CWI vs. IQSI

Last updated Jul 14, 2026

CWI (SPDR MSCI ACWI ex-US ETF) and IQSI (IQ Candriam ESG International Equity ETF) are both Foreign Large Cap Equities funds - CWI tracks the MSCI All Country World ex-U.S. Index while IQSI tracks the IQ Candriam ESG International Equity Index. Both are passively managed. Over the past 5 years, CWI returned 8.89%/yr vs 8.00%/yr for IQSI. Their correlation of 0.93 suggests significant overlap in exposure. CWI charges 0.30%/yr vs 0.15%/yr for IQSI.

Performance

CWI vs. IQSI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI ACWI ex-US ETF (CWI) and IQ Candriam ESG International Equity ETF (IQSI). 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 IQSI's 9.59% 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%

IQSI

• 1D: -1.23%
• 1M: -0.26%
• 6M: 6.04%
• YTD: 9.59%
• 1Y: 18.72%
• 3Y*: 14.15%
• 5Y*: 8.00%
• 10Y*: —

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

CWI vs. IQSI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CWI SPDR MSCI ACWI ex-US ETF	12.10%	32.75%	6.27%	15.74%	-15.39%	8.81%	9.83%	0.48%
IQSI IQ Candriam ESG International Equity ETF	9.59%	26.95%	4.84%	16.21%	-14.76%	12.70%	10.36%	0.38%

Correlation

The correlation between CWI and IQSI 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 (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Dec 17, 2019	0.93

The correlation between CWI and IQSI has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

CWI vs. IQSI - Sectors Allocation Comparison

Sectors	CWI	IQSI
Financial Services	23.8%	22.3%
Technology	21.6%	18.7%
Industrials	14.4%	16.2%
Consumer Cyclical	8.0%	7.5%
Healthcare	6.8%	13.2%
Basic Materials	6.6%	5.1%
Energy	5.1%	0.2%
Communication Services	5.0%	3.3%
Consumer Defensive	5.0%	5.9%
Utilities	2.8%	3.7%
Real Estate	1.2%	2.3%

Return for Risk

CWI vs. IQSI — 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

IQSI

IQSI Risk / Return Rank: 41
IQSI Sharpe Ratio Rank: 42
IQSI Sortino Ratio Rank: 42
IQSI Omega Ratio Rank: 40
IQSI Calmar Ratio Rank: 38
IQSI Martin Ratio Rank: 44

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. IQSI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI ACWI ex-US ETF (CWI) and IQ Candriam ESG International Equity ETF (IQSI). 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	IQSI	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.20	+0.36
Sortino ratio: Return per unit of downside risk	2.15	1.74	+0.41
Omega ratio: Gain probability vs. loss probability	1.29	1.22	+0.07
Calmar ratio: Return relative to maximum drawdown	2.27	1.57	+0.70
Martin ratio: Return relative to average drawdown	8.55	5.73	+2.81

CWI vs. IQSI - Sharpe Ratio Comparison

The current CWI Sharpe Ratio is 1.55, which is comparable to the IQSI Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of CWI and IQSI, 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. IQSI - Drawdown Comparison

The maximum CWI drawdown since its inception was -60.77%, which is greater than IQSI's maximum drawdown of -31.90%. Use the drawdown chart below to compare losses from any high point for CWI and IQSI.

Drawdown Indicators

	CWI	IQSI	Difference
Max Drawdown Largest peak-to-trough decline	-60.77%	-31.90%	-28.87%
Max Drawdown (1Y) Largest decline over 1 year	-11.47%	-12.00%	+0.53%
Max Drawdown (3Y) Largest decline over 3 years	-13.85%	-14.02%	+0.17%
Max Drawdown (5Y) Largest decline over 5 years	-28.80%	-29.86%	+1.06%
Max Drawdown (10Y) Largest decline over 10 years	-34.64%	—	—
Current Drawdown Current decline from peak	-3.70%	-2.11%	-1.59%
Average Drawdown Average peak-to-trough decline	-12.80%	-6.41%	-6.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	3.27%	-0.23%

Volatility

CWI vs. IQSI - Volatility Comparison

SPDR MSCI ACWI ex-US ETF (CWI) has a higher volatility of 6.56% compared to IQ Candriam ESG International Equity ETF (IQSI) at 4.86%. This indicates that CWI's price experiences larger fluctuations and is considered to be riskier than IQSI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWI	IQSI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.56%	4.86%	+1.70%
Volatility (6M) Calculated over the trailing 6-month period	14.88%	13.56%	+1.32%
Volatility (1Y) Calculated over the trailing 1-year period	16.84%	15.75%	+1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.52%	16.41%	+0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.00%	18.98%	-1.98%

CWI vs. IQSI - Expense Ratio Comparison

CWI has a 0.30% expense ratio, which is higher than IQSI's 0.15% expense ratio.

Dividends

CWI vs. IQSI - Dividend Comparison

CWI's dividend yield for the trailing twelve months is around 2.75%, which matches IQSI's 2.73% 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%
IQSI IQ Candriam ESG International Equity ETF	2.73%	2.75%	2.79%	2.98%	2.89%	2.75%	1.65%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CWI and IQSI in my portfolio?

With a correlation of 0.93, CWI and IQSI 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 IQSI?

CWI has higher volatility (6.56%) compared to IQSI (4.86%). In terms of maximum drawdown, CWI dropped -60.77% vs IQSI's -31.90%.

Which ETF is better, CWI or IQSI?

On 5-year performance, CWI leads with 8.89% vs 8.00% for IQSI. On fees, IQSI is cheaper at 0.15% per year. On volatility, IQSI has been the lower-risk option at 4.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CWI or IQSI?

Over the 5-year period, CWI has performed better with a 8.89% return vs 8.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CWI or IQSI?

IQSI is cheaper with a 0.15% expense ratio, compared with 0.30% for CWI.

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

CWI has the higher dividend yield at 2.75%, compared with 2.73% for IQSI.

What is the main difference between CWI and IQSI?

CWI tracks MSCI All Country World ex-U.S. Index, while IQSI tracks IQ Candriam ESG International Equity Index. They also come from different issuers: State Street and New York Life. Their fees differ too: 0.30% for CWI and 0.15% for IQSI.

Which has better risk-adjusted returns?

CWI currently has the higher Sharpe Ratio (1.55 vs 1.20), 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.