IPAC vs. ACWI

Last updated Jun 4, 2026

IPAC (iShares Core MSCI Pacific ETF) and ACWI (iShares MSCI ACWI ETF) are both exchange-traded funds - IPAC is a Asia Pacific Equities fund tracking the MSCI Pacific Investable Market Index, while ACWI is a Global Equities fund tracking the MSCI All Country World Index. Both are passively managed. Over the past 10 years, IPAC returned 9.13%/yr vs 12.85%/yr for ACWI. Their correlation of 0.84 suggests significant overlap in exposure. IPAC charges 0.09%/yr vs 0.32%/yr for ACWI.

Performance

IPAC vs. ACWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI Pacific ETF (IPAC) 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, IPAC achieves a 13.73% return, which is significantly higher than ACWI's 12.13% return. Over the past 10 years, IPAC has underperformed ACWI with an annualized return of 9.13%, while ACWI has yielded a comparatively higher 12.85% annualized return.

IPAC

• 1D: -0.11%
• 1M: 4.62%
• YTD: 13.73%
• 6M: 15.39%
• 1Y: 28.03%
• 3Y*: 17.03%
• 5Y*: 7.65%
• 10Y*: 9.13%

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)

IPAC vs. ACWI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IPAC iShares Core MSCI Pacific ETF	13.73%	25.16%	6.18%	14.51%	-13.68%	3.09%	12.39%	19.44%	-12.78%	25.97%
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 IPAC and ACWI is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014	0.84

The correlation between IPAC and ACWI has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.

IPAC vs. ACWI - Sectors Allocation Comparison

Sectors	IPAC	ACWI
Financial Services	22.9%	16.1%
Industrials	21.3%	10.9%
Technology	12.9%	29.4%
Consumer Cyclical	10.8%	9.3%
Basic Materials	8.2%	3.7%
Communication Services	5.7%	9.0%
Real Estate	5.5%	1.8%
Healthcare	5.3%	8.1%
Consumer Defensive	4.0%	5.0%
Utilities	1.9%	2.6%
Energy	1.8%	4.2%

Return for Risk

IPAC vs. ACWI — Risk / Return Rank

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

IPAC

IPAC Risk / Return Rank: 50
IPAC Sharpe Ratio Rank: 49
IPAC Sortino Ratio Rank: 50
IPAC Omega Ratio Rank: 50
IPAC Calmar Ratio Rank: 49
IPAC Martin Ratio Rank: 52

ACWI

ACWI Risk / Return Rank: 66
ACWI Sharpe Ratio Rank: 68
ACWI Sortino Ratio Rank: 67
ACWI Omega Ratio Rank: 67
ACWI Calmar Ratio Rank: 59
ACWI Martin Ratio Rank: 71

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.

IPAC vs. ACWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Pacific ETF (IPAC) 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.

	IPAC	ACWI	Difference
Sharpe ratio: Return per unit of total volatility	1.72	2.29	-0.57
Sortino ratio: Return per unit of downside risk	2.45	3.17	-0.71
Omega ratio: Gain probability vs. loss probability	1.32	1.41	-0.10
Calmar ratio: Return relative to maximum drawdown	2.45	3.01	-0.56
Martin ratio: Return relative to average drawdown	8.83	13.53	-4.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IPAC vs. ACWI - Sharpe Ratio Comparison

The current IPAC Sharpe Ratio is 1.72, which is comparable to the ACWI Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of IPAC 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

	IPAC	ACWI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.72	2.29	-0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.71	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.75	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.43	+0.02

Drawdowns

IPAC vs. ACWI - Drawdown Comparison

The maximum IPAC drawdown since its inception was -30.99%, smaller than the maximum ACWI drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for IPAC and ACWI.

Drawdown Indicators

	IPAC	ACWI	Difference
Max Drawdown Largest peak-to-trough decline	-30.99%	-56.00%	+25.01%
Max Drawdown (1Y) Largest decline over 1 year	-11.49%	-9.73%	-1.76%
Max Drawdown (3Y) Largest decline over 3 years	-15.45%	-16.55%	+1.10%
Max Drawdown (5Y) Largest decline over 5 years	-29.64%	-26.42%	-3.22%
Max Drawdown (10Y) Largest decline over 10 years	-30.99%	-33.53%	+2.54%
Current Drawdown Current decline from peak	-0.56%	-0.83%	+0.27%
Average Drawdown Average peak-to-trough decline	-7.48%	-8.61%	+1.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	2.16%	+1.02%

Volatility

IPAC vs. ACWI - Volatility Comparison

iShares Core MSCI Pacific ETF (IPAC) and iShares MSCI ACWI ETF (ACWI) have volatilities of 4.00% and 3.93%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPAC	ACWI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	3.93%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	13.09%	10.29%	+2.80%
Volatility (1Y) Calculated over the trailing 1-year period	16.41%	12.78%	+3.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.62%	16.05%	+0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.58%	17.11%	-0.53%

IPAC vs. ACWI - Expense Ratio Comparison

IPAC has a 0.09% expense ratio, which is lower than ACWI's 0.32% expense ratio.

Dividends

IPAC vs. ACWI - Dividend Comparison

IPAC's dividend yield for the trailing twelve months is around 3.80%, more than ACWI's 1.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
IPAC iShares Core MSCI Pacific ETF	3.80%	4.32%	3.43%	3.16%	2.76%	4.03%	1.68%	3.37%	2.95%	2.98%	2.66%	2.60%

Frequently Asked Questions

Can I hold both IPAC and ACWI in my portfolio?

IPAC and ACWI have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IPAC or ACWI?

IPAC has higher volatility (4.00%) compared to ACWI (3.93%). In terms of maximum drawdown, IPAC dropped -30.99% vs ACWI's -56.00%.

Which ETF is better, IPAC or ACWI?

On 10-year performance, ACWI leads with 12.85% vs 9.13% for IPAC. On fees, IPAC is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IPAC or ACWI?

Over the 10-year period, ACWI has performed better with a 12.85% return vs 9.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IPAC or ACWI?

IPAC is cheaper with a 0.09% expense ratio, compared with 0.32% for ACWI.

Which ETF pays a higher dividend yield, IPAC or ACWI?

IPAC has the higher dividend yield at 3.80%, compared with 1.38% for ACWI.

What is the main difference between IPAC and ACWI?

IPAC is categorized as Asia Pacific Equities, while ACWI is Global Equities. IPAC tracks MSCI Pacific Investable Market Index, while ACWI tracks MSCI All Country World Index. Their fees differ too: 0.09% for IPAC and 0.32% for ACWI.

Which has better risk-adjusted returns?

ACWI currently has the higher Sharpe Ratio (2.29 vs 1.72), 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.