VFWPX vs. ACWX
VFWPX (Vanguard FTSE All-World ex-US Index Fund Institutional Plus Shares) and ACWX (iShares MSCI ACWI ex U.S. ETF) are both Foreign Large Cap Equities funds. Over the past 10 years, VFWPX returned 10.71%/yr vs 10.06%/yr for ACWX. With a 0.98 correlation, they move nearly in lockstep. VFWPX charges 0.06%/yr vs 0.32%/yr for ACWX.
Performance
VFWPX vs. ACWX - Performance Comparison
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Returns By Period
In the year-to-date period, VFWPX achieves a 16.38% return, which is significantly higher than ACWX's 12.88% return. Over the past 10 years, VFWPX has outperformed ACWX with an annualized return of 10.71%, while ACWX has yielded a comparatively lower 10.06% annualized return.
VFWPX
- 1D
- 0.20%
- 1M
- 3.65%
- YTD
- 16.38%
- 6M
- 16.28%
- 1Y
- 34.26%
- 3Y*
- 20.37%
- 5Y*
- 9.47%
- 10Y*
- 10.71%
ACWX
- 1D
- -3.17%
- 1M
- 0.91%
- YTD
- 12.88%
- 6M
- 12.78%
- 1Y
- 29.85%
- 3Y*
- 19.03%
- 5Y*
- 8.31%
- 10Y*
- 10.06%
VFWPX vs. ACWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VFWPX Vanguard FTSE All-World ex-US Index Fund Institutional Plus Shares | 16.38% | 32.40% | 5.48% | 15.63% | -15.47% | 8.13% | 11.40% | 21.59% | -13.95% | 27.28% |
ACWX iShares MSCI ACWI ex U.S. ETF | 12.88% | 32.59% | 5.17% | 15.63% | -16.07% | 7.67% | 10.29% | 21.05% | -13.99% | 27.20% |
Correlation
The correlation between VFWPX and ACWX 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 | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2010 | 0.98 |
The correlation between VFWPX and ACWX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
VFWPX vs. ACWX — Risk / Return Rank
VFWPX
ACWX
VFWPX vs. ACWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World ex-US Index Fund Institutional Plus Shares (VFWPX) and iShares MSCI ACWI ex U.S. ETF (ACWX). 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.
| VFWPX | ACWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.33 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.10 | 2.62 | +0.48 |
| Martin ratioReturn relative to average drawdown | 12.03 | 10.05 | +1.98 |
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Drawdowns
VFWPX vs. ACWX - Drawdown Comparison
The maximum VFWPX drawdown since its inception was -34.85%, smaller than the maximum ACWX drawdown of -60.40%. Use the drawdown chart below to compare losses from any high point for VFWPX and ACWX.
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Drawdown Indicators
| VFWPX | ACWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.85% | -60.40% | +25.55% |
Max Drawdown (1Y)Largest decline over 1 year | -11.34% | -11.42% | +0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -13.27% | -13.84% | +0.57% |
Max Drawdown (5Y)Largest decline over 5 years | -29.16% | -29.78% | +0.62% |
Max Drawdown (10Y)Largest decline over 10 years | -34.85% | -35.38% | +0.53% |
Current DrawdownCurrent decline from peak | 0.00% | -3.17% | +3.17% |
Average DrawdownAverage peak-to-trough decline | -7.91% | -13.30% | +5.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.92% | 2.98% | -0.06% |
Volatility
VFWPX vs. ACWX - Volatility Comparison
The current volatility for Vanguard FTSE All-World ex-US Index Fund Institutional Plus Shares (VFWPX) is 6.14%, while iShares MSCI ACWI ex U.S. ETF (ACWX) has a volatility of 7.37%. This indicates that VFWPX experiences smaller price fluctuations and is considered to be less risky than ACWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VFWPX | ACWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.14% | 7.37% | -1.23% |
Volatility (6M)Calculated over the trailing 6-month period | 13.22% | 14.77% | -1.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.32% | 16.74% | -1.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.37% | 16.53% | -1.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.10% | 17.27% | -1.17% |
VFWPX vs. ACWX - Expense Ratio Comparison
VFWPX has a 0.06% expense ratio, which is lower than ACWX's 0.32% expense ratio.
Dividends
VFWPX vs. ACWX - Dividend Comparison
VFWPX's dividend yield for the trailing twelve months is around 2.50%, less than ACWX's 2.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACWX iShares MSCI ACWI ex U.S. ETF | 2.54% | 2.82% | 2.97% | 2.96% | 2.68% | 2.74% | 1.88% | 3.22% | 2.60% | 2.40% | 2.77% | 2.51% |
VFWPX Vanguard FTSE All-World ex-US Index Fund Institutional Plus Shares | 2.50% | 3.10% | 3.26% | 3.33% | 3.12% | 3.08% | 2.01% | 3.12% | 3.30% | 2.70% | 3.00% | 2.99% |
Frequently Asked Questions
With a correlation of 0.98, VFWPX and ACWX 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.
ACWX has higher volatility (7.37%) compared to VFWPX (6.14%). In terms of maximum drawdown, VFWPX dropped -34.85% vs ACWX's -60.40%.
VFWPX currently has the higher Sharpe Ratio (2.30 vs 1.79), 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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