TOK vs. URTH

Last updated Jun 3, 2026

TOK (iShares MSCI Kokusai ETF) and URTH (iShares MSCI World ETF) are both exchange-traded funds - TOK is a Large Cap Growth Equities fund tracking the MSCI Kokusai Index, while URTH is a Global Equities fund tracking the MSCI World Index (Net). Both are passively managed. Over the past 10 years, TOK returned 13.69%/yr vs 13.28%/yr for URTH. Their correlation of 0.81 suggests significant overlap in exposure. TOK charges 0.25%/yr vs 0.24%/yr for URTH.

Performance

TOK vs. URTH - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with TOK having a 10.63% return and URTH slightly higher at 10.99%. Both investments have delivered pretty close results over the past 10 years, with TOK having a 13.69% annualized return and URTH not far behind at 13.28%.

TOK

• 1D: 0.40%
• 1M: 4.64%
• YTD: 10.63%
• 6M: 11.78%
• 1Y: 27.20%
• 3Y*: 21.30%
• 5Y*: 12.54%
• 10Y*: 13.69%

URTH

• 1D: 0.40%
• 1M: 4.79%
• YTD: 10.99%
• 6M: 12.18%
• 1Y: 27.36%
• 3Y*: 21.11%
• 5Y*: 12.23%
• 10Y*: 13.28%

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

TOK vs. URTH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TOK iShares MSCI Kokusai ETF	10.63%	20.83%	19.52%	24.76%	-17.93%	23.84%	15.06%	30.05%	-7.83%	22.09%
URTH iShares MSCI World ETF	10.99%	21.36%	18.66%	23.95%	-17.97%	22.27%	15.78%	28.15%	-8.56%	22.95%

Correlation

The correlation between TOK and URTH is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 13, 2012	0.81

The correlation between TOK and URTH shifts across timeframes, from 0.81 (all time) to 0.98 (1 year), reflecting how their relationship changes across market environments.

TOK vs. URTH - Sectors Allocation Comparison

Sectors	TOK	URTH
Technology	31.3%	28.3%
Financial Services	14.9%	15.8%
Industrials	9.8%	11.3%
Communication Services	9.0%	9.3%
Consumer Cyclical	9.0%	9.3%
Healthcare	8.7%	8.8%
Consumer Defensive	5.2%	5.2%
Energy	4.0%	4.2%
Basic Materials	3.2%	3.3%
Utilities	2.8%	2.7%
Real Estate	1.7%	1.9%

Return for Risk

TOK vs. URTH — 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: 69
TOK Sortino Ratio Rank: 69
TOK Omega Ratio Rank: 67
TOK Calmar Ratio Rank: 61
TOK Martin Ratio Rank: 73

URTH

URTH Risk / Return Rank: 68
URTH Sharpe Ratio Rank: 69
URTH Sortino Ratio Rank: 68
URTH Omega Ratio Rank: 67
URTH Calmar Ratio Rank: 62
URTH Martin Ratio Rank: 74

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. URTH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Kokusai ETF (TOK) and iShares MSCI World ETF (URTH). 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	URTH	Difference
Sharpe ratio Return per unit of total volatility	2.29	2.29	+0.01
Sortino ratio Return per unit of downside risk	3.20	3.16	+0.04
Omega ratio Gain probability vs. loss probability	1.41	1.41	0.00
Calmar ratio Return relative to maximum drawdown	3.06	3.12	-0.06
Martin ratio Return relative to average drawdown	14.07	14.18	-0.11
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. URTH - Sharpe Ratio Comparison

The current TOK Sharpe Ratio is 2.29, which is comparable to the URTH Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of TOK and URTH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TOK	URTH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.29	2.29	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.76	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.77	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.73	-0.29

Drawdowns

TOK vs. URTH - Drawdown Comparison

The maximum TOK drawdown since its inception was -56.18%, which is greater than URTH's maximum drawdown of -34.01%. Use the drawdown chart below to compare losses from any high point for TOK and URTH.

Drawdown Indicators

	TOK	URTH	Difference
Max Drawdown Largest peak-to-trough decline	-56.18%	-34.01%	-22.17%
Max Drawdown (1Y) Largest decline over 1 year	-9.07%	-9.06%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-16.23%	-16.94%	+0.71%
Max Drawdown (5Y) Largest decline over 5 years	-25.86%	-26.05%	+0.19%
Max Drawdown (10Y) Largest decline over 10 years	-34.82%	-34.01%	-0.81%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.52%	-4.37%	-4.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	1.99%	-0.02%

Volatility

TOK vs. URTH - Volatility Comparison

iShares MSCI Kokusai ETF (TOK) and iShares MSCI World ETF (URTH) have volatilities of 3.20% and 3.24%, 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.

Volatility by Period

	TOK	URTH	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.20%	3.24%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	9.34%	9.40%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	11.91%	12.03%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.93%	16.18%	-0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.15%	17.27%	-0.12%

TOK vs. URTH - Expense Ratio Comparison

TOK has a 0.25% expense ratio, which is higher than URTH's 0.24% 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%.

Dividends

TOK vs. URTH - Dividend Comparison

TOK's dividend yield for the trailing twelve months is around 1.24%, less than URTH's 1.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TOK iShares MSCI Kokusai ETF	1.24%	1.37%	1.66%	1.95%	3.55%	1.66%	1.52%	2.12%	2.74%	2.60%	2.56%	3.02%
URTH iShares MSCI World ETF	1.34%	1.48%	1.47%	1.70%	1.68%	1.50%	1.52%	2.16%	2.30%	1.88%	2.15%	2.35%

Frequently Asked Questions

Can I hold both TOK and URTH in my portfolio?

With a correlation of 0.98, TOK and URTH 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.

Which is riskier, TOK or URTH?

URTH has higher volatility (3.24%) compared to TOK (3.20%). In terms of maximum drawdown, TOK dropped -56.18% vs URTH's -34.01%.

Which ETF is better, TOK or URTH?

On 10-year performance, TOK leads with 13.69% vs 13.28% for URTH. On fees, URTH is cheaper at 0.24% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOK or URTH?

Over the 10-year period, TOK has performed better with a 13.69% return vs 13.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOK or URTH?

URTH is cheaper with a 0.24% expense ratio, compared with 0.25% for TOK.

Which ETF pays a higher dividend yield, TOK or URTH?

URTH has the higher dividend yield at 1.34%, compared with 1.24% for TOK.

What is the main difference between TOK and URTH?

TOK is categorized as Large Cap Growth Equities, while URTH is Global Equities. TOK tracks MSCI Kokusai Index, while URTH tracks MSCI World Index (Net). Their fees differ too: 0.25% for TOK and 0.24% for URTH.

Which has better risk-adjusted returns?

TOK currently has the higher Sharpe Ratio (2.29 vs 2.29), 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.