ACWX vs DFAX: Grades, Fees and Holdings Compared

iShares MSCI ACWI ex U.S. ETF

ACWXBNasdaq

Dimensional World ex U.S. Core Equity 2 ETF

DFAXBNYSE Arca

Overlap

46.3%by weight

Expense ratio

DFAX −0.04pt a year

ACWX0.32%DFAX0.28%

Avg volume · 30D

ACWX 4.1×the volume

ACWX2.98MDFAX721K

5Y return · a year

DFAX +1.4pt

ACWX+8.2%DFAX+9.6%

ACWX vs DFAX Performance

Oct 29, 2021 – Oct 30, 2026

+48.3%ACWX+58.0%DFAX

Expense ratio: ACWX 0.32%; DFAX 0.28%, better
Fund size: ACWX $17.7B; DFAX $12.1B
1Y total return: ACWX +13.6%; DFAX +15.7%, better
Yield (12M): ACWX 2.59%, better; DFAX 2.50%
Holdings: ACWX 1895; DFAX 10528
Avg volume (30D): ACWX 2.98M sh, better; DFAX 721K sh
NAV per share: ACWX $73.27; DFAX $35.90
52W range

ETF.net Grade

Pillar letters and Scores for ACWX, DFAX, with each pillar’s weight
Pillar	ACWX	DFAX
Cost30% weight	F23	C45Higher
Mission25% weight	A100	A100
Risk15% weight	B55Higher	C53
Tradability15% weight	A73Higher	C50
Holdings10% weight	C46	A85Higher
Durability5% weight	B62Higher	C51

Rank among Total International Market funds

How we build Categories ›

Same Category. ACWX and DFAX are both graded against the same 8 Total International Market funds, so their Grades compare head to head.

Total International Market⁠

Category · 8 funds

See all 8 ›

DFAX ranks 4th and ACWX 5th of 8 funds in the Total International Market Category.

Rank 1AVXUSVanguard Total International Stock ETFScore 80
Rank 2AVEUVanguard FTSE All-World ex-US ETFScore 79
Rank 3AIXUSiShares Core MSCI Total International Stock ETFScore 76
Rank 4BDFAXDimensional World ex U.S. Core Equity 2 ETFScore 64
Rank 5BACWXiShares MSCI ACWI ex U.S. ETFScore 58
Rank 5BCWIState Street SPDR MSCI ACWI ex-US ETFScore 58

Our read on each fund

ETF.net Research

ACWXBiShares MSCI ACWI ex U.S. ETF

DFAXBDimensional World ex U.S. Core Equity 2 ETF

In short

ACWX One ticker for everything outside America: roughly 1,900 large and mid-cap stocks across developed and emerging markets, running since 2008. The convenience is real, and so is the price tag next to its cheaper index cousins.

DFAX No data

Stated mandate

ACWX The Fund seeks to track an index of large- and mid-capitalization non-U.S. equities. Its index covers developed and emerging markets excluding the United States, and the Fund uses representative sampling while generally investing at least 80% in index components or substantially identical instruments.

DFAX No data

Why people hold it

ACWX Owns the world minus the US in a single trade: developed and emerging markets, large and mid caps, roughly 1,900 stocks.
Trading since 2008 and now a multi-billion-dollar fund that changes hands actively, which matters when you want in or out without friction.
No style drift. It keeps at least 80% in index components and stays a plain vanilla ex-US index fund, one of the cleaner implementations in its peer group.ishares.com

DFAX No data

Worth knowing

ACWX 0.32% a year sits above the peer median of 0.28%, and well above iShares' own IXUS (0.07%) or VEU (0.04%), which cover similar ground.
Representative sampling means it holds a slice of the index rather than every name, so results can diverge somewhat from the benchmark.ishares.com
Payouts land once or twice a year rather than quarterly, and the basket mixes emerging markets in with developed ones.

DFAX No data

Full ACWX profile⁠

Full DFAX profile⁠

ACWX vs DFAX Holdings

How ACWX and DFAX differ

Overlap by weight

46.3%

Shared holdings make up 91.0% of ACWX and 55.7% of DFAX.

