WTM vs. IPAC

Last updated Jun 4, 2026

WTM (White Mountains Insurance Group, Ltd.) is a stock, while IPAC (iShares Core MSCI Pacific ETF) is Asia Pacific Equities fund tracking the MSCI Pacific Investable Market Index. Over the past 10 years, WTM returned 9.66%/yr vs 9.13%/yr for IPAC. At a 0.23 correlation, their price movements are largely independent.

Performance

WTM vs. IPAC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in White Mountains Insurance Group, Ltd. (WTM) and iShares Core MSCI Pacific ETF (IPAC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WTM achieves a -2.07% return, which is significantly lower than IPAC's 13.73% return. Over the past 10 years, WTM has outperformed IPAC with an annualized return of 9.66%, while IPAC has yielded a comparatively lower 9.13% annualized return.

WTM

• 1D: -0.82%
• 1M: -6.15%
• YTD: -2.07%
• 6M: 0.46%
• 1Y: 12.18%
• 3Y*: 12.55%
• 5Y*: 12.27%
• 10Y*: 9.66%

IPAC

• 1D: -0.11%
• 1M: 4.62%
• YTD: 13.73%
• 6M: 15.39%
• 1Y: 28.03%
• 3Y*: 17.03%
• 5Y*: 7.65%
• 10Y*: 9.13%

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

WTM vs. IPAC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WTM White Mountains Insurance Group, Ltd.	-2.07%	6.89%	29.31%	6.49%	39.63%	1.41%	-10.19%	30.20%	0.88%	1.93%
IPAC iShares Core MSCI Pacific ETF	13.73%	25.16%	6.18%	14.51%	-13.68%	3.09%	12.39%	19.44%	-12.78%	25.97%

Correlation

The correlation between WTM and IPAC is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014	0.23

Return for Risk

WTM vs. IPAC — Risk / Return Rank

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

WTM

WTM Risk / Return Rank: 58
WTM Sharpe Ratio Rank: 58
WTM Sortino Ratio Rank: 53
WTM Omega Ratio Rank: 51
WTM Calmar Ratio Rank: 61
WTM Martin Ratio Rank: 67

IPAC

IPAC Risk / Return Rank: 50
IPAC Sharpe Ratio Rank: 49
IPAC Sortino Ratio Rank: 50
IPAC Omega Ratio Rank: 50
IPAC Calmar Ratio Rank: 49
IPAC Martin Ratio Rank: 52

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.

WTM vs. IPAC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for White Mountains Insurance Group, Ltd. (WTM) and iShares Core MSCI Pacific ETF (IPAC). 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.

	WTM	IPAC	Difference
Sharpe ratio: Return per unit of total volatility	0.52	1.72	-1.20
Sortino ratio: Return per unit of downside risk	0.97	2.45	-1.49
Omega ratio: Gain probability vs. loss probability	1.12	1.32	-0.20
Calmar ratio: Return relative to maximum drawdown	0.99	2.45	-1.46
Martin ratio: Return relative to average drawdown	3.12	8.83	-5.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WTM vs. IPAC - Sharpe Ratio Comparison

The current WTM Sharpe Ratio is 0.52, which is lower than the IPAC Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of WTM and IPAC, 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

	WTM	IPAC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.52	1.72	-1.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.46	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.55	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.45	-0.02

Drawdowns

WTM vs. IPAC - Drawdown Comparison

The maximum WTM drawdown since its inception was -77.47%, which is greater than IPAC's maximum drawdown of -30.99%. Use the drawdown chart below to compare losses from any high point for WTM and IPAC.

Drawdown Indicators

	WTM	IPAC	Difference
Max Drawdown Largest peak-to-trough decline	-77.47%	-30.99%	-46.48%
Max Drawdown (1Y) Largest decline over 1 year	-12.30%	-11.49%	-0.81%
Max Drawdown (3Y) Largest decline over 3 years	-18.05%	-15.45%	-2.60%
Max Drawdown (5Y) Largest decline over 5 years	-18.05%	-29.64%	+11.59%
Max Drawdown (10Y) Largest decline over 10 years	-40.16%	-30.99%	-9.17%
Current Drawdown Current decline from peak	-12.30%	-0.56%	-11.74%
Average Drawdown Average peak-to-trough decline	-14.15%	-7.48%	-6.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.92%	3.18%	+0.74%

Volatility

WTM vs. IPAC - Volatility Comparison

White Mountains Insurance Group, Ltd. (WTM) has a higher volatility of 4.76% compared to iShares Core MSCI Pacific ETF (IPAC) at 4.00%. This indicates that WTM's price experiences larger fluctuations and is considered to be riskier than IPAC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WTM	IPAC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	4.00%	+0.76%
Volatility (6M) Calculated over the trailing 6-month period	13.39%	13.09%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	23.66%	16.41%	+7.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.41%	16.62%	+6.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.30%	16.58%	+6.72%

Dividends

WTM vs. IPAC - Dividend Comparison

WTM's dividend yield for the trailing twelve months is around 0.05%, less than IPAC's 3.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPAC iShares Core MSCI Pacific ETF	3.80%	4.32%	3.43%	3.16%	2.76%	4.03%	1.68%	3.37%	2.95%	2.98%	2.66%	2.60%
WTM White Mountains Insurance Group, Ltd.	0.05%	0.05%	0.05%	0.07%	0.07%	0.10%	0.10%	0.09%	0.12%	0.12%	0.12%	0.14%

Frequently Asked Questions

Can I hold both WTM and IPAC in my portfolio?

WTM and IPAC have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WTM or IPAC?

WTM has higher volatility (4.76%) compared to IPAC (4.00%). In terms of maximum drawdown, WTM dropped -77.47% vs IPAC's -30.99%.

Which has better risk-adjusted returns?

IPAC currently has the higher Sharpe Ratio (1.72 vs 0.52), 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.