IMLAX vs. ACWI

Last updated Jun 3, 2026

IMLAX (Transamerica Asset Allocation Moderate Growth Portfolio Fund) and ACWI (iShares MSCI ACWI ETF) are both funds - IMLAX is a Diversified Portfolio fund managed by Transamerica, while ACWI is a Global Equities fund tracking the MSCI All Country World Index. Over the past 10 years, IMLAX returned 8.79%/yr vs 12.94%/yr for ACWI. With a 0.96 correlation, they move nearly in lockstep. IMLAX charges 0.47%/yr vs 0.32%/yr for ACWI.

Performance

IMLAX vs. ACWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Transamerica Asset Allocation Moderate Growth Portfolio Fund (IMLAX) and iShares MSCI ACWI ETF (ACWI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IMLAX achieves a 7.44% return, which is significantly lower than ACWI's 13.06% return. Over the past 10 years, IMLAX has underperformed ACWI with an annualized return of 8.79%, while ACWI has yielded a comparatively higher 12.94% annualized return.

IMLAX

• 1D: 0.13%
• 1M: 3.55%
• YTD: 7.44%
• 6M: 8.73%
• 1Y: 20.81%
• 3Y*: 15.74%
• 5Y*: 7.17%
• 10Y*: 8.79%

ACWI

• 1D: 0.55%
• 1M: 5.48%
• YTD: 13.06%
• 6M: 14.33%
• 1Y: 30.55%
• 3Y*: 21.49%
• 5Y*: 11.67%
• 10Y*: 12.94%

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

IMLAX vs. ACWI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IMLAX Transamerica Asset Allocation Moderate Growth Portfolio Fund	7.44%	17.98%	13.11%	15.70%	-17.36%	11.37%	16.92%	17.82%	-8.54%	15.88%
ACWI iShares MSCI ACWI ETF	13.06%	22.41%	17.45%	22.27%	-18.39%	18.66%	16.34%	26.59%	-9.19%	24.33%

Correlation

The correlation between IMLAX and ACWI is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Mar 31, 2008	0.96

The correlation between IMLAX and ACWI has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

IMLAX vs. ACWI — Risk / Return Rank

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

IMLAX

IMLAX Risk / Return Rank: 54
IMLAX Sharpe Ratio Rank: 53
IMLAX Sortino Ratio Rank: 52
IMLAX Omega Ratio Rank: 52
IMLAX Calmar Ratio Rank: 52
IMLAX Martin Ratio Rank: 62

ACWI

ACWI Risk / Return Rank: 71
ACWI Sharpe Ratio Rank: 73
ACWI Sortino Ratio Rank: 72
ACWI Omega Ratio Rank: 72
ACWI Calmar Ratio Rank: 65
ACWI Martin Ratio Rank: 75

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.

IMLAX vs. ACWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Transamerica Asset Allocation Moderate Growth Portfolio Fund (IMLAX) 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.

	IMLAX	ACWI	Difference
Sharpe ratio Return per unit of total volatility	2.15	2.41	-0.26
Sortino ratio Return per unit of downside risk	3.04	3.31	-0.27
Omega ratio Gain probability vs. loss probability	1.40	1.44	-0.04
Calmar ratio Return relative to maximum drawdown	2.78	3.24	-0.46
Martin ratio Return relative to average drawdown	12.34	14.58	-2.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IMLAX vs. ACWI - Sharpe Ratio Comparison

The current IMLAX Sharpe Ratio is 2.15, which is comparable to the ACWI Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of IMLAX 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.

Sharpe Ratios by Period

	IMLAX	ACWI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	2.41	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.73	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.72	0.76	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.43	+0.08

Drawdowns

IMLAX vs. ACWI - Drawdown Comparison

The maximum IMLAX drawdown since its inception was -46.65%, smaller than the maximum ACWI drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for IMLAX and ACWI.

Drawdown Indicators

	IMLAX	ACWI	Difference
Max Drawdown Largest peak-to-trough decline	-46.65%	-56.00%	+9.35%
Max Drawdown (1Y) Largest decline over 1 year	-7.62%	-9.73%	+2.11%
Max Drawdown (3Y) Largest decline over 3 years	-12.99%	-16.55%	+3.56%
Max Drawdown (5Y) Largest decline over 5 years	-25.32%	-26.42%	+1.10%
Max Drawdown (10Y) Largest decline over 10 years	-27.36%	-33.53%	+6.17%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.71%	-8.61%	+1.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	2.16%	-0.44%

Volatility

IMLAX vs. ACWI - Volatility Comparison

The current volatility for Transamerica Asset Allocation Moderate Growth Portfolio Fund (IMLAX) is 2.76%, while iShares MSCI ACWI ETF (ACWI) has a volatility of 3.88%. This indicates that IMLAX 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.

Volatility by Period

	IMLAX	ACWI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.76%	3.88%	-1.12%
Volatility (6M) Calculated over the trailing 6-month period	7.88%	10.27%	-2.39%
Volatility (1Y) Calculated over the trailing 1-year period	9.92%	12.77%	-2.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.98%	16.05%	-4.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.16%	17.11%	-4.95%

IMLAX vs. ACWI - Expense Ratio Comparison

IMLAX has a 0.47% expense ratio, which is higher than ACWI's 0.32% expense ratio.

Dividends

IMLAX vs. ACWI - Dividend Comparison

IMLAX's dividend yield for the trailing twelve months is around 6.43%, more than ACWI's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACWI iShares MSCI ACWI ETF	1.37%	1.55%	1.70%	1.88%	1.79%	1.71%	1.43%	2.33%	2.18%	1.94%	2.19%	2.56%
IMLAX Transamerica Asset Allocation Moderate Growth Portfolio Fund	6.43%	6.90%	6.44%	3.39%	3.62%	8.40%	4.06%	7.35%	15.09%	9.95%	6.99%	7.99%

Frequently Asked Questions

Can I hold both IMLAX and ACWI in my portfolio?

With a correlation of 0.97, IMLAX and ACWI 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, IMLAX or ACWI?

ACWI has higher volatility (3.88%) compared to IMLAX (2.76%). In terms of maximum drawdown, IMLAX dropped -46.65% vs ACWI's -56.00%.

Which has better risk-adjusted returns?

ACWI currently has the higher Sharpe Ratio (2.41 vs 2.15), 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.