NZAC vs. ESGE
NZAC (SPDR MSCI ACWI Climate Paris Aligned ETF) and ESGE (iShares ESG Aware MSCI EM ETF) are both exchange-traded funds - NZAC is a Global Equities fund tracking the MSCI ACWI Climate Paris Aligned Index, while ESGE is a Emerging Markets Equities fund tracking the MSCI EM Extended ESG Focus Index. Both are passively managed. Over the past 10 years, NZAC returned 11.72%/yr vs 8.88%/yr for ESGE. Their 0.74 correlation means they have sometimes moved together and sometimes differently. NZAC charges 0.12%/yr vs 0.25%/yr for ESGE.
Performance
NZAC vs. ESGE - Performance Comparison
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Returns By Period
In the year-to-date period, NZAC achieves a 7.28% return, which is significantly lower than ESGE's 17.50% return. Over the past 10 years, NZAC has outperformed ESGE with an annualized return of 11.72%, while ESGE has yielded a comparatively lower 8.88% annualized return.
NZAC
- 1D
- 0.40%
- 1M
- 0.10%
- 6M
- 6.19%
- YTD
- 7.28%
- 1Y
- 18.88%
- 3Y*
- 16.58%
- 5Y*
- 9.32%
- 10Y*
- 11.72%
- ALL TIME*
- 10.06%
ESGE
- 1D
- 0.92%
- 1M
- -1.79%
- 6M
- 9.17%
- YTD
- 17.50%
- 1Y
- 34.75%
- 3Y*
- 18.81%
- 5Y*
- 6.80%
- 10Y*
- 8.88%
- ALL TIME*
- 8.86%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $53.52M | $39.94M | $58.74M | |
| $201.08K | $143.38K | $203.83K |
NZAC vs. ESGE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF | 7.28% | 20.55% | 16.67% | 23.22% | -19.77% | 18.35% | 17.21% | 28.24% | -9.80% | 22.93% |
ESGE iShares ESG Aware MSCI EM ETF | 17.50% | 35.86% | 6.63% | 9.51% | -22.41% | -2.87% | 18.60% | 20.37% | -15.24% | 38.86% |
Correlation
The correlation between NZAC and ESGE is 0.82, 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. | 0.82 |
Correlation (3Y) Balances recent behavior with more history. | 0.75 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.75 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.74 |
Correlation (All Time) Calculated using the full available price history since Jul 20, 2016 | 0.74 |
The correlation between NZAC and ESGE has been stable across timeframes, ranging from 0.74 to 0.82 - a consistent structural relationship.
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Return for Risk
NZAC vs. ESGE — Risk / Return Rank
NZAC
ESGE
NZAC vs. ESGE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) and iShares ESG Aware MSCI EM ETF (ESGE). 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.
| NZAC | ESGE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.27 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 2.44 | -0.70 |
| Martin ratioReturn relative to average drawdown | 6.88 | 7.40 | -0.51 |
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Drawdowns
NZAC vs. ESGE - Drawdown Comparison
The maximum NZAC drawdown since its inception was -33.72%, smaller than the maximum ESGE drawdown of -41.07%. Use the drawdown chart below to compare losses from any high point for NZAC and ESGE.
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Drawdown Indicators
| NZAC | ESGE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.72% | -41.07% | +7.35% |
Max Drawdown (1Y)Largest decline over 1 year | -10.10% | -13.90% | +3.80% |
Max Drawdown (3Y)Largest decline over 3 years | -16.19% | -16.71% | +0.52% |
Max Drawdown (5Y)Largest decline over 5 years | -28.31% | -37.07% | +8.76% |
Max Drawdown (10Y)Largest decline over 10 years | -33.72% | -41.07% | +7.35% |
Current DrawdownCurrent decline from peak | -2.23% | -9.30% | +7.07% |
Average DrawdownAverage peak-to-trough decline | -5.28% | -14.34% | +9.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.55% | 4.58% | -2.03% |
Volatility
NZAC vs. ESGE - Volatility Comparison
The current volatility for SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) is 4.07%, while iShares ESG Aware MSCI EM ETF (ESGE) has a volatility of 9.09%. This indicates that NZAC experiences smaller price fluctuations and is considered to be less risky than ESGE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NZAC | ESGE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.07% | 9.09% | -5.02% |
Volatility (6M)Calculated over the trailing 6-month period | 11.66% | 22.33% | -10.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.03% | 24.45% | -10.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.96% | 19.98% | -3.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.07% | 20.35% | -3.28% |
NZAC vs. ESGE - Expense Ratio Comparison
NZAC has a 0.12% expense ratio, which is lower than ESGE's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
NZAC vs. ESGE - Dividend Comparison
NZAC's dividend yield for the trailing twelve months is around 2.07%, less than ESGE's 2.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ESGE iShares ESG Aware MSCI EM ETF | 2.20% | 2.50% | 2.41% | 2.64% | 2.68% | 2.66% | 1.31% | 2.59% | 2.19% | 1.86% | 0.27% | 0.00% |
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF | 2.07% | 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
NZAC and ESGE have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ESGE has higher volatility (9.09%) compared to NZAC (4.07%). In terms of maximum drawdown, NZAC dropped -33.72% vs ESGE's -41.07%.
On 10-year performance, NZAC leads with 11.72% vs 8.88% for ESGE. On fees, NZAC is cheaper at 0.12% per year. On volatility, NZAC has been the lower-risk option at 4.07%. 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 11.72% return vs 8.88%. 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 0.25% for ESGE.
ESGE has the higher dividend yield at 2.20%, compared with 2.07% for NZAC.
NZAC is categorized as Global Equities, while ESGE is Emerging Markets Equities. NZAC tracks MSCI ACWI Climate Paris Aligned Index, while ESGE tracks MSCI EM Extended ESG Focus Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.12% for NZAC and 0.25% for ESGE.
ESGE currently has the higher Sharpe Ratio (1.39 vs 1.25), 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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