KGGAX vs. ACWI

Last updated Jun 4, 2026

KGGAX (Kopernik Global All-Cap Fund Class A) and ACWI (iShares MSCI ACWI ETF) are both funds - KGGAX is a Foreign Small & Mid Cap Equities fund managed by Kopernik, while ACWI is a Global Equities fund tracking the MSCI All Country World Index. Over the past 10 years, KGGAX returned 13.40%/yr vs 12.85%/yr for ACWI. A 0.53 correlation means they provide meaningful diversification when combined. KGGAX charges 1.26%/yr vs 0.32%/yr for ACWI.

Performance

KGGAX vs. ACWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kopernik Global All-Cap Fund Class A (KGGAX) 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, KGGAX achieves a 10.49% return, which is significantly lower than ACWI's 12.13% return. Both investments have delivered pretty close results over the past 10 years, with KGGAX having a 13.40% annualized return and ACWI not far behind at 12.85%.

KGGAX

• 1D: 0.12%
• 1M: -0.63%
• YTD: 10.49%
• 6M: 13.24%
• 1Y: 43.00%
• 3Y*: 23.09%
• 5Y*: 11.24%
• 10Y*: 13.40%

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)

KGGAX vs. ACWI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KGGAX Kopernik Global All-Cap Fund Class A	10.49%	64.46%	-4.79%	13.08%	-9.24%	16.59%	36.89%	9.76%	-11.34%	8.77%
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 KGGAX and ACWI is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Nov 7, 2013	0.53

The correlation between KGGAX and ACWI shifts across timeframes, from 0.45 (3 years) to 0.58 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

KGGAX vs. ACWI — Risk / Return Rank

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

KGGAX

KGGAX Risk / Return Rank: 80
KGGAX Sharpe Ratio Rank: 89
KGGAX Sortino Ratio Rank: 75
KGGAX Omega Ratio Rank: 79
KGGAX Calmar Ratio Rank: 86
KGGAX Martin Ratio Rank: 71

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.

KGGAX vs. ACWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kopernik Global All-Cap Fund Class A (KGGAX) 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.

	KGGAX	ACWI	Difference
Sharpe ratio: Return per unit of total volatility	2.93	2.29	+0.63
Sortino ratio: Return per unit of downside risk	3.63	3.17	+0.46
Omega ratio: Gain probability vs. loss probability	1.52	1.41	+0.10
Calmar ratio: Return relative to maximum drawdown	4.11	3.01	+1.09
Martin ratio: Return relative to average drawdown	13.51	13.53	-0.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KGGAX vs. ACWI - Sharpe Ratio Comparison

The current KGGAX Sharpe Ratio is 2.93, which is comparable to the ACWI Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of KGGAX 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

	KGGAX	ACWI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.93	2.29	+0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.71	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	0.75	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.43	+0.19

Drawdowns

KGGAX vs. ACWI - Drawdown Comparison

The maximum KGGAX drawdown since its inception was -45.27%, smaller than the maximum ACWI drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for KGGAX and ACWI.

Drawdown Indicators

	KGGAX	ACWI	Difference
Max Drawdown Largest peak-to-trough decline	-45.27%	-56.00%	+10.73%
Max Drawdown (1Y) Largest decline over 1 year	-10.63%	-9.73%	-0.90%
Max Drawdown (3Y) Largest decline over 3 years	-13.53%	-16.55%	+3.02%
Max Drawdown (5Y) Largest decline over 5 years	-26.59%	-26.42%	-0.17%
Max Drawdown (10Y) Largest decline over 10 years	-31.90%	-33.53%	+1.63%
Current Drawdown Current decline from peak	-4.37%	-0.83%	-3.54%
Average Drawdown Average peak-to-trough decline	-9.67%	-8.61%	-1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	2.16%	+1.06%

Volatility

KGGAX vs. ACWI - Volatility Comparison

The current volatility for Kopernik Global All-Cap Fund Class A (KGGAX) is 3.73%, while iShares MSCI ACWI ETF (ACWI) has a volatility of 3.93%. This indicates that KGGAX experiences smaller price fluctuations and is considered to be less risky than ACWI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KGGAX	ACWI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	3.93%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	12.05%	10.29%	+1.76%
Volatility (1Y) Calculated over the trailing 1-year period	14.93%	12.78%	+2.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.12%	16.05%	-0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.94%	17.11%	-2.17%

KGGAX vs. ACWI - Expense Ratio Comparison

KGGAX has a 1.26% expense ratio, which is higher than ACWI's 0.32% expense ratio.

Dividends

KGGAX vs. ACWI - Dividend Comparison

KGGAX's dividend yield for the trailing twelve months is around 14.58%, 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%
KGGAX Kopernik Global All-Cap Fund Class A	14.58%	16.11%	1.04%	8.29%	13.22%	9.00%	4.59%	2.72%	0.00%	4.12%	3.09%	0.40%

Frequently Asked Questions

Can I hold both KGGAX and ACWI in my portfolio?

KGGAX and ACWI have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KGGAX or ACWI?

ACWI has higher volatility (3.93%) compared to KGGAX (3.73%). In terms of maximum drawdown, KGGAX dropped -45.27% vs ACWI's -56.00%.

Which has better risk-adjusted returns?

KGGAX currently has the higher Sharpe Ratio (2.93 vs 2.29), 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.