PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
CWI vs. IXUS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CWI vs. IXUS

Last updated Jun 23, 2026

CWI (SPDR MSCI ACWI ex-US ETF) and IXUS (iShares Core MSCI Total International Stock ETF) are both Foreign Large Cap Equities funds - CWI tracks the MSCI All Country World ex-U.S. Index while IXUS tracks the MSCI ACWI ex USA IMI Index (Net). Both are passively managed. Over the past 10 years, CWI returned 10.82%/yr vs 10.55%/yr for IXUS. With a 0.98 correlation, they move nearly in lockstep. CWI charges 0.30%/yr vs 0.07%/yr for IXUS.

Performance

CWI vs. IXUS - Performance Comparison

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

Loading charts...

Returns By Period

The year-to-date returns for both stocks are quite close, with CWI having a 16.41% return and IXUS slightly lower at 16.32%. Both investments have delivered pretty close results over the past 10 years, with CWI having a 10.82% annualized return and IXUS not far behind at 10.55%.

CWI

1D
0.29%
1M
4.38%
YTD
16.41%
6M
17.00%
1Y
35.32%
3Y*
20.65%
5Y*
9.71%
10Y*
10.82%

IXUS

1D
0.23%
1M
3.64%
YTD
16.32%
6M
16.81%
1Y
34.59%
3Y*
20.26%
5Y*
9.16%
10Y*
10.55%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CWI vs. IXUS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CWI
SPDR MSCI ACWI ex-US ETF		16.41%32.75%6.27%15.74%-15.39%8.81%9.83%21.92%-13.83%26.89%
IXUS
iShares Core MSCI Total International Stock ETF		16.32%32.40%5.19%15.83%-16.47%8.86%10.80%21.71%-14.41%28.12%

Correlation

The correlation between CWI and IXUS 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 Oct 24, 2012

0.98

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

CWI vs. IXUS - Sectors Allocation Comparison

Sectors
CWI
IXUS

Financial Services

23.8%
23.8%

Technology

21.6%
30.5%

Industrials

14.4%
11.3%

Consumer Cyclical

8.0%
5.6%

Healthcare

6.8%
6.5%

Basic Materials

6.6%
5.0%

Energy

5.1%
4.4%

Communication Services

5.0%
4.2%

Consumer Defensive

5.0%
3.9%

Utilities

2.8%
1.9%

Real Estate

1.2%
0.2%

Financial Services

CWI
23.8%
IXUS
23.8%

Technology

CWI
21.6%
IXUS
30.5%

Industrials

CWI
14.4%
IXUS
11.3%

Consumer Cyclical

CWI
8.0%
IXUS
5.6%

Healthcare

CWI
6.8%
IXUS
6.5%

Basic Materials

CWI
6.6%
IXUS
5.0%

Energy

CWI
5.1%
IXUS
4.4%

Communication Services

CWI
5.0%
IXUS
4.2%

Consumer Defensive

CWI
5.0%
IXUS
3.9%

Utilities

CWI
2.8%
IXUS
1.9%

Real Estate

CWI
1.2%
IXUS
0.2%

Compare stocks, funds, or ETFs

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

SPDR MSCI ACWI ex-US ETF

iShares Core MSCI Total International Stock ETF

Often compared with CWI:
CWI vs. SPYCWI vs. VXUSCWI vs. FSPSXCWI vs. SPGMCWI vs. SCHFCWI vs. VTICWI vs. VT
Often compared with IXUS:
IXUS vs. VXUSIXUS vs. ITOTIXUS vs. VEAIXUS vs. SCHFIXUS vs. ACWXIXUS vs. IEFAIXUS vs. IEMG

Return for Risk

CWI vs. IXUS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CWI
CWI Risk / Return Rank: 6868
Overall Rank
CWI Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
CWI Sortino Ratio Rank: 6767
Sortino Ratio Rank
CWI Omega Ratio Rank: 7070
Omega Ratio Rank
CWI Calmar Ratio Rank: 6464
Calmar Ratio Rank
CWI Martin Ratio Rank: 6767
Martin Ratio Rank
IXUS
IXUS Risk / Return Rank: 6767
Overall Rank
IXUS Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
IXUS Sortino Ratio Rank: 6666
Sortino Ratio Rank
IXUS Omega Ratio Rank: 7070
Omega Ratio Rank
IXUS Calmar Ratio Rank: 6464
Calmar Ratio Rank
IXUS Martin Ratio Rank: 6666
Martin Ratio Rank
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. IXUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI ACWI ex-US ETF (CWI) and iShares Core MSCI Total International Stock ETF (IXUS). 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.

