PHAU.AS vs. ACWI
PHAU.AS (WisdomTree Physical Gold UCITS ETC) and ACWI (iShares MSCI ACWI ETF) are both exchange-traded funds - PHAU.AS is a Gold fund tracking the LBMA Gold Price PM, while ACWI is a Global Equities fund tracking the MSCI All Country World Index. Both are passively managed. Over the past 10 years, PHAU.AS returned 12.91%/yr vs 12.57%/yr for ACWI. At a 0.04 correlation, their price movements are largely independent. PHAU.AS charges 0.39%/yr vs 0.32%/yr for ACWI.
Performance
PHAU.AS vs. ACWI - Performance Comparison
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Different Trading Currencies
PHAU.AS is traded in EUR, while ACWI is traded in USD. To make them comparable, the ACWI values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, PHAU.AS achieves a 4.61% return, which is significantly lower than ACWI's 13.75% return. Both investments have delivered pretty close results over the past 10 years, with PHAU.AS having a 12.91% annualized return and ACWI not far behind at 12.57%.
PHAU.AS
- 1D
- 0.56%
- 1M
- -1.68%
- YTD
- 4.61%
- 6M
- 6.21%
- 1Y
- 29.74%
- 3Y*
- 27.67%
- 5Y*
- 19.40%
- 10Y*
- 12.91%
ACWI
- 1D
- 0.16%
- 1M
- 5.15%
- YTD
- 13.75%
- 6M
- 13.38%
- 1Y
- 27.07%
- 3Y*
- 18.15%
- 5Y*
- 12.38%
- 10Y*
- 12.57%
PHAU.AS vs. ACWI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PHAU.AS WisdomTree Physical Gold UCITS ETC | 4.61% | 45.53% | 34.03% | 9.32% | 5.55% | 3.63% | 13.51% | 20.41% | 2.85% | -1.37% |
ACWI iShares MSCI ACWI ETF | 13.75% | 7.89% | 25.20% | 18.61% | -13.33% | 27.54% | 6.75% | 29.45% | -4.92% | 9.05% |
Correlation
The correlation between PHAU.AS and ACWI is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2008 | 0.04 |
The correlation between PHAU.AS and ACWI shifts across timeframes, from 0.02 (10 years) to 0.18 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PHAU.AS vs. ACWI — Risk / Return Rank
PHAU.AS
ACWI
PHAU.AS vs. ACWI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Physical Gold UCITS ETC (PHAU.AS) 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.
| PHAU.AS | ACWI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.94 | ||
| Sortino ratioReturn per unit of downside risk | -1.21 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.41 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 3.82 | -2.07 |
| Martin ratioReturn relative to average drawdown | 4.43 | 15.98 | -11.54 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PHAU.AS | ACWI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.27 | 2.21 | -0.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.19 | 0.82 | +0.37 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.89 | 0.74 | +0.15 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 0.55 | +0.11 |
Drawdowns
PHAU.AS vs. ACWI - Drawdown Comparison
The maximum PHAU.AS drawdown since its inception was -37.19%, smaller than the maximum ACWI drawdown of -45.79%. Use the drawdown chart below to compare losses from any high point for PHAU.AS and ACWI.
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Drawdown Indicators
| PHAU.AS | ACWI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.19% | -45.79% | +8.60% |
Max Drawdown (1Y)Largest decline over 1 year | -16.74% | -7.11% | -9.63% |
Max Drawdown (3Y)Largest decline over 3 years | -16.74% | -20.51% | +3.77% |
Max Drawdown (5Y)Largest decline over 5 years | -16.74% | -20.51% | +3.77% |
Max Drawdown (10Y)Largest decline over 10 years | -18.59% | -32.80% | +14.21% |
Current DrawdownCurrent decline from peak | -15.26% | -0.39% | -14.87% |
Average DrawdownAverage peak-to-trough decline | -12.23% | -6.43% | -5.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.66% | 1.70% | +4.96% |
Volatility
PHAU.AS vs. ACWI - Volatility Comparison
WisdomTree Physical Gold UCITS ETC (PHAU.AS) has a higher volatility of 5.17% compared to iShares MSCI ACWI ETF (ACWI) at 3.03%. This indicates that PHAU.AS's price experiences larger fluctuations and is considered to be riskier 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
| PHAU.AS | ACWI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.17% | 3.03% | +2.14% |
Volatility (6M)Calculated over the trailing 6-month period | 20.12% | 9.28% | +10.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.04% | 12.29% | +10.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.99% | 15.11% | +0.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.29% | 16.96% | -2.67% |
PHAU.AS vs. ACWI - Expense Ratio Comparison
PHAU.AS has a 0.39% expense ratio, which is higher than ACWI's 0.32% expense ratio.
Dividends
PHAU.AS vs. ACWI - Dividend Comparison
PHAU.AS has not paid dividends to shareholders, while ACWI's dividend yield for the trailing twelve months is around 1.38%.
| 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% |
PHAU.AS WisdomTree Physical Gold UCITS ETC | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PHAU.AS and ACWI have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ACWI is cheaper at 0.32% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ACWI is cheaper with a 0.32% expense ratio, compared with 0.39% for PHAU.AS.
PHAU.AS is categorized as Gold, while ACWI is Global Equities. PHAU.AS tracks LBMA Gold Price PM, while ACWI tracks MSCI All Country World Index. They also come from different issuers: WisdomTree and iShares. Their fees differ too: 0.39% for PHAU.AS and 0.32% for ACWI.
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