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EWK vs. ACWI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWK vs. ACWI

Last updated Aug 5, 2026
Documentation

EWK (iShares MSCI Belgium ETF) and ACWI (iShares MSCI ACWI ETF) are both exchange-traded funds - EWK is a Europe Equities fund tracking the MSCI Belgium Investable Market Index, while ACWI is a Global Equities fund tracking the MSCI All Country World Index. Both are passively managed. Over the past 10 years, EWK returned 6.90%/yr vs 12.70%/yr for ACWI. Their 0.77 correlation means they have sometimes moved together and sometimes differently. EWK charges 0.49%/yr vs 0.32%/yr for ACWI.

Performance

EWK vs. ACWI - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWK achieves a 12.08% return, which is significantly lower than ACWI's 14.26% return. Over the past 10 years, EWK has underperformed ACWI with an annualized return of 6.90%, while ACWI has yielded a comparatively higher 12.70% annualized return.

EWK

1D
1.05%
1M
-1.25%
6M
2.98%
YTD
12.08%
1Y
24.12%
3Y*
15.65%
5Y*
6.67%
10Y*
6.90%
ALL TIME*
6.08%

ACWI

1D
1.70%
1M
2.87%
6M
11.09%
YTD
14.26%
1Y
25.29%
3Y*
20.43%
5Y*
11.19%
10Y*
12.70%
ALL TIME*
8.62%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

ACWI

iShares MSCI ACWI ETF
$393.85M$471.51M$504.89M

EWK

iShares MSCI Belgium ETF
$968.64K$832.94K$1.32M

EWK vs. ACWI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWK
iShares MSCI Belgium ETF		12.08%35.38%0.14%7.47%-13.98%12.84%0.04%25.92%-20.40%23.70%
ACWI
iShares MSCI ACWI ETF		14.26%22.41%17.45%22.27%-18.39%18.66%16.34%26.59%-9.19%24.33%

Correlation

The correlation between EWK and ACWI is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.52

Correlation (3Y)
Balances recent behavior with more history.

0.59

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.68

Correlation (10Y)
Provides a long-term view across more market conditions.

0.71

Correlation (All Time)
Calculated using the full available price history since Mar 28, 2008

0.77

Over the past year, the correlation between EWK and ACWI has dropped to 0.52 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

EWK vs. ACWI - Sectors Allocation Comparison

Sectors
EWK
ACWI

Healthcare

28.5%
8.3%

Consumer Defensive

25.2%
4.7%

Financial Services

15.9%
16.0%

Real Estate

9.7%
1.6%

Industrials

7.4%
10.8%

Basic Materials

4.8%
3.4%

Utilities

2.7%
2.4%

Consumer Cyclical

1.8%
8.7%

Technology

1.6%
32.7%

Communication Services

1.3%
8.0%

Energy

1.1%
3.6%

Healthcare

EWK
28.5%
ACWI
8.3%

Consumer Defensive

EWK
25.2%
ACWI
4.7%

Financial Services

EWK
15.9%
ACWI
16.0%

Real Estate

EWK
9.7%
ACWI
1.6%

Industrials

EWK
7.4%
ACWI
10.8%

Basic Materials

EWK
4.8%
ACWI
3.4%

Utilities

EWK
2.7%
ACWI
2.4%

Consumer Cyclical

EWK
1.8%
ACWI
8.7%

Technology

EWK
1.6%
ACWI
32.7%

Communication Services

EWK
1.3%
ACWI
8.0%

Energy

EWK
1.1%
ACWI
3.6%

Compare stocks, funds, or ETFs

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

iShares MSCI Belgium ETF

iShares MSCI ACWI ETF

Often compared with EWK:
EWK vs. EPOLEWK vs. EWQEWK vs. ^FCHIEWK vs. EDENEWK vs. BILEWK vs. SPYEWK vs. VOO
Often compared with ACWI:
ACWI vs. VTACWI vs. SPYACWI vs. VWRL.LACWI vs. ACWXACWI vs. VOOACWI vs. ACWI.LACWI vs. VTI

Return for Risk

EWK vs. ACWI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWK
EWK Risk / Return Rank: 5151
Overall Rank
EWK Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
EWK Sortino Ratio Rank: 5858
Sortino Ratio Rank
EWK Omega Ratio Rank: 5858
Omega Ratio Rank
EWK Calmar Ratio Rank: 3939
Calmar Ratio Rank
EWK Martin Ratio Rank: 4444
Martin Ratio Rank
ACWI
ACWI Risk / Return Rank: 7171
Overall Rank
ACWI Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
ACWI Sortino Ratio Rank: 6969
Sortino Ratio Rank
ACWI Omega Ratio Rank: 6969
Omega Ratio Rank
ACWI Calmar Ratio Rank: 6767
Calmar Ratio Rank
ACWI Martin Ratio Rank: 7777
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EWK vs. ACWI - Risk-Adjusted Trends Comparison

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

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.

