CRBN vs SPGM: Grades, Fees and Holdings Compared

iShares Low Carbon Optimized MSCI ACWI ETF

CRBNBNYSE Arca

State Street SPDR Portfolio MSCI Global Stock Market ETF

SPGMANYSE Arca

Overlap

63.3%by weight

Expense ratio

SPGM −0.11pt a year

CRBN0.20%SPGM0.09%

Avg volume · 30D

SPGM 14.1×the volume

CRBN8.14KSPGM115K

10Y return · a year

CRBN +0.1pt

CRBN+12.5%SPGM+12.4%

CRBN vs SPGM Performance

Nov 12, 2021 – Nov 13, 2026

+57.9%CRBN+60.9%SPGM

Expense ratio: CRBN 0.20%; SPGM 0.09%, better
Fund size: CRBN $1.19B; SPGM $1.8B
1Y total return: CRBN +12.2%; SPGM +13.9%, better
Yield (12M): CRBN 2.03%, better; SPGM 1.81%
Holdings: CRBN 1067; SPGM 2917
Avg volume (30D): CRBN 8.14K sh; SPGM 115K sh, better
NAV per share: CRBN $252.09; SPGM $85.12
52W range

ETF.net Grade

Pillar letters and Scores for CRBN, SPGM, with each pillar’s weight
Pillar	CRBN	SPGM
Cost30% weight	B57	A73Higher
Mission25% weight	A100	A100
Risk15% weight	C51Higher	C49
Tradability15% weight	D35	C43Higher
Holdings10% weight	C50	A73Higher
Durability5% weight	B57Higher	C54

Rank among MSCI ACWI / World funds

How we build Categories ›

Same Category. CRBN and SPGM are both graded against the same 6 MSCI ACWI / World funds, so their Grades compare head to head.

MSCI ACWI / World⁠

Category · 6 funds

See all 6 ›

SPGM ranks 2nd and CRBN 3rd of 6 funds in the MSCI ACWI / World Category.

Rank 1AVTVanguard Total World Stock ETFScore 78
Rank 2ASPGMState Street SPDR Portfolio MSCI Global Stock Market ETFScore 70
Rank 3BCRBNiShares Low Carbon Optimized MSCI ACWI ETFScore 62
Rank 4BACWIiShares MSCI ACWI ETFScore 61

Our read on each fund

ETF.net Research

CRBNBiShares Low Carbon Optimized MSCI ACWI ETF

SPGMAState Street SPDR Portfolio MSCI Global Stock Market ETF

In short

CRBN Keeps the whole world in the basket, then leans it away from carbon. CRBN tracks an MSCI ACWI index built for lower carbon exposure, with screens on thermal coal, oil sands and controversial weapons.

SPGM One ticker for the whole investable world. SPGM tracks MSCI's ACWI IMI index, holding roughly 2,900 stocks across developed and emerging markets, and charges 0.09% a year to do it.

Stated mandate

CRBN The fund seeks to track global equities through an index designed to have lower carbon exposure than the broad market, while applying screens for controversial weapons, oil sands, and thermal coal mining.

SPGM The fund seeks to track, before fees and expenses, the total return performance of the MSCI ACWI IMI Index.

Why people hold it

CRBN Costs 0.20% a year, well under the 0.45% median for its index-wrapper cohort. Cheap for a screened, optimized mandate.
Not a niche slice. Roughly 1,100 stocks worldwide, so the carbon tilt sits on top of a whole-world equity core.
The rulebook is named out loud: the MSCI ACWI Low Carbon Target Index, plus stated exclusions. Portfolio and mandate line up tightly, top quartile among its peers.ishares.com
Trading since 2014, a long tenure for a climate-screened index fund, and a multi-billion-dollar fund today.

