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CWI vs. EFAV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CWI vs. EFAV

Last updated Aug 2, 2026
Documentation

CWI (State Street SPDR MSCI ACWI ex-US ETF) and EFAV (iShares MSCI EAFE Min Vol Factor ETF) are both Foreign Large Cap Equities funds - CWI tracks the MSCI ACWI ex USA Index while EFAV tracks the MSCI EAFE Minimum Volatility (USD) Index. Both are passively managed. Over the past 10 years, CWI returned 9.70%/yr vs 6.38%/yr for EFAV. Their correlation of 0.85 means they have usually moved in the same direction. CWI charges 0.30%/yr vs 0.20%/yr for EFAV.

Performance

CWI vs. EFAV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR MSCI ACWI ex-US ETF (CWI) and iShares MSCI EAFE Min Vol Factor ETF (EFAV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CWI achieves a 13.37% return, which is significantly higher than EFAV's 9.79% return. Over the past 10 years, CWI has outperformed EFAV with an annualized return of 9.70%, while EFAV has yielded a comparatively lower 6.38% annualized return.

CWI

1D
-0.30%
1M
0.10%
6M
7.85%
YTD
13.37%
1Y
29.12%
3Y*
17.89%
5Y*
9.44%
10Y*
9.70%
ALL TIME*
5.43%

EFAV

1D
-1.09%
1M
4.40%
6M
6.21%
YTD
9.79%
1Y
16.01%
3Y*
14.35%
5Y*
6.86%
10Y*
6.38%
ALL TIME*
7.28%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

CWI

State Street SPDR MSCI ACWI ex-US ETF
$9.74M$9.97M$9.68M

EFAV

iShares MSCI EAFE Min Vol Factor ETF
$54.17M$49.40M$45.31M

CWI vs. EFAV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CWI
State Street SPDR MSCI ACWI ex-US ETF		13.37%32.75%6.27%15.74%-15.39%8.81%9.83%21.92%-13.83%26.89%
EFAV
iShares MSCI EAFE Min Vol Factor ETF		9.79%26.00%5.30%12.52%-15.11%7.20%-0.06%16.67%-5.74%22.24%

Correlation

The correlation between CWI and EFAV is 0.61, 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.

0.61

Correlation (3Y)
Balances recent behavior with more history.

0.73

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.80

Correlation (10Y)
Provides a long-term view across more market conditions.

0.83

Correlation (All Time)
Calculated using the full available price history since Oct 20, 2011

0.85

Over the past year, the correlation between CWI and EFAV has dropped to 0.61 - well below their long-term average of 0.85, suggesting their price drivers have been diverging.

CWI vs. EFAV - Sectors Allocation Comparison

Sectors
CWI
EFAV

Financial Services

18.4%
19.7%

Technology

15.6%
4.4%

Industrials

8.0%
15.7%

Consumer Cyclical

5.4%
5.1%

Healthcare

5.3%
12.2%

Energy

4.9%
7.7%

Basic Materials

4.3%
1.6%

Communication Services

2.7%
9.1%

Consumer Defensive

2.5%
12.6%

Utilities

1.2%
9.0%

Real Estate

0.9%
2.9%

Financial Services

CWI
18.4%
EFAV
19.7%

Technology

CWI
15.6%
EFAV
4.4%

Industrials

CWI
8.0%
EFAV
15.7%

Consumer Cyclical

CWI
5.4%
EFAV
5.1%

Healthcare

CWI
5.3%
EFAV
12.2%

Energy

CWI
4.9%
EFAV
7.7%

Basic Materials

CWI
4.3%
EFAV
1.6%

Communication Services

CWI
2.7%
EFAV
9.1%

Consumer Defensive

CWI
2.5%
EFAV
12.6%

Utilities

CWI
1.2%
EFAV
9.0%

Real Estate

CWI
0.9%
EFAV
2.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

State Street SPDR MSCI ACWI ex-US ETF

iShares MSCI EAFE Min Vol Factor ETF

Often compared with CWI:
CWI vs. SPYCWI vs. IXUSCWI vs. VXUSCWI vs. FSPSXCWI vs. SPGMCWI vs. SCHFCWI vs. VTI
Often compared with EFAV:
EFAV vs. EFVEFAV vs. EFAEFAV vs. ACWVEFAV vs. EEMVEFAV vs. USMVEFAV vs. EFASEFAV vs. SPLV

Return for Risk

CWI vs. EFAV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
CWI
CWI Risk / Return Rank: 7373
Overall Rank
CWI Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
CWI Sortino Ratio Rank: 7272
Sortino Ratio Rank
CWI Omega Ratio Rank: 7474
Omega Ratio Rank
CWI Calmar Ratio Rank: 7171
Calmar Ratio Rank
CWI Martin Ratio Rank: 7474
Martin Ratio Rank
EFAV
EFAV Risk / Return Rank: 6969
Overall Rank
EFAV Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
EFAV Sortino Ratio Rank: 7373
Sortino Ratio Rank
EFAV Omega Ratio Rank: 7373
Omega Ratio Rank
EFAV Calmar Ratio Rank: 7575
Calmar Ratio Rank
EFAV Martin Ratio Rank: 5252
Martin Ratio Rank
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.

