EWC vs. ACWI

Last updated Jun 4, 2026

EWC (iShares MSCI Canada ETF) and ACWI (iShares MSCI ACWI ETF) are both exchange-traded funds - EWC is a Canada Equities fund tracking the MSCI Canada Index, while ACWI is a Global Equities fund tracking the MSCI All Country World Index. Both are passively managed. Over the past 10 years, EWC returned 11.19%/yr vs 12.85%/yr for ACWI. Their correlation of 0.80 suggests significant overlap in exposure. EWC charges 0.49%/yr vs 0.32%/yr for ACWI.

Performance

EWC vs. ACWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Canada ETF (EWC) 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, EWC achieves a 8.73% return, which is significantly lower than ACWI's 12.13% return. Over the past 10 years, EWC has underperformed ACWI with an annualized return of 11.19%, while ACWI has yielded a comparatively higher 12.85% annualized return.

EWC

• 1D: -1.38%
• 1M: 1.30%
• YTD: 8.73%
• 6M: 12.75%
• 1Y: 31.36%
• 3Y*: 21.89%
• 5Y*: 11.19%
• 10Y*: 11.19%

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)

EWC vs. ACWI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWC iShares MSCI Canada ETF	8.73%	35.92%	12.38%	14.73%	-12.95%	26.98%	5.52%	27.58%	-17.16%	15.73%
ACWI iShares MSCI ACWI ETF	12.13%	22.41%	17.45%	22.27%	-18.39%	18.66%	16.34%	26.59%	-9.19%	24.33%

Correlation

The correlation between EWC and ACWI is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Mar 31, 2008	0.80

The correlation between EWC and ACWI has been stable across timeframes, ranging from 0.73 to 0.81 - a consistent structural relationship.

EWC vs. ACWI - Sectors Allocation Comparison

Sectors	EWC	ACWI
Financial Services	38.1%	16.1%
Energy	19.1%	4.2%
Basic Materials	14.8%	3.7%
Industrials	9.4%	10.9%
Technology	8.4%	29.4%
Consumer Cyclical	3.8%	9.3%
Consumer Defensive	3.3%	5.0%
Utilities	2.3%	2.6%
Communication Services	0.7%	9.0%
Real Estate	0.2%	1.8%
Healthcare	-	8.1%

Return for Risk

EWC vs. ACWI — Risk / Return Rank

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

EWC

EWC Risk / Return Rank: 68
EWC Sharpe Ratio Rank: 66
EWC Sortino Ratio Rank: 62
EWC Omega Ratio Rank: 62
EWC Calmar Ratio Rank: 73
EWC Martin Ratio Rank: 78

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.

EWC vs. ACWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Canada ETF (EWC) 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.

	EWC	ACWI	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.29	-0.05
Sortino ratio: Return per unit of downside risk	2.95	3.17	-0.21
Omega ratio: Gain probability vs. loss probability	1.39	1.41	-0.03
Calmar ratio: Return relative to maximum drawdown	3.70	3.01	+0.69
Martin ratio: Return relative to average drawdown	15.25	13.53	+1.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWC vs. ACWI - Sharpe Ratio Comparison

The current EWC Sharpe Ratio is 2.24, which is comparable to the ACWI Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of EWC 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

	EWC	ACWI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	2.29	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.71	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.75	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.43	-0.02

Drawdowns

EWC vs. ACWI - Drawdown Comparison

The maximum EWC drawdown since its inception was -60.75%, which is greater than ACWI's maximum drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for EWC and ACWI.

Drawdown Indicators

	EWC	ACWI	Difference
Max Drawdown Largest peak-to-trough decline	-60.75%	-56.00%	-4.75%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	-9.73%	+1.22%
Max Drawdown (3Y) Largest decline over 3 years	-12.97%	-16.55%	+3.58%
Max Drawdown (5Y) Largest decline over 5 years	-24.81%	-26.42%	+1.61%
Max Drawdown (10Y) Largest decline over 10 years	-42.66%	-33.53%	-9.13%
Current Drawdown Current decline from peak	-1.38%	-0.83%	-0.55%
Average Drawdown Average peak-to-trough decline	-13.14%	-8.61%	-4.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	2.16%	-0.10%

Volatility

EWC vs. ACWI - Volatility Comparison

The current volatility for iShares MSCI Canada ETF (EWC) is 3.46%, while iShares MSCI ACWI ETF (ACWI) has a volatility of 3.93%. This indicates that EWC experiences smaller price fluctuations and is considered to be less risky than ACWI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWC	ACWI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	3.93%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	11.03%	10.29%	+0.74%
Volatility (1Y) Calculated over the trailing 1-year period	14.04%	12.78%	+1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.25%	16.05%	+1.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.74%	17.11%	+1.63%

EWC vs. ACWI - Expense Ratio Comparison

EWC has a 0.49% expense ratio, which is higher than ACWI's 0.32% expense ratio.

Dividends

EWC vs. ACWI - Dividend Comparison

EWC's dividend yield for the trailing twelve months is around 1.33%, less 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%
EWC iShares MSCI Canada ETF	1.33%	1.45%	2.23%	2.27%	2.34%	1.85%	2.09%	2.16%	2.65%	1.97%	1.75%	2.34%

Frequently Asked Questions

Can I hold both EWC and ACWI in my portfolio?

EWC and ACWI have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWC or ACWI?

ACWI has higher volatility (3.93%) compared to EWC (3.46%). In terms of maximum drawdown, EWC dropped -60.75% vs ACWI's -56.00%.

Which ETF is better, EWC or ACWI?

On 10-year performance, ACWI leads with 12.85% vs 11.19% for EWC. On fees, ACWI is cheaper at 0.32% per year. On volatility, EWC has been the lower-risk option at 3.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWC or ACWI?

Over the 10-year period, ACWI has performed better with a 12.85% return vs 11.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWC or ACWI?

ACWI is cheaper with a 0.32% expense ratio, compared with 0.49% for EWC.

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

ACWI has the higher dividend yield at 1.38%, compared with 1.33% for EWC.

What is the main difference between EWC and ACWI?

EWC is categorized as Canada Equities, while ACWI is Global Equities. EWC tracks MSCI Canada Index, while ACWI tracks MSCI All Country World Index. Their fees differ too: 0.49% for EWC and 0.32% for ACWI.

Which has better risk-adjusted returns?

ACWI currently has the higher Sharpe Ratio (2.29 vs 2.24), 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.