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PNI.AX vs. IWDA.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PNI.AX vs. IWDA.L

Last updated Jun 13, 2026

PNI.AX (Pinnacle Investment Management Group Limited) is a stock, while IWDA.L (iShares Core MSCI World UCITS ETF USD (Acc)) is Global Equities fund tracking the MSCI World Index (Net). Over the past 10 years, PNI.AX returned 30.67%/yr vs 13.81%/yr for IWDA.L. At a 0.11 correlation, their price movements are largely independent.

Performance

PNI.AX vs. IWDA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Pinnacle Investment Management Group Limited (PNI.AX) and iShares Core MSCI World UCITS ETF USD (Acc) (IWDA.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

PNI.AX is traded in AUD, while IWDA.L is traded in USD. To make them comparable, the IWDA.L values have been converted to AUD using the latest available exchange rates.

Returns By Period

In the year-to-date period, PNI.AX achieves a -8.45% return, which is significantly lower than IWDA.L's 2.75% return. Over the past 10 years, PNI.AX has outperformed IWDA.L with an annualized return of 30.67%, while IWDA.L has yielded a comparatively lower 13.81% annualized return.

PNI.AX

1D
1.55%
1M
0.90%
YTD
-8.45%
6M
-7.05%
1Y
-20.50%
3Y*
22.02%
5Y*
10.43%
10Y*
30.67%

IWDA.L

1D
2.21%
1M
2.64%
YTD
2.75%
6M
3.78%
1Y
14.10%
3Y*
17.95%
5Y*
13.49%
10Y*
13.81%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PNI.AX vs. IWDA.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PNI.AX
Pinnacle Investment Management Group Limited		-8.45%-22.80%133.43%20.10%-42.17%124.85%57.06%9.68%20.71%55.76%
IWDA.L
iShares Core MSCI World UCITS ETF USD (Acc)		2.75%12.24%31.10%24.36%-12.70%29.35%5.86%27.72%0.74%13.40%

Correlation

The correlation between PNI.AX and IWDA.L is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.21

Correlation (3Y)
Calculated over the trailing 3-year period

0.22

Correlation (5Y)
Calculated over the trailing 5-year period

0.22

Correlation (10Y)
Calculated over the trailing 10-year period

0.16

Correlation (All Time)
Calculated using the full available price history since Sep 25, 2009

0.11

The correlation between PNI.AX and IWDA.L shifts across timeframes, from 0.11 (all time) to 0.22 (5 years), reflecting how their relationship changes across market environments.

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Pinnacle Investment Management Group Limited

iShares Core MSCI World UCITS ETF USD (Acc)

Often compared with PNI.AX:
PNI.AX vs. MQG.AXPNI.AX vs. VUL.AXPNI.AX vs. GDG.AXPNI.AX vs. BRK-BPNI.AX vs. SPYPNI.AX vs. KKRPNI.AX vs. III.L
Often compared with IWDA.L:
IWDA.L vs. VWCE.DEIWDA.L vs. SWDA.LIWDA.L vs. VWRP.LIWDA.L vs. VUAA.LIWDA.L vs. URTHIWDA.L vs. ACWI.LIWDA.L vs. SPY

Return for Risk

PNI.AX vs. IWDA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PNI.AX
PNI.AX Risk / Return Rank: 2424
Overall Rank
PNI.AX Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
PNI.AX Sortino Ratio Rank: 2020
Sortino Ratio Rank
PNI.AX Omega Ratio Rank: 2121
Omega Ratio Rank
PNI.AX Calmar Ratio Rank: 2727
Calmar Ratio Rank
PNI.AX Martin Ratio Rank: 2929
Martin Ratio Rank
IWDA.L
IWDA.L Risk / Return Rank: 6969
Overall Rank
IWDA.L Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
IWDA.L Sortino Ratio Rank: 7575
Sortino Ratio Rank
IWDA.L Omega Ratio Rank: 6666
Omega Ratio Rank
IWDA.L Calmar Ratio Rank: 6464
Calmar Ratio Rank
IWDA.L Martin Ratio Rank: 7272
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.

PNI.AX vs. IWDA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pinnacle Investment Management Group Limited (PNI.AX) and iShares Core MSCI World UCITS ETF USD (Acc) (IWDA.L). 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.

PNI.AXIWDA.LDifference
Sharpe ratioReturn per unit of total volatility
-0.52
1.25

-1.77

Sortino ratioReturn per unit of downside risk
-0.53
1.85

-2.38

Omega ratioGain probability vs. loss probability

0.94

1.23

-0.29

Calmar ratioReturn relative to maximum drawdown

-0.46

1.39

-1.84

Martin ratioReturn relative to average drawdown

-0.75

4.19

-4.94

PNI.AX vs. IWDA.L - Sharpe Ratio Comparison

The current PNI.AX Sharpe Ratio is -0.52, which is lower than the IWDA.L Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of PNI.AX and IWDA.L, 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

PNI.AX vs. IWDA.L - Drawdown Comparison

The maximum PNI.AX drawdown since its inception was -96.41%, which is greater than IWDA.L's maximum drawdown of -24.44%. Use the drawdown chart below to compare losses from any high point for PNI.AX and IWDA.L.

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Drawdown Indicators

PNI.AXIWDA.LDifference

Max Drawdown

Largest peak-to-trough decline

-96.41%

-24.44%

-71.97%

Max Drawdown (1Y)

Largest decline over 1 year

-49.14%

-10.29%

-38.85%

Max Drawdown (3Y)

Largest decline over 3 years

-49.75%

-15.26%

-34.49%

Max Drawdown (5Y)

Largest decline over 5 years

-64.37%

-20.72%

-43.65%

Max Drawdown (10Y)

Largest decline over 10 years

-68.78%

-24.44%

-44.34%

Current Drawdown

Current decline from peak

-37.98%

-0.04%

-37.94%

Average Drawdown

Average peak-to-trough decline

-51.38%

-4.73%

-46.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

30.24%

3.41%

+26.83%

Volatility

PNI.AX vs. IWDA.L - Volatility Comparison

Pinnacle Investment Management Group Limited (PNI.AX) has a higher volatility of 9.09% compared to iShares Core MSCI World UCITS ETF USD (Acc) (IWDA.L) at 3.58%. This indicates that PNI.AX's price experiences larger fluctuations and is considered to be riskier than IWDA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PNI.AXIWDA.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.09%

3.58%

+5.51%

Volatility (6M)

Calculated over the trailing 6-month period

33.14%

8.82%

+24.32%

Volatility (1Y)

Calculated over the trailing 1-year period

43.15%

11.47%

+31.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

42.19%

14.53%

+27.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

44.24%

14.74%

+29.50%

Dividends

PNI.AX vs. IWDA.L - Dividend Comparison

PNI.AX's dividend yield for the trailing twelve months is around 1.72%, while IWDA.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
IWDA.L
iShares Core MSCI World UCITS ETF USD (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
PNI.AX
Pinnacle Investment Management Group Limited		1.72%3.50%1.84%3.57%4.01%1.84%2.17%3.30%2.64%1.50%3.42%3.56%

Frequently Asked Questions

PNI.AX and IWDA.L have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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