IXUS vs. CWI

Last updated Jun 24, 2026

IXUS (iShares Core MSCI Total International Stock ETF) and CWI (SPDR MSCI ACWI ex-US ETF) are both Foreign Large Cap Equities funds - IXUS tracks the MSCI ACWI ex USA IMI Index (Net) while CWI tracks the MSCI All Country World ex-U.S. Index. Both are passively managed. Over the past 10 years, IXUS returned 10.21%/yr vs 10.48%/yr for CWI. With a 0.98 correlation, they move nearly in lockstep. IXUS charges 0.07%/yr vs 0.30%/yr for CWI.

Performance

IXUS vs. CWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI Total International Stock ETF (IXUS) and SPDR MSCI ACWI ex-US ETF (CWI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with IXUS having a 12.74% return and CWI slightly higher at 12.84%. Both investments have delivered pretty close results over the past 10 years, with IXUS having a 10.21% annualized return and CWI not far ahead at 10.48%.

IXUS

• 1D: -3.08%
• 1M: 0.45%
• YTD: 12.74%
• 6M: 12.52%
• 1Y: 29.41%
• 3Y*: 19.01%
• 5Y*: 8.29%
• 10Y*: 10.21%

CWI

• 1D: -3.07%
• 1M: 1.17%
• YTD: 12.84%
• 6M: 12.77%
• 1Y: 30.17%
• 3Y*: 19.40%
• 5Y*: 8.81%
• 10Y*: 10.48%

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

IXUS vs. CWI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IXUS iShares Core MSCI Total International Stock ETF	12.74%	32.40%	5.19%	15.83%	-16.47%	8.86%	10.80%	21.71%	-14.41%	28.12%
CWI SPDR MSCI ACWI ex-US ETF	12.84%	32.75%	6.27%	15.74%	-15.39%	8.81%	9.83%	21.92%	-13.83%	26.89%

Correlation

The correlation between IXUS and CWI is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Oct 24, 2012	0.98

The correlation between IXUS and CWI has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

IXUS vs. CWI - Sectors Allocation Comparison

Sectors	IXUS	CWI
Technology	30.5%	21.6%
Financial Services	23.8%	23.8%
Industrials	11.3%	14.4%
Healthcare	6.5%	6.8%
Consumer Cyclical	5.6%	8.0%
Basic Materials	5.0%	6.6%
Energy	4.4%	5.1%
Communication Services	4.2%	5.0%
Consumer Defensive	3.9%	5.0%
Utilities	1.9%	2.8%
Real Estate	0.2%	1.2%

Return for Risk

IXUS vs. CWI — Risk / Return Rank

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

IXUS

IXUS Risk / Return Rank: 55
IXUS Sharpe Ratio Rank: 54
IXUS Sortino Ratio Rank: 52
IXUS Omega Ratio Rank: 56
IXUS Calmar Ratio Rank: 54
IXUS Martin Ratio Rank: 58

CWI

CWI Risk / Return Rank: 57
CWI Sharpe Ratio Rank: 57
CWI Sortino Ratio Rank: 55
CWI Omega Ratio Rank: 58
CWI Calmar Ratio Rank: 56
CWI Martin Ratio Rank: 60

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.

IXUS vs. CWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Total International Stock ETF (IXUS) and 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.

	IXUS	CWI	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.83	-0.05
Sortino ratio: Return per unit of downside risk	2.44	2.51	-0.07
Omega ratio: Gain probability vs. loss probability	1.33	1.34	0.00
Calmar ratio: Return relative to maximum drawdown	2.60	2.64	-0.04
Martin ratio: Return relative to average drawdown	10.00	10.12	-0.12

IXUS vs. CWI - Sharpe Ratio Comparison

The current IXUS Sharpe Ratio is 1.79, which is comparable to the CWI Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of IXUS 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

IXUS vs. CWI - Drawdown Comparison

The maximum IXUS drawdown since its inception was -36.22%, smaller than the maximum CWI drawdown of -60.77%. Use the drawdown chart below to compare losses from any high point for IXUS and CWI.

Drawdown Indicators

	IXUS	CWI	Difference
Max Drawdown Largest peak-to-trough decline	-36.22%	-60.77%	+24.55%
Max Drawdown (1Y) Largest decline over 1 year	-11.36%	-11.47%	+0.11%
Max Drawdown (3Y) Largest decline over 3 years	-13.75%	-13.85%	+0.10%
Max Drawdown (5Y) Largest decline over 5 years	-30.03%	-28.80%	-1.23%
Max Drawdown (10Y) Largest decline over 10 years	-36.22%	-34.64%	-1.58%
Current Drawdown Current decline from peak	-3.08%	-3.07%	-0.01%
Average Drawdown Average peak-to-trough decline	-7.48%	-12.82%	+5.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	2.99%	-0.04%

Volatility

IXUS vs. CWI - Volatility Comparison

iShares Core MSCI Total International Stock ETF (IXUS) and SPDR MSCI ACWI ex-US ETF (CWI) have volatilities of 7.22% and 7.31%, 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

	IXUS	CWI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.22%	7.31%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	14.64%	14.53%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	16.56%	16.55%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.45%	16.49%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.97%	17.03%	-0.06%

IXUS vs. CWI - Expense Ratio Comparison

IXUS has a 0.07% expense ratio, which is lower than CWI's 0.30% expense ratio.

Dividends

IXUS vs. CWI - Dividend Comparison

IXUS's dividend yield for the trailing twelve months is around 2.98%, more than CWI's 2.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CWI SPDR MSCI ACWI ex-US ETF	2.73%	2.97%	2.89%	2.80%	3.17%	2.65%	2.07%	3.05%	2.81%	2.29%	2.45%	2.62%
IXUS iShares Core MSCI Total International Stock ETF	2.98%	3.24%	3.33%	3.13%	2.48%	3.12%	1.85%	3.09%	3.00%	2.41%	2.58%	2.81%

Frequently Asked Questions

Can I hold both IXUS and CWI in my portfolio?

With a correlation of 0.99, IXUS 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, IXUS or CWI?

CWI has higher volatility (7.31%) compared to IXUS (7.22%). In terms of maximum drawdown, IXUS dropped -36.22% vs CWI's -60.77%.

Which ETF is better, IXUS or CWI?

On 10-year performance, CWI leads with 10.48% vs 10.21% for IXUS. On fees, IXUS is cheaper at 0.07% 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, IXUS or CWI?

Over the 10-year period, CWI has performed better with a 10.48% return vs 10.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IXUS or CWI?

IXUS is cheaper with a 0.07% expense ratio, compared with 0.30% for CWI.

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

IXUS has the higher dividend yield at 2.98%, compared with 2.73% for CWI.

What is the main difference between IXUS and CWI?

IXUS tracks MSCI ACWI ex USA IMI Index (Net), while CWI tracks MSCI All Country World ex-U.S. Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.07% for IXUS and 0.30% for CWI.

Which has better risk-adjusted returns?

CWI currently has the higher Sharpe Ratio (1.83 vs 1.79), 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.