What is the main difference in the geographic exposure of ACWX and SPY?

ACWX provides exposure to foreign large blend stocks, meaning it invests in equity markets outside the United States. In contrast, SPY covers US large blend equities, specifically targeting the domestic market. This fundamental difference in geography means the two funds respond to different economic conditions. Investors comparing them should recognise that one offers international diversification while the other focuses entirely on the US market. They serve distinct roles in a portfolio strategy based on their underlying index constituents.

How do the expense ratios of these two ETFs compare?

SPY has a significantly lower expense ratio of 0.09%, which is standard for large, core US equity index funds. ACWX has an expense ratio of 0.32%. The difference is 0.23 percentage points. This higher cost for ACWX reflects the complexity of managing and acquiring exposure to various foreign markets. While 0.23% seems small, it is a factual cost difference that investors should note when comparing the efficiency of these two specific products based on the provided data.

What does the difference in net assets mean for these funds?

SPY possesses $785.0 billion in net assets, indicating exceptionally high liquidity and broad accessibility for investors. ACWX has $12.3 billion in net assets. Generally, larger asset bases like SPY's result in tighter bid-ask spreads, which can lower trading costs for investors. While both funds are considered substantial, SPY is significantly larger in terms of total value. The size difference is a key metric for assessing how easily shares might be bought or sold in the market.

How do the top holdings of ACWX and SPY differ?

The top holdings listed for SPY include major US technology and consumer stocks such as NVDA (8.16%) and AAPL (7.44%). Specific top holdings for ACWX are currently not available. Importantly, there are no shared top-10 holdings between the listed data for SPY and the information available for ACWX. This lack of overlap confirms that the two funds target entirely different sets of companies. SPY holds US domestic leaders, while ACWX targets non-US international companies.

Which fund offers a higher dividend yield?

ACWX offers a higher dividend yield of 2.45% compared to SPY's yield of 0.98%. This means ACWX typically distributes more income per dollar invested. The lower yield in SPY is characteristic of the current US large-cap growth market, where companies often prioritise capital appreciation over dividends. Conversely, international markets tracked by ACWX often include companies with traditional dividend-paying structures. Investors seeking income versus growth may find this yield difference relevant to their strategy.

How does the historical track record of SPY compare to ACWX?

SPY has a much longer operational history, established on January 22, 1993. ACWX was launched later, on March 26, 2008. SPY's 33-year history (relative to the 2026 data) provides extensive long-term performance data for US large-cap investing. ACWX, while still substantial, lacks the very long-term operational history of older benchmarks. This difference means SPY has survived more economic cycles in its ETF form, whereas ACWX's history is somewhat more recent.

What is the impact of a fee difference over time?

The difference between the expense ratio of 0.32% for ACWX and 0.09% for SPY is 0.23%. In investment terms, lower fees generally mean more of your money stays invested. Over a long period, a 0.23% difference can compound. While past performance does not guarantee future results, understanding that ACWX costs 0.23% more annually than SPY is a factual consideration. This fee drag reduces net returns relative to the gross performance of the underlying indices.

Do these funds provide similar sector exposure?

It is not possible to make a precise comparison of sector exposure because data regarding specific sector weights is not available for either fund. SPY is known for US large-cap exposure which often leans heavily into technology, but specific breakdown data is missing from the source. ACWX targets foreign large blend stocks, which generally excludes US companies. Without sector weight data, we rely on the fund categories: US vs Non-US, to understand they represent different markets rather than different sectors within the same market.

How does market sensitivity differ between the two?

SPY is linked to the S&P 500, reflecting the performance of the US economy. Its top holdings show significant weight in mega-cap technology, which can increase sensitivity to tech market fluctuations. ACWX tracks the MSCI ACWI ex US Index, meaning its performance is tied to global economic trends excluding the US. Consequently, a downturn in the US market might affect SPY more directly than ACWX. They respond to different regional economic drivers.

Are there shared top-10 holdings between ACWX and SPY?

Based on the available data, there are no shared top-10 holdings listed between the two funds. SPY's top holdings are well-known US companies like MSFT (5.56%) and AMZN (3.78%). Since ACWX is an ex-US fund, its top holdings would inherently exclude these US-domiciled stocks. The data confirms a lack of overlap in the named top holdings. This distinct composition is typical when comparing a pure US equity fund against an international fund that specifically excludes the US.

