EFAV vs. ACWV

Last updated Jun 7, 2026

EFAV (iShares Edge MSCI Min Vol EAFE ETF) and ACWV (iShares MSCI Global Min Vol Factor ETF) are both exchange-traded funds - EFAV is a Foreign Large Cap Equities fund tracking the MSCI EAFE Minimum Volatility Index, while ACWV is a Large Cap Blend Equities fund tracking the MSCI AC World Minimum Volatility (USD). Both are passively managed. Over the past 10 years, EFAV returned 5.76%/yr vs 7.22%/yr for ACWV. Their correlation of 0.83 suggests significant overlap in exposure. Both charge a 0.20% expense ratio.

Performance

EFAV vs. ACWV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Edge MSCI Min Vol EAFE ETF (EFAV) and iShares MSCI Global Min Vol Factor ETF (ACWV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EFAV achieves a 3.14% return, which is significantly higher than ACWV's 1.64% return. Over the past 10 years, EFAV has underperformed ACWV with an annualized return of 5.76%, while ACWV has yielded a comparatively higher 7.22% annualized return.

EFAV

• 1D: -1.22%
• 1M: -2.48%
• YTD: 3.14%
• 6M: 4.99%
• 1Y: 8.30%
• 3Y*: 12.50%
• 5Y*: 6.03%
• 10Y*: 5.76%

ACWV

• 1D: -1.08%
• 1M: -0.25%
• YTD: 1.64%
• 6M: 1.72%
• 1Y: 3.90%
• 3Y*: 9.86%
• 5Y*: 5.32%
• 10Y*: 7.22%

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

EFAV vs. ACWV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EFAV iShares Edge MSCI Min Vol EAFE ETF	3.14%	26.00%	5.30%	12.52%	-15.11%	7.20%	-0.06%	16.67%	-5.74%	22.24%
ACWV iShares MSCI Global Min Vol Factor ETF	1.64%	11.04%	11.38%	8.23%	-10.36%	13.97%	3.04%	21.04%	-1.42%	18.57%

Correlation

The correlation between EFAV and ACWV is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Oct 21, 2011	0.83

The correlation between EFAV and ACWV has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.

EFAV vs. ACWV - Sectors Allocation Comparison

Sectors	EFAV	ACWV
Financial Services	19.9%	13.1%
Industrials	15.1%	7.9%
Healthcare	12.4%	13.2%
Consumer Defensive	11.5%	10.3%
Communication Services	9.7%	12.2%
Utilities	9.1%	7.8%
Energy	8.2%	3.4%
Consumer Cyclical	5.2%	5.1%
Technology	4.5%	22.6%
Real Estate	2.9%	0.8%
Basic Materials	1.6%	1.8%

Return for Risk

EFAV vs. ACWV — Risk / Return Rank

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

EFAV

EFAV Risk / Return Rank: 25
EFAV Sharpe Ratio Rank: 24
EFAV Sortino Ratio Rank: 23
EFAV Omega Ratio Rank: 23
EFAV Calmar Ratio Rank: 27
EFAV Martin Ratio Rank: 27

ACWV

ACWV Risk / Return Rank: 18
ACWV Sharpe Ratio Rank: 19
ACWV Sortino Ratio Rank: 18
ACWV Omega Ratio Rank: 17
ACWV Calmar Ratio Rank: 18
ACWV Martin Ratio Rank: 20

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.

EFAV vs. ACWV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI Min Vol EAFE ETF (EFAV) and iShares MSCI Global Min Vol Factor ETF (ACWV). 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.

	EFAV	ACWV	Difference
Sharpe ratio: Return per unit of total volatility	0.81	0.57	+0.24
Sortino ratio: Return per unit of downside risk	1.19	0.84	+0.35
Omega ratio: Gain probability vs. loss probability	1.15	1.10	+0.05
Calmar ratio: Return relative to maximum drawdown	1.31	0.70	+0.61
Martin ratio: Return relative to average drawdown	3.58	2.16	+1.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EFAV vs. ACWV - Sharpe Ratio Comparison

The current EFAV Sharpe Ratio is 0.81, which is higher than the ACWV Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of EFAV and ACWV, 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

	EFAV	ACWV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	0.57	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.52	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.59	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.70	-0.17

Drawdowns

EFAV vs. ACWV - Drawdown Comparison

The maximum EFAV drawdown since its inception was -27.56%, roughly equal to the maximum ACWV drawdown of -28.82%. Use the drawdown chart below to compare losses from any high point for EFAV and ACWV.

Drawdown Indicators

	EFAV	ACWV	Difference
Max Drawdown Largest peak-to-trough decline	-27.56%	-28.82%	+1.26%
Max Drawdown (1Y) Largest decline over 1 year	-6.46%	-6.37%	-0.09%
Max Drawdown (3Y) Largest decline over 3 years	-8.75%	-7.56%	-1.19%
Max Drawdown (5Y) Largest decline over 5 years	-27.46%	-18.14%	-9.32%
Max Drawdown (10Y) Largest decline over 10 years	-27.56%	-28.82%	+1.26%
Current Drawdown Current decline from peak	-6.23%	-3.59%	-2.64%
Average Drawdown Average peak-to-trough decline	-4.77%	-3.11%	-1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	2.05%	+0.30%

Volatility

EFAV vs. ACWV - Volatility Comparison

iShares Edge MSCI Min Vol EAFE ETF (EFAV) has a higher volatility of 3.09% compared to iShares MSCI Global Min Vol Factor ETF (ACWV) at 2.11%. This indicates that EFAV's price experiences larger fluctuations and is considered to be riskier than ACWV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFAV	ACWV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.09%	2.11%	+0.98%
Volatility (6M) Calculated over the trailing 6-month period	8.28%	5.66%	+2.62%
Volatility (1Y) Calculated over the trailing 1-year period	10.40%	7.79%	+2.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.80%	10.23%	+1.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.21%	12.31%	+0.90%

EFAV vs. ACWV - Expense Ratio Comparison

Both EFAV and ACWV have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

EFAV vs. ACWV - Dividend Comparison

EFAV's dividend yield for the trailing twelve months is around 3.10%, more than ACWV's 2.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACWV iShares MSCI Global Min Vol Factor ETF	2.05%	2.09%	2.33%	2.41%	2.18%	1.92%	1.77%	2.54%	2.32%	2.04%	2.56%	2.28%
EFAV iShares Edge MSCI Min Vol EAFE ETF	3.10%	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 EFAV and ACWV in my portfolio?

EFAV and ACWV have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFAV or ACWV?

EFAV has higher volatility (3.09%) compared to ACWV (2.11%). In terms of maximum drawdown, EFAV dropped -27.56% vs ACWV's -28.82%.

Which ETF is better, EFAV or ACWV?

On 10-year performance, ACWV leads with 7.22% vs 5.76% for EFAV. Both ETFs have the same 0.20% expense ratio. On volatility, ACWV has been the lower-risk option at 2.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFAV or ACWV?

Over the 10-year period, ACWV has performed better with a 7.22% return vs 5.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFAV or ACWV?

EFAV and ACWV have the same expense ratio: 0.20% per year.

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

EFAV has the higher dividend yield at 3.10%, compared with 2.05% for ACWV.

What is the main difference between EFAV and ACWV?

EFAV is categorized as Foreign Large Cap Equities, while ACWV is Large Cap Blend Equities. EFAV tracks MSCI EAFE Minimum Volatility Index, while ACWV tracks MSCI AC World Minimum Volatility (USD).

Which has better risk-adjusted returns?

EFAV currently has the higher Sharpe Ratio (0.81 vs 0.57), 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.