EWKACWIDifference
Sharpe ratioReturn per unit of total volatility
1.56
1.82

-0.26

Sortino ratioReturn per unit of downside risk
2.25
2.52

-0.28

Omega ratioGain probability vs. loss probability

1.29

1.33

-0.04

Calmar ratioReturn relative to maximum drawdown

1.57

2.61

-1.05

Martin ratioReturn relative to average drawdown

5.53

10.90

-5.37

EWK vs. ACWI - Sharpe Ratio Comparison

The current EWK Sharpe Ratio is 1.56, which is comparable to the ACWI Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of EWK 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.

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Drawdowns

EWK vs. ACWI - Drawdown Comparison

The maximum EWK drawdown since its inception was -74.10%, which is greater than ACWI's maximum drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for EWK and ACWI.

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Drawdown Indicators

EWKACWIDifference

Max Drawdown

Largest peak-to-trough decline

-74.10%

-56.00%

-18.10%

Max Drawdown (1Y)

Largest decline over 1 year

-15.47%

-9.73%

-5.74%

Max Drawdown (3Y)

Largest decline over 3 years

-15.47%

-16.55%

+1.08%

Max Drawdown (5Y)

Largest decline over 5 years

-33.24%

-26.42%

-6.82%

Max Drawdown (10Y)

Largest decline over 10 years

-42.80%

-33.53%

-9.27%

Current Drawdown

Current decline from peak

-1.60%

0.00%

-1.60%

Average Drawdown

Average peak-to-trough decline

-21.43%

-8.55%

-12.88%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.37%

2.33%

+2.04%

Volatility

EWK vs. ACWI - Volatility Comparison

The current volatility for iShares MSCI Belgium ETF (EWK) is 3.31%, while iShares MSCI ACWI ETF (ACWI) has a volatility of 4.32%. This indicates that EWK 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.

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Volatility by Period

EWKACWIDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.31%

4.32%

-1.01%

Volatility (6M)

Calculated over the trailing 6-month period

13.30%

11.81%

+1.49%

Volatility (1Y)

Calculated over the trailing 1-year period

15.56%

14.06%

+1.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.88%

16.25%

+1.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.79%

17.08%

+1.71%

EWK vs. ACWI - Expense Ratio Comparison

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

Dividends

EWK vs. ACWI - Dividend Comparison

EWK's dividend yield for the trailing twelve months is around 1.83%, more than ACWI's 1.40% yield.

PositionTTM20252024202320222021202020192018201720162015
ACWI
iShares MSCI ACWI ETF		1.40%1.55%1.70%1.88%1.79%1.71%1.43%2.33%2.18%1.94%2.19%2.56%
EWK
iShares MSCI Belgium ETF		1.83%1.73%3.25%2.09%2.58%3.64%1.66%2.77%2.78%2.91%1.75%2.06%

Frequently Asked Questions

EWK and ACWI have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ACWI has higher volatility (4.32%) compared to EWK (3.31%). In terms of maximum drawdown, EWK dropped -74.10% vs ACWI's -56.00%.

On 10-year performance, ACWI leads with 12.70% vs 6.90% for EWK. On fees, ACWI is cheaper at 0.32% per year. On volatility, EWK has been the lower-risk option at 3.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, ACWI has performed better with a 12.70% return vs 6.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EWK has the higher dividend yield at 1.83%, compared with 1.40% for ACWI.

EWK is categorized as Europe Equities, while ACWI is Global Equities. EWK tracks MSCI Belgium Investable Market Index, while ACWI tracks MSCI All Country World Index. Their fees differ too: 0.49% for EWK and 0.32% for ACWI.

ACWI currently has the higher Sharpe Ratio (1.82 vs 1.56), 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.

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