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EWW vs. ACWI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWW vs. ACWI

Last updated Jun 24, 2026

EWW (iShares MSCI Mexico ETF) and ACWI (iShares MSCI ACWI ETF) are both exchange-traded funds - EWW is a Latin America Equities fund tracking the MSCI Mexico IMI 25/50 Index, while ACWI is a Global Equities fund tracking the MSCI All Country World Index. Both are passively managed. Over the past 10 years, EWW returned 7.46%/yr vs 13.09%/yr for ACWI. A 0.69 correlation means they provide meaningful diversification when combined. EWW charges 0.49%/yr vs 0.32%/yr for ACWI.

Performance

EWW vs. ACWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Mexico ETF (EWW) 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, EWW achieves a 9.37% return, which is significantly lower than ACWI's 9.86% return. Over the past 10 years, EWW has underperformed ACWI with an annualized return of 7.46%, while ACWI has yielded a comparatively higher 13.09% annualized return.

EWW

1D
-1.62%
1M
-2.48%
YTD
9.37%
6M
6.74%
1Y
33.39%
3Y*
10.45%
5Y*
12.72%
10Y*
7.46%

ACWI

1D
-2.00%
1M
-0.35%
YTD
9.86%
6M
9.11%
1Y
25.60%
3Y*
20.00%
5Y*
10.74%
10Y*
13.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWW vs. ACWI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWW
iShares MSCI Mexico ETF		9.37%53.65%-28.22%40.32%1.24%20.27%-3.06%12.64%-14.58%14.47%
ACWI
iShares MSCI ACWI ETF		9.86%22.41%17.45%22.27%-18.39%18.66%16.34%26.59%-9.19%24.33%

Correlation

The correlation between EWW and ACWI is 0.57, 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

0.57

Correlation (3Y)
Calculated over the trailing 3-year period

0.55

Correlation (5Y)
Calculated over the trailing 5-year period

0.58

Correlation (10Y)
Calculated over the trailing 10-year period

0.60

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

0.69

The correlation between EWW and ACWI shifts across timeframes, from 0.55 (3 years) to 0.69 (all time), reflecting how their relationship changes across market environments.

EWW vs. ACWI - Sectors Allocation Comparison

Sectors
EWW
ACWI

Basic Materials

26.2%
3.6%

Consumer Defensive

23.9%
4.7%

Financial Services

17.8%
15.9%

Industrials

12.7%
10.3%

Communication Services

9.8%
8.0%

Real Estate

7.7%
1.6%

Consumer Cyclical

1.4%
8.6%

Healthcare

0.5%
7.7%

Energy

-

3.6%

Technology

-

33.0%

Utilities

-

2.7%

Basic Materials

EWW
26.2%
ACWI
3.6%

Consumer Defensive

EWW
23.9%
ACWI
4.7%

Financial Services

EWW
17.8%
ACWI
15.9%

Industrials

EWW
12.7%
ACWI
10.3%

Communication Services

EWW
9.8%
ACWI
8.0%

Real Estate

EWW
7.7%
ACWI
1.6%

Consumer Cyclical

EWW
1.4%
ACWI
8.6%

Healthcare

EWW
0.5%
ACWI
7.7%

Energy

EWW

-

ACWI
3.6%

Technology

EWW

-

ACWI
33.0%

Utilities

EWW

-

ACWI
2.7%

Compare stocks, funds, or ETFs

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iShares MSCI Mexico ETF

iShares MSCI ACWI ETF

Often compared with EWW:
EWW vs. EWZEWW vs. FLMXEWW vs. ILFEWW vs. SPYEWW vs. VOOEWW vs. MEXXEWW vs. ECH
Often compared with ACWI:
ACWI vs. VTACWI vs. SPYACWI vs. VWRL.LACWI vs. ACWXACWI vs. ACWI.LACWI vs. VOOACWI vs. VTI

Return for Risk

EWW vs. ACWI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWW
EWW Risk / Return Rank: 4848
Overall Rank
EWW Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
EWW Sortino Ratio Rank: 4545
Sortino Ratio Rank
EWW Omega Ratio Rank: 4444
Omega Ratio Rank
EWW Calmar Ratio Rank: 5151
Calmar Ratio Rank
EWW Martin Ratio Rank: 5151
Martin Ratio Rank
ACWI
ACWI Risk / Return Rank: 5858
Overall Rank
ACWI Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
ACWI Sortino Ratio Rank: 5656
Sortino Ratio Rank
ACWI Omega Ratio Rank: 5858
Omega Ratio Rank
ACWI Calmar Ratio Rank: 5555
Calmar Ratio Rank
ACWI Martin Ratio Rank: 6565
Martin Ratio Rank
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.

