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VTWAX vs. ACWI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VTWAX vs. ACWI

Last updated Jun 4, 2026

VTWAX (Vanguard Total World Stock Index Fund Admiral Shares) and ACWI (iShares MSCI ACWI ETF) are both Global Equities funds - VTWAX tracks the FTSE Global All Cap Index while ACWI tracks the MSCI All Country World Index. Both are passively managed. Over the past 5 years, VTWAX returned 11.34%/yr vs 11.28%/yr for ACWI. With a 0.99 correlation, they move nearly in lockstep. VTWAX charges 0.09%/yr vs 0.32%/yr for ACWI.

Performance

VTWAX vs. ACWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total World Stock Index Fund Admiral Shares (VTWAX) 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, VTWAX achieves a 13.15% return, which is significantly higher than ACWI's 12.13% return.

VTWAX

1D
0.37%
1M
5.68%
YTD
13.15%
6M
14.09%
1Y
30.29%
3Y*
21.27%
5Y*
11.34%
10Y*
—

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)

VTWAX vs. ACWI - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
VTWAX
Vanguard Total World Stock Index Fund Admiral Shares		13.15%22.43%16.43%21.85%-18.02%18.17%16.67%17.53%
ACWI
iShares MSCI ACWI ETF		12.13%22.41%17.45%22.27%-18.39%18.66%16.34%17.63%

Correlation

The correlation between VTWAX and ACWI is 0.99 - 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

0.99

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

0.99

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

1.00

Correlation (All Time)
Calculated using the full available price history since Feb 8, 2019

0.99

The correlation between VTWAX and ACWI has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

VTWAX vs. ACWI - Sectors Allocation Comparison

Sectors
VTWAX
ACWI

Technology

27.8%
29.4%

Financial Services

15.9%
16.1%

Industrials

12.0%
10.9%

Consumer Cyclical

9.5%
9.3%

Communication Services

8.3%
9.0%

Healthcare

8.1%
8.1%

Consumer Defensive

4.8%
5.0%

Energy

4.3%
4.2%

Basic Materials

4.2%
3.7%

Utilities

2.7%
2.6%

Real Estate

2.4%
1.8%

Technology

VTWAX
27.8%
ACWI
29.4%

Financial Services

VTWAX
15.9%
ACWI
16.1%

Industrials

VTWAX
12.0%
ACWI
10.9%

Consumer Cyclical

VTWAX
9.5%
ACWI
9.3%

Communication Services

VTWAX
8.3%
ACWI
9.0%

Healthcare

VTWAX
8.1%
ACWI
8.1%

Consumer Defensive

VTWAX
4.8%
ACWI
5.0%

Energy

VTWAX
4.3%
ACWI
4.2%

Basic Materials

VTWAX
4.2%
ACWI
3.7%

Utilities

VTWAX
2.7%
ACWI
2.6%

Real Estate

VTWAX
2.4%
ACWI
1.8%

Compare stocks, funds, or ETFs

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Vanguard Total World Stock Index Fund Admiral Shares

iShares MSCI ACWI ETF

Often compared with VTWAX:
VTWAX vs. VTSAXVTWAX vs. VTVTWAX vs. VTIAXVTWAX vs. VFIAXVTWAX vs. VTWIXVTWAX vs. VOOVTWAX vs. VASGX
Often compared with ACWI:
ACWI vs. VTACWI vs. SPYACWI vs. VWRL.LACWI vs. ACWXACWI vs. ACWI.LACWI vs. VOOACWI vs. VTI

Return for Risk

VTWAX vs. ACWI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VTWAX
VTWAX Risk / Return Rank: 7070
Overall Rank
VTWAX Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
VTWAX Sortino Ratio Rank: 6767
Sortino Ratio Rank
VTWAX Omega Ratio Rank: 6565
Omega Ratio Rank
VTWAX Calmar Ratio Rank: 6868
Calmar Ratio Rank
VTWAX Martin Ratio Rank: 7575
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.

VTWAX vs. ACWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total World Stock Index Fund Admiral Shares (VTWAX) 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.

VTWAXACWIDifference
Sharpe ratioReturn per unit of total volatility
2.49
2.29

+0.20

Sortino ratioReturn per unit of downside risk
3.41
3.17

+0.24

Omega ratioGain probability vs. loss probability

1.45

1.41

+0.04

Calmar ratioReturn relative to maximum drawdown

3.19

3.01

+0.18

Martin ratioReturn relative to average drawdown

14.26

13.53

+0.73

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

VTWAX vs. ACWI - Sharpe Ratio Comparison

The current VTWAX Sharpe Ratio is 2.49, which is comparable to the ACWI Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of VTWAX 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

VTWAXACWIDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.49

2.29

+0.20

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.73

0.71

+0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.75

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.77

0.43

+0.35

Drawdowns

VTWAX vs. ACWI - Drawdown Comparison

The maximum VTWAX drawdown since its inception was -34.20%, smaller than the maximum ACWI drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for VTWAX and ACWI.

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Drawdown Indicators

VTWAXACWIDifference

Max Drawdown

Largest peak-to-trough decline

-34.20%

-56.00%

+21.80%

Max Drawdown (1Y)

Largest decline over 1 year

-9.64%

-9.73%

+0.09%

Max Drawdown (3Y)

Largest decline over 3 years

-16.43%

-16.55%

+0.12%

Max Drawdown (5Y)

Largest decline over 5 years

-26.40%

-26.42%

+0.02%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.53%

—

Current Drawdown

Current decline from peak

0.00%

-0.83%

+0.83%

Average Drawdown

Average peak-to-trough decline

-5.30%

-8.61%

+3.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.15%

2.16%

-0.01%

Volatility

VTWAX vs. ACWI - Volatility Comparison

The current volatility for Vanguard Total World Stock Index Fund Admiral Shares (VTWAX) is 3.55%, while iShares MSCI ACWI ETF (ACWI) has a volatility of 3.93%. This indicates that VTWAX 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.

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Volatility by Period

VTWAXACWIDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.55%

3.93%

-0.38%

Volatility (6M)

Calculated over the trailing 6-month period

9.82%

10.29%

-0.47%

Volatility (1Y)

Calculated over the trailing 1-year period

12.37%

12.78%

-0.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.71%

16.05%

-0.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.20%

17.11%

+1.09%

VTWAX vs. ACWI - Expense Ratio Comparison

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

Dividends

VTWAX vs. ACWI - Dividend Comparison

VTWAX's dividend yield for the trailing twelve months is around 1.56%, 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%
VTWAX
Vanguard Total World Stock Index Fund Admiral Shares		1.56%1.80%1.92%2.06%2.17%1.79%1.64%2.28%0.00%0.00%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.99, VTWAX 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.

ACWI has higher volatility (3.93%) compared to VTWAX (3.55%). In terms of maximum drawdown, VTWAX dropped -34.20% vs ACWI's -56.00%.

VTWAX currently has the higher Sharpe Ratio (2.49 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.

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