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SIZE vs. ACWI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SIZE vs. ACWI

Last updated Jun 4, 2026

SIZE (iShares MSCI USA Size Factor ETF) and ACWI (iShares MSCI ACWI ETF) are both exchange-traded funds - SIZE is a Mid Cap Blend Equities fund tracking the MSCI USA Low Size Index, while ACWI is a Global Equities fund tracking the MSCI All Country World Index. Both are passively managed. Over the past 10 years, SIZE returned 11.76%/yr vs 12.85%/yr for ACWI. Their correlation of 0.83 suggests significant overlap in exposure. SIZE charges 0.15%/yr vs 0.32%/yr for ACWI.

Performance

SIZE vs. ACWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Size Factor ETF (SIZE) 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, SIZE achieves a 9.07% return, which is significantly lower than ACWI's 12.13% return. Over the past 10 years, SIZE has underperformed ACWI with an annualized return of 11.76%, while ACWI has yielded a comparatively higher 12.85% annualized return.

SIZE

1D
-0.68%
1M
3.62%
YTD
9.07%
6M
8.29%
1Y
18.11%
3Y*
15.94%
5Y*
8.07%
10Y*
11.76%

ACWI

1D
-0.83%
1M
5.28%
YTD
12.13%
6M
12.96%
1Y
29.18%
3Y*
21.15%
5Y*
11.28%
10Y*
12.85%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SIZE vs. ACWI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SIZE
iShares MSCI USA Size Factor ETF		9.07%10.51%14.37%17.78%-15.86%25.05%16.26%28.97%-6.59%18.76%
ACWI
iShares MSCI ACWI ETF		12.13%22.41%17.45%22.27%-18.39%18.66%16.34%26.59%-9.19%24.33%

Correlation

The correlation between SIZE and ACWI is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.77

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

0.84

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

0.90

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

0.88

Correlation (All Time)
Calculated using the full available price history since Apr 19, 2013

0.83

The correlation between SIZE and ACWI shifts across timeframes, from 0.77 (1 year) to 0.90 (5 years), reflecting how their relationship changes across market environments.

SIZE vs. ACWI - Sectors Allocation Comparison

Sectors
SIZE
ACWI

Technology

19.9%
29.4%

Industrials

16.1%
10.9%

Financial Services

13.5%
16.1%

Consumer Cyclical

9.8%
9.3%

Healthcare

9.6%
8.1%

Real Estate

5.7%
1.8%

Consumer Defensive

5.7%
5.0%

Utilities

5.5%
2.6%

Energy

5.2%
4.2%

Basic Materials

4.8%
3.7%

Communication Services

4.1%
9.0%

Technology

SIZE
19.9%
ACWI
29.4%

Industrials

SIZE
16.1%
ACWI
10.9%

Financial Services

SIZE
13.5%
ACWI
16.1%

Consumer Cyclical

SIZE
9.8%
ACWI
9.3%

Healthcare

SIZE
9.6%
ACWI
8.1%

Real Estate

SIZE
5.7%
ACWI
1.8%

Consumer Defensive

SIZE
5.7%
ACWI
5.0%

Utilities

SIZE
5.5%
ACWI
2.6%

Energy

SIZE
5.2%
ACWI
4.2%

Basic Materials

SIZE
4.8%
ACWI
3.7%

Communication Services

SIZE
4.1%
ACWI
9.0%

Compare stocks, funds, or ETFs

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iShares MSCI USA Size Factor ETF

iShares MSCI ACWI ETF

Often compared with SIZE:
SIZE vs. XLGSIZE vs. SPYSIZE vs. QUALSIZE vs. QDVA.DESIZE vs. VIGSIZE vs. VOOSIZE vs. QGRO
Often compared with ACWI:
ACWI vs. VTACWI vs. SPYACWI vs. VWRL.LACWI vs. ACWXACWI vs. ACWI.LACWI vs. VOOACWI vs. VTI

Return for Risk

SIZE vs. ACWI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SIZE
SIZE Risk / Return Rank: 4444
Overall Rank
SIZE Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
SIZE Sortino Ratio Rank: 4242
Sortino Ratio Rank
SIZE Omega Ratio Rank: 3838
Omega Ratio Rank
SIZE Calmar Ratio Rank: 4646
Calmar Ratio Rank
SIZE Martin Ratio Rank: 5252
Martin Ratio Rank
ACWI
ACWI Risk / Return Rank: 6666
Overall Rank
ACWI Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
ACWI Sortino Ratio Rank: 6767
Sortino Ratio Rank
ACWI Omega Ratio Rank: 6767
Omega Ratio Rank
ACWI Calmar Ratio Rank: 5959
Calmar Ratio Rank
ACWI Martin Ratio Rank: 7171
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.