SPGM 0.09% a year, against a 0.45% median for the index-wrapper funds it competes with. That gap compounds quietly in your favor.
Roughly 2,900 stocks in one line item: US, developed foreign, emerging. No rebalancing between three regional funds, no home-country blind spot.ssga.com
Pure replication, done tightly: the fund has stuck close to the MSCI ACWI IMI index it promises, one of the cleaner implementations among the index trackers we cover.ssga.com
Live since 2012 and now a multi-billion-dollar fund, so it is not a launch-year experiment hunting for assets.

Worth knowing

CRBN Thinly traded next to the household-name global index funds, so bid-ask spreads and order type matter more here.
The carbon tilt carries a price. VT wraps global stocks for 0.06%, roughly a third of the cost.
Cash comes back once or twice a year, not quarterly or monthly.

SPGM Vanguard's VT covers similar all-world ground for 0.06%. Small gap, but real if fee is your only tiebreaker.
Owning the world means owning its currencies and its emerging markets. Foreign swings show up in your return, unsmoothed.
Moderately traded rather than a volume monster, so bid-ask spreads can run wider than the busiest global funds.

Full CRBN profile⁠

Full SPGM profile⁠

CRBN vs SPGM Holdings

How CRBN and SPGM differ

Overlap by weight

63.3%

Shared holdings make up 83.0% of CRBN and 71.4% of SPGM.

Level by level

Holdings629 in both63.3%
Countryby domicile91.8%
Sector11 Sectors94.5%
Asset classStocks100%

Sector

Sector weights in CRBN and SPGM, widest gap first
Sector	Gap	CRBN	SPGM
Industrials	SPGM +2.2 points	9.6%	11.8%
Financials	CRBN +2.1 points	19.7%	17.6%
Technology	CRBN +1.8 points	29.2%	27.4%
Energy	SPGM +1.5 points	2.9%	4.4%
Consumer Discretionary	SPGM +0.8 points	8.4%	9.2%
Communication	CRBN +0.7 points	7.9%	7.2%
Materials	SPGM +0.7 points	3.0%	3.7%
Real Estate	CRBN +0.4 points	2.1%	1.7%
Utilities	CRBN +0.3 points	2.5%	2.2%
Health Care	SPGM +0.3 points	9.5%	9.8%
Consumer Staples	CRBN +0.1 points	5.2%	5.1%

Country, concentration and asset class

Country by domicile

Country weights in CRBN and SPGM, widest gap first
Country	Gap	CRBN	SPGM
United States	CRBN +6.0 points	69.6%	63.6%
Sweden	SPGM +0.9 points	0.0%	0.9%
Spain	SPGM +0.8 points	0.0%	0.8%
Italy	SPGM +0.7 points	0.0%	0.7%
United Kingdom	SPGM +0.7 points	2.5%	3.2%
China	CRBN +0.6 points	2.9%	2.3%
Canada	CRBN +0.6 points	3.7%	3.1%
Hong Kong	SPGM +0.5 points	0.0%	0.5%
Other countries (29)	SPGM +3.7 points	21.3%	25.0%

Outside the US: CRBN 67% developed, 33% emerging. SPGM 70% developed, 30% emerging.

Concentration

Weight in the 10 largest Holdings

CRBN24.3%
SPGM21.3%

Securities held

CRBN1,045
SPGM2,884

Asset class

CRBN: Stocks
SPGM: Stocks

Holdings

Only in CRBN416
In both629
Only in SPGM2,255

Only in CRBN

416 securities, 16.6% of CRBN by weight

Samsung Electronics Ltd0.71%
Cheniere Energy0.28%
Pembina Pipeline0.25%
Ametek Inc0.21%
American Water Works0.21%
L3HARRIS Technologies0.20%
Investor Class B0.19%
Tenaris SA0.18%
Japan Post Holdings Ltd0.18%
Idex0.17%
Oneok0.16%
Aercap Holdings0.16%
Westinghouse Air Brake Technologie0.16%
Ferrari0.15%
Hydro One0.15%
Mitsubishi Hc Capital Inc0.15%
Samsung Electronics Non Voting Pre0.13