EWW vs. ACWI - Risk-Adjusted Trends Comparison

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

EWWACWIDifference
Sharpe ratioReturn per unit of total volatility
1.54
1.89

-0.35

Sortino ratioReturn per unit of downside risk
2.18
2.60

-0.42

Omega ratioGain probability vs. loss probability

1.27

1.34

-0.07

Calmar ratioReturn relative to maximum drawdown

2.40

2.64

-0.24

Martin ratioReturn relative to average drawdown

8.46

11.51

-3.05

EWW vs. ACWI - Sharpe Ratio Comparison

The current EWW Sharpe Ratio is 1.54, which is comparable to the ACWI Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of EWW 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

EWW vs. ACWI - Drawdown Comparison

The maximum EWW drawdown since its inception was -64.94%, which is greater than ACWI's maximum drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for EWW and ACWI.

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Drawdown Indicators

EWWACWIDifference

Max Drawdown

Largest peak-to-trough decline

-64.94%

-56.00%

-8.94%

Max Drawdown (1Y)

Largest decline over 1 year

-13.98%

-9.73%

-4.25%

Max Drawdown (3Y)

Largest decline over 3 years

-31.17%

-16.55%

-14.62%

Max Drawdown (5Y)

Largest decline over 5 years

-31.17%

-26.42%

-4.75%

Max Drawdown (10Y)

Largest decline over 10 years

-53.62%

-33.53%

-20.09%

Current Drawdown

Current decline from peak

-6.65%

-2.83%

-3.82%

Average Drawdown

Average peak-to-trough decline

-18.49%

-8.59%

-9.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.96%

2.23%

+1.73%

Volatility

EWW vs. ACWI - Volatility Comparison

iShares MSCI Mexico ETF (EWW) has a higher volatility of 6.65% compared to iShares MSCI ACWI ETF (ACWI) at 5.57%. This indicates that EWW'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.

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Volatility by Period

EWWACWIDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.65%

5.57%

+1.08%

Volatility (6M)

Calculated over the trailing 6-month period

18.26%

11.38%

+6.88%

Volatility (1Y)

Calculated over the trailing 1-year period

21.79%

13.64%

+8.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.60%

16.20%

+6.40%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.31%

17.08%

+8.23%

EWW vs. ACWI - Expense Ratio Comparison

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

Dividends

EWW vs. ACWI - Dividend Comparison

EWW's dividend yield for the trailing twelve months is around 3.30%, more than ACWI's 1.45% yield.

PositionTTM20252024202320222021202020192018201720162015
ACWI
iShares MSCI ACWI ETF		1.45%1.55%1.70%1.88%1.79%1.71%1.43%2.33%2.18%1.94%2.19%2.56%
EWW
iShares MSCI Mexico ETF		3.30%3.48%4.39%2.19%3.64%2.06%1.43%2.92%2.30%2.22%1.77%2.34%

Frequently Asked Questions

EWW and ACWI have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWW has higher volatility (6.65%) compared to ACWI (5.57%). In terms of maximum drawdown, EWW dropped -64.94% vs ACWI's -56.00%.

On 10-year performance, ACWI leads with 13.09% vs 7.46% for EWW. On fees, ACWI is cheaper at 0.32% per year. On volatility, ACWI has been the lower-risk option at 5.57%. 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 13.09% return vs 7.46%. 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 EWW.

EWW has the higher dividend yield at 3.30%, compared with 1.45% for ACWI.

EWW is categorized as Latin America Equities, while ACWI is Global Equities. EWW tracks MSCI Mexico IMI 25/50 Index, while ACWI tracks MSCI All Country World Index. Their fees differ too: 0.49% for EWW and 0.32% for ACWI.

ACWI currently has the higher Sharpe Ratio (1.89 vs 1.54), 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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