CWI vs. EFAV

Last updated Jul 14, 2026

CWI (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 All Country World ex-U.S. Index while EFAV tracks the MSCI EAFE Minimum Volatility (USD) Index. Both are passively managed. Over the past 10 years, CWI returned 9.65%/yr vs 6.15%/yr for EFAV. Their correlation of 0.85 suggests significant overlap in exposure. 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 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.

Returns By Period

In the year-to-date period, CWI achieves a 12.10% return, which is significantly higher than EFAV's 5.99% return. Over the past 10 years, CWI has outperformed EFAV with an annualized return of 9.65%, while EFAV has yielded a comparatively lower 6.15% annualized return.

CWI

• 1D: -1.85%
• 1M: -1.61%
• 6M: 7.64%
• YTD: 12.10%
• 1Y: 25.95%
• 3Y*: 17.48%
• 5Y*: 8.89%
• 10Y*: 9.65%

EFAV

• 1D: 0.12%
• 1M: 0.61%
• 6M: 4.32%
• YTD: 5.99%
• 1Y: 11.32%
• 3Y*: 13.06%
• 5Y*: 6.23%
• 10Y*: 6.15%

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

CWI vs. EFAV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CWI SPDR MSCI ACWI ex-US ETF	12.10%	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	5.99%	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 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011	0.85

The correlation between CWI and EFAV shifts across timeframes, from 0.66 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

CWI vs. EFAV - Sectors Allocation Comparison

Sectors	CWI	EFAV
Financial Services	23.8%	19.4%
Technology	21.6%	4.6%
Industrials	14.4%	15.9%
Consumer Cyclical	8.0%	5.0%
Healthcare	6.8%	12.0%
Basic Materials	6.6%	1.5%
Energy	5.1%	8.3%
Communication Services	5.0%	9.6%
Consumer Defensive	5.0%	11.9%
Utilities	2.8%	8.8%
Real Estate	1.2%	3.0%

Return for Risk

CWI vs. EFAV — Risk / Return Rank

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

CWI

CWI Risk / Return Rank: 58
CWI Sharpe Ratio Rank: 58
CWI Sortino Ratio Rank: 56
CWI Omega Ratio Rank: 59
CWI Calmar Ratio Rank: 57
CWI Martin Ratio Rank: 61

EFAV

EFAV Risk / Return Rank: 37
EFAV Sharpe Ratio Rank: 37
EFAV Sortino Ratio Rank: 37
EFAV Omega Ratio Rank: 35
EFAV Calmar Ratio Rank: 42
EFAV Martin Ratio Rank: 34

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. EFAV - 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 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.

	CWI	EFAV	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.06	+0.49
Sortino ratio: Return per unit of downside risk	2.15	1.56	+0.60
Omega ratio: Gain probability vs. loss probability	1.29	1.20	+0.09
Calmar ratio: Return relative to maximum drawdown	2.27	1.71	+0.57
Martin ratio: Return relative to average drawdown	8.55	4.00	+4.54

CWI vs. EFAV - Sharpe Ratio Comparison

The current CWI Sharpe Ratio is 1.55, which is higher than the EFAV Sharpe Ratio of 1.06. 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.

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.

Drawdown Indicators

	CWI	EFAV	Difference
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%	-8.75%	-5.10%
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	-3.70%	-3.64%	-0.06%
Average Drawdown Average peak-to-trough decline	-12.80%	-4.77%	-8.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	2.83%	+0.21%

Volatility

CWI vs. EFAV - Volatility Comparison

SPDR MSCI ACWI ex-US ETF (CWI) has a higher volatility of 6.56% compared to iShares MSCI EAFE Min Vol Factor ETF (EFAV) at 3.44%. 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.

Volatility by Period

	CWI	EFAV	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.56%	3.44%	+3.12%
Volatility (6M) Calculated over the trailing 6-month period	14.88%	8.79%	+6.09%
Volatility (1Y) Calculated over the trailing 1-year period	16.84%	10.70%	+6.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.52%	11.84%	+4.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.00%	13.02%	+3.98%

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 2.75%, less than EFAV's 3.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CWI SPDR MSCI ACWI ex-US ETF	2.75%	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	3.18%	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

Can I hold both CWI and EFAV in my portfolio?

CWI and EFAV have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CWI or EFAV?

CWI has higher volatility (6.56%) compared to EFAV (3.44%). In terms of maximum drawdown, CWI dropped -60.77% vs EFAV's -27.56%.

Which ETF is better, CWI or EFAV?

On 10-year performance, CWI leads with 9.65% vs 6.15% for EFAV. On fees, EFAV is cheaper at 0.20% per year. On volatility, EFAV has been the lower-risk option at 3.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CWI or EFAV?

Over the 10-year period, CWI has performed better with a 9.65% return vs 6.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CWI or EFAV?

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

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

EFAV has the higher dividend yield at 3.18%, compared with 2.75% for CWI.

What is the main difference between CWI and EFAV?

CWI tracks MSCI All Country World ex-U.S. 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.

Which has better risk-adjusted returns?

CWI currently has the higher Sharpe Ratio (1.55 vs 1.06), 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.