TOK vs. NZAC

Last updated Apr 1, 2026

Compare and contrast key facts about iShares MSCI Kokusai ETF (TOK) and SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC).

TOK and NZAC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TOK is a passively managed fund by iShares that tracks the performance of the MSCI Kokusai Index. It was launched on Dec 10, 2007. NZAC is a passively managed fund by State Street that tracks the performance of the MSCI ACWI Climate Paris Aligned Index. It was launched on Nov 25, 2014. Both TOK and NZAC are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

TOK vs. NZAC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Kokusai ETF (TOK) and SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC). The values are adjusted to include any dividend payments, if applicable.

TOK vs. NZAC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TOK iShares MSCI Kokusai ETF	-3.55%	20.83%	19.52%	24.76%	-17.93%	23.84%	15.06%	30.05%	-7.83%	22.09%
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF	-5.23%	20.55%	16.67%	23.22%	-19.77%	18.35%	17.21%	28.24%	-9.80%	22.93%

Returns By Period

In the year-to-date period, TOK achieves a -3.55% return, which is significantly higher than NZAC's -5.23% return. Over the past 10 years, TOK has outperformed NZAC with an annualized return of 12.42%, while NZAC has yielded a comparatively lower 10.82% annualized return.

TOK

• 1D: 2.91%
• 1M: -5.58%
• YTD: -3.55%
• 6M: -0.58%
• 1Y: 18.61%
• 3Y*: 16.96%
• 5Y*: 10.59%
• 10Y*: 12.42%

NZAC

• 1D: 3.15%
• 1M: -5.91%
• YTD: -5.23%
• 6M: -2.63%
• 1Y: 17.22%
• 3Y*: 15.04%
• 5Y*: 8.05%
• 10Y*: 10.82%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TOK vs. NZAC - Expense Ratio Comparison

TOK has a 0.25% expense ratio, which is higher than NZAC's 0.12% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

TOK

iShares MSCI Kokusai ETF

NZAC

SPDR MSCI ACWI Climate Paris Aligned ETF

Return for Risk

TOK vs. NZAC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TOK

TOK Risk / Return Rank: 68
TOK Sharpe Ratio Rank: 66
TOK Sortino Ratio Rank: 64
TOK Omega Ratio Rank: 66
TOK Calmar Ratio Rank: 70
TOK Martin Ratio Rank: 75

NZAC

NZAC Risk / Return Rank: 61
NZAC Sharpe Ratio Rank: 55
NZAC Sortino Ratio Rank: 59
NZAC Omega Ratio Rank: 59
NZAC Calmar Ratio Rank: 63
NZAC Martin Ratio Rank: 67

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.

TOK vs. NZAC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Kokusai ETF (TOK) and SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC). 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.

	TOK	NZAC	Difference
Sharpe ratio Return per unit of total volatility	1.15	0.97	+0.19
Sortino ratio Return per unit of downside risk	1.61	1.51	+0.09
Omega ratio Gain probability vs. loss probability	1.24	1.22	+0.02
Calmar ratio Return relative to maximum drawdown	1.75	1.59	+0.17
Martin ratio Return relative to average drawdown	7.84	6.70	+1.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TOK vs. NZAC - Sharpe Ratio Comparison

The current TOK Sharpe Ratio is 1.15, which is comparable to the NZAC Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of TOK and NZAC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TOK	NZAC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	0.97	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.48	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.64	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.54	-0.14

Correlation

The correlation between TOK and NZAC is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TOK vs. NZAC - Dividend Comparison

TOK's dividend yield for the trailing twelve months is around 1.42%, less than NZAC's 2.01% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TOK iShares MSCI Kokusai ETF	1.42%	1.37%	1.66%	1.95%	3.55%	1.66%	1.52%	2.12%	2.74%	2.60%	2.56%	3.02%
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF	2.01%	1.90%	1.88%	1.65%	1.81%	1.62%	1.59%	2.17%	2.53%	2.20%	2.00%	2.40%

Drawdowns

TOK vs. NZAC - Drawdown Comparison

The maximum TOK drawdown since its inception was -56.18%, which is greater than NZAC's maximum drawdown of -33.72%. Use the drawdown chart below to compare losses from any high point for TOK and NZAC.

Drawdown Indicators

	TOK	NZAC	Difference
Max Drawdown Largest peak-to-trough decline	-56.18%	-33.72%	-22.46%
Max Drawdown (1Y) Largest decline over 1 year	-10.83%	-10.85%	+0.02%
Max Drawdown (5Y) Largest decline over 5 years	-25.86%	-28.31%	+2.45%
Max Drawdown (10Y) Largest decline over 10 years	-34.82%	-33.72%	-1.10%
Current Drawdown Current decline from peak	-6.43%	-7.27%	+0.84%
Average Drawdown Average peak-to-trough decline	-8.59%	-5.39%	-3.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	2.57%	-0.15%

Volatility

TOK vs. NZAC - Volatility Comparison

The current volatility for iShares MSCI Kokusai ETF (TOK) is 5.61%, while SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) has a volatility of 6.18%. This indicates that TOK experiences smaller price fluctuations and is considered to be less risky than NZAC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOK	NZAC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.61%	6.18%	-0.57%
Volatility (6M) Calculated over the trailing 6-month period	9.39%	10.07%	-0.68%
Volatility (1Y) Calculated over the trailing 1-year period	16.22%	17.91%	-1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.92%	16.73%	-0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.13%	17.09%	+0.04%