns?

CWI currently has the higher Sharpe Ratio (1.83 vs 1.79), 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.