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IWC vs. ACWI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWC vs. ACWI

Last updated Jun 23, 2026

IWC (iShares Micro-Cap ETF) and ACWI (iShares MSCI ACWI ETF) are both exchange-traded funds - IWC is a Small Cap Blend Equities fund tracking the Russell Microcap Index, while ACWI is a Global Equities fund tracking the MSCI All Country World Index. Both are passively managed. Over the past 10 years, IWC returned 12.07%/yr vs 13.32%/yr for ACWI. A 0.77 correlation means they provide meaningful diversification when combined. IWC charges 0.60%/yr vs 0.32%/yr for ACWI.

Performance

IWC vs. ACWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Micro-Cap ETF (IWC) and iShares MSCI ACWI ETF (ACWI). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IWC achieves a 23.36% return, which is significantly higher than ACWI's 12.10% return. Over the past 10 years, IWC has underperformed ACWI with an annualized return of 12.07%, while ACWI has yielded a comparatively higher 13.32% annualized return.

IWC

1D
0.82%
1M
4.00%
YTD
23.36%
6M
19.51%
1Y
59.41%
3Y*
23.10%
5Y*
6.01%
10Y*
12.07%

ACWI

1D
-0.10%
1M
1.68%
YTD
12.10%
6M
11.90%
1Y
29.31%
3Y*
20.81%
5Y*
11.34%
10Y*
13.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IWC vs. ACWI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWC
iShares Micro-Cap ETF		23.36%22.45%13.63%8.99%-21.93%18.67%20.88%22.20%-13.13%12.79%
ACWI
iShares MSCI ACWI ETF		12.10%22.41%17.45%22.27%-18.39%18.66%16.34%26.59%-9.19%24.33%

Correlation

The correlation between IWC and ACWI is 0.77, 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

0.77

Correlation (3Y)
Calculated over the trailing 3-year period

0.75

Correlation (5Y)
Calculated over the trailing 5-year period

0.78

Correlation (10Y)
Calculated over the trailing 10-year period

0.75

Correlation (All Time)
Calculated using the full available price history since Mar 28, 2008

0.77

The correlation between IWC and ACWI has been stable across timeframes, ranging from 0.75 to 0.78 - a consistent structural relationship.

IWC vs. ACWI - Sectors Allocation Comparison

Sectors
IWC
ACWI

Healthcare

26.8%
7.7%

Technology

21.7%
33.0%

Financial Services

17.6%
15.9%

Industrials

13.3%
10.3%

Consumer Cyclical

5.2%
8.6%

Basic Materials

4.1%
3.6%

Energy

4.0%
3.6%

Real Estate

3.3%
1.6%

Communication Services

1.9%
8.0%

Consumer Defensive

1.6%
4.7%

Utilities

0.5%
2.7%

Healthcare

IWC
26.8%
ACWI
7.7%

Technology

IWC
21.7%
ACWI
33.0%

Financial Services

IWC
17.6%
ACWI
15.9%

Industrials

IWC
13.3%
ACWI
10.3%

Consumer Cyclical

IWC
5.2%
ACWI
8.6%

Basic Materials

IWC
4.1%
ACWI
3.6%

Energy

IWC
4.0%
ACWI
3.6%

Real Estate

IWC
3.3%
ACWI
1.6%

Communication Services

IWC
1.9%
ACWI
8.0%

Consumer Defensive

IWC
1.6%
ACWI
4.7%

Utilities

IWC
0.5%
ACWI
2.7%

Compare stocks, funds, or ETFs

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iShares Micro-Cap ETF

iShares MSCI ACWI ETF

Often compared with IWC:
IWC vs. IWMIWC vs. FDMIWC vs. SPYIWC vs. IWXIWC vs. PVIVXIWC vs. VOOIWC vs. VT
Often compared with ACWI:
ACWI vs. VTACWI vs. SPYACWI vs. VWRL.LACWI vs. ACWXACWI vs. ACWI.LACWI vs. VOOACWI vs. VTI

Return for Risk

IWC vs. ACWI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWC
IWC Risk / Return Rank: 7777
Overall Rank
IWC Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
IWC Sortino Ratio Rank: 7373
Sortino Ratio Rank
IWC Omega Ratio Rank: 6666
Omega Ratio Rank
IWC Calmar Ratio Rank: 8787
Calmar Ratio Rank
IWC Martin Ratio Rank: 8181
Martin Ratio Rank
ACWI
ACWI Risk / Return Rank: 6969
Overall Rank
ACWI Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
ACWI Sortino Ratio Rank: 6868
Sortino Ratio Rank
ACWI Omega Ratio Rank: 7070
Omega Ratio Rank
ACWI Calmar Ratio Rank: 6363
Calmar Ratio Rank
ACWI Martin Ratio Rank: 7373
Martin Ratio Rank
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.