Level by level

Holdings1,455 in both46.3%
Countryby domicile86.1%
Sector11 Sectors90.5%
Asset classEquity100%

Sector

Sector weights in ACWX and DFAX, widest gap first
Sector	More in ACWXMore in DFAX	ACWX	DFAX
Financials	ACWX +5.0 points	24.9%	19.9%
Materials	DFAX +4.1 points	6.6%	10.7%
Technology	ACWX +2.7 points	20.9%	18.2%
Industrials	DFAX +2.3 points	13.7%	16.0%
Energy	DFAX +1.8 points	5.2%	7.0%
Health Care	ACWX +1.1 points	7.3%	6.2%
Consumer Discretionary	DFAX +1.0 points	7.5%	8.5%
Real Estate	DFAX +0.4 points	1.2%	1.6%
Communication	ACWX +0.3 points	4.2%	3.9%
Consumer Staples	ACWX +0.3 points	5.3%	5.0%
Utilities	ACWX +0.2 points	3.1%	2.9%

Country, concentration and asset class

Country by domicile

Country weights in ACWX and DFAX, widest gap first
Country	More in ACWXMore in DFAX	ACWX	DFAX
United Kingdom	ACWX +2.9 points	9.5%	6.6%
Canada	ACWX +2.4 points	9.6%	7.2%
France	ACWX +2.1 points	6.1%	4.0%
Taiwan	DFAX +1.6 points	10.2%	11.8%
South Africa	DFAX +1.4 points	0.0%	1.4%
Netherlands	ACWX +1.3 points	3.7%	2.4%
Switzerland	ACWX +1.3 points	6.4%	5.1%
Denmark	DFAX +1.2 points	0.0%	1.2%
Other countries (31)	DFAX +5.8 points	54.4%	60.2%

Outside the US: ACWX 70% developed, 30% emerging. DFAX 64% developed, 36% emerging.

Concentration

Weight in the 10 largest Holdings

ACWX15.7%
DFAX8.9%

Securities held

ACWX1,860
DFAX10,488

Asset class

ACWX: Equity
DFAX: Equity

Holdings

Only in ACWX405
In both1,455
Only in DFAX9,033

Only in ACWX

405 securities, 8.6% of ACWX by weight

Samsung Electronics Non Voting Pre0.30%
Softbank Group Corp0.30%
Spotify Technology0.24%
Hdfc Bank0.23%
Investor Class B0.21%
Icici Bank0.21%
Reliance Industries Ltd0.19%
Tc Energy0.19%
Sk Square0.17%
Bharti Airtel Ltd0.16%
Compass Group PLC0.16%
Ferrari0.13%
Tesco PLC0.13%
Orix0.12%
Goodman Group Units0.11%
Power Corporation of Canada0.11%
Infosys0.11%
Alcon AG0.10%
Japan Post Bank Ltd0.10%
Cameco0.09%
Nutrien Ltd0.09%
3I Group Fund PLC0.09%
Stmicroelectronics0.08%
Axis Bank0.08%
Ferrovial NV0.08%
Kotak Mahindra Bank Ltd0.07%
Kyocera0.07%
Intercontinental Hotels Group PLC0.06%
Helvetia Baloise Holding N AG0.06%
Bajaj Finance Ltd0.06%
First Abu Dhabi Bank0.06%
Baidu0.06%
Dassault Systemes0.06%
Samsung C&T Corp0.05%
Emirates Telecommunications Group0.05%
Delta Electronics (Thailand) Non-V0.05%
Nippon Yusen0.05%
Eternal0.05%
Sun Pharmaceutical Industries0.05%
Brookfield Asset Management Voting0.05%
Kia Corporation0.05%
Southern Copper Corp0.05%
Titan Company Ltd0.04%
Hyundai Mobis Ltd0.04%
Link Real Estate Investment Trust0.04%
Segro Reit PLC0.04%
Maruti Suzuki India Ltd0.04%
Itausa Investimentos Itau Pref SA0.04%
Ryanair Holdings PLC0.04%
Hcl Technologies Ltd0.04%

