What is the fee difference between ACWX and VXUS?

ACWX has an expense ratio of 0.32% and VXUS 0.05%, a gap of 0.27 percentage points. On $10,000 invested that is roughly $32 a year for ACWX against about $5 for VXUS. For funds that cover almost the same universe of international stocks, this is a significant difference that compounds over long holding periods.

What index does each fund track?

ACWX tracks the MSCI AC World ex USA index, covering large and mid-cap stocks in developed and emerging markets outside the United States, with 1,911 holdings. VXUS tracks the FTSE Global All Cap ex US index, which adds small caps to the same developed and emerging market universe, giving the fund about 8,860 holdings.

How much do ACWX and VXUS overlap?

Heavily. Eight of the ten largest positions are shared: Taiwan Semiconductor, Samsung Electronics, SK hynix, ASML, HSBC, Tencent, Roche and Royal Bank of Canada. ACWX's list also includes Shell and Novartis, while VXUS's top ten shows two cash and liquidity lines. The weights differ because VXUS spreads assets over many more stocks.

Which fund pays a higher dividend yield?

ACWX yields slightly more at 2.47% compared with 2.28% for VXUS. Both yields are well above typical US broad-market funds because non-US companies tend to pay out more of their earnings. The 0.19 percentage point yield gap is smaller than the 0.27 percentage point fee gap, so VXUS still comes out ahead on a net basis.

Which fund suits which goal?

VXUS suits most long-term investors who want international diversification at the lowest cost, with small caps included. ACWX suits investors or institutions that specifically need to track the MSCI ACWI ex USA benchmark, for example to match a mandate or a model portfolio. For a simple buy-and-hold allocation, the fee gap favors VXUS.

How large and liquid are ACWX and VXUS?

VXUS is far larger at about $164 billion in net assets, compared with roughly $12.3 billion for ACWX. Both are easily tradable for retail investors, though VXUS's size generally means tighter spreads. ACWX launched in March 2008 and VXUS in January 2011.

Are there tax or account considerations?

Both funds hold foreign stocks, so dividends may have foreign withholding tax deducted inside the fund before any US withholding on distributions to non-US investors. Some countries allow investors to reclaim or credit part of this. The outcome depends on your country of residence and account type, so check local guidance or speak to a tax professional.

Can I hold both ACWX and VXUS?

You can, but the overlap is so high that holding both adds almost no diversification. You would be paying two different fee levels for essentially the same exposure. Investors who already hold ACWX sometimes keep it to avoid a taxable sale and direct new contributions to VXUS.

How concentrated is each fund?

Neither is very concentrated. ACWX's largest holding, Taiwan Semiconductor, is 5.03%, and its top ten is about 16%. VXUS's largest holding is also Taiwan Semiconductor at 3.97%, with a top ten around 14%. Both funds spread risk across dozens of countries and well over a thousand companies.

ACWX vs VXUS

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

ACWX tracks the MSCI AC World ex USA index with 1,911 holdings for a 0.32% expense ratio, while VXUS tracks the FTSE Global All Cap ex US index with about 8,860 holdings for 0.05%. Both are led by Taiwan Semiconductor, at 5.03% in ACWX and 3.97% in VXUS. ACWX suits investors who need the MSCI benchmark; VXUS suits cost-focused investors wanting small caps included. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

ACWX

Metric

VXUS

0.32%

Expense Ratio

0.05%

2.47%

Dividend Yield

2.28%

$12.33B

Net Assets

$164.04B

1,911

Holdings

8,860

Mar 26, 2008

Inception Date

Jan 26, 2011

MSCI AC World ex USA

Index Tracked

FTSE Global All Cap x US

Foreign Large Blend

Fund Category

Foreign Large Blend

VXUS costs about $27.00 less per year for every $10,000 invested.

Shared Top Holdings

Holding	ACWX	VXUS
TPE: 2330Taiwan Semiconductor Manufacturing Company Limited	5.03%	3.97%
KRX: 005930Samsung Electronics Co., Ltd.	2.29%	1.90%
KRX: 000660SK hynix Inc.	1.87%	1.46%
AMS: ASMLASML Holding N.V.	1.70%	1.42%
LON: HSBAHSBC Holdings plc	0.94%	0.76%
HKG: 0700Tencent Holdings Limited	0.90%	0.78%
SWX: ROPRoche Holding AG	0.82%	0.67%
TSX: RYRoyal Bank of Canada	0.76%	0.62%

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Investment Analysis

ACWX

Pros

Tracks MSCI AC World ex USA, the most widely used international benchmark
1,911 holdings across developed and emerging markets outside the US
Dividend yield of 2.47% is slightly above VXUS's 2.28%

Considerations

Expense ratio of 0.32% is more than six times VXUS's 0.05%
Excludes the small-cap stocks that VXUS includes in its broader index
Smaller fund at about $12.3 billion in net assets

VXUS

Pros

Expense ratio of 0.05%, about $5 a year per $10,000 invested
About 8,860 holdings including small caps, the broadest coverage available
About $164 billion in net assets, one of the largest international ETFs

Considerations

Dividend yield of 2.28% is a little below ACWX's 2.47%
Very broad small-cap coverage adds thousands of thinly traded positions
FTSE and MSCI classify some countries differently, so country weights can differ

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About ACWX and VXUS

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.

VXUS (VXUS)

Vanguard Total International Stock ETF (VXUS) offers investors broad exposure to non‑US equities across developed and emerging markets. The fund tracks a global index that excludes the United States and holds thousands of stocks spanning large-, mid- and small-cap companies. It is structured as a passive, market‑capitalisation‑weighted ETF, which aims to replicate international equity market performance while keeping trading simplicity and diversification benefits. VXUS is typically unhedged to sterling or other home currencies, so returns can be affected by currency movements as well as underlying stock performance. Investors should note that, like all equity funds, values can fall as well as rise and past performance does not guarantee future results. This summary provides general, educational information and is not personalised investment advice; suitability depends on an individual’s circumstances, risk tolerance and investment horizon.

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ACWX vs VXUS

Fund Snapshot