Data as of Oct 28, 2026.

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ACWI vs EWJ: Differences, Returns & Fees

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Over the year to Oct 28, 2026, ACWI returned +13.4% to EWJ's +18.1%; 5% of their weight is in the same names.

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Net assets on Oct 28, 2026: $33.0bn for iShares MSCI ACWI ETF and $23.9bn for iShares MSCI Japan ETF.

At a glance
+13.4%
ACWI total return, 1 year
+18.1%
EWJ total return, 1 year
0.32%
ACWI expense ratio
0.49%
EWJ expense ratio

Pair scorecard

ACWI costs 0.17 points a year less; their one-year returns differ by 4.7 points; ACWI is 1.4 times larger.

ACWI vs EWJ: Differences, Returns & Fees
MeasureACWIEWJ
Return
Total return, 1 year+13.4%+18.1%
Drawdown
Below its high4.4%, high on Oct 6, 2026
Benchmark
What it tracksMSCI ACWIMSCI Japan Index
Cost and size
Expense ratio0.32%0.49%
Net assets$33.0bn$23.9bn
Holdings
Holdings in common5%
Top ten holdings, share of the fund24.9%29.5%

Holdings in common uses holdings dated Oct 27, 2026. Method

Risk and return

Apr 4, 2008 to Oct 23, 2026 · 968 weekly returns
ACWI EWJ
Return
Total return edge ACWI +333.1% +155.1%
Annualized edge ACWI +8.2% +5.2%
Price return edge ACWI +204.7% +84.1%
Risk
Volatility edge Tie 18.5% 18.3%
Max drawdown edge EWJ −55.3% −47.0%
Risk-adjusted
Sharpe edge ACWI 0.44 0.29
Sortino edge ACWI 0.62 0.40
Calmar edge ACWI 0.15 0.11
Reading

ACWI returned more: +333.1% to +155.1%. ACWI and EWJ swung about the same: 18.5% and 18.3%. EWJ fell less at its worst: −47.0% to −55.3%.

Full scorecard

9 measures, with how each is measured
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Risk and return: ACWI vs EWJ: Differences, Returns & Fees
MeasureACWIEWJEdgeHow it is measured
Return
Total return+333.1%+155.1%ACWIPrice change plus distributions, reinvested.
Annualized+8.2%+5.2%ACWITotal return as a yearly rate.
Price return+204.7%+84.1%ACWIPrice change alone, distributions left out.
Risk
Volatility18.5%18.3%TieSpread of weekly returns, annualized. Lower is steadier.
Downside deviation13.2%13.2%TieLike volatility, counting only weeks below the Treasury bill rate.
Max drawdown−55.3%−47.0%EWJDeepest fall from a high to the low after it.
Risk-adjusted
Sharpe0.440.29ACWIReturn above Treasury bills per unit of volatility.
Sortino0.620.40ACWIReturn above Treasury bills per unit of downside deviation.
Calmar0.150.11ACWIAnnualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 968 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

5%

By the books each fund has filed, ACWI and EWJ hold 5% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.

0 half 100%

half

5% in common

Positions both hold · largest shared weight first ACWI EWJ
MITSUBISHI UFJ FINANCIAL GROUP 0.22% 4.40%
TOYOTA MOTOR 0.18% 3.59%
ADVANTEST 0.15% 3.03%
HITACHI 0.15% 3.03%
RECRUIT HOLDINGS LTD 0.15% 3.03%
SONY GROUP 0.15% 2.89%
SUMITOMO MITSUI FINANCIAL GROUP 0.14% 2.83%
TOKYO ELECTRON 0.13% 2.55%
MIZUHO FINANCIAL GROUP 0.11% 2.15%
SOFTBANK GROUP CORP 0.10% 2.03%
TOKIO MARINE HOLDINGS 0.10% 1.90%
KEYENCE 0.09% 1.82%
Only in one fund ↓
Only in ACWI
APPLE 4.97%
NVIDIA 4.89%
MICROSOFT 3.66%
AMAZON.COM INC 2.39%
ALPHABET CLASS A 1.83%
TAIWAN SEMICONDUCTOR MANUFACTURING 1.77%
BROADCOM INC 1.51%
ALPHABET CLASS C 1.44%
Only in EWJ
JPY/USD 0.00%
TOPIX INDEX DEC 26 0.00%
Check overlap with more funds →

Side by side

ACWI iShares MSCI ACWI ETF EWJ iShares MSCI Japan ETF
Where it sits Stock ETF Stock ETF
What it is Tracks the MSCI ACWI Tracks the MSCI Japan
Total return, 1 year +13.4% +18.1%
Its benchmark over the same days not measured +14.3% (ACWX)
Gap to its benchmark not measured +3.8 pts vs ACWX
Expense ratio 0.32% 0.49%
Already in the S&P 500 60.9% 0.0%
Holdings 2197 169
Net assets $33.0bn $23.9bn

ACWI and EWJ on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-DD82EE5525

ACWI and EWJ do different jobs. What does each one do in a portfolio?

  1. What each follows. ACWI follows MSCI ACWI and EWJ follows MSCI Japan Index.
  2. Holdings in common. 5% of the weight is in the same securities (holdings dated Oct 27, 2026).
  3. One-year total return. Over 1 year to Oct 28, 2026 ACWI returned +13.4% and EWJ +18.1% with distributions reinvested, a gap of 4.7 points.

Data as of Oct 28, 2026.

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About each fund
ACWI

ACWI tracks the MSCI ACWI. Over the year to Oct 28, 2026 it returned +13.4% with distributions reinvested. The prospectus expense ratio is 0.32% a year. By its holdings published by its issuer for Oct 27, 2026, 61% of the fund by weight is stocks the S&P 500 also holds, across 2,197 positions, with the top ten at 24.9%.

EWJ

EWJ tracks the MSCI Japan. Over the year to Oct 28, 2026 it returned +18.1% with distributions reinvested, against +14.3% for its benchmark, the MSCI ACWI ex USA Index. The prospectus expense ratio is 0.49% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 169 positions, with the top ten at 29.5%. It sat 4.4% below its high of Oct 6, 2026 on Oct 28, 2026.

Questions people ask

Which returned more over the last year, ACWI or EWJ?
In the year to Oct 28, 2026, with distributions reinvested, ACWI returned +13.4% and EWJ +18.1%.
Which is cheaper, ACWI or EWJ?
ACWI is cheaper, by 0.17 percentage points a year. That is about $17 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do ACWI and EWJ overlap with the S&P 500?
By their latest filed holdings, 61% of ACWI and 0% of EWJ by weight is stocks the S&P 500 already holds.
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ETFIQ, ACWI against EWJ, data as of Oct 28, 2026. https://etfiq.com/compare/any/acwi-vs-ewj

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