CWI vs. EFAV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR MSCI ACWI ex-US ETF (CWI) and iShares MSCI EAFE Min Vol Factor ETF (EFAV). 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.

CWIEFAVDifference
Sharpe ratioReturn per unit of total volatility
1.66
1.64

+0.02

Sortino ratioReturn per unit of downside risk
2.32
2.35

-0.04

Omega ratioGain probability vs. loss probability

1.31

1.30

0.00

Calmar ratioReturn relative to maximum drawdown

2.48

2.62

-0.14

Martin ratioReturn relative to average drawdown

9.12

6.10

+3.02

CWI vs. EFAV - Sharpe Ratio Comparison

The current CWI Sharpe Ratio is 1.66, which is comparable to the EFAV Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of CWI and EFAV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

CWI vs. EFAV - Drawdown Comparison

The maximum CWI drawdown since its inception was -60.77%, which is greater than EFAV's maximum drawdown of -27.56%. Use the drawdown chart below to compare losses from any high point for CWI and EFAV.

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Drawdown Indicators

CWIEFAVDifference

Max Drawdown

Largest peak-to-trough decline

-60.77%

-27.56%

-33.21%

Max Drawdown (1Y)

Largest decline over 1 year

-11.47%

-6.66%

-4.81%

Max Drawdown (3Y)

Largest decline over 3 years

-13.85%

-8.65%

-5.20%

Max Drawdown (5Y)

Largest decline over 5 years

-28.80%

-27.46%

-1.34%

Max Drawdown (10Y)

Largest decline over 10 years

-34.64%

-27.56%

-7.08%

Current Drawdown

Current decline from peak

-2.61%

-1.09%

-1.52%

Average Drawdown

Average peak-to-trough decline

-12.77%

-4.76%

-8.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.12%

2.86%

+0.26%

Volatility

CWI vs. EFAV - Volatility Comparison

State Street SPDR MSCI ACWI ex-US ETF (CWI) has a higher volatility of 5.63% compared to iShares MSCI EAFE Min Vol Factor ETF (EFAV) at 3.28%. This indicates that CWI's price experiences larger fluctuations and is considered to be riskier than EFAV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CWIEFAVDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.63%

3.28%

+2.35%

Volatility (6M)

Calculated over the trailing 6-month period

15.27%

8.85%

+6.42%

Volatility (1Y)

Calculated over the trailing 1-year period

17.17%

10.67%

+6.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.57%

11.88%

+4.69%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.04%

13.03%

+4.01%

CWI vs. EFAV - Expense Ratio Comparison

CWI has a 0.30% expense ratio, which is higher than EFAV's 0.20% expense ratio.

Dividends

CWI vs. EFAV - Dividend Comparison

CWI's dividend yield for the trailing twelve months is around 2.72%, less than EFAV's 3.07% yield.

PositionTTM20252024202320222021202020192018201720162015
CWI
State Street SPDR MSCI ACWI ex-US ETF		2.72%2.97%2.89%2.80%3.17%2.65%2.07%3.05%2.81%2.29%2.45%2.62%
EFAV
iShares MSCI EAFE Min Vol Factor ETF		3.07%3.20%3.24%3.08%2.53%2.47%1.33%4.19%3.34%2.45%3.94%2.49%

Frequently Asked Questions

CWI and EFAV have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CWI has higher volatility (5.63%) compared to EFAV (3.28%). In terms of maximum drawdown, CWI dropped -60.77% vs EFAV's -27.56%.

On 10-year performance, CWI leads with 9.70% vs 6.38% for EFAV. On fees, EFAV is cheaper at 0.20% per year. On volatility, EFAV has been the lower-risk option at 3.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, CWI has performed better with a 9.70% return vs 6.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EFAV is cheaper with a 0.20% expense ratio, compared with 0.30% for CWI.

EFAV has the higher dividend yield at 3.07%, compared with 2.72% for CWI.

CWI tracks MSCI ACWI ex USA Index, while EFAV tracks MSCI EAFE Minimum Volatility (USD) Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.30% for CWI and 0.20% for EFAV.

CWI currently has the higher Sharpe Ratio (1.66 vs 1.64), 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.

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