SIZE vs. ACWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Size Factor ETF (SIZE) 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.

SIZEACWIDifference
Sharpe ratioReturn per unit of total volatility
1.43
2.29

-0.86

Sortino ratioReturn per unit of downside risk
2.12
3.17

-1.04

Omega ratioGain probability vs. loss probability

1.25

1.41

-0.16

Calmar ratioReturn relative to maximum drawdown

2.28

3.01

-0.73

Martin ratioReturn relative to average drawdown

8.88

13.53

-4.65

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SIZE vs. ACWI - Sharpe Ratio Comparison

The current SIZE Sharpe Ratio is 1.43, which is lower than the ACWI Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of SIZE 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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Sharpe Ratios by Period

SIZEACWIDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.43

2.29

-0.86

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.47

0.71

-0.24

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.63

0.75

-0.12

Sharpe Ratio (All Time)

Calculated using the full available price history

0.68

0.43

+0.26

Drawdowns

SIZE vs. ACWI - Drawdown Comparison

The maximum SIZE drawdown since its inception was -39.15%, smaller than the maximum ACWI drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for SIZE and ACWI.

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Drawdown Indicators

SIZEACWIDifference

Max Drawdown

Largest peak-to-trough decline

-39.15%

-56.00%

+16.85%

Max Drawdown (1Y)

Largest decline over 1 year

-7.97%

-9.73%

+1.76%

Max Drawdown (3Y)

Largest decline over 3 years

-18.71%

-16.55%

-2.16%

Max Drawdown (5Y)

Largest decline over 5 years

-24.03%

-26.42%

+2.39%

Max Drawdown (10Y)

Largest decline over 10 years

-39.15%

-33.53%

-5.62%

Current Drawdown

Current decline from peak

-0.68%

-0.83%

+0.15%

Average Drawdown

Average peak-to-trough decline

-4.18%

-8.61%

+4.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.04%

2.16%

-0.12%

Volatility

SIZE vs. ACWI - Volatility Comparison

The current volatility for iShares MSCI USA Size Factor ETF (SIZE) is 3.17%, while iShares MSCI ACWI ETF (ACWI) has a volatility of 3.93%. This indicates that SIZE 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

SIZEACWIDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.17%

3.93%

-0.76%

Volatility (6M)

Calculated over the trailing 6-month period

9.54%

10.29%

-0.75%

Volatility (1Y)

Calculated over the trailing 1-year period

12.73%

12.78%

-0.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.39%

16.05%

+1.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.69%

17.11%

+1.58%

SIZE vs. ACWI - Expense Ratio Comparison

SIZE has a 0.15% expense ratio, which is lower than ACWI's 0.32% expense ratio.

Dividends

SIZE vs. ACWI - Dividend Comparison

SIZE's dividend yield for the trailing twelve months is around 1.42%, more than ACWI's 1.38% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
SIZE
iShares MSCI USA Size Factor ETF		1.42%1.50%1.53%1.42%1.59%1.19%1.43%1.35%2.43%1.58%1.88%1.95%

Frequently Asked Questions

SIZE and ACWI have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ACWI has higher volatility (3.93%) compared to SIZE (3.17%). In terms of maximum drawdown, SIZE dropped -39.15% vs ACWI's -56.00%.

On 10-year performance, ACWI leads with 12.85% vs 11.76% for SIZE. On fees, SIZE is cheaper at 0.15% per year. On volatility, SIZE has been the lower-risk option at 3.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, ACWI has performed better with a 12.85% return vs 11.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SIZE is cheaper with a 0.15% expense ratio, compared with 0.32% for ACWI.

SIZE has the higher dividend yield at 1.42%, compared with 1.38% for ACWI.

SIZE is categorized as Mid Cap Blend Equities, while ACWI is Global Equities. SIZE tracks MSCI USA Low Size Index, while ACWI tracks MSCI All Country World Index. Their fees differ too: 0.15% for SIZE and 0.32% for ACWI.

ACWI currently has the higher Sharpe Ratio (2.29 vs 1.43), 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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