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SPGM vs. ACWI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPGM vs. ACWI

Last updated Jun 24, 2026

SPGM (SPDR Portfolio MSCI Global Stock Market ETF) and ACWI (iShares MSCI ACWI ETF) are both Global Equities funds - SPGM tracks the MSCI ACWI IMI Index while ACWI tracks the MSCI All Country World Index. Both are passively managed. Over the past 10 years, SPGM returned 13.23%/yr vs 13.09%/yr for ACWI. Their correlation of 0.83 suggests significant overlap in exposure. SPGM charges 0.09%/yr vs 0.32%/yr for ACWI.

Performance

SPGM vs. ACWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio MSCI Global Stock Market ETF (SPGM) 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, SPGM achieves a 10.79% return, which is significantly higher than ACWI's 9.86% return. Both investments have delivered pretty close results over the past 10 years, with SPGM having a 13.23% annualized return and ACWI not far behind at 13.09%.

SPGM

1D
-1.85%
1M
-0.09%
YTD
10.79%
6M
9.88%
1Y
28.37%
3Y*
20.39%
5Y*
11.06%
10Y*
13.23%

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)

SPGM vs. ACWI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPGM
SPDR Portfolio MSCI Global Stock Market ETF		10.79%23.62%16.75%21.34%-17.53%21.13%15.28%26.58%-10.12%23.26%
ACWI
iShares MSCI ACWI ETF		9.86%22.41%17.45%22.27%-18.39%18.66%16.34%26.59%-9.19%24.33%

Correlation

The correlation between SPGM and ACWI is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

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

0.99

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

0.99

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

0.99

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

0.94

Correlation (All Time)
Calculated using the full available price history since Mar 5, 2012

0.83

The correlation between SPGM and ACWI shifts across timeframes, from 0.83 (all time) to 0.99 (5 years), reflecting how their relationship changes across market environments.

SPGM vs. ACWI - Sectors Allocation Comparison

Sectors
SPGM
ACWI

Technology

30.7%
33.0%

Financial Services

15.7%
15.9%

Industrials

12.5%
10.3%

Consumer Cyclical

9.0%
8.6%

Communication Services

8.2%
8.0%

Healthcare

7.9%
7.7%

Consumer Defensive

4.5%
4.7%

Energy

4.0%
3.6%

Basic Materials

3.8%
3.6%

Utilities

2.0%
2.7%

Real Estate

1.8%
1.6%

Technology

SPGM
30.7%
ACWI
33.0%

Financial Services

SPGM
15.7%
ACWI
15.9%

Industrials

SPGM
12.5%
ACWI
10.3%

Consumer Cyclical

SPGM
9.0%
ACWI
8.6%

Communication Services

SPGM
8.2%
ACWI
8.0%

Healthcare

SPGM
7.9%
ACWI
7.7%

Consumer Defensive

SPGM
4.5%
ACWI
4.7%

Energy

SPGM
4.0%
ACWI
3.6%

Basic Materials

SPGM
3.8%
ACWI
3.6%

Utilities

SPGM
2.0%
ACWI
2.7%

Real Estate

SPGM
1.8%
ACWI
1.6%

Compare stocks, funds, or ETFs

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

SPDR Portfolio MSCI Global Stock Market ETF

iShares MSCI ACWI ETF

Often compared with SPGM:
SPGM vs. VTSPGM vs. VOOSPGM vs. VXUSSPGM vs. CWISPGM vs. QWLDSPGM vs. SWRD.ASSPGM vs. SPGP
Often compared with ACWI:
ACWI vs. VTACWI vs. SPYACWI vs. VWRL.LACWI vs. ACWXACWI vs. ACWI.LACWI vs. VOOACWI vs. VTI

Return for Risk

SPGM vs. ACWI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPGM
SPGM Risk / Return Rank: 6666
Overall Rank
SPGM Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
SPGM Sortino Ratio Rank: 6464
Sortino Ratio Rank
SPGM Omega Ratio Rank: 6666
Omega Ratio Rank
SPGM Calmar Ratio Rank: 6363
Calmar Ratio Rank
SPGM Martin Ratio Rank: 7373
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.

SPGM vs. ACWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio MSCI Global Stock Market ETF (SPGM) 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.

SPGMACWIDifference
Sharpe ratioReturn per unit of total volatility
2.08
1.89

+0.19

Sortino ratioReturn per unit of downside risk
2.82
2.60

+0.22

Omega ratioGain probability vs. loss probability

1.38

1.34

+0.03

Calmar ratioReturn relative to maximum drawdown

3.00

2.64

+0.36

Martin ratioReturn relative to average drawdown

13.18

11.51

+1.67

SPGM vs. ACWI - Sharpe Ratio Comparison

The current SPGM Sharpe Ratio is 2.08, which is comparable to the ACWI Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of SPGM 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

SPGM vs. ACWI - Drawdown Comparison

The maximum SPGM drawdown since its inception was -33.97%, smaller than the maximum ACWI drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for SPGM and ACWI.

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Drawdown Indicators

SPGMACWIDifference

Max Drawdown

Largest peak-to-trough decline

-33.97%

-56.00%

+22.03%

Max Drawdown (1Y)

Largest decline over 1 year

-9.50%

-9.73%

+0.23%

Max Drawdown (3Y)

Largest decline over 3 years

-16.90%

-16.55%

-0.35%

Max Drawdown (5Y)

Largest decline over 5 years

-25.93%

-26.42%

+0.49%

Max Drawdown (10Y)

Largest decline over 10 years

-33.97%

-33.53%

-0.44%

Current Drawdown

Current decline from peak

-2.70%

-2.83%

+0.13%

Average Drawdown

Average peak-to-trough decline

-4.79%

-8.59%

+3.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.16%

2.23%

-0.07%

Volatility

SPGM vs. ACWI - Volatility Comparison

SPDR Portfolio MSCI Global Stock Market ETF (SPGM) and iShares MSCI ACWI ETF (ACWI) have volatilities of 5.64% and 5.57%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPGMACWIDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.64%

5.57%

+0.07%

Volatility (6M)

Calculated over the trailing 6-month period

11.44%

11.38%

+0.06%

Volatility (1Y)

Calculated over the trailing 1-year period

13.74%

13.64%

+0.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.16%

16.20%

-0.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.50%

17.08%

+0.42%

SPGM vs. ACWI - Expense Ratio Comparison

SPGM has a 0.09% expense ratio, which is lower than ACWI's 0.32% expense ratio.

Dividends

SPGM vs. ACWI - Dividend Comparison

SPGM's dividend yield for the trailing twelve months is around 1.83%, 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%
SPGM
SPDR Portfolio MSCI Global Stock Market ETF		1.83%1.89%1.98%2.09%2.37%1.94%1.45%2.46%1.89%2.29%1.87%3.70%

Frequently Asked Questions

With a correlation of 0.99, SPGM and ACWI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

SPGM has higher volatility (5.64%) compared to ACWI (5.57%). In terms of maximum drawdown, SPGM dropped -33.97% vs ACWI's -56.00%.

On 10-year performance, SPGM leads with 13.23% vs 13.09% for ACWI. On fees, SPGM is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPGM has performed better with a 13.23% return vs 13.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPGM is cheaper with a 0.09% expense ratio, compared with 0.32% for ACWI.

SPGM has the higher dividend yield at 1.83%, compared with 1.45% for ACWI.

SPGM tracks MSCI ACWI IMI Index, while ACWI tracks MSCI All Country World Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.09% for SPGM and 0.32% for ACWI.

SPGM currently has the higher Sharpe Ratio (2.08 vs 1.89), 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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