GLOW vs. NZAC

Last updated Jun 23, 2026

GLOW (VictoryShares WestEnd Global Equity ETF) and NZAC (SPDR MSCI ACWI Climate Paris Aligned ETF) are both Global Equities funds. GLOW is actively managed, while NZAC is passively managed. Over the past year, GLOW returned 28.17% vs 24.11% for NZAC. Their correlation of 0.94 suggests significant overlap in exposure. GLOW charges 0.72%/yr vs 0.12%/yr for NZAC.

Performance

GLOW vs. NZAC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares WestEnd Global Equity ETF (GLOW) and SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLOW achieves a 11.87% return, which is significantly higher than NZAC's 7.85% return.

GLOW

• 1D: 0.05%
• 1M: 2.41%
• YTD: 11.87%
• 6M: 11.60%
• 1Y: 28.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NZAC

• 1D: -0.26%
• 1M: 0.45%
• YTD: 7.85%
• 6M: 7.76%
• 1Y: 24.11%
• 3Y*: 18.48%
• 5Y*: 9.78%
• 10Y*: 12.37%

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

GLOW vs. NZAC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GLOW VictoryShares WestEnd Global Equity ETF	11.87%	21.29%	4.44%
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF	7.85%	20.55%	5.96%

Correlation

The correlation between GLOW and NZAC is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jun 21, 2024	0.94

The correlation between GLOW and NZAC has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

GLOW vs. NZAC — Risk / Return Rank

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

GLOW

GLOW Risk / Return Rank: 69
GLOW Sharpe Ratio Rank: 71
GLOW Sortino Ratio Rank: 70
GLOW Omega Ratio Rank: 69
GLOW Calmar Ratio Rank: 63
GLOW Martin Ratio Rank: 71

NZAC

NZAC Risk / Return Rank: 53
NZAC Sharpe Ratio Rank: 54
NZAC Sortino Ratio Rank: 53
NZAC Omega Ratio Rank: 52
NZAC Calmar Ratio Rank: 50
NZAC Martin Ratio Rank: 59

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.

GLOW vs. NZAC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares WestEnd Global Equity ETF (GLOW) and SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC). 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.

	GLOW	NZAC	Difference
Sharpe ratio: Return per unit of total volatility	2.21	1.78	+0.43
Sortino ratio: Return per unit of downside risk	3.06	2.48	+0.58
Omega ratio: Gain probability vs. loss probability	1.40	1.32	+0.08
Calmar ratio: Return relative to maximum drawdown	3.03	2.40	+0.63
Martin ratio: Return relative to average drawdown	12.85	10.11	+2.74

GLOW vs. NZAC - Sharpe Ratio Comparison

The current GLOW Sharpe Ratio is 2.21, which is comparable to the NZAC Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of GLOW and NZAC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GLOW vs. NZAC - Drawdown Comparison

The maximum GLOW drawdown since its inception was -15.58%, smaller than the maximum NZAC drawdown of -33.72%. Use the drawdown chart below to compare losses from any high point for GLOW and NZAC.

Drawdown Indicators

	GLOW	NZAC	Difference
Max Drawdown Largest peak-to-trough decline	-15.58%	-33.72%	+18.14%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-10.10%	+0.77%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.19%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-28.31%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.32%	-1.71%	+1.39%
Average Drawdown Average peak-to-trough decline	-1.79%	-5.31%	+3.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	2.39%	-0.19%

Volatility

GLOW vs. NZAC - Volatility Comparison

The current volatility for VictoryShares WestEnd Global Equity ETF (GLOW) is 4.81%, while SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) has a volatility of 5.13%. This indicates that GLOW experiences smaller price fluctuations and is considered to be less risky than NZAC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLOW	NZAC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	5.13%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	10.46%	11.23%	-0.77%
Volatility (1Y) Calculated over the trailing 1-year period	12.83%	13.64%	-0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.29%	16.93%	-1.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.29%	17.17%	-1.88%

GLOW vs. NZAC - Expense Ratio Comparison

GLOW has a 0.72% expense ratio, which is higher than NZAC's 0.12% expense ratio.

Dividends

GLOW vs. NZAC - Dividend Comparison

GLOW's dividend yield for the trailing twelve months is around 1.11%, less than NZAC's 2.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLOW VictoryShares WestEnd Global Equity ETF	1.11%	1.33%	1.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF	2.06%	1.90%	1.88%	1.65%	1.81%	1.62%	1.59%	2.17%	2.53%	2.20%	2.00%	2.40%

Frequently Asked Questions

Can I hold both GLOW and NZAC in my portfolio?

With a correlation of 0.96, GLOW and NZAC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GLOW or NZAC?

NZAC has higher volatility (5.13%) compared to GLOW (4.81%). In terms of maximum drawdown, GLOW dropped -15.58% vs NZAC's -33.72%.

Which ETF is better, GLOW or NZAC?

On 1-year performance, GLOW leads with 28.17% vs 24.11% for NZAC. On fees, NZAC is cheaper at 0.12% per year. On volatility, GLOW has been the lower-risk option at 4.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLOW or NZAC?

Over the 1-year period, GLOW has performed better with a 28.17% return vs 24.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLOW or NZAC?

NZAC is cheaper with a 0.12% expense ratio, compared with 0.72% for GLOW.

Which ETF pays a higher dividend yield, GLOW or NZAC?

NZAC has the higher dividend yield at 2.06%, compared with 1.11% for GLOW.

What is the main difference between GLOW and NZAC?

They also come from different issuers: VictoryShares and State Street. Their fees differ too: 0.72% for GLOW and 0.12% for NZAC.

Which has better risk-adjusted returns?

GLOW currently has the higher Sharpe Ratio (2.21 vs 1.78), 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.