NZAC vs. KLMT

Last updated Jun 4, 2026

NZAC (SPDR MSCI ACWI Climate Paris Aligned ETF) and KLMT (Invesco MSCI Global Climate 500 ETF) are both Global Equities funds - NZAC tracks the MSCI ACWI Climate Paris Aligned Index while KLMT tracks the MSCI ACWI Select Climate 500 Index. Both are passively managed. Over the past year, NZAC returned 24.74% vs 27.86% for KLMT. With a 0.95 correlation, they move nearly in lockstep. NZAC charges 0.12%/yr vs 0.10%/yr for KLMT.

Performance

NZAC vs. KLMT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) and Invesco MSCI Global Climate 500 ETF (KLMT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NZAC achieves a 8.83% return, which is significantly lower than KLMT's 12.04% return.

NZAC

• 1D: -0.82%
• 1M: 4.49%
• YTD: 8.83%
• 6M: 9.51%
• 1Y: 24.74%
• 3Y*: 19.06%
• 5Y*: 9.88%
• 10Y*: 12.16%

KLMT

• 1D: -0.78%
• 1M: 5.23%
• YTD: 12.04%
• 6M: 12.88%
• 1Y: 27.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NZAC vs. KLMT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF	8.83%	20.55%	6.17%
KLMT Invesco MSCI Global Climate 500 ETF	12.04%	21.31%	4.94%

Correlation

The correlation between NZAC and KLMT is 0.96 - 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	0.96
Correlation (All Time) Calculated using the full available price history since Jun 27, 2024	0.95

The correlation between NZAC and KLMT has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

NZAC vs. KLMT - Sectors Allocation Comparison

Sectors	NZAC	KLMT
Technology	34.3%	30.0%
Financial Services	13.1%	16.9%
Communication Services	8.5%	9.6%
Consumer Cyclical	8.2%	9.2%
Healthcare	7.8%	8.0%
Industrials	7.3%	10.2%
Real Estate	5.2%	2.7%
Basic Materials	1.9%	2.8%
Utilities	1.4%	2.0%
Energy	1.2%	4.1%
Consumer Defensive	1.0%	4.6%

Return for Risk

NZAC vs. KLMT — Risk / Return Rank

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

NZAC

NZAC Risk / Return Rank: 56
NZAC Sharpe Ratio Rank: 56
NZAC Sortino Ratio Rank: 57
NZAC Omega Ratio Rank: 55
NZAC Calmar Ratio Rank: 49
NZAC Martin Ratio Rank: 60

KLMT

KLMT Risk / Return Rank: 67
KLMT Sharpe Ratio Rank: 68
KLMT Sortino Ratio Rank: 68
KLMT Omega Ratio Rank: 67
KLMT Calmar Ratio Rank: 60
KLMT Martin Ratio Rank: 70

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.

NZAC vs. KLMT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) and Invesco MSCI Global Climate 500 ETF (KLMT). 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.

	NZAC	KLMT	Difference
Sharpe ratio Return per unit of total volatility	1.92	2.22	-0.30
Sortino ratio Return per unit of downside risk	2.71	3.10	-0.39
Omega ratio Gain probability vs. loss probability	1.34	1.40	-0.06
Calmar ratio Return relative to maximum drawdown	2.46	2.93	-0.47
Martin ratio Return relative to average drawdown	10.68	12.75	-2.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NZAC vs. KLMT - Sharpe Ratio Comparison

The current NZAC Sharpe Ratio is 1.92, which is comparable to the KLMT Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of NZAC and KLMT, 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

	NZAC	KLMT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.92	2.22	-0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	1.28	-0.67

Drawdowns

NZAC vs. KLMT - Drawdown Comparison

The maximum NZAC drawdown since its inception was -33.72%, which is greater than KLMT's maximum drawdown of -16.87%. Use the drawdown chart below to compare losses from any high point for NZAC and KLMT.

Drawdown Indicators

	NZAC	KLMT	Difference
Max Drawdown Largest peak-to-trough decline	-33.72%	-16.87%	-16.85%
Max Drawdown (1Y) Largest decline over 1 year	-10.10%	-9.54%	-0.56%
Max Drawdown (3Y) Largest decline over 3 years	-16.19%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.31%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	—	—
Current Drawdown Current decline from peak	-0.82%	-0.78%	-0.04%
Average Drawdown Average peak-to-trough decline	-5.32%	-1.91%	-3.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	2.19%	+0.13%

Volatility

NZAC vs. KLMT - Volatility Comparison

SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) and Invesco MSCI Global Climate 500 ETF (KLMT) have volatilities of 3.72% and 3.76%, 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

	NZAC	KLMT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	3.76%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	10.34%	10.07%	+0.27%
Volatility (1Y) Calculated over the trailing 1-year period	12.94%	12.61%	+0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.81%	15.85%	+0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.14%	15.85%	+1.29%

NZAC vs. KLMT - Expense Ratio Comparison

NZAC has a 0.12% expense ratio, which is higher than KLMT's 0.10% expense ratio. However, 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. KLMT - Dividend Comparison

NZAC's dividend yield for the trailing twelve months is around 2.04%, more than KLMT's 1.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KLMT Invesco MSCI Global Climate 500 ETF	1.75%	1.95%	0.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF	2.04%	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

Can I hold both NZAC and KLMT in my portfolio?

With a correlation of 0.96, NZAC and KLMT 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, NZAC or KLMT?

KLMT has higher volatility (3.76%) compared to NZAC (3.72%). In terms of maximum drawdown, NZAC dropped -33.72% vs KLMT's -16.87%.

Which ETF is better, NZAC or KLMT?

On 1-year performance, KLMT leads with 27.86% vs 24.74% for NZAC. On fees, KLMT is cheaper at 0.10% 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, NZAC or KLMT?

Over the 1-year period, KLMT has performed better with a 27.86% return vs 24.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NZAC or KLMT?

KLMT is cheaper with a 0.10% expense ratio, compared with 0.12% for NZAC.

Which ETF pays a higher dividend yield, NZAC or KLMT?

NZAC has the higher dividend yield at 2.04%, compared with 1.75% for KLMT.

What is the main difference between NZAC and KLMT?

NZAC tracks MSCI ACWI Climate Paris Aligned Index, while KLMT tracks MSCI ACWI Select Climate 500 Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.12% for NZAC and 0.10% for KLMT.

Which has better risk-adjusted returns?

KLMT currently has the higher Sharpe Ratio (2.22 vs 1.92), 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.