CWIIXUSDifference
Sharpe ratioReturn per unit of total volatility
2.19
2.14

+0.05

Sortino ratioReturn per unit of downside risk
2.97
2.90

+0.07

Omega ratioGain probability vs. loss probability

1.40

1.40

0.00

Calmar ratioReturn relative to maximum drawdown

3.09

3.06

+0.03

Martin ratioReturn relative to average drawdown

11.87

11.79

+0.09

CWI vs. IXUS - Sharpe Ratio Comparison

The current CWI Sharpe Ratio is 2.19, which is comparable to the IXUS Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of CWI and IXUS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

CWI vs. IXUS - Drawdown Comparison

The maximum CWI drawdown since its inception was -60.77%, which is greater than IXUS's maximum drawdown of -36.22%. Use the drawdown chart below to compare losses from any high point for CWI and IXUS.

Loading charts...

Drawdown Indicators

CWIIXUSDifference

Max Drawdown

Largest peak-to-trough decline

-60.77%

-36.22%

-24.55%

Max Drawdown (1Y)

Largest decline over 1 year

-11.47%

-11.36%

-0.11%

Max Drawdown (3Y)

Largest decline over 3 years

-13.85%

-13.75%

-0.10%

Max Drawdown (5Y)

Largest decline over 5 years

-28.80%

-30.03%

+1.23%

Max Drawdown (10Y)

Largest decline over 10 years

-34.64%

-36.22%

+1.58%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-12.83%

-7.48%

-5.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.98%

2.94%

+0.04%

Volatility

CWI vs. IXUS - Volatility Comparison

SPDR MSCI ACWI ex-US ETF (CWI) and iShares Core MSCI Total International Stock ETF (IXUS) have volatilities of 6.51% and 6.43%, 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.

Loading charts...

Volatility by Period

CWIIXUSDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.51%

6.43%

+0.08%

Volatility (6M)

Calculated over the trailing 6-month period

14.19%

14.30%

-0.11%

Volatility (1Y)

Calculated over the trailing 1-year period

16.27%

16.28%

-0.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.43%

16.39%

+0.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.17%

17.10%

+0.07%

CWI vs. IXUS - Expense Ratio Comparison

CWI has a 0.30% expense ratio, which is higher than IXUS's 0.07% expense ratio.

Dividends

CWI vs. IXUS - Dividend Comparison

CWI's dividend yield for the trailing twelve months is around 2.64%, less than IXUS's 2.88% yield.

PositionTTM20252024202320222021202020192018201720162015
CWI
SPDR MSCI ACWI ex-US ETF		2.64%2.97%2.89%2.80%3.17%2.65%2.07%3.05%2.81%2.29%2.45%2.62%
IXUS
iShares Core MSCI Total International Stock ETF		2.88%3.24%3.33%3.13%2.48%3.12%1.85%3.09%3.00%2.41%2.58%2.81%

Frequently Asked Questions

With a correlation of 0.99, CWI and IXUS 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.

CWI has higher volatility (6.51%) compared to IXUS (6.43%). In terms of maximum drawdown, CWI dropped -60.77% vs IXUS's -36.22%.

On 10-year performance, CWI leads with 10.82% vs 10.55% for IXUS. On fees, IXUS is cheaper at 0.07% per year. Their volatility is very similar. 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 10.82% return vs 10.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IXUS is cheaper with a 0.07% expense ratio, compared with 0.30% for CWI.

IXUS has the higher dividend yield at 2.88%, compared with 2.64% for CWI.

CWI tracks MSCI All Country World ex-U.S. Index, while IXUS tracks MSCI ACWI ex USA IMI Index (Net). They also come from different issuers: State Street and iShares. Their fees differ too: 0.30% for CWI and 0.07% for IXUS.

CWI currently has the higher Sharpe Ratio (2.19 vs 2.14), 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.

Portfolio Optimizer

Find the right allocation for CWI and IXUS

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer