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PHAU.AS vs. ACWI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PHAU.AS vs. ACWI

Last updated Jun 26, 2026

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 year, PHAU.AS returned 23.22% vs 27.43% for ACWI. At a 0.14 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

The chart below illustrates the hypothetical performance of a €10,000 investment in WisdomTree Physical Gold UCITS ETC (PHAU.AS) and iShares MSCI ACWI ETF (ACWI). The values are adjusted to include any dividend payments, if applicable.

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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 -3.86% return, which is significantly lower than ACWI's 13.73% return.

PHAU.AS

1D
0.06%
1M
-8.84%
YTD
-3.86%
6M
-7.39%
1Y
23.22%
3Y*
—
5Y*
—
10Y*
—

ACWI

1D
0.24%
1M
0.94%
YTD
13.73%
6M
13.06%
1Y
27.43%
3Y*
18.49%
5Y*
11.77%
10Y*
12.97%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PHAU.AS vs. ACWI - Yearly Performance Comparison

2026 (YTD)20252024
PHAU.AS
WisdomTree Physical Gold UCITS ETC		-3.86%45.53%15.91%
ACWI
iShares MSCI ACWI ETF		13.73%7.89%12.79%

Correlation

The correlation between PHAU.AS and ACWI is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.23

Correlation (All Time)
Calculated using the full available price history since May 30, 2024

0.14

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

WisdomTree Physical Gold UCITS ETC

iShares MSCI ACWI ETF

Often compared with PHAU.AS:
PHAU.AS vs. XDEM.DEPHAU.AS vs. SMHPHAU.AS vs. IGLN.LPHAU.AS vs. SGLP.LPHAU.AS vs. MINV.LPHAU.AS vs. IGIL.LPHAU.AS vs. ICOM.L
Often compared with ACWI:
ACWI vs. VTACWI vs. SPYACWI vs. VWRL.LACWI vs. ACWXACWI vs. ACWI.LACWI vs. VOOACWI vs. VTI

Return for Risk

PHAU.AS vs. ACWI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PHAU.AS
PHAU.AS Risk / Return Rank: 2626
Overall Rank
PHAU.AS Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
PHAU.AS Sortino Ratio Rank: 2626
Sortino Ratio Rank
PHAU.AS Omega Ratio Rank: 3030
Omega Ratio Rank
PHAU.AS Calmar Ratio Rank: 2323
Calmar Ratio Rank
PHAU.AS Martin Ratio Rank: 2323
Martin Ratio Rank
ACWI
ACWI Risk / Return Rank: 6363
Overall Rank
ACWI Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
ACWI Sortino Ratio Rank: 6262
Sortino Ratio Rank
ACWI Omega Ratio Rank: 6363
Omega Ratio Rank
ACWI Calmar Ratio Rank: 5959
Calmar Ratio Rank
ACWI Martin Ratio Rank: 6868
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.

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.

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.

PHAU.ASACWIDifference
Sharpe ratioReturn per unit of total volatility
0.96
2.15

-1.19

Sortino ratioReturn per unit of downside risk
1.36
2.81

-1.46

Omega ratioGain probability vs. loss probability

1.19

1.40

-0.21

Calmar ratioReturn relative to maximum drawdown

1.03

3.87

-2.84

Martin ratioReturn relative to average drawdown

2.86

15.91

-13.05

PHAU.AS vs. ACWI - Sharpe Ratio Comparison

The current PHAU.AS Sharpe Ratio is 0.96, which is lower than the ACWI Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of PHAU.AS 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

PHAU.AS vs. ACWI - Drawdown Comparison

The maximum PHAU.AS drawdown since its inception was -22.17%, 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.ASACWIDifference

Max Drawdown

Largest peak-to-trough decline

-22.17%

-45.79%

+23.62%

Max Drawdown (1Y)

Largest decline over 1 year

-22.17%

-7.11%

-15.06%

Max Drawdown (3Y)

Largest decline over 3 years

—

-20.51%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-20.51%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-32.80%

—

Current Drawdown

Current decline from peak

-22.12%

-1.32%

-20.80%

Average Drawdown

Average peak-to-trough decline

-3.68%

-6.41%

+2.73%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.07%

1.73%

+6.34%

Volatility

PHAU.AS vs. ACWI - Volatility Comparison

WisdomTree Physical Gold UCITS ETC (PHAU.AS) has a higher volatility of 7.97% compared to iShares MSCI ACWI ETF (ACWI) at 4.60%. 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.ASACWIDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.97%

4.60%

+3.37%

Volatility (6M)

Calculated over the trailing 6-month period

21.25%

10.06%

+11.19%

Volatility (1Y)

Calculated over the trailing 1-year period

23.91%

12.81%

+11.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.16%

15.22%

+4.94%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.16%

16.98%

+3.18%

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 1.45%.

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%
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 0.23, 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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