Only in DFAX

9,033 securities, 44.1% of DFAX by weight

Taiwan Semiconductor Manu1.05%
Asml Holding NV0.76%
Novartis AG Adr0.69%
Shell PLC0.55%
Samsung Electronics Co Lt0.31%
Bp PLC0.28%
Royal Bank of Canada0.25%
Canadian Natural Resource0.24%
Suncor Energy Inc.0.23%
Hsbc Holdings PLC0.22%
Astrazeneca PLC0.20%
Banco Bilbao Vizcaya Arge0.19%
Tesco PLC0.17%
Commerzbank Ag-Tend0.16%
Bhp Group Ltd0.15%
Barrick Mining Corp0.15%
Cenovus Energy Inc0.15%
Ubs Group AG0.15%
Helvetia Baloise Holding0.14%
Icici Bank Ltd0.14%
Deutsche Bank AG0.13%
Toronto-Dominion Bank0.13%
Kinross Gold Corp0.13%
Bank of Nova Scotia/The0.12%
Teck Resources Ltd0.11%
Gsk PLC0.11%
Unilever PLC0.10%
Bank of Montreal0.10%
Manulife Financial Corp0.10%
Nutrien Ltd0.09%
Sun Life Financial Inc0.09%
Barclays PLC0.09%
Rio Tinto PLC Adr0.09%
Bharat Electronics Ltd0.09%
Tc Energy Corp0.08%
Imi PLC0.08%
Sunbelt Rentals Holdings0.08%
Bharti Airtel Ltd0.08%
Gold Fields Ltd0.08%
Stmicroelectronics NV0.08%
Imperial Oil Ltd0.08%
Pembina Pipeline Corp0.07%
Finning International Inc0.07%
Agnico Eagle Mines Ltd0.07%
Reliance Industries Ltd0.07%
Upm-Kymmene Oyj0.07%
Kinsus Interconnect Techn0.07%
Axis Bank Ltd0.07%
Tata Steel Ltd0.07%
Canadian National Railway0.07%

Weight gaps

The 100 widest of 1,455 Holdings in both funds.

