IGOV vs. ACWI
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 FTSE World Government Bond Index - Developed Markets Capped Select Index, 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 -1.48%/yr vs 13.07%/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
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Returns By Period
In the year-to-date period, IGOV achieves a -1.66% return, which is significantly lower than ACWI's 9.71% return. Over the past 10 years, IGOV has underperformed ACWI with an annualized return of -1.48%, while ACWI has yielded a comparatively higher 13.07% annualized return.
IGOV
- 1D
- 0.15%
- 1M
- -1.11%
- YTD
- -1.66%
- 6M
- -2.06%
- 1Y
- -2.51%
- 3Y*
- 1.78%
- 5Y*
- -4.35%
- 10Y*
- -1.48%
ACWI
- 1D
- -0.14%
- 1M
- -0.49%
- YTD
- 9.71%
- 6M
- 8.77%
- 1Y
- 23.79%
- 3Y*
- 19.95%
- 5Y*
- 10.62%
- 10Y*
- 13.07%
IGOV vs. ACWI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IGOV iShares International Treasury Bond ETF | -1.66% | 9.96% | -6.50% | 5.57% | -22.07% | -9.25% | 10.88% | 3.76% | -2.60% | 11.38% |
ACWI iShares MSCI ACWI ETF | 9.71% | 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 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
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 29, 2009 | 0.24 |
Over the past year, IGOV and ACWI have become more correlated (0.52) than their long-term average of 0.24, meaning their price movements have been converging.
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Return for Risk
IGOV vs. ACWI — Risk / Return Rank
IGOV
ACWI
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.
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.
| IGOV | ACWI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.07 | ||
| Sortino ratioReturn per unit of downside risk | -2.83 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.32 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.44 | 2.46 | -2.90 |
| Martin ratioReturn relative to average drawdown | -0.97 | 10.66 | -11.63 |
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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
| IGOV | ACWI | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 | -32.92% | -26.42% | -6.50% |
Max Drawdown (10Y)Largest decline over 10 years | -35.88% | -33.53% | -2.35% |
Current DrawdownCurrent decline from peak | -24.89% | -2.96% | -21.93% |
Average DrawdownAverage peak-to-trough decline | -11.06% | -8.59% | -2.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 2.24% | +0.36% |
Volatility
IGOV vs. ACWI - Volatility Comparison
The current volatility for iShares International Treasury Bond ETF (IGOV) is 2.30%, while iShares MSCI ACWI ETF (ACWI) has a volatility of 5.57%. 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
| IGOV | ACWI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.30% | 5.57% | -3.27% |
Volatility (6M)Calculated over the trailing 6-month period | 6.35% | 11.35% | -5.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.12% | 13.62% | -5.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.97% | 16.19% | -6.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.60% | 17.07% | -8.47% |
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 1.43%, less than ACWI's 1.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACWI iShares MSCI ACWI ETF | 1.46% | 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 | 1.43% | 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 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ACWI has higher volatility (5.57%) compared to IGOV (2.30%). In terms of maximum drawdown, IGOV dropped -35.88% vs ACWI's -56.00%.
On 10-year performance, ACWI leads with 13.07% vs -1.48% for IGOV. On fees, ACWI is cheaper at 0.32% per year. On volatility, IGOV has been the lower-risk option at 2.30%. 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 13.07% return vs -1.48%. 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.
ACWI has the higher dividend yield at 1.46%, compared with 1.43% for IGOV.
IGOV is categorized as International Government Bonds, while ACWI is Global Equities. IGOV tracks FTSE World Government Bond Index - Developed Markets Capped Select Index, 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 (1.76 vs -0.31), 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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