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IEV vs. ACWI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEV vs. ACWI

Last updated Jun 4, 2026

IEV (iShares Europe ETF) and ACWI (iShares MSCI ACWI ETF) are both exchange-traded funds - IEV is a Europe Equities fund tracking the S&P Europe 350 Index, while ACWI is a Global Equities fund tracking the MSCI All Country World Index. Both are passively managed. Over the past 10 years, IEV returned 9.06%/yr vs 12.85%/yr for ACWI. Their correlation of 0.89 suggests significant overlap in exposure. IEV charges 0.59%/yr vs 0.32%/yr for ACWI.

Performance

IEV vs. ACWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Europe ETF (IEV) 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, IEV achieves a 5.38% return, which is significantly lower than ACWI's 12.13% return. Over the past 10 years, IEV has underperformed ACWI with an annualized return of 9.06%, while ACWI has yielded a comparatively higher 12.85% annualized return.

IEV

1D
-1.26%
1M
2.73%
YTD
5.38%
6M
8.19%
1Y
17.71%
3Y*
15.90%
5Y*
8.55%
10Y*
9.06%

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)

IEV vs. ACWI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEV
iShares Europe ETF		5.38%35.63%1.36%20.14%-14.24%16.73%4.07%24.03%-14.68%24.84%
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 IEV and ACWI is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.84

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

0.81

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

0.84

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

0.86

Correlation (All Time)
Calculated using the full available price history since Mar 31, 2008

0.89

The correlation between IEV and ACWI has been stable across timeframes, ranging from 0.81 to 0.89 - a consistent structural relationship.

IEV vs. ACWI - Sectors Allocation Comparison

Sectors
IEV
ACWI

Financial Services

23.9%
16.1%

Industrials

19.3%
10.9%

Healthcare

13.1%
8.1%

Technology

8.7%
29.4%

Consumer Defensive

8.3%
5.0%

Consumer Cyclical

6.7%
9.3%

Basic Materials

5.7%
3.7%

Energy

5.6%
4.2%

Utilities

5.0%
2.6%

Communication Services

2.9%
9.0%

Real Estate

0.8%
1.8%

Financial Services

IEV
23.9%
ACWI
16.1%

Industrials

IEV
19.3%
ACWI
10.9%

Healthcare

IEV
13.1%
ACWI
8.1%

Technology

IEV
8.7%
ACWI
29.4%

Consumer Defensive

IEV
8.3%
ACWI
5.0%

Consumer Cyclical

IEV
6.7%
ACWI
9.3%

Basic Materials

IEV
5.7%
ACWI
3.7%

Energy

IEV
5.6%
ACWI
4.2%

Utilities

IEV
5.0%
ACWI
2.6%

Communication Services

IEV
2.9%
ACWI
9.0%

Real Estate

IEV
0.8%
ACWI
1.8%

Compare stocks, funds, or ETFs

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iShares Europe ETF

iShares MSCI ACWI ETF

Often compared with IEV:
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Often compared with ACWI:
ACWI vs. VTACWI vs. SPYACWI vs. VWRL.LACWI vs. ACWXACWI vs. ACWI.LACWI vs. VOOACWI vs. VTI

Return for Risk

IEV vs. ACWI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEV
IEV Risk / Return Rank: 3131
Overall Rank
IEV Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
IEV Sortino Ratio Rank: 3131
Sortino Ratio Rank
IEV Omega Ratio Rank: 2929
Omega Ratio Rank
IEV Calmar Ratio Rank: 2929
Calmar Ratio Rank
IEV Martin Ratio Rank: 3434
Martin Ratio Rank
ACWI
ACWI Risk / Return Rank: 6666
Overall Rank
ACWI Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
ACWI Sortino Ratio Rank: 6767
Sortino Ratio Rank
ACWI Omega Ratio Rank: 6767
Omega Ratio Rank
ACWI Calmar Ratio Rank: 5959
Calmar Ratio Rank
ACWI Martin Ratio Rank: 7171
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.

