ACWI vs VWRL: returns, risk and drawdowns compared
iShares MSCI ACWI ETF against Vanguard FTSE All-World UCITS ETF (Dist), over the same 7 years (February 2019 to October 2026) with dividends reinvested.
Data updated October 2026
From February 2019 to October 2026, ACWI returned 13.2% a year and VWRL 11.6% a year on average, so ACWI came out ahead by 1.6% a year. ACWI was the more volatile of the two (15.5% against 13.5% a year), and the deepest falls from a month-end high were 25.7% for ACWI and 19.3% for VWRL.
The correlation of monthly returns was 0.80: they usually moved together. Over 58 rolling 3-year periods, ACWI did better in 57% and VWRL in 43%.
ACWI trades in USD and VWRL in EUR: each return is in its own currency, so part of the gap reflects the move of the euro against the dollar.
Side by side
| ACWI | VWRL | |
|---|---|---|
| Annual return (CAGR) | +13.2% | +11.6% |
| Total return | +162% | +134% |
| Annual volatility | 15.5% | 13.5% |
| Maximum drawdown (month-end) | −25.7% | −19.3% |
| Worst month | −13.4% | −11.8% |
| Best month | +11.8% | +9.7% |
| Positive months | 67% | 63% |
| Best year | 2025: +22.4% | 2021: +26.9% |
| Worst year | 2022: −18.4% | 2022: −15.7% |
| 1-year return | +15.1% | +18.1% |
| 5 years, a year | +10.6% | +9.6% |
| 10 years, a year | +12.6% | — |
| Trading currency | USD | EUR |
First nine rows: the same 93 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: ACWI vs VWRL
Returns by calendar year
| Year | ACWI | VWRL |
|---|---|---|
| 2025 | +22.4% | +7.6% |
| 2024 | +17.4% | +23.4% |
| 2023 | +22.3% | +15.9% |
| 2022 | −18.4% | −15.7% |
| 2021 | +18.7% | +26.9% |
| 2020 | +16.3% | +4.1% |
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.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, ACWI or VWRL?
From February 2019 to October 2026, ACWI returned +13.2% a year and VWRL +11.6% a year, with dividends reinvested, each in its own trading currency (USD and EUR). Over rolling 3-year periods ACWI did better in 57% of cases. Past returns do not predict future returns.
Which is riskier, ACWI or VWRL?
Over the same months annual volatility was 15.5% for ACWI and 13.5% for VWRL; the deepest fall from a month-end high was 25.7% and 19.3%, and the worst single month −13.4% and −11.8%.
How correlated are ACWI and VWRL?
The correlation of their monthly returns was 0.80: they usually moved together. Combining them has historically given some diversification.
More comparisons
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.