IQSI vs. CWI

Last updated Aug 2, 2026

IQSI (IQ Candriam ESG International Equity ETF) and CWI (State Street SPDR MSCI ACWI ex-US ETF) are both Foreign Large Cap Equities funds - IQSI tracks the IQ Candriam ESG International Equity Index while CWI tracks the MSCI ACWI ex USA Index. Both are passively managed. Over the past 5 years, IQSI returned 8.27%/yr vs 9.44%/yr for CWI. Their correlation of 0.93 means they have usually moved in the same direction. IQSI charges 0.15%/yr vs 0.30%/yr for CWI.

Performance

IQSI vs. CWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ Candriam ESG International Equity ETF (IQSI) and State Street SPDR MSCI ACWI ex-US ETF (CWI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IQSI achieves a 10.87% return, which is significantly lower than CWI's 13.37% return.

IQSI

• 1D: -0.67%
• 1M: 0.01%
• 6M: 5.93%
• YTD: 10.87%
• 1Y: 22.05%
• 3Y*: 14.63%
• 5Y*: 8.27%
• 10Y*: —
• ALL TIME*: 9.51%

CWI

• 1D: -0.30%
• 1M: 0.10%
• 6M: 7.85%
• YTD: 13.37%
• 1Y: 29.12%
• 3Y*: 17.89%
• 5Y*: 9.44%
• 10Y*: 9.70%
• ALL TIME*: 5.43%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CWI State Street SPDR MSCI ACWI ex-US ETF	$9.74M	$9.97M	$9.68M
IQSI IQ Candriam ESG International Equity ETF	$27.33K	$342.54K	$932.39K

IQSI vs. CWI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
IQSI IQ Candriam ESG International Equity ETF	10.87%	26.95%	4.84%	16.21%	-14.76%	12.70%	10.36%	0.38%
CWI State Street SPDR MSCI ACWI ex-US ETF	13.37%	32.75%	6.27%	15.74%	-15.39%	8.81%	9.83%	0.48%

Correlation

The correlation between IQSI and CWI is 0.93, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (All Time) Calculated using the full available price history since Dec 17, 2019	0.93

The correlation between IQSI and CWI has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

IQSI vs. CWI - Sectors Allocation Comparison

Sectors	IQSI	CWI
Financial Services	22.1%	18.4%
Technology	18.2%	15.6%
Industrials	16.4%	8.0%
Healthcare	13.1%	5.3%
Consumer Cyclical	7.3%	5.4%
Consumer Defensive	7.2%	2.5%
Basic Materials	4.9%	4.3%
Communication Services	4.3%	2.7%
Utilities	3.8%	1.2%
Real Estate	2.4%	0.9%
Energy	0.2%	4.9%

Return for Risk

IQSI vs. CWI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IQSI

IQSI Risk / Return Rank: 56
IQSI Sharpe Ratio Rank: 59
IQSI Sortino Ratio Rank: 58
IQSI Omega Ratio Rank: 56
IQSI Calmar Ratio Rank: 51
IQSI Martin Ratio Rank: 57

CWI

CWI Risk / Return Rank: 73
CWI Sharpe Ratio Rank: 73
CWI Sortino Ratio Rank: 72
CWI Omega Ratio Rank: 74
CWI Calmar Ratio Rank: 71
CWI Martin Ratio Rank: 74

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IQSI vs. CWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ Candriam ESG International Equity ETF (IQSI) and State Street SPDR MSCI ACWI ex-US ETF (CWI). 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.

	IQSI	CWI	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.66	-0.27
Sortino ratio: Return per unit of downside risk	1.98	2.32	-0.33
Omega ratio: Gain probability vs. loss probability	1.25	1.31	-0.06
Calmar ratio: Return relative to maximum drawdown	1.83	2.48	-0.65
Martin ratio: Return relative to average drawdown	6.72	9.12	-2.40

IQSI vs. CWI - Sharpe Ratio Comparison

The current IQSI Sharpe Ratio is 1.39, which is comparable to the CWI Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of IQSI and CWI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IQSI vs. CWI - Drawdown Comparison

The maximum IQSI drawdown since its inception was -31.90%, smaller than the maximum CWI drawdown of -60.77%. Use the drawdown chart below to compare losses from any high point for IQSI and CWI.

Drawdown Indicators

	IQSI	CWI	Difference
Max Drawdown Largest peak-to-trough decline	-31.90%	-60.77%	+28.87%
Max Drawdown (1Y) Largest decline over 1 year	-12.00%	-11.47%	-0.53%
Max Drawdown (3Y) Largest decline over 3 years	-14.02%	-13.85%	-0.17%
Max Drawdown (5Y) Largest decline over 5 years	-29.86%	-28.80%	-1.06%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.64%	—
Current Drawdown Current decline from peak	-0.96%	-2.61%	+1.65%
Average Drawdown Average peak-to-trough decline	-6.38%	-12.77%	+6.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	3.12%	+0.14%

Volatility

IQSI vs. CWI - Volatility Comparison

The current volatility for IQ Candriam ESG International Equity ETF (IQSI) is 4.48%, while State Street SPDR MSCI ACWI ex-US ETF (CWI) has a volatility of 5.63%. This indicates that IQSI experiences smaller price fluctuations and is considered to be less risky than CWI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IQSI	CWI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.48%	5.63%	-1.15%
Volatility (6M) Calculated over the trailing 6-month period	13.64%	15.27%	-1.63%
Volatility (1Y) Calculated over the trailing 1-year period	15.83%	17.17%	-1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.43%	16.57%	-0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.95%	17.04%	+1.91%

IQSI vs. CWI - Expense Ratio Comparison

IQSI has a 0.15% expense ratio, which is lower than CWI's 0.30% expense ratio.

Dividends

IQSI vs. CWI - Dividend Comparison

IQSI's dividend yield for the trailing twelve months is around 2.70%, which matches CWI's 2.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CWI State Street SPDR MSCI ACWI ex-US ETF	2.72%	2.97%	2.89%	2.80%	3.17%	2.65%	2.07%	3.05%	2.81%	2.29%	2.45%	2.62%
IQSI IQ Candriam ESG International Equity ETF	2.70%	2.75%	2.79%	2.98%	2.89%	2.75%	1.65%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IQSI and CWI in my portfolio?

With a correlation of 0.93, IQSI and CWI 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, IQSI or CWI?

CWI has higher volatility (5.63%) compared to IQSI (4.48%). In terms of maximum drawdown, IQSI dropped -31.90% vs CWI's -60.77%.

Which ETF is better, IQSI or CWI?

On 5-year performance, CWI leads with 9.44% vs 8.27% for IQSI. On fees, IQSI is cheaper at 0.15% per year. On volatility, IQSI has been the lower-risk option at 4.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IQSI or CWI?

Over the 5-year period, CWI has performed better with a 9.44% return vs 8.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IQSI or CWI?

IQSI is cheaper with a 0.15% expense ratio, compared with 0.30% for CWI.

Which ETF pays a higher dividend yield, IQSI or CWI?

CWI has the higher dividend yield at 2.72%, compared with 2.70% for IQSI.

What is the main difference between IQSI and CWI?

IQSI tracks IQ Candriam ESG International Equity Index, while CWI tracks MSCI ACWI ex USA Index. They also come from different issuers: New York Life and State Street. Their fees differ too: 0.15% for IQSI and 0.30% for CWI.

Which has better risk-adjusted returns?

CWI currently has the higher Sharpe Ratio (1.66 vs 1.39), 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.