IPKW vs. NZAC
IPKW (Invesco International BuyBack Achievers™ ETF) and NZAC (SPDR MSCI ACWI Climate Paris Aligned ETF) are both Global Equities funds - IPKW tracks the NASDAQ International BuyBack Achievers Index while NZAC tracks the MSCI ACWI Climate Paris Aligned Index. Both are passively managed. Over the past 10 years, IPKW returned 11.86%/yr vs 12.17%/yr for NZAC. A 0.72 correlation means they provide meaningful diversification when combined. IPKW charges 0.55%/yr vs 0.12%/yr for NZAC.
Performance
IPKW vs. NZAC - Performance Comparison
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Returns By Period
In the year-to-date period, IPKW achieves a 3.20% return, which is significantly lower than NZAC's 6.02% return. Both investments have delivered pretty close results over the past 10 years, with IPKW having a 11.86% annualized return and NZAC not far ahead at 12.17%.
IPKW
- 1D
- -1.58%
- 1M
- -3.12%
- YTD
- 3.20%
- 6M
- 3.35%
- 1Y
- 21.92%
- 3Y*
- 22.84%
- 5Y*
- 9.02%
- 10Y*
- 11.86%
NZAC
- 1D
- -1.70%
- 1M
- -1.26%
- YTD
- 6.02%
- 6M
- 5.37%
- 1Y
- 20.66%
- 3Y*
- 17.81%
- 5Y*
- 9.25%
- 10Y*
- 12.17%
IPKW vs. NZAC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IPKW Invesco International BuyBack Achievers™ ETF | 3.20% | 45.50% | 10.56% | 15.12% | -12.81% | 11.41% | 16.18% | 20.26% | -21.59% | 34.21% |
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF | 6.02% | 20.55% | 16.67% | 23.22% | -19.77% | 18.35% | 17.21% | 28.24% | -9.80% | 22.93% |
Correlation
The correlation between IPKW and NZAC is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2014 | 0.72 |
The correlation between IPKW and NZAC has been stable across timeframes, ranging from 0.68 to 0.75 - a consistent structural relationship.
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Return for Risk
IPKW vs. NZAC — Risk / Return Rank
IPKW
NZAC
IPKW vs. NZAC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco International BuyBack Achievers™ ETF (IPKW) and SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC). 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.
| IPKW | NZAC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.27 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 2.05 | +0.35 |
| Martin ratioReturn relative to average drawdown | 7.94 | 8.63 | -0.69 |
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Drawdowns
IPKW vs. NZAC - Drawdown Comparison
The maximum IPKW drawdown since its inception was -47.24%, which is greater than NZAC's maximum drawdown of -33.72%. Use the drawdown chart below to compare losses from any high point for IPKW and NZAC.
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Drawdown Indicators
| IPKW | NZAC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.24% | -33.72% | -13.52% |
Max Drawdown (1Y)Largest decline over 1 year | -9.14% | -10.10% | +0.96% |
Max Drawdown (3Y)Largest decline over 3 years | -17.77% | -16.19% | -1.58% |
Max Drawdown (5Y)Largest decline over 5 years | -32.56% | -28.31% | -4.25% |
Max Drawdown (10Y)Largest decline over 10 years | -47.24% | -33.72% | -13.52% |
Current DrawdownCurrent decline from peak | -5.09% | -3.38% | -1.71% |
Average DrawdownAverage peak-to-trough decline | -8.97% | -5.31% | -3.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.77% | 2.40% | +0.37% |
Volatility
IPKW vs. NZAC - Volatility Comparison
The current volatility for Invesco International BuyBack Achievers™ ETF (IPKW) is 4.36%, while SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) has a volatility of 5.41%. This indicates that IPKW experiences smaller price fluctuations and is considered to be less risky than NZAC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IPKW | NZAC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.36% | 5.41% | -1.05% |
Volatility (6M)Calculated over the trailing 6-month period | 12.34% | 11.34% | +1.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.69% | 13.73% | +0.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.05% | 16.94% | +0.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.79% | 17.13% | +0.66% |
IPKW vs. NZAC - Expense Ratio Comparison
IPKW has a 0.55% expense ratio, which is higher than NZAC's 0.12% expense ratio.
Dividends
IPKW vs. NZAC - Dividend Comparison
IPKW's dividend yield for the trailing twelve months is around 3.63%, more than NZAC's 2.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IPKW Invesco International BuyBack Achievers™ ETF | 3.63% | 3.55% | 4.12% | 2.66% | 3.77% | 7.37% | 1.45% | 2.41% | 2.61% | 0.93% | 2.82% | 1.31% |
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF | 2.09% | 1.90% | 1.88% | 1.65% | 1.81% | 1.62% | 1.59% | 2.17% | 2.53% | 2.20% | 2.00% | 2.40% |
Frequently Asked Questions
IPKW and NZAC have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NZAC has higher volatility (5.41%) compared to IPKW (4.36%). In terms of maximum drawdown, IPKW dropped -47.24% vs NZAC's -33.72%.
On 10-year performance, NZAC leads with 12.17% vs 11.86% for IPKW. On fees, NZAC is cheaper at 0.12% per year. On volatility, IPKW has been the lower-risk option at 4.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, NZAC has performed better with a 12.17% return vs 11.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NZAC is cheaper with a 0.12% expense ratio, compared with 0.55% for IPKW.
IPKW has the higher dividend yield at 3.63%, compared with 2.09% for NZAC.
IPKW tracks NASDAQ International BuyBack Achievers Index, while NZAC tracks MSCI ACWI Climate Paris Aligned Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.55% for IPKW and 0.12% for NZAC.
NZAC currently has the higher Sharpe Ratio (1.52 vs 1.50), 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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