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UAE vs. ACWI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UAE vs. ACWI

Last updated Jun 4, 2026

UAE (iShares MSCI UAE ETF) and ACWI (iShares MSCI ACWI ETF) are both exchange-traded funds - UAE is a Emerging Markets Equities fund tracking the MSCI All UAE Capped Index, while ACWI is a Global Equities fund tracking the MSCI All Country World Index. Both are passively managed. Over the past 10 years, UAE returned 5.59%/yr vs 12.85%/yr for ACWI. At a 0.40 correlation, their price movements are largely independent. UAE charges 0.59%/yr vs 0.32%/yr for ACWI.

Performance

UAE vs. ACWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI UAE ETF (UAE) 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, UAE achieves a -2.82% return, which is significantly lower than ACWI's 12.13% return. Over the past 10 years, UAE has underperformed ACWI with an annualized return of 5.59%, while ACWI has yielded a comparatively higher 12.85% annualized return.

UAE

1D
-1.38%
1M
-2.11%
YTD
-2.82%
6M
-0.47%
1Y
4.41%
3Y*
12.18%
5Y*
8.83%
10Y*
5.59%

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)

UAE vs. ACWI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UAE
iShares MSCI UAE ETF		-2.82%21.35%15.25%2.91%-5.36%44.16%-7.23%1.59%-14.42%4.99%
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 UAE and ACWI is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.49

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

0.40

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

0.37

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

0.39

Correlation (All Time)
Calculated using the full available price history since May 2, 2014

0.40

The correlation between UAE and ACWI shifts across timeframes, from 0.37 (5 years) to 0.49 (1 year), reflecting how their relationship changes across market environments.

UAE vs. ACWI - Sectors Allocation Comparison

Sectors
UAE
ACWI

Financial Services

38.0%
16.1%

Real Estate

20.5%
1.8%

Industrials

11.4%
10.9%

Communication Services

9.6%
9.0%

Energy

8.3%
4.2%

Consumer Cyclical

5.2%
9.3%

Utilities

4.3%
2.6%

Consumer Defensive

1.7%
5.0%

Technology

1.0%
29.4%

Basic Materials

0.1%
3.7%

Healthcare

-

8.1%

Financial Services

UAE
38.0%
ACWI
16.1%

Real Estate

UAE
20.5%
ACWI
1.8%

Industrials

UAE
11.4%
ACWI
10.9%

Communication Services

UAE
9.6%
ACWI
9.0%

Energy

UAE
8.3%
ACWI
4.2%

Consumer Cyclical

UAE
5.2%
ACWI
9.3%

Utilities

UAE
4.3%
ACWI
2.6%

Consumer Defensive

UAE
1.7%
ACWI
5.0%

Technology

UAE
1.0%
ACWI
29.4%

Basic Materials

UAE
0.1%
ACWI
3.7%

Healthcare

UAE

-

ACWI
8.1%

Compare stocks, funds, or ETFs

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iShares MSCI UAE ETF

iShares MSCI ACWI ETF

Often compared with UAE:
UAE vs. KSAUAE vs. QATUAE vs. SPYUAE vs. VOOUAE vs. STLAUAE vs. EWZUAE vs. XLP
Often compared with ACWI:
ACWI vs. VTACWI vs. SPYACWI vs. VWRL.LACWI vs. ACWXACWI vs. ACWI.LACWI vs. VOOACWI vs. VTI

Return for Risk

UAE vs. ACWI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UAE
UAE Risk / Return Rank: 1111
Overall Rank
UAE Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
UAE Sortino Ratio Rank: 1111
Sortino Ratio Rank
UAE Omega Ratio Rank: 1111
Omega Ratio Rank
UAE Calmar Ratio Rank: 1111
Calmar Ratio Rank
UAE Martin Ratio Rank: 1111
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.

UAE vs. ACWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI UAE ETF (UAE) 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.

UAEACWIDifference
Sharpe ratioReturn per unit of total volatility
0.20
2.29

-2.09

Sortino ratioReturn per unit of downside risk
0.44
3.17

-2.73

Omega ratioGain probability vs. loss probability

1.06

1.41

-0.36

Calmar ratioReturn relative to maximum drawdown

0.21

3.01

-2.81

Martin ratioReturn relative to average drawdown

0.53

13.53

-13.00

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

UAE vs. ACWI - Sharpe Ratio Comparison

The current UAE Sharpe Ratio is 0.20, which is lower than the ACWI Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of UAE 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

UAEACWIDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.20

2.29

-2.09

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.47

0.71

-0.23

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.29

0.75

-0.47

Sharpe Ratio (All Time)

Calculated using the full available price history

0.06

0.43

-0.37

Drawdowns

UAE vs. ACWI - Drawdown Comparison

The maximum UAE drawdown since its inception was -60.49%, which is greater than ACWI's maximum drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for UAE and ACWI.

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Drawdown Indicators

UAEACWIDifference

Max Drawdown

Largest peak-to-trough decline

-60.49%

-56.00%

-4.49%

Max Drawdown (1Y)

Largest decline over 1 year

-21.50%

-9.73%

-11.77%

Max Drawdown (3Y)

Largest decline over 3 years

-21.50%

-16.55%

-4.95%

Max Drawdown (5Y)

Largest decline over 5 years

-27.47%

-26.42%

-1.05%

Max Drawdown (10Y)

Largest decline over 10 years

-49.71%

-33.53%

-16.18%

Current Drawdown

Current decline from peak

-16.42%

-0.83%

-15.59%

Average Drawdown

Average peak-to-trough decline

-23.91%

-8.61%

-15.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.37%

2.16%

+6.21%

Volatility

UAE vs. ACWI - Volatility Comparison

iShares MSCI UAE ETF (UAE) has a higher volatility of 6.49% compared to iShares MSCI ACWI ETF (ACWI) at 3.93%. This indicates that UAE's price experiences larger fluctuations and is considered to be riskier 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

UAEACWIDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.49%

3.93%

+2.56%

Volatility (6M)

Calculated over the trailing 6-month period

19.05%

10.29%

+8.76%

Volatility (1Y)

Calculated over the trailing 1-year period

21.99%

12.78%

+9.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.77%

16.05%

+2.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.54%

17.11%

+2.43%

UAE vs. ACWI - Expense Ratio Comparison

UAE has a 0.59% expense ratio, which is higher than ACWI's 0.32% expense ratio.

Dividends

UAE vs. ACWI - Dividend Comparison

UAE's dividend yield for the trailing twelve months is around 4.22%, 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%
UAE
iShares MSCI UAE ETF		4.22%4.10%3.32%3.25%2.67%4.88%4.75%3.54%5.56%3.38%4.74%3.77%

Frequently Asked Questions

UAE and ACWI have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UAE has higher volatility (6.49%) compared to ACWI (3.93%). In terms of maximum drawdown, UAE dropped -60.49% vs ACWI's -56.00%.

On 10-year performance, ACWI leads with 12.85% vs 5.59% for UAE. On fees, ACWI is cheaper at 0.32% per year. On volatility, ACWI has been the lower-risk option at 3.93%. 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 5.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ACWI is cheaper with a 0.32% expense ratio, compared with 0.59% for UAE.

UAE has the higher dividend yield at 4.22%, compared with 1.38% for ACWI.

UAE is categorized as Emerging Markets Equities, while ACWI is Global Equities. UAE tracks MSCI All UAE Capped Index, while ACWI tracks MSCI All Country World Index. Their fees differ too: 0.59% for UAE and 0.32% for ACWI.

ACWI currently has the higher Sharpe Ratio (2.29 vs 0.20), 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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