EFRA vs. ACWI

Last updated Jun 4, 2026

EFRA (iShares Environmental Infrastructure and Industrials ETF) and ACWI (iShares MSCI ACWI ETF) are both exchange-traded funds - EFRA is a Industrials Equities fund tracking the FTSE Green Revenues Select Infrastructure and Industrials Index, while ACWI is a Global Equities fund tracking the MSCI All Country World Index. Both are passively managed. Over the past 3 years, EFRA returned 11.21%/yr vs 21.15%/yr for ACWI. A 0.79 correlation means they provide meaningful diversification when combined. EFRA charges 0.47%/yr vs 0.32%/yr for ACWI.

Performance

EFRA vs. ACWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Environmental Infrastructure and Industrials ETF (EFRA) and iShares MSCI ACWI ETF (ACWI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EFRA achieves a 4.96% return, which is significantly lower than ACWI's 12.13% return.

EFRA

• 1D: 0.40%
• 1M: -0.88%
• YTD: 4.96%
• 6M: 4.97%
• 1Y: 10.28%
• 3Y*: 11.21%
• 5Y*: —
• 10Y*: —

ACWI

• 1D: -0.83%
• 1M: 5.28%
• YTD: 12.13%
• 6M: 12.96%
• 1Y: 29.18%
• 3Y*: 21.15%
• 5Y*: 11.28%
• 10Y*: 12.85%

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

EFRA vs. ACWI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
EFRA iShares Environmental Infrastructure and Industrials ETF	4.96%	13.76%	8.09%	14.49%	7.48%
ACWI iShares MSCI ACWI ETF	12.13%	22.41%	17.45%	22.27%	6.34%

Correlation

The correlation between EFRA and ACWI is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (All Time) Calculated using the full available price history since Nov 4, 2022	0.79

The correlation between EFRA and ACWI has been stable across timeframes, ranging from 0.71 to 0.79 - a consistent structural relationship.

EFRA vs. ACWI - Sectors Allocation Comparison

Sectors	EFRA	ACWI
Industrials	61.8%	10.9%
Utilities	24.1%	2.6%
Consumer Cyclical	6.3%	9.3%
Basic Materials	4.4%	3.7%
Technology	2.7%	29.4%
Communication Services	-	9.0%
Consumer Defensive	-	5.0%
Energy	-	4.2%
Financial Services	-	16.1%
Healthcare	-	8.1%
Real Estate	-	1.8%

Return for Risk

EFRA vs. ACWI — Risk / Return Rank

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

EFRA

EFRA Risk / Return Rank: 21
EFRA Sharpe Ratio Rank: 21
EFRA Sortino Ratio Rank: 21
EFRA Omega Ratio Rank: 21
EFRA Calmar Ratio Rank: 21
EFRA Martin Ratio Rank: 22

ACWI

ACWI Risk / Return Rank: 66
ACWI Sharpe Ratio Rank: 68
ACWI Sortino Ratio Rank: 67
ACWI Omega Ratio Rank: 67
ACWI Calmar Ratio Rank: 59
ACWI Martin Ratio Rank: 71

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.

EFRA vs. ACWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Environmental Infrastructure and Industrials ETF (EFRA) and iShares MSCI ACWI ETF (ACWI). 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.

	EFRA	ACWI	Difference
Sharpe ratio: Return per unit of total volatility	0.74	2.29	-1.56
Sortino ratio: Return per unit of downside risk	1.14	3.17	-2.03
Omega ratio: Gain probability vs. loss probability	1.13	1.41	-0.28
Calmar ratio: Return relative to maximum drawdown	0.92	3.01	-2.09
Martin ratio: Return relative to average drawdown	2.67	13.53	-10.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EFRA vs. ACWI - Sharpe Ratio Comparison

The current EFRA Sharpe Ratio is 0.74, which is lower than the ACWI Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of EFRA and ACWI, 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

	EFRA	ACWI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.74	2.29	-1.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.71	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.75	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.43	+0.47

Drawdowns

EFRA vs. ACWI - Drawdown Comparison

The maximum EFRA drawdown since its inception was -16.25%, smaller than the maximum ACWI drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for EFRA and ACWI.

Drawdown Indicators

	EFRA	ACWI	Difference
Max Drawdown Largest peak-to-trough decline	-16.25%	-56.00%	+39.75%
Max Drawdown (1Y) Largest decline over 1 year	-11.20%	-9.73%	-1.47%
Max Drawdown (3Y) Largest decline over 3 years	-16.25%	-16.55%	+0.30%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.53%	—
Current Drawdown Current decline from peak	-6.98%	-0.83%	-6.15%
Average Drawdown Average peak-to-trough decline	-3.63%	-8.61%	+4.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.85%	2.16%	+1.69%

Volatility

EFRA vs. ACWI - Volatility Comparison

iShares Environmental Infrastructure and Industrials ETF (EFRA) has a higher volatility of 4.37% compared to iShares MSCI ACWI ETF (ACWI) at 3.93%. This indicates that EFRA's price experiences larger fluctuations and is considered to be riskier than ACWI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFRA	ACWI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	3.93%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	11.21%	10.29%	+0.92%
Volatility (1Y) Calculated over the trailing 1-year period	14.02%	12.78%	+1.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.51%	16.05%	-0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.51%	17.11%	-1.60%

EFRA vs. ACWI - Expense Ratio Comparison

EFRA has a 0.47% expense ratio, which is higher than ACWI's 0.32% expense ratio.

Dividends

EFRA vs. ACWI - Dividend Comparison

EFRA's dividend yield for the trailing twelve months is around 4.13%, more than ACWI's 1.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACWI iShares MSCI ACWI ETF	1.38%	1.55%	1.70%	1.88%	1.79%	1.71%	1.43%	2.33%	2.18%	1.94%	2.19%	2.56%
EFRA iShares Environmental Infrastructure and Industrials ETF	4.13%	4.34%	3.79%	1.85%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EFRA and ACWI in my portfolio?

EFRA and ACWI have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFRA or ACWI?

EFRA has higher volatility (4.37%) compared to ACWI (3.93%). In terms of maximum drawdown, EFRA dropped -16.25% vs ACWI's -56.00%.

Which ETF is better, EFRA or ACWI?

On 3-year performance, ACWI leads with 21.15% vs 11.21% for EFRA. On fees, ACWI is cheaper at 0.32% per year. On volatility, ACWI has been the lower-risk option at 3.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFRA or ACWI?

Over the 3-year period, ACWI has performed better with a 21.15% return vs 11.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFRA or ACWI?

ACWI is cheaper with a 0.32% expense ratio, compared with 0.47% for EFRA.

Which ETF pays a higher dividend yield, EFRA or ACWI?

EFRA has the higher dividend yield at 4.13%, compared with 1.38% for ACWI.

What is the main difference between EFRA and ACWI?

EFRA is categorized as Industrials Equities, while ACWI is Global Equities. EFRA tracks FTSE Green Revenues Select Infrastructure and Industrials Index, while ACWI tracks MSCI All Country World Index. Their fees differ too: 0.47% for EFRA and 0.32% for ACWI.

Which has better risk-adjusted returns?

ACWI currently has the higher Sharpe Ratio (2.29 vs 0.74), 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.