ACWI vs XDWD: returns, risk and drawdowns compared
iShares MSCI ACWI ETF against Xtrackers MSCI World UCITS ETF 1C, over the same 12 years (September 2014 to October 2026) with dividends reinvested.
Data updated October 2026
From September 2014 to October 2026, ACWI returned 10.4% a year and XDWD 12.3% a year on average, so XDWD came out ahead by 1.8% a year. ACWI was the more volatile of the two (14.2% against 13.3% a year), and the deepest falls from a month-end high were 25.7% for ACWI and 18.7% for XDWD.
The correlation of monthly returns was 0.80: they usually moved together. Over 110 rolling 3-year periods, ACWI did better in 41% and XDWD in 59%.
ACWI trades in USD and XDWD 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 | XDWD | |
|---|---|---|
| Annual return (CAGR) | +10.4% | +12.3% |
| Total return | +232% | +306% |
| Annual volatility | 14.2% | 13.3% |
| Maximum drawdown (month-end) | −25.7% | −18.7% |
| Worst month | −13.4% | −11.0% |
| Best month | +11.8% | +10.1% |
| Positive months | 66% | 66% |
| Best year | 2019: +26.6% | 2021: +32.7% |
| Worst year | 2022: −18.4% | 2022: −13.7% |
| 1-year return | +15.1% | +19.3% |
| 5 years, a year | +10.6% | +11.9% |
| 10 years, a year | +12.6% | +12.8% |
| Trading currency | USD | EUR |
First nine rows: the same 145 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: ACWI vs XDWD
Returns by calendar year
| Year | ACWI | XDWD |
|---|---|---|
| 2025 | +22.4% | +7.8% |
| 2024 | +17.4% | +26.0% |
| 2023 | +22.3% | +20.2% |
| 2022 | −18.4% | −13.7% |
| 2021 | +18.7% | +32.7% |
| 2020 | +16.3% | +5.5% |
| 2019 | +26.6% | +31.3% |
| 2018 | −9.1% | −4.9% |
| 2017 | +24.3% | +7.8% |
| 2016 | +8.4% | +10.5% |
| 2015 | −2.2% | +10.5% |
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 XDWD?
From September 2014 to October 2026, ACWI returned +10.4% a year and XDWD +12.3% a year, with dividends reinvested, each in its own trading currency (USD and EUR). Over rolling 3-year periods ACWI did better in 41% of cases. Past returns do not predict future returns.
Which is riskier, ACWI or XDWD?
Over the same months annual volatility was 14.2% for ACWI and 13.3% for XDWD; the deepest fall from a month-end high was 25.7% and 18.7%, and the worst single month −13.4% and −11.0%.
How correlated are ACWI and XDWD?
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.