IEV vs. ACWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Europe ETF (IEV) 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.

IEVACWIDifference
Sharpe ratioReturn per unit of total volatility
1.14
2.29

-1.15

Sortino ratioReturn per unit of downside risk
1.67
3.17

-1.49

Omega ratioGain probability vs. loss probability

1.20

1.41

-0.21

Calmar ratioReturn relative to maximum drawdown

1.45

3.01

-1.57

Martin ratioReturn relative to average drawdown

5.29

13.53

-8.24

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEV vs. ACWI - Sharpe Ratio Comparison

The current IEV Sharpe Ratio is 1.14, which is lower than the ACWI Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of IEV 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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Sharpe Ratios by Period

IEVACWIDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.14

2.29

-1.15

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.49

0.71

-0.22

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.49

0.75

-0.27

Sharpe Ratio (All Time)

Calculated using the full available price history

0.23

0.43

-0.19

Drawdowns

IEV vs. ACWI - Drawdown Comparison

The maximum IEV drawdown since its inception was -63.27%, which is greater than ACWI's maximum drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for IEV and ACWI.

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Drawdown Indicators

IEVACWIDifference

Max Drawdown

Largest peak-to-trough decline

-63.27%

-56.00%

-7.27%

Max Drawdown (1Y)

Largest decline over 1 year

-12.31%

-9.73%

-2.58%

Max Drawdown (3Y)

Largest decline over 3 years

-14.63%

-16.55%

+1.92%

Max Drawdown (5Y)

Largest decline over 5 years

-30.60%

-26.42%

-4.18%

Max Drawdown (10Y)

Largest decline over 10 years

-36.62%

-33.53%

-3.09%

Current Drawdown

Current decline from peak

-2.77%

-0.83%

-1.94%

Average Drawdown

Average peak-to-trough decline

-15.04%

-8.61%

-6.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.36%

2.16%

+1.20%

Volatility

IEV vs. ACWI - Volatility Comparison

iShares Europe ETF (IEV) has a higher volatility of 5.61% compared to iShares MSCI ACWI ETF (ACWI) at 3.93%. This indicates that IEV'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

IEVACWIDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.61%

3.93%

+1.68%

Volatility (6M)

Calculated over the trailing 6-month period

12.95%

10.29%

+2.66%

Volatility (1Y)

Calculated over the trailing 1-year period

15.62%

12.78%

+2.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.57%

16.05%

+1.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.66%

17.11%

+1.55%

IEV vs. ACWI - Expense Ratio Comparison

IEV has a 0.59% expense ratio, which is higher than ACWI's 0.32% expense ratio.

Dividends

IEV vs. ACWI - Dividend Comparison

IEV's dividend yield for the trailing twelve months is around 2.59%, more than ACWI's 1.38% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
IEV
iShares Europe ETF		2.59%2.73%3.10%2.77%3.06%2.81%1.76%3.06%3.43%2.39%3.08%2.81%

Frequently Asked Questions

IEV and ACWI have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IEV has higher volatility (5.61%) compared to ACWI (3.93%). In terms of maximum drawdown, IEV dropped -63.27% vs ACWI's -56.00%.

On 10-year performance, ACWI leads with 12.85% vs 9.06% for IEV. On fees, ACWI is cheaper at 0.32% per year. On volatility, ACWI has been the lower-risk option at 3.93%. 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 12.85% return vs 9.06%. 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 0.59% for IEV.

IEV has the higher dividend yield at 2.59%, compared with 1.38% for ACWI.

IEV is categorized as Europe Equities, while ACWI is Global Equities. IEV tracks S&P Europe 350 Index, while ACWI tracks MSCI All Country World Index. Their fees differ too: 0.59% for IEV and 0.32% for ACWI.

ACWI currently has the higher Sharpe Ratio (2.29 vs 1.14), 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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