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PABD vs. ACWI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PABD vs. ACWI

Last updated Jun 24, 2026

PABD (iShares Paris-Aligned Climate MSCI World Ex USA ETF) and ACWI (iShares MSCI ACWI ETF) are both exchange-traded funds - PABD is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net, while ACWI is a Global Equities fund tracking the MSCI All Country World Index. Both are passively managed. Over the past year, PABD returned 19.72% vs 25.60% for ACWI. Their correlation of 0.84 suggests significant overlap in exposure. PABD charges 0.12%/yr vs 0.32%/yr for ACWI.

Performance

PABD vs. ACWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) 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, PABD achieves a 6.96% return, which is significantly lower than ACWI's 9.86% return.

PABD

1D
-1.88%
1M
0.85%
YTD
6.96%
6M
6.59%
1Y
19.72%
3Y*
—
5Y*
—
10Y*
—

ACWI

1D
-2.00%
1M
-0.35%
YTD
9.86%
6M
9.11%
1Y
25.60%
3Y*
20.00%
5Y*
10.74%
10Y*
13.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PABD vs. ACWI - Yearly Performance Comparison

2026 (YTD)20252024
PABD
iShares Paris-Aligned Climate MSCI World Ex USA ETF		6.96%30.06%5.32%
ACWI
iShares MSCI ACWI ETF		9.86%22.41%18.75%

Correlation

The correlation between PABD and ACWI is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.88

Correlation (All Time)
Calculated using the full available price history since Jan 19, 2024

0.84

The correlation between PABD and ACWI has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.

PABD vs. ACWI - Sectors Allocation Comparison

Sectors
PABD
ACWI

Financial Services

29.8%
15.9%

Industrials

15.7%
10.3%

Technology

14.5%
33.0%

Healthcare

11.4%
7.7%

Real Estate

6.1%
1.6%

Basic Materials

5.0%
3.6%

Consumer Cyclical

4.7%
8.6%

Consumer Defensive

4.7%
4.7%

Utilities

4.4%
2.7%

Communication Services

3.1%
8.0%

Energy

0.2%
3.6%

Financial Services

PABD
29.8%
ACWI
15.9%

Industrials

PABD
15.7%
ACWI
10.3%

Technology

PABD
14.5%
ACWI
33.0%

Healthcare

PABD
11.4%
ACWI
7.7%

Real Estate

PABD
6.1%
ACWI
1.6%

Basic Materials

PABD
5.0%
ACWI
3.6%

Consumer Cyclical

PABD
4.7%
ACWI
8.6%

Consumer Defensive

PABD
4.7%
ACWI
4.7%

Utilities

PABD
4.4%
ACWI
2.7%

Communication Services

PABD
3.1%
ACWI
8.0%

Energy

PABD
0.2%
ACWI
3.6%

Compare stocks, funds, or ETFs

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iShares Paris-Aligned Climate MSCI World Ex USA ETF

iShares MSCI ACWI ETF

Often compared with PABD:
PABD vs. ESMVPABD vs. CVIEPABD vs. DMXFPABD vs. VOOPABD vs. CHPSPABD vs. ESGDPABD vs. BBEU
Often compared with ACWI:
ACWI vs. VTACWI vs. SPYACWI vs. VWRL.LACWI vs. ACWXACWI vs. ACWI.LACWI vs. VOOACWI vs. VTI

Return for Risk

PABD vs. ACWI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PABD
PABD Risk / Return Rank: 3636
Overall Rank
PABD Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
PABD Sortino Ratio Rank: 3737
Sortino Ratio Rank
PABD Omega Ratio Rank: 3636
Omega Ratio Rank
PABD Calmar Ratio Rank: 3333
Calmar Ratio Rank
PABD Martin Ratio Rank: 4040
Martin Ratio Rank
ACWI
ACWI Risk / Return Rank: 5858
Overall Rank
ACWI Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
ACWI Sortino Ratio Rank: 5656
Sortino Ratio Rank
ACWI Omega Ratio Rank: 5858
Omega Ratio Rank
ACWI Calmar Ratio Rank: 5555
Calmar Ratio Rank
ACWI Martin Ratio Rank: 6565
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.

PABD vs. ACWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) 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.

PABDACWIDifference
Sharpe ratioReturn per unit of total volatility
1.24
1.89

-0.65

Sortino ratioReturn per unit of downside risk
1.81
2.60

-0.79

Omega ratioGain probability vs. loss probability

1.22

1.34

-0.12

Calmar ratioReturn relative to maximum drawdown

1.58

2.64

-1.07

Martin ratioReturn relative to average drawdown

5.90

11.51

-5.61

PABD vs. ACWI - Sharpe Ratio Comparison

The current PABD Sharpe Ratio is 1.24, which is lower than the ACWI Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of PABD 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

PABD vs. ACWI - Drawdown Comparison

The maximum PABD drawdown since its inception was -13.37%, smaller than the maximum ACWI drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for PABD and ACWI.

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Drawdown Indicators

PABDACWIDifference

Max Drawdown

Largest peak-to-trough decline

-13.37%

-56.00%

+42.63%

Max Drawdown (1Y)

Largest decline over 1 year

-12.55%

-9.73%

-2.82%

Max Drawdown (3Y)

Largest decline over 3 years

—

-16.55%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-26.42%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.53%

—

Current Drawdown

Current decline from peak

-1.88%

-2.83%

+0.95%

Average Drawdown

Average peak-to-trough decline

-2.61%

-8.59%

+5.98%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.35%

2.23%

+1.12%

Volatility

PABD vs. ACWI - Volatility Comparison

The current volatility for iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) is 5.21%, while iShares MSCI ACWI ETF (ACWI) has a volatility of 5.57%. This indicates that PABD 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.

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Volatility by Period

PABDACWIDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.21%

5.57%

-0.36%

Volatility (6M)

Calculated over the trailing 6-month period

13.67%

11.38%

+2.29%

Volatility (1Y)

Calculated over the trailing 1-year period

16.03%

13.64%

+2.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.66%

16.20%

-0.54%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.66%

17.08%

-1.42%

PABD vs. ACWI - Expense Ratio Comparison

PABD has a 0.12% expense ratio, which is lower than ACWI's 0.32% expense ratio.

Dividends

PABD vs. ACWI - Dividend Comparison

PABD's dividend yield for the trailing twelve months is around 3.05%, more than ACWI's 1.45% yield.

PositionTTM20252024202320222021202020192018201720162015
ACWI
iShares MSCI ACWI ETF		1.45%1.55%1.70%1.88%1.79%1.71%1.43%2.33%2.18%1.94%2.19%2.56%
PABD
iShares Paris-Aligned Climate MSCI World Ex USA ETF		3.05%2.74%2.87%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

PABD and ACWI have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ACWI has higher volatility (5.57%) compared to PABD (5.21%). In terms of maximum drawdown, PABD dropped -13.37% vs ACWI's -56.00%.

On 1-year performance, ACWI leads with 25.60% vs 19.72% for PABD. On fees, PABD is cheaper at 0.12% per year. On volatility, PABD has been the lower-risk option at 5.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, ACWI has performed better with a 25.60% return vs 19.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

PABD is cheaper with a 0.12% expense ratio, compared with 0.32% for ACWI.

PABD has the higher dividend yield at 3.05%, compared with 1.45% for ACWI.

PABD is categorized as Foreign Large Cap Equities, while ACWI is Global Equities. PABD tracks MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net, while ACWI tracks MSCI All Country World Index. Their fees differ too: 0.12% for PABD and 0.32% for ACWI.

ACWI currently has the higher Sharpe Ratio (1.89 vs 1.24), 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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