IWC vs. ACWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Micro-Cap ETF (IWC) 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.

IWCACWIDifference
Sharpe ratioReturn per unit of total volatility
2.45
2.18

+0.27

Sortino ratioReturn per unit of downside risk
3.14
2.99

+0.15

Omega ratioGain probability vs. loss probability

1.38

1.40

-0.02

Calmar ratioReturn relative to maximum drawdown

4.80

3.03

+1.78

Martin ratioReturn relative to average drawdown

15.64

13.22

+2.42

IWC vs. ACWI - Sharpe Ratio Comparison

The current IWC Sharpe Ratio is 2.45, which is comparable to the ACWI Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of IWC 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.

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Drawdowns

IWC vs. ACWI - Drawdown Comparison

The maximum IWC drawdown since its inception was -64.61%, which is greater than ACWI's maximum drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for IWC and ACWI.

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Drawdown Indicators

IWCACWIDifference

Max Drawdown

Largest peak-to-trough decline

-64.61%

-56.00%

-8.61%

Max Drawdown (1Y)

Largest decline over 1 year

-12.43%

-9.73%

-2.70%

Max Drawdown (3Y)

Largest decline over 3 years

-29.46%

-16.55%

-12.91%

Max Drawdown (5Y)

Largest decline over 5 years

-40.61%

-26.42%

-14.19%

Max Drawdown (10Y)

Largest decline over 10 years

-47.21%

-33.53%

-13.68%

Current Drawdown

Current decline from peak

0.00%

-0.85%

+0.85%

Average Drawdown

Average peak-to-trough decline

-15.25%

-8.59%

-6.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.81%

2.22%

+1.59%

Volatility

IWC vs. ACWI - Volatility Comparison

iShares Micro-Cap ETF (IWC) has a higher volatility of 8.66% compared to iShares MSCI ACWI ETF (ACWI) at 5.16%. This indicates that IWC's price experiences larger fluctuations and is considered to be riskier 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

IWCACWIDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.66%

5.16%

+3.50%

Volatility (6M)

Calculated over the trailing 6-month period

18.16%

11.20%

+6.96%

Volatility (1Y)

Calculated over the trailing 1-year period

24.39%

13.50%

+10.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.58%

16.17%

+8.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.52%

17.15%

+7.37%

IWC vs. ACWI - Expense Ratio Comparison

IWC has a 0.60% expense ratio, which is higher than ACWI's 0.32% expense ratio.

Dividends

IWC vs. ACWI - Dividend Comparison

IWC's dividend yield for the trailing twelve months is around 0.98%, less than ACWI's 1.42% yield.

PositionTTM20252024202320222021202020192018201720162015
ACWI
iShares MSCI ACWI ETF		1.42%1.55%1.70%1.88%1.79%1.71%1.43%2.33%2.18%1.94%2.19%2.56%
IWC
iShares Micro-Cap ETF		0.98%1.10%1.06%1.17%1.18%0.78%0.98%1.19%1.01%1.09%1.16%1.49%

Frequently Asked Questions

IWC and ACWI have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IWC has higher volatility (8.66%) compared to ACWI (5.16%). In terms of maximum drawdown, IWC dropped -64.61% vs ACWI's -56.00%.

On 10-year performance, ACWI leads with 13.32% vs 12.07% for IWC. On fees, ACWI is cheaper at 0.32% per year. On volatility, ACWI has been the lower-risk option at 5.16%. 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 13.32% return vs 12.07%. 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 0.60% for IWC.

ACWI has the higher dividend yield at 1.42%, compared with 0.98% for IWC.

IWC is categorized as Small Cap Blend Equities, while ACWI is Global Equities. IWC tracks Russell Microcap Index, while ACWI tracks MSCI All Country World Index. Their fees differ too: 0.60% for IWC and 0.32% for ACWI.

IWC currently has the higher Sharpe Ratio (2.45 vs 2.18), 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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