TOPC vs. ACWI

Last updated Jun 30, 2026

TOPC (iShares S&P 500 3% Capped ETF) and ACWI (iShares MSCI ACWI ETF) are both exchange-traded funds - TOPC is a Large Cap Blend Equities fund tracking the S&P 500 3% Capped Index, while ACWI is a Global Equities fund tracking the MSCI All Country World Index. Both are passively managed. Over the past year, TOPC returned 22.63% vs 23.56% for ACWI. Their correlation of 0.94 suggests significant overlap in exposure. TOPC charges 0.09%/yr vs 0.32%/yr for ACWI.

Performance

TOPC vs. ACWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 3% Capped ETF (TOPC) and iShares MSCI ACWI ETF (ACWI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with TOPC having a 11.31% return and ACWI slightly lower at 10.84%.

TOPC

• 1D: 1.05%
• 1M: 0.07%
• YTD: 11.31%
• 6M: 10.23%
• 1Y: 22.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ACWI

• 1D: 1.00%
• 1M: -1.08%
• YTD: 10.84%
• 6M: 10.13%
• 1Y: 23.56%
• 3Y*: 19.50%
• 5Y*: 10.93%
• 10Y*: 12.77%

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

TOPC vs. ACWI - Yearly Performance Comparison

	2026 (YTD)	2025
TOPC iShares S&P 500 3% Capped ETF	11.31%	25.80%
ACWI iShares MSCI ACWI ETF	10.84%	27.60%

Correlation

The correlation between TOPC and ACWI is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (All Time) Calculated using the full available price history since Apr 16, 2025	0.94

The correlation between TOPC and ACWI has been stable across timeframes, ranging from 0.94 to 0.94 - a consistent structural relationship.

Return for Risk

TOPC vs. ACWI — Risk / Return Rank

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

TOPC

TOPC Risk / Return Rank: 70
TOPC Sharpe Ratio Rank: 69
TOPC Sortino Ratio Rank: 67
TOPC Omega Ratio Rank: 68
TOPC Calmar Ratio Rank: 67
TOPC Martin Ratio Rank: 78

ACWI

ACWI Risk / Return Rank: 62
ACWI Sharpe Ratio Rank: 61
ACWI Sortino Ratio Rank: 60
ACWI Omega Ratio Rank: 61
ACWI Calmar Ratio Rank: 58
ACWI Martin Ratio Rank: 68

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.

TOPC vs. ACWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 3% Capped ETF (TOPC) 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.

	TOPC	ACWI	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.74	+0.16
Sortino ratio: Return per unit of downside risk	2.61	2.42	+0.19
Omega ratio: Gain probability vs. loss probability	1.34	1.32	+0.02
Calmar ratio: Return relative to maximum drawdown	2.83	2.43	+0.39
Martin ratio: Return relative to average drawdown	12.77	10.47	+2.30

TOPC vs. ACWI - Sharpe Ratio Comparison

The current TOPC Sharpe Ratio is 1.91, which is comparable to the ACWI Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of TOPC 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.

Drawdowns

TOPC vs. ACWI - Drawdown Comparison

The maximum TOPC drawdown since its inception was -8.04%, smaller than the maximum ACWI drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for TOPC and ACWI.

Drawdown Indicators

	TOPC	ACWI	Difference
Max Drawdown Largest peak-to-trough decline	-8.04%	-56.00%	+47.96%
Max Drawdown (1Y) Largest decline over 1 year	-8.04%	-9.73%	+1.69%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.55%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.53%	—
Current Drawdown Current decline from peak	-0.63%	-1.96%	+1.33%
Average Drawdown Average peak-to-trough decline	-0.96%	-8.59%	+7.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	2.26%	-0.48%

Volatility

TOPC vs. ACWI - Volatility Comparison

The current volatility for iShares S&P 500 3% Capped ETF (TOPC) is 4.78%, while iShares MSCI ACWI ETF (ACWI) has a volatility of 5.53%. This indicates that TOPC 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.

Volatility by Period

	TOPC	ACWI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.78%	5.53%	-0.75%
Volatility (6M) Calculated over the trailing 6-month period	9.52%	11.38%	-1.86%
Volatility (1Y) Calculated over the trailing 1-year period	11.95%	13.60%	-1.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.54%	16.20%	-3.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.54%	17.04%	-4.50%

TOPC vs. ACWI - Expense Ratio Comparison

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

Dividends

TOPC vs. ACWI - Dividend Comparison

TOPC's dividend yield for the trailing twelve months is around 1.04%, less than ACWI's 1.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACWI iShares MSCI ACWI ETF	1.44%	1.55%	1.70%	1.88%	1.79%	1.71%	1.43%	2.33%	2.18%	1.94%	2.19%	2.56%
TOPC iShares S&P 500 3% Capped ETF	1.04%	0.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TOPC and ACWI in my portfolio?

With a correlation of 0.94, TOPC 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.

Which is riskier, TOPC or ACWI?

ACWI has higher volatility (5.53%) compared to TOPC (4.78%). In terms of maximum drawdown, TOPC dropped -8.04% vs ACWI's -56.00%.

Which ETF is better, TOPC or ACWI?

On 1-year performance, ACWI leads with 23.56% vs 22.63% for TOPC. On fees, TOPC is cheaper at 0.09% per year. On volatility, TOPC has been the lower-risk option at 4.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOPC or ACWI?

Over the 1-year period, ACWI has performed better with a 23.56% return vs 22.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOPC or ACWI?

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

Which ETF pays a higher dividend yield, TOPC or ACWI?

ACWI has the higher dividend yield at 1.44%, compared with 1.04% for TOPC.

What is the main difference between TOPC and ACWI?

TOPC is categorized as Large Cap Blend Equities, while ACWI is Global Equities. TOPC tracks S&P 500 3% Capped Index, while ACWI tracks MSCI All Country World Index. Their fees differ too: 0.09% for TOPC and 0.32% for ACWI.

Which has better risk-adjusted returns?

TOPC currently has the higher Sharpe Ratio (1.91 vs 1.74), 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.