At a glance
ACWX charges 0.32% a year, above the 0.05% average of the 8 funds most like it (the most expensive of 9). It has $11.52B in assets, the 9th largest of that group; it paid 2.56% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +13.6% with distributions reinvested (S&P 500: +11.5%), 7th of those 9 funds; over three years it returned +21.5% a year. At its worst it fell 32.8% in the 2020 crash (S&P 500: 33.7%) and 28.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 19 months after the lows. Its ten largest positions make up 15.7% of the fund, out of 1,902 in all.
The short version
iShares MSCI ACWI ex U.S. ETF (ACWX) is a BlackRock index fund that tracks the MSCI ACWI ex USA Index. That index holds large and mid-size companies in developed and emerging markets outside the United States, so one fund covers both. The main drawback is cost. ACWX charges 0.32% a year, while the similar funds compared here charge 0.03% to 0.07%. Vanguard's VEU, for example, charges 0.04%.
Price history
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ACWX +13.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| ACWX official prospectus, to Dec 31, 2024 | — | +5.19% | — | +3.90% | +4.65% | — |
| MSCIACWI Ex USA Index Net index, same period | — | +5.53% | — | +4.10% | +4.80% | — |
| ACWX price data to Oct 27, 2026 | +11.7% | +13.6% | +21.5% | +8.4% | +9.0% | +4.8% |
- Over the year to Oct 27, 2026, ACWX returned +13.6%, 7th of 9 among similar funds.
- Its 5-year annualized return was +8.4% and its 10-year +9.0%.
- In the 2020 COVID crash it fell 32.8% and regained its old high 7.5 months after the low.
- Its worst full calendar year was 2022 (-16.0%); its best was 2009 (+36.4%).
- The deepest fall in its price history was 60% (May 19, 2008 to Mar 9, 2009), recovered by Jun 6, 2014.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.7% | — |
| 2025 | +32.6% | — |
| 2024 | +5.2% | +5.19% |
| 2023 | +15.7% | +15.46% |
| 2022 | -16.0% | -16.02% |
| 2021 | +7.7% | +7.46% |
| 2020 | +10.3% | +10.48% |
| 2019 | +21.0% | +21.21% |
| 2018 | -13.9% | -14.09% |
| 2017 | +27.2% | +27.04% |
| 2016 | +4.5% | +4.32% |
| 2015 | -5.8% | -5.72% |
| 2014 | -5.0% | — |
| 2013 | +14.8% | — |
| 2012 | +17.1% | — |
| 2011 | -14.0% | — |
| 2010 | +10.4% | — |
| 2009 | +36.4% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 32.8% over that stretch · deepest drop along the way 32.8%, back to its old high 7.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 27.8% over that stretch · deepest drop along the way 28.8%, back to its old high 18.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8500 | |
| 2025 | $1.9000 | +22.6% |
| 2024 | $1.5500 | +2.6% |
| 2023 | $1.5100 | +23.8% |
| 2022 | $1.2200 | -20.3% |
| 2021 | $1.5300 | +54.5% |
| 2020 | $0.9900 | -37.3% |
| 2019 | $1.5800 | +42.3% |
| 2018 | $1.1107 | -7.4% |
| 2017 | $1.2000 | +7.1% |
| 2016 | $1.1200 | +12.0% |
| 2015 | $1.0000 | -27.0% |
| 2014 | $1.3700 | +8.7% |
| 2013 | $1.2600 | +15.6% |
| 2012 | $1.0900 | -3.5% |
| 2011 | $1.1300 | +11.9% |
| 2010 | $1.0100 | +21.7% |
| 2009 | $0.8300 |
What's inside
As of Jul 31, 2026, the fund held 1,902 securities; the ten largest made up 15.66% of assets.
| Holding | Weight | |
|---|---|---|
| Taiwan Semiconductor Manufacturing Company Limited | 4.93% | |
| Samsung Electronics Co., Ltd. | 2.20% | |
| ASML Holding N.V. | 1.73% | |
| SK hynix Inc. | 1.70% | |
| Tencent Holdings Limited | 1.02% | |
| HSBC HOLDINGS PLC | 0.98% | |
| Roche Holding AG | 0.83% | |
| ROYAL BANK OF CANADA | 0.79% | |
| Novartis AG | 0.77% | |
| ASTRAZENECA PLC | 0.70% | |
| Nestle S.A. | 0.70% | |
| SHELL PLC | 0.69% | |
| Alibaba Group Holding Limited | 0.69% | |
| Siemens Aktiengesellschaft | 0.66% | |
| Mitsubishi UFJ Financial Group, Inc. | 0.65% |
By country
Japan 13.71%United Kingdom 8.52%Taiwan 8.41%Canada 8.3%South Korea 6.29%By asset type
Stocks 98.28%Other 1.52%Preferred stock 0.07%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $122.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.06%, +0.37%, -0.85%.
How it works
ACWX tries to match the MSCI ACWI ex USA Index before fees, not beat it. MSCI is independent of BlackRock, and it decides which stocks go into the index and how much each one counts. The index weights companies by free-float market capitalization. Bigger companies count for more, and only shares that the public can actually trade are included. Shares held by governments or founders are left out. The index covers large and mid-size companies in developed and emerging markets, excluding the US.