Holding weights in ACWX and DFAX, widest gap first
Holding	More in ACWXMore in DFAX	ACWX	DFAX
Taiwan Semiconductor Manufacturing	ACWX +2.57 points	5.00%	2.43%
Asml Holding	ACWX +1.68 points	1.70%	0.02%
Samsung Electronics Ltd	ACWX +0.95 points	2.20%	1.25%
Sk Hynix	ACWX +0.85 points	1.64%	0.79%
Novartis AG	ACWX +0.83 points	0.84%	0.01%
Astrazeneca PLCAZN.L	ACWX +0.79 points	0.79%	<0.01%
Hsbc Holdings PLCHSBA.L	ACWX +0.69 points	0.81%	0.12%
Sap	ACWX +0.60 points	0.67%	0.07%
ShellSHEL.L	ACWX +0.59 points	0.87%	0.28%
Roche Ps Par AG	ACWX +0.53 points	0.96%	0.43%
Shopify Subordinate Voting Class A	ACWX +0.53 points	0.53%	<0.01%
Tencent Holdings	ACWX +0.46 points	0.85%	0.39%
Toronto Dominion	ACWX +0.45 points	0.57%	0.12%
Siemens N AG	ACWX +0.44 points	0.60%	0.16%
Royal Bank of Canada	ACWX +0.44 points	0.79%	0.35%
Alibaba Group Holding	ACWX +0.43 points	0.59%	0.16%
Ubs Group AG	ACWX +0.42 points	0.42%	<0.01%
Mitsubishi Ufj Financial Group	ACWX +0.40 points	0.66%	0.26%
Commonwealth Bank of Australia	ACWX +0.40 points	0.55%	0.15%
Unilever PLCULVR.L	ACWX +0.37 points	0.39%	0.02%
Nestle SA	ACWX +0.36 points	0.74%	0.38%
Bhp Group Ltd	ACWX +0.34 points	0.58%	0.24%
Canadian Natural Resources Ltd	ACWX +0.33 points	0.33%	<0.01%
Iberdrola	ACWX +0.32 points	0.43%	0.11%
Schneider Electric	ACWX +0.32 points	0.41%	0.09%
Novo Nordisk Class B	ACWX +0.32 points	0.36%	0.04%
Bp PLCBP.L	ACWX +0.29 points	0.36%	0.07%
Sumitomo Mitsui Financial Group	ACWX +0.29 points	0.43%	0.14%
Banco Santander	ACWX +0.29 points	0.45%	0.16%
Enbridge	ACWX +0.28 points	0.30%	0.02%
Lair Liquide Societe Anonyme Pour	ACWX +0.27 points	0.35%	0.08%
Bank of Nova Scotia	ACWX +0.27 points	0.32%	0.05%
Bank of Montreal	ACWX +0.27 points	0.33%	0.06%
GlaxosmithklineGSK.L	ACWX +0.26 points	0.28%	0.02%
British American TobaccoBATS.L	ACWX +0.25 points	0.34%	0.09%
Loreal SA	ACWX +0.25 points	0.33%	0.08%
Banco Bilbao Vizcaya Argentaria	ACWX +0.25 points	0.37%	0.12%
Mediatek	ACWX +0.24 points	0.48%	0.24%
Kioxia Holdings	ACWX +0.25 points	0.28%	0.03%
Recruit Holdings Ltd	ACWX +0.24 points	0.45%	0.21%
Airbus Group	ACWX +0.23 points	0.35%	0.12%
Tokyo Electron	ACWX +0.24 points	0.38%	0.14%
Rio TintoRIO.L	ACWX +0.23 points	0.25%	0.02%
Compagnie Financiere Richemont SA	ACWX +0.23 points	0.31%	0.08%
National Grid PLCNG.L	ACWX +0.21 points	0.23%	0.02%
Keyence	ACWX +0.21 points	0.25%	0.04%
Brookfield Class A	ACWX +0.21 points	0.22%	<0.01%
Canadian Pacific Kansas City	ACWX +0.22 points	0.23%	0.01%
Suncor Energy Inc	ACWX +0.21 points	0.27%	0.06%
Abb Ltd	ACWX +0.21 points	0.38%	0.17%
Lvmh	ACWX +0.21 points	0.30%	0.09%
Sanofi SA	ACWX +0.20 points	0.27%	0.07%
Allianz	ACWX +0.20 points	0.51%	0.31%
Mizuho Financial Group	ACWX +0.20 points	0.31%	0.11%
Manulife Financial	ACWX +0.20 points	0.21%	0.01%
Safran SA	ACWX +0.19 points	0.30%	0.11%
Dbs Group Holdings Ltd	ACWX +0.19 points	0.33%	0.14%
Canadian Imperial Bank of Commerce	ACWX +0.19 points	0.30%	0.11%
Relx PLCREL.L	ACWX +0.19 points	0.20%	0.01%
Zurich Insurance Group AG	ACWX +0.19 points	0.30%	0.11%
Barclays PLCBARC.L	ACWX +0.18 points	0.21%	0.03%
Hitachi	ACWX +0.19 points	0.41%	0.22%
Rolls-Royce Holdings PLCRR.L	ACWX +0.18 points	0.38%	0.20%
Aia Group	ACWX +0.18 points	0.30%	0.12%
Ing Groep	ACWX +0.18 points	0.25%	0.07%
Canadian National Railway	ACWX +0.18 points	0.18%	<0.01%
Mitsui	ACWX +0.17 points	0.21%	0.04%
Barrick Mining	ACWX +0.17 points	0.17%	0.00%
Bnp Paribas SA	ACWX +0.17 points	0.27%	0.10%
Sony Group	ACWX +0.17 points	0.42%	0.25%
Anz Group Holdings Ltd	ACWX +0.16 points	0.24%	0.08%
Intesa Sanpaolo	ACWX +0.17 points	0.26%	0.09%
Fast Retailing	ACWX +0.16 points	0.23%	0.07%
Mitsubishi	ACWX +0.16 points	0.26%	0.10%
Siemens Energy N AG	ACWX +0.16 points	0.31%	0.15%
Deutsche Bank AG	ACWX +0.15 points	0.16%	<0.01%
Csl	ACWX +0.16 points	0.19%	0.03%
Advantest	ACWX +0.15 points	0.45%	0.30%
Westpac Banking Corporation	ACWX +0.16 points	0.25%	0.09%
Delta Electronics	ACWX +0.15 points	0.22%	0.07%
Argenx	ACWX +0.15 points	0.16%	<0.01%
National Australia Bank	ACWX +0.15 points	0.25%	0.10%
Wheaton Precious Metals	ACWX +0.15 points	0.15%	<0.01%
Tokio Marine Holdings	ACWX +0.14 points	0.28%	0.14%
Itochu	ACWX +0.14 points	0.24%	0.10%
Diageo PLCDGE.L	ACWX +0.14 points	0.14%	<0.01%
Toyota Motor	ACWX +0.14 points	0.52%	0.38%
Essilorluxottica SA	ACWX +0.14 points	0.17%	0.03%
Oversea-Chinese Banking	ACWX +0.14 points	0.20%	0.06%
Hon Hai Precision Industry	ACWX +0.13 points	0.26%	0.13%
Axa SA	ACWX +0.13 points	0.20%	0.07%
Macquarie Group Ltd Def	ACWX +0.13 points	0.18%	0.05%
Murata Manufacturing	ACWX +0.12 points	0.18%	0.06%
Nintendo	ACWX +0.13 points	0.16%	0.03%
Bae Systems PLCBA.L	ACWX +0.12 points	0.22%	0.10%
Prosus NV Class N	ACWX +0.12 points	0.13%	<0.01%
London Stock Exchange Group PLCLSEG.L	ACWX +0.12 points	0.16%	0.04%
Industria De Diseno Textil SA	ACWX +0.12 points	0.19%	0.07%
Agnico Eagle Mines	ACWX +0.12 points	0.24%	0.12%
Glencore PLCGLEN.L	ACWX +0.12 points	0.18%	0.06%