What information regarding ACWX's composition is missing?

For ACWX, data regarding specific top holdings and detailed sector weights is currently not available in the provided dataset. Furthermore, the specific index tracked is listed as 'not available' in this dataset, although the fund name implies the MSCI ACWI ex US Index. In contrast to SPY, where top holdings are detailed, the lack of specific holding data for ACWX limits the ability to perform a granular portfolio overlap analysis, requiring investors to rely on the fund's stated investment objective.

ACWX vs SPY

Two funds, one decision: we compare cost, performance and what each ETF actually holds in October 2026.

Compare ACWX and SPY, the iShares MSCI ACWI ex US Index and SPDR S&P 500 ETF Trust. This page outlines differences in expense ratios, holdings, dividend yields, and market tracking. ACWX focuses on foreign large blend stocks, while SPY covers US large blend equities with a lower expense ratio. Explore how these funds differ in structure and potential returns to suit your investment goals. Educational content, not financial advice.

Compare ACWX and SPY, the iShares MSCI ACWI ex US Index and SPDR S&P 500 ETF Trust. This page outlines differences in expense ratios, holdings, dividend yields, and market tracking. ACWX focuses on fo...

Fund Snapshot

Key Fund Metrics

ACWX

Metric

SPY

0.32%

Expense Ratio

0.09%

2.45%

Dividend Yield

0.98%

$12.33B

Net Assets

$785.05B

1,911

Holdings

505

Mar 26, 2008

Inception Date

Jan 22, 1993

–

Index Tracked

–

Foreign Large Blend

Fund Category

Large Blend

SPY costs about $23.00 less per year for every $10,000 invested.

Shared Top Holdings

These funds do not share any of their top holdings.

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Investment Analysis

ACWX

Pros

Includes exposure to foreign equity markets, which may diversify portfolios heavily weighted towards United States stocks.
The fund possesses substantial net assets of $12.3 billion, indicating broad accessibility for investors.
The dividend yield of 2.45% is notably higher than that of many comparable large-cap growth funds.

Considerations

The expense ratio of 0.32% is relatively higher compared to core US equity ETFs.
Data regarding specific top holdings and detailed sector weights is not currently available for assessment.
Inception date in 2008 means it lacks the very long-term operational history of older benchmarks.

SPY

Pros

The expense ratio of 0.09% represents one of the lowest costs for major equity index funds.
With $785.0 billion in net assets, liquidity is exceptionally high for tight bid-ask spreads.
Established in 1993, it has one of the longest track records of any major US equity ETF.

Considerations

The dividend yield of 0.98% is quite low, offering minimal income generation for income-focused investors.
Top holdings show a significant weight in mega-cap technology stocks, which could increase market sensitivity.
Data regarding specific sector weights is not provided for a complete breakdown of industry exposure.

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About ACWX and SPY

ACWX (ACWX)

iShares MSCI ACWI ex US (ticker: ACWX) is an exchange‑traded fund that aims to track the MSCI ACWI ex USA Index, providing broad equity exposure to developed and emerging markets outside the United States. It holds a diversified mix of large‑ and mid‑cap companies across many countries and sectors, helping investors gain international weightings in a single product. Key considerations include currency movements, country‑specific political and economic risks, and tracking error versus the underlying index. As an ETF, it typically offers intraday liquidity and transparent holdings, but fees and market conditions can affect returns. This summary is general educational information only and not personal financial advice; values can rise or fall and returns are not guaranteed. Investors should check the fund’s prospectus, costs, holdings and suitability for their individual goals and consider seeking regulated financial advice if unsure.

SPY (SPY)

SPDR S&P 500 ETF Trust (SPY) is an exchange‑traded fund designed to track the S&P 500 index, offering investors broad exposure to large‑capitalisation US equities. It is widely used by retail and institutional investors for core portfolio allocation, tactical trading and hedging because of its deep liquidity and transparent holdings. SPY distributes dividends (typically quarterly) and reflects the performance of the underlying index, so returns move with the US large‑cap market. As with any equity product, value can fall as well as rise and past performance is not a guide to the future. Costs, tax considerations and suitability will depend on an individual’s circumstances; consult official documents and consider seeking independent advice where appropriate. This summary is general educational information and not personalised investment advice.

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Published: 8 May 2025

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