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EWQ vs. ACWI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWQ vs. ACWI

Last updated Aug 5, 2026
Documentation

EWQ (iShares MSCI France ETF) and ACWI (iShares MSCI ACWI ETF) are both exchange-traded funds - EWQ is a Europe Equities fund tracking the MSCI France Index, while ACWI is a Global Equities fund tracking the MSCI All Country World Index. Both are passively managed. Over the past 10 years, EWQ returned 10.16%/yr vs 12.70%/yr for ACWI. Their correlation of 0.85 means they have usually moved in the same direction. EWQ charges 0.50%/yr vs 0.32%/yr for ACWI.

Performance

EWQ vs. ACWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI France ETF (EWQ) 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, EWQ achieves a 8.17% return, which is significantly lower than ACWI's 14.26% return. Over the past 10 years, EWQ has underperformed ACWI with an annualized return of 10.16%, while ACWI has yielded a comparatively higher 12.70% annualized return.

EWQ

1D
1.11%
1M
3.51%
6M
6.51%
YTD
8.17%
1Y
16.85%
3Y*
10.87%
5Y*
7.54%
10Y*
10.16%
ALL TIME*
7.01%

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

EWQ

iShares MSCI France ETF
$16.77M$14.69M$16.24M

EWQ vs. ACWI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWQ
iShares MSCI France ETF		8.17%28.90%-5.63%21.71%-12.05%21.43%2.86%26.69%-12.90%29.11%
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 EWQ and ACWI is 0.74, 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.

0.74

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

0.72

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

0.78

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

0.80

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

0.85

The correlation between EWQ and ACWI shifts across timeframes, from 0.72 (3 years) to 0.85 (all time), reflecting how their relationship changes across market environments.

EWQ vs. ACWI - Sectors Allocation Comparison

Sectors
EWQ
ACWI

Industrials

33.1%
10.8%

Financial Services

13.4%
16.0%

Consumer Cyclical

11.4%
8.7%

Consumer Defensive

8.5%
4.7%

Healthcare

8.5%
8.3%

Energy

7.2%
3.6%

Basic Materials

7.1%
3.4%

Technology

4.0%
32.7%

Communication Services

2.8%
8.0%

Utilities

2.6%
2.4%

Real Estate

1.3%
1.6%

Industrials

EWQ
33.1%
ACWI
10.8%

Financial Services

EWQ
13.4%
ACWI
16.0%

Consumer Cyclical

EWQ
11.4%
ACWI
8.7%

Consumer Defensive

EWQ
8.5%
ACWI
4.7%

Healthcare

EWQ
8.5%
ACWI
8.3%

Energy

EWQ
7.2%
ACWI
3.6%

Basic Materials

EWQ
7.1%
ACWI
3.4%

Technology

EWQ
4.0%
ACWI
32.7%

Communication Services

EWQ
2.8%
ACWI
8.0%

Utilities

EWQ
2.6%
ACWI
2.4%

Real Estate

EWQ
1.3%
ACWI
1.6%

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 France ETF

iShares MSCI ACWI ETF

Often compared with EWQ:
EWQ vs. EWGEWQ vs. EPOLEWQ vs. EWIEWQ vs. EWLEWQ vs. FEZEWQ vs. EWOEWQ vs. EWN
Often compared with ACWI:
ACWI vs. VTACWI vs. SPYACWI vs. VWRL.LACWI vs. ACWXACWI vs. VOOACWI vs. ACWI.LACWI vs. VTI

Return for Risk

EWQ vs. ACWI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWQ
EWQ Risk / Return Rank: 3535
Overall Rank
EWQ Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
EWQ Sortino Ratio Rank: 3535
Sortino Ratio Rank
EWQ Omega Ratio Rank: 3434
Omega Ratio Rank
EWQ Calmar Ratio Rank: 3333
Calmar Ratio Rank
EWQ Martin Ratio Rank: 3535
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.

EWQ vs. ACWI - Risk-Adjusted Trends Comparison

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

EWQACWIDifference
Sharpe ratioReturn per unit of total volatility
0.98
1.82

-0.84

Sortino ratioReturn per unit of downside risk
1.46
2.52

-1.06

Omega ratioGain probability vs. loss probability

1.18

1.33

-0.15

Calmar ratioReturn relative to maximum drawdown

1.23

2.61

-1.39

Martin ratioReturn relative to average drawdown

3.68

10.90

-7.22

EWQ vs. ACWI - Sharpe Ratio Comparison

The current EWQ Sharpe Ratio is 0.98, which is lower than the ACWI Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of EWQ 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

EWQ vs. ACWI - Drawdown Comparison

The maximum EWQ drawdown since its inception was -61.41%, which is greater than ACWI's maximum drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for EWQ and ACWI.

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Drawdown Indicators

EWQACWIDifference

Max Drawdown

Largest peak-to-trough decline

-61.41%

-56.00%

-5.41%

Max Drawdown (1Y)

Largest decline over 1 year

-13.80%

-9.73%

-4.07%

Max Drawdown (3Y)

Largest decline over 3 years

-15.16%

-16.55%

+1.39%

Max Drawdown (5Y)

Largest decline over 5 years

-31.46%

-26.42%

-5.04%

Max Drawdown (10Y)

Largest decline over 10 years

-39.23%

-33.53%

-5.70%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-16.01%

-8.55%

-7.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.59%

2.33%

+2.26%

Volatility

EWQ vs. ACWI - Volatility Comparison

iShares MSCI France ETF (EWQ) and iShares MSCI ACWI ETF (ACWI) have volatilities of 4.41% and 4.32%, 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.

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Volatility by Period

EWQACWIDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.41%

4.32%

+0.09%

Volatility (6M)

Calculated over the trailing 6-month period

14.71%

11.81%

+2.90%

Volatility (1Y)

Calculated over the trailing 1-year period

17.38%

14.06%

+3.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.86%

16.25%

+3.61%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.40%

17.08%

+3.32%

EWQ vs. ACWI - Expense Ratio Comparison

EWQ has a 0.50% expense ratio, which is higher than ACWI's 0.32% expense ratio.

Dividends

EWQ vs. ACWI - Dividend Comparison

EWQ's dividend yield for the trailing twelve months is around 2.77%, 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%
EWQ
iShares MSCI France ETF		2.77%2.63%3.31%2.73%3.23%3.79%1.02%2.44%2.90%1.90%2.84%2.25%

Frequently Asked Questions

EWQ and ACWI have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWQ has higher volatility (4.41%) compared to ACWI (4.32%). In terms of maximum drawdown, EWQ dropped -61.41% vs ACWI's -56.00%.

On 10-year performance, ACWI leads with 12.70% vs 10.16% for EWQ. On fees, ACWI is cheaper at 0.32% 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, ACWI has performed better with a 12.70% return vs 10.16%. 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 0.50% for EWQ.

EWQ has the higher dividend yield at 2.77%, compared with 1.40% for ACWI.

EWQ is categorized as Europe Equities, while ACWI is Global Equities. EWQ tracks MSCI France Index, while ACWI tracks MSCI All Country World Index. Their fees differ too: 0.50% for EWQ and 0.32% for ACWI.

ACWI currently has the higher Sharpe Ratio (1.82 vs 0.98), 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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