All 1,864 ACWX holdings⁠All 10,279 DFAX holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ACWX vs DFAX Cost

Overpaying ACWX vs DFAX

$787

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

ACWX 0.32%
$6,542
DFAX 0.28%
$5,755

Amount$10,000

Years30 years

Cost over time

ACWX 0.32%
DFAX 0.28%
Overpaying

Year by year

Year	ACWX	DFAX	Overpaying
10	$580	$509	$71
20	$2,250	$1,976	$274
30	$6,542	$5,755	$787

Expense ratio

0.32%ACWX
0.28%DFAX, cheaper

DFAX0.28%ACWX0.32%

0.04%0.55%

Middle half of Total International Market funds
Median 0.23%

DFAX 5th cheapest of 8 funds

ACWX 7th cheapest of 8 funds

ACWX vs DFAX Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ACWX 2.59%, better; DFAX 2.50%
Payout (12M): ACWX $1.90; DFAX $0.89
Last payment: ACWX $0.85; DFAX $0.22
Ex-dividend: ACWX Jun 15, 2026; DFAX Sep 22, 2026
Paid on: ACWX Jun 18, 2026; DFAX Sep 24, 2026
Frequency: ACWX Twice a year; DFAX Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

ACWXTwice a year · 21 paymentsAll ACWX payments⁠

DFAXQuarterly · 21 paymentsAll DFAX payments⁠

ACWX vs DFAX Risk

Fall from peak · 5 years

ACWX
DFAX

Risk facts

VolatilityStd dev, 3 years: ACWX 11.9%, betterDFAX 12.3%
Return per unit of riskSharpe ratio, 3 years: ACWX 1.27DFAX 1.30, better
Worst fallMax drawdown, 5 years: ACWX −29.1%DFAX −27.8%, better
Market sensitivityBeta, 5 years: ACWX 0.84DFAX 0.97; Market = 1

ACWX and DFAX in the news

All news⁠

First-Year Review
MFS Blended Research International Equity ETF turns one ahead of its index
Oct 22, 2026ACWX
New ETFs
Avantis lists an international stock ETF with Vanguard on top
Oct 5, 2026DFAX

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ACWX vs DFAX

In short

Stated mandate

Why people hold it

Worth knowing

How ACWX and DFAX differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ACWX

Only in DFAX

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

MFS Blended Research International Equity ETF turns one ahead of its index

Avantis lists an international stock ETF with Vanguard on top

How ACWX and DFAX differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ACWX

Only in DFAX

Weight gaps