CWI vs. BUFI

Last updated Jun 4, 2026

CWI (SPDR MSCI ACWI ex-US ETF) and BUFI (AB International Buffer ETF) are both exchange-traded funds - CWI is a Foreign Large Cap Equities fund tracking the MSCI All Country World ex-U.S. Index, while BUFI is a Defined Outcome fund actively managed by AllianceBernstein. CWI is passively managed, while BUFI is actively managed. Over the past year, CWI returned 32.11% vs 12.80% for BUFI. Their correlation of 0.92 suggests significant overlap in exposure. CWI charges 0.30%/yr vs 0.69%/yr for BUFI.

Performance

CWI vs. BUFI - Performance Comparison

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

Returns By Period

In the year-to-date period, CWI achieves a 13.91% return, which is significantly higher than BUFI's 4.92% return.

CWI

• 1D: -1.22%
• 1M: 5.25%
• YTD: 13.91%
• 6M: 16.33%
• 1Y: 32.11%
• 3Y*: 19.76%
• 5Y*: 8.77%
• 10Y*: 9.91%

BUFI

• 1D: -0.31%
• 1M: 1.83%
• YTD: 4.92%
• 6M: 6.32%
• 1Y: 12.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CWI vs. BUFI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CWI SPDR MSCI ACWI ex-US ETF	13.91%	32.75%	-3.24%
BUFI AB International Buffer ETF	4.92%	16.50%	-1.31%

Correlation

The correlation between CWI and BUFI is 0.93, 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	0.93
Correlation (All Time) Calculated using the full available price history since Dec 11, 2024	0.92

The correlation between CWI and BUFI has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

Return for Risk

CWI vs. BUFI — Risk / Return Rank

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

CWI

CWI Risk / Return Rank: 60
CWI Sharpe Ratio Rank: 61
CWI Sortino Ratio Rank: 61
CWI Omega Ratio Rank: 62
CWI Calmar Ratio Rank: 56
CWI Martin Ratio Rank: 60

BUFI

BUFI Risk / Return Rank: 47
BUFI Sharpe Ratio Rank: 44
BUFI Sortino Ratio Rank: 46
BUFI Omega Ratio Rank: 47
BUFI Calmar Ratio Rank: 46
BUFI Martin Ratio Rank: 53

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. BUFI - Risk-Adjusted Trends Comparison

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

	CWI	BUFI	Difference
Sharpe ratio: Return per unit of total volatility	2.10	1.53	+0.58
Sortino ratio: Return per unit of downside risk	2.90	2.25	+0.65
Omega ratio: Gain probability vs. loss probability	1.38	1.30	+0.08
Calmar ratio: Return relative to maximum drawdown	2.81	2.26	+0.55
Martin ratio: Return relative to average drawdown	10.92	8.98	+1.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CWI vs. BUFI - Sharpe Ratio Comparison

The current CWI Sharpe Ratio is 2.10, which is higher than the BUFI Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of CWI and BUFI, 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

	CWI	BUFI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	1.53	+0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	1.50	-1.25

Drawdowns

CWI vs. BUFI - Drawdown Comparison

The maximum CWI drawdown since its inception was -60.77%, which is greater than BUFI's maximum drawdown of -7.43%. Use the drawdown chart below to compare losses from any high point for CWI and BUFI.

Drawdown Indicators

	CWI	BUFI	Difference
Max Drawdown Largest peak-to-trough decline	-60.77%	-7.43%	-53.34%
Max Drawdown (1Y) Largest decline over 1 year	-11.47%	-5.69%	-5.78%
Max Drawdown (3Y) Largest decline over 3 years	-13.85%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-29.45%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.64%	—	—
Current Drawdown Current decline from peak	-1.22%	-0.32%	-0.90%
Average Drawdown Average peak-to-trough decline	-12.86%	-0.86%	-12.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	1.43%	+1.52%

Volatility

CWI vs. BUFI - Volatility Comparison

SPDR MSCI ACWI ex-US ETF (CWI) has a higher volatility of 5.81% compared to AB International Buffer ETF (BUFI) at 2.20%. This indicates that CWI's price experiences larger fluctuations and is considered to be riskier than BUFI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWI	BUFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.81%	2.20%	+3.61%
Volatility (6M) Calculated over the trailing 6-month period	13.10%	7.05%	+6.05%
Volatility (1Y) Calculated over the trailing 1-year period	15.35%	8.43%	+6.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.25%	9.15%	+7.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.13%	9.15%	+7.98%

CWI vs. BUFI - Expense Ratio Comparison

CWI has a 0.30% expense ratio, which is lower than BUFI's 0.69% expense ratio.

Dividends

CWI vs. BUFI - Dividend Comparison

CWI's dividend yield for the trailing twelve months is around 2.70%, while BUFI has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BUFI AB International Buffer ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
CWI SPDR MSCI ACWI ex-US ETF	2.70%	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 BUFI in my portfolio?

With a correlation of 0.93, CWI and BUFI 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 BUFI?

CWI has higher volatility (5.81%) compared to BUFI (2.20%). In terms of maximum drawdown, CWI dropped -60.77% vs BUFI's -7.43%.

Which ETF is better, CWI or BUFI?

On 1-year performance, CWI leads with 32.11% vs 12.80% for BUFI. On fees, CWI is cheaper at 0.30% per year. On volatility, BUFI has been the lower-risk option at 2.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CWI or BUFI?

Over the 1-year period, CWI has performed better with a 32.11% return vs 12.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CWI or BUFI?

CWI is cheaper with a 0.30% expense ratio, compared with 0.69% for BUFI.

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

CWI has the higher dividend yield at 2.70%, compared with 0.00% for BUFI.

What is the main difference between CWI and BUFI?

CWI is categorized as Foreign Large Cap Equities, while BUFI is Defined Outcome. They also come from different issuers: State Street and AllianceBernstein. Their fees differ too: 0.30% for CWI and 0.69% for BUFI.

Which has better risk-adjusted returns?

CWI currently has the higher Sharpe Ratio (2.10 vs 1.53), 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.