ACWI vs SPY
iShares MSCI ACWI ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, ACWI or SPY?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.96. ACWI is less concentrated, with 25.3% of the fund in its ten largest positions against 38.2%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | ACWI | SPY |
|---|---|---|
| Expense Ratio | 0.32% | 0.09%Best |
| AUM | $33.2B | $823.2B |
| Dividend Yield | 1.41% | 0.99% |
| Holdings | 2,280 | 1,515 |
| YTD Return | +12.14% | +13.53%Best |
| 1Y Return | +17.07% | +17.47%Best |
| 3Y Return (annualized) | +20.96% | +22.36%Best |
| 5Y Return (annualized) | +10.83% | +13.21%Best |
| Volatility (annualized) | 16.5% | 15.6%Best |
| Max Drawdown | -56.3% | -52.4%Best |
| $10,000 over 5 years | $16,722 | $18,596Best |
| Top 10 Weight | 25.3%Best | 38.2% |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Mar 26, 2008 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Mar 28, 2008 to Oct 14, 2026 (18.5 years).
ACWI vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 18.5 years both funds cover.
ACWI vs SPY Performance
iShares MSCI ACWI ETF (ACWI) is an ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year ACWI returned +17.07% while SPY returned +17.47%. Year to date, ACWI is up 12.14% versus a gain of 13.53% for SPY.
Over three years, ACWI compounded at +20.96% per year against +22.36% for SPY; over five years the annualized figures are +10.83% and +13.21% respectively. Across the full 19-year window we track, SPY has the edge at +10.45% annualized vs +6.92%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ACWI has been the more volatile fund, with annualized monthly volatility of 16.5% compared with 15.6% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -56.3% for ACWI and -52.4% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.96. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
ACWI charges 0.32% per year while SPY charges 0.09%. On a $10,000 position that is $32 vs $9 annually, a gap of $23 per year that compounds over a long holding period. On income, ACWI currently yields 1.41% against 0.99% for SPY.
Holdings Overlap
61.3% of ACWI's money is in holdings SPY also owns. 96.6% of SPY's money is in holdings ACWI also owns.
Most of SPY is already inside ACWI. Owning both mostly buys the same companies twice.
424 positions in common, counted across the 2,139 positions we hold weights for in ACWI and 504 in SPY, against full books of 2,280 and 1,515.
What only one of them owns
Our book lists 75 positions for SPY that do not appear in our book for ACWI (2.6% of the fund), and 93 for ACWI that do not appear in SPY (4.1%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in ACWI | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 5.15% | 7.78% | 2.63% |
| AAPLApple, Inc | 4.71% | 7.45% | 2.74% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 3.51% | 5.71% | 2.20% |
| AMZNAmazon.Com Inc | 2.33% | 3.78% | 1.45% |
| GOOGLAlphabet Inc Cap Stk Cl A | 1.93% | 3.12% | 1.19% |
| GOOGAlphabet Inc Class C | 1.52% | 2.49% | 0.97% |
| AVGOBroadcom Inc | 1.51% | 2.48% | 0.97% |
| METAMeta Platform Inc | 1.55% | 2.22% | 0.67% |
| MUMicron Technology, Inc. | 1.20% | 1.59% | 0.39% |
| TSLATesla Motors Inc | 0.98% | 1.54% | 0.56% |
96.6% of SPY is already inside ACWI.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, ACWI or SPY?
ACWI has an expense ratio of 0.32% while SPY charges 0.09%. SPY is the cheaper option, by $23 a year on a $10,000 investment.
Which performed better, ACWI or SPY?
Over the past year ACWI returned +17.07% vs +17.47% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), ACWI annualized +6.92% vs +10.45% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, ACWI or SPY?
ACWI has been the more volatile fund at 16.5% annualized versus 15.6% for SPY. Worst drawdown: ACWI -56.3% vs SPY -52.4%.
Should I hold both ACWI and SPY?
ACWI and SPY have a monthly-return correlation of 0.96, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between ACWI and SPY?
96.6% of SPY's money is in holdings ACWI also owns. 96.6% of SPY's is in holdings ACWI also owns. They hold 424 positions in common, counted across the 2,139 positions we hold weights for in ACWI and 504 in SPY.
Which pays a higher dividend, ACWI or SPY?
ACWI yields 1.41% while SPY yields 0.99%, so ACWI currently pays the higher dividend yield.
Is SPY better than ACWI?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.96. ACWI is less concentrated, with 25.3% of the fund in its ten largest positions against 38.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.