ACWI: iShares MSCI ACWI ETF returns, drawdowns and risk
Global equity funds: developed markets only (MSCI World) or developed plus emerging (FTSE All-World, MSCI ACWI).
Data updated October 2026
ACWI · US exchange · USDCategory: World and all-world ETFsData from March 2008
From March 2008 to October 2026 ACWI returned 8.5% a year on average with dividends reinvested, in US dollars: $10,000 invested at the start grew to $45,386.
Its deepest fall was 55.7%, from May 2008 to March 2009, and it took about 56 months to get back to the previous high. Annual volatility was 20.1%; at the last close it was 2.3% below its high.
Against SPY (SPDR S&P 500 ETF Trust), over the 223 months both have data, the correlation of monthly returns was 0.96: they moved almost in lockstep. Beta was 1.02. In months when SPY rose, ACWI moved 95% as much on average; in months when SPY fell, 110% as much.
Key figures
- Annual return (CAGR)
- +8.5%
- 1-year return
- +15.1%
- 5 years, a year
- +10.6%
- 10 years, a year
- +12.6%
- Annual volatility
- 20.1%
- Maximum drawdown
- −55.7%
- Sharpe ratio
- 0.44
- Worst year
- 2022: −18.4%
Trailing returns
| Period | ACWI | SPY |
|---|---|---|
| 1 year | +15.1% | +16.6% |
| 3 years, a year | +22.7% | +23.1% |
| 5 years, a year | +10.6% | +12.7% |
| 10 years, a year | +12.6% | +15.4% |
To the last close of October 2026. Periods longer than a year are annualised.
Growth of $10,000: ACWI vs SPY
Month-end values from April 2008, the first month both funds have data.
ACWI drawdowns
Percentage below the previous high, weekly.
Returns by calendar year
| Year | ACWI | SPY |
|---|---|---|
| 2026(partial) | +12.9% | +13.3% |
| 2025 | +22.4% | +17.7% |
| 2024 | +17.4% | +24.9% |
| 2023 | +22.3% | +26.2% |
| 2022 | −18.4% | −18.2% |
| 2021 | +18.7% | +28.7% |
| 2020 | +16.3% | +18.3% |
| 2019 | +26.6% | +31.2% |
| 2018 | −9.1% | −4.6% |
| 2017 | +24.3% | +21.7% |
| 2016 | +8.4% | +12.0% |
| 2015 | −2.2% | +1.2% |
| 2014 | +3.8% | +13.5% |
| 2013 | +22.4% | +32.3% |
| 2012 | +16.8% | +16.0% |
| 2011 | −7.8% | +1.9% |
| 2010 | +12.8% | +15.1% |
| 2009 | +32.4% | +26.4% |
| 2008(partial) | −34.4% | — |
ACWI compared
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. The growth chart uses month-end values; drawdowns and volatility use daily closes.
Questions
What is the average annual return of ACWI?
From March 2008 to October 2026 ACWI returned 8.5% a year on average (CAGR) with dividends reinvested, in USD. Over the last 5 years: +10.6% a year. Over the last 12 months: +15.1%.
What was the worst drawdown of ACWI?
55.7%, from May 2008 to March 2009; it took about 56 months from the previous high to get back to it.
How volatile is ACWI?
Annual volatility was 20.1% over the period. Its worst month was −18.4% and 63% of months were positive. Worst calendar year: 2022 (−18.4%).
How closely does ACWI follow SPY?
Over 223 months the correlation of monthly returns was 0.96, so they moved almost in lockstep, with a beta of 1.02.
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Other World and all-world ETFs
- All World and all-world ETFsReturns and risk side by side
- VWCE — Vanguard FTSE All-World UCITS ETF (Acc)CAGR +12.7%
- SWDA — iShares Core MSCI World UCITS ETF (Acc)CAGR +12.4%
- VT — Vanguard Total World Stock ETFCAGR +14.6%
- VWRL — Vanguard FTSE All-World UCITS ETF (Dist)CAGR +11.7%
- XDWD — Xtrackers MSCI World UCITS ETF 1CCAGR +12.6%
- IUSN — iShares MSCI World Small Cap UCITS ETFCAGR +9.4%
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.