ACWX vs SPY
iShares MSCI ACWI ex US ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, ACWX or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. ACWX is less concentrated, with 16.6% 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 | ACWX | SPY |
|---|---|---|
| Expense Ratio | 0.32% | 0.09%Best |
| AUM | $17.6B | $823.2B |
| Dividend Yield | 2.52% | 0.99% |
| Holdings | 1,913 | 1,515 |
| YTD Return | +10.33% | +13.53%Best |
| 1Y Return | +17.40% | +17.47%Best |
| 3Y Return (annualized) | +19.21% | +22.36%Best |
| 5Y Return (annualized) | +8.32% | +13.21%Best |
| Volatility (annualized) | 17.9% | 15.6%Best |
| Max Drawdown | -60.6% | -52.4%Best |
| $10,000 over 5 years | $14,912 | $18,596Best |
| Top 10 Weight | 16.6%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 31, 2008 to Oct 14, 2026 (18.5 years).
ACWX 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.
ACWX vs SPY Performance
iShares MSCI ACWI ex US ETF (ACWX) 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 ACWX returned +17.40% while SPY returned +17.47%. Year to date, ACWX is up 10.33% versus a gain of 13.53% for SPY.
Over three years, ACWX compounded at +19.21% per year against +22.36% for SPY; over five years the annualized figures are +8.32% and +13.21% respectively. Across the full 19-year window we track, SPY has the edge at +10.43% annualized vs +2.90%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ACWX has been the more volatile fund, with annualized monthly volatility of 17.9% 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 -60.6% for ACWX 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 0.86. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
ACWX 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, ACWX currently yields 2.52% against 0.99% for SPY.
Holdings Overlap
1.0% of ACWX's money is in holdings SPY also owns. 0.7% of SPY's money is in holdings ACWX also owns.
ACWX and SPY share little of their money.
4 positions in common, counted across the 1,835 positions we hold weights for in ACWX and 504 in SPY, against full books of 1,913 and 1,515.
What only one of them owns
Our book lists 492 positions for SPY that do not appear in our book for ACWX (98.4% of the fund), and 23 for ACWX that do not appear in SPY (4.2%).
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.
You are not choosing between two funds in isolation.
Whichever of ACWX and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, ACWX or SPY?
ACWX 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, ACWX or SPY?
Over the past year ACWX returned +17.40% vs +17.47% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), ACWX annualized +2.90% vs +10.43% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, ACWX or SPY?
ACWX has been the more volatile fund at 17.9% annualized versus 15.6% for SPY. Worst drawdown: ACWX -60.6% vs SPY -52.4%.
Should I hold both ACWX and SPY?
ACWX and SPY have a monthly-return correlation of 0.86, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between ACWX and SPY?
1.0% of ACWX's money is in holdings SPY also owns. 0.7% of SPY's is in holdings ACWX also owns. They hold 4 positions in common, counted across the 1,835 positions we hold weights for in ACWX and 504 in SPY.
Which pays a higher dividend, ACWX or SPY?
ACWX yields 2.52% while SPY yields 0.99%, so ACWX currently pays the higher dividend yield.
Is SPY better than ACWX?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. ACWX is less concentrated, with 16.6% 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.