BlackRock Fund Advisors uses representative sampling. That means the fund may hold a sample of stocks that behaves like the whole index, rather than every stock in it. At least 80% of assets go into index stocks or depositary receipts for them. Up to 20% can go into futures, options, swaps, cash or other securities. As of July 31, 2026, the fund had 1,902 holdings, about 1.5% in cash and small positions in MSCI EAFE and emerging-markets futures. Portfolio turnover was 5%, which is low and fits an indexing approach.
The fund does not move into cash when markets fall. It may lend out securities worth up to one-third of its total assets. The fund's value is calculated in US dollars, so a weaker yen, pound or other foreign currency can lower returns even when the stocks themselves rise.
What it really costs
- ACWX charges 0.32% a year, versus an average of 0.05% for the similar funds below (9th of 9, cheapest first).
- Of that, 0.31% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $33 in the first year and $406 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ACWX | $33 | $103 | $180 | $406 |
In a retirement portfolio
ACWX adds companies outside the US to a portfolio that is often weighted heavily toward US stocks.
ACWX could add roughly 1,900 companies outside the US to a portfolio. As of July 31, 2026, Japan (13.7%), the UK (8.5%) and Taiwan (8.4%) were its largest countries. It has fallen hard in downturns. It lost 60% from May 2008 to March 2009 and did not recover until June 2014. In the 2020 COVID crash it fell 32.8% and recovered in 7.5 months. In 2022 it fell 28.8% and took 18.8 months to recover. Its worst full calendar year was 2022, down 16%. Selling shares to pay bills during a stretch like that would lock in losses. The yield was 2.56% as of October 27, 2026, paid twice a year. Cost is high for this type of fund. In the SEC's standard example, $10,000 invested would pay $406 in costs over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting one fund for developed and emerging markets outside the U.S.; it tracks the MSCI ACWI ex USA Index and launched in March 2008.
- Investors with U.S.-heavy portfolios seeking spread-out foreign exposure: the 10 largest of 1,902 holdings made up 15.7% of assets as of July 31, 2026.
- Retirees wanting some dividend income alongside growth: the yield over the prior year was 2.56% as of October 27, 2026, paid twice yearly.
Look elsewhere if
- Cost-focused investors: its 0.32% annual expense ratio ranked 9th of 9 among similar funds, versus 0.04% for VEU and 0.05% for VXUS.
- Retirees who may need to withdraw money during slumps: it fell 60% from May 2008 to March 2009, taking about 63 months to recover.
- Those avoiding currency risk: as of July 31, 2026, Japan (13.7%) and the UK (8.5%) led country weights; a weaker yen or pound cuts returns.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| ACWX this fund | — | 0.32% | $11.52B | +13.6% | +21.5% |
| VEU Vanguard FTSE All-World ex-US Index Fund | 75% | 0.04% | $95.84B | +13.4% | +20.6% |
| IXUS iShares Core MSCI Total International Stock… | 73% | 0.07% | $58.39B | +13.8% | +19.5% |
| VXUS Vanguard Total International Stock ETF | 69% | 0.05% | $645.86B | +12.9% | +20.3% |
| SCHF Schwab International Equity ETF | 66% | 0.06% | $69.68B | +17.7% | +20.4% |
| VEA Vanguard FTSE Developed Markets ETF | 64% | 0.03% | $316.42B | +16.8% | +21.7% |
| SPDW SPDR Portfolio Developed World ex-US ETF | 64% | 0.03% | $40.29B | +17.3% | +20.5% |
| IDEV iShares Core MSCI International Developed M… | 61% | 0.04% | $31.64B | +14.6% | +19.2% |
Questions investors ask
What does ACWX invest in?
ACWX holds large and mid-size stocks from developed and emerging markets outside the US. It tracks the MSCI ACWI ex USA Index. As of July 31, 2026, it had 1,902 holdings. The largest were Taiwan Semiconductor Manufacturing (4.9%), Samsung Electronics (2.2%), ASML (1.7%), SK hynix (1.7%) and Tencent (1.0%). The top 10 made up 15.7% of assets. Japan was the largest country at 13.7%, followed by the UK, Taiwan and Canada.
What's the difference between ACWX and VEU?
The main difference is cost. ACWX charges 0.32% a year and Vanguard's VEU charges 0.04%. Both hold stocks from outside the US, and their holdings overlapped by about 75% in the latest reports. ACWX follows an MSCI index, while VEU follows a FTSE index. VEU returned 14.7% over one year as of October 29, 2026. ACWX returned 13.6% over one year as of October 27, 2026. Part of that gap reflects the difference in fees.
Does ACWX pay dividends?
Yes. ACWX pays dividends twice a year, not monthly or quarterly. Over the 12 months to October 27, 2026, it paid about $1.90 per share, a yield of 2.56%. The amount can change from one payment to the next because it depends on dividends from the fund's foreign companies. Changes in currency exchange rates also affect how much is paid in US dollars.
What is the expense ratio of ACWX?
ACWX's expense ratio is 0.32% a year, according to its prospectus filed November 21, 2025. In the SEC's standard example, $10,000 invested with a 5% annual return costs $33 in the first year, $180 over five years and $406 over ten years. The similar funds compared here averaged 0.05%, and ACWX ranked last of nine on cost.
How has ACWX performed over the last 10 years?
In its prospectus, ACWX's average annual return over the 10 years through December 31, 2024 was 4.65%. Its index returned 4.8% over the same period. Based on share price, the 10-year annualized return was 9% as of October 27, 2026. That figure got a lift from a 32.6% gain in 2025. Results have swung widely from year to year: the fund lost 16% in 2022 and gained 27% in 2017.