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IGOV vs. ACWI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IGOV vs. ACWI

Last updated Jun 4, 2026

IGOV (iShares International Treasury Bond ETF) and ACWI (iShares MSCI ACWI ETF) are both exchange-traded funds - IGOV is a International Government Bonds fund tracking the S&P/Citigroup International Treasury Bond Index Ex-US, while ACWI is a Global Equities fund tracking the MSCI All Country World Index. Both are passively managed. Over the past 10 years, IGOV returned -1.38%/yr vs 12.85%/yr for ACWI. At a 0.24 correlation, their price movements are largely independent. IGOV charges 0.35%/yr vs 0.32%/yr for ACWI.

Performance

IGOV vs. ACWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares International Treasury Bond ETF (IGOV) 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, IGOV achieves a -0.50% return, which is significantly lower than ACWI's 12.13% return. Over the past 10 years, IGOV has underperformed ACWI with an annualized return of -1.38%, while ACWI has yielded a comparatively higher 12.85% annualized return.

IGOV

1D
-0.84%
1M
-0.43%
YTD
-0.50%
6M
-0.39%
1Y
0.56%
3Y*
2.56%
5Y*
-4.47%
10Y*
-1.38%

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)

IGOV vs. ACWI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IGOV
iShares International Treasury Bond ETF		-0.50%9.96%-6.50%5.57%-22.07%-9.25%10.88%3.76%-2.60%11.38%
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 IGOV and ACWI is 0.53, 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

0.53

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

0.39

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

0.39

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

0.25

Correlation (All Time)
Calculated using the full available price history since Jan 30, 2009

0.24

Over the past year, IGOV and ACWI have become more correlated (0.53) than their long-term average of 0.24, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

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

iShares International Treasury Bond ETF

iShares MSCI ACWI ETF

Often compared with IGOV:
IGOV vs. BNDXIGOV vs. BWXIGOV vs. AGGIGOV vs. VCITIGOV vs. BSVIGOV vs. FLIAIGOV vs. BND
Often compared with ACWI:
ACWI vs. VTACWI vs. SPYACWI vs. VWRL.LACWI vs. ACWXACWI vs. ACWI.LACWI vs. VOOACWI vs. VTI

Return for Risk

IGOV vs. ACWI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IGOV
IGOV Risk / Return Rank: 99
Overall Rank
IGOV Sharpe Ratio Rank: 99
Sharpe Ratio Rank
IGOV Sortino Ratio Rank: 99
Sortino Ratio Rank
IGOV Omega Ratio Rank: 99
Omega Ratio Rank
IGOV Calmar Ratio Rank: 1010
Calmar Ratio Rank
IGOV Martin Ratio Rank: 99
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.

IGOV vs. ACWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares International Treasury Bond ETF (IGOV) 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.

IGOVACWIDifference
Sharpe ratioReturn per unit of total volatility
0.07
2.29

-2.22

Sortino ratioReturn per unit of downside risk
0.16
3.17

-3.01

Omega ratioGain probability vs. loss probability

1.02

1.41

-0.40

Calmar ratioReturn relative to maximum drawdown

0.10

3.01

-2.91

Martin ratioReturn relative to average drawdown

0.23

13.53

-13.29

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

IGOV vs. ACWI - Sharpe Ratio Comparison

The current IGOV Sharpe Ratio is 0.07, which is lower than the ACWI Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of IGOV 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

IGOVACWIDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.07

2.29

-2.22

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.45

0.71

-1.16

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.16

0.75

-0.91

Sharpe Ratio (All Time)

Calculated using the full available price history

0.02

0.43

-0.41

Drawdowns

IGOV vs. ACWI - Drawdown Comparison

The maximum IGOV drawdown since its inception was -35.88%, smaller than the maximum ACWI drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for IGOV and ACWI.

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Drawdown Indicators

IGOVACWIDifference

Max Drawdown

Largest peak-to-trough decline

-35.88%

-56.00%

+20.12%

Max Drawdown (1Y)

Largest decline over 1 year

-5.70%

-9.73%

+4.03%

Max Drawdown (3Y)

Largest decline over 3 years

-10.65%

-16.55%

+5.90%

Max Drawdown (5Y)

Largest decline over 5 years

-33.17%

-26.42%

-6.75%

Max Drawdown (10Y)

Largest decline over 10 years

-35.88%

-33.53%

-2.35%

Current Drawdown

Current decline from peak

-24.01%

-0.83%

-23.18%

Average Drawdown

Average peak-to-trough decline

-11.02%

-8.61%

-2.41%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.42%

2.16%

+0.26%

Volatility

IGOV vs. ACWI - Volatility Comparison

The current volatility for iShares International Treasury Bond ETF (IGOV) is 2.80%, while iShares MSCI ACWI ETF (ACWI) has a volatility of 3.93%. This indicates that IGOV 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

IGOVACWIDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.80%

3.93%

-1.13%

Volatility (6M)

Calculated over the trailing 6-month period

6.19%

10.29%

-4.10%

Volatility (1Y)

Calculated over the trailing 1-year period

8.11%

12.78%

-4.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.96%

16.05%

-6.09%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.59%

17.11%

-8.52%

IGOV vs. ACWI - Expense Ratio Comparison

IGOV has a 0.35% expense ratio, which is higher than ACWI's 0.32% expense ratio.

Dividends

IGOV vs. ACWI - Dividend Comparison

IGOV's dividend yield for the trailing twelve months is around 1.42%, 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%
IGOV
iShares International Treasury Bond ETF		1.42%1.41%0.59%0.00%0.11%0.39%0.00%0.24%0.31%0.19%0.69%0.12%

Frequently Asked Questions

IGOV and ACWI have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ACWI has higher volatility (3.93%) compared to IGOV (2.80%). In terms of maximum drawdown, IGOV dropped -35.88% vs ACWI's -56.00%.

On 10-year performance, ACWI leads with 12.85% vs -1.38% for IGOV. On fees, ACWI is cheaper at 0.32% per year. On volatility, IGOV has been the lower-risk option at 2.80%. 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 -1.38%. 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 0.35% for IGOV.

IGOV has the higher dividend yield at 1.42%, compared with 1.38% for ACWI.

IGOV is categorized as International Government Bonds, while ACWI is Global Equities. IGOV tracks S&P/Citigroup International Treasury Bond Index Ex-US, while ACWI tracks MSCI All Country World Index. Their fees differ too: 0.35% for IGOV and 0.32% for ACWI.

ACWI currently has the higher Sharpe Ratio (2.29 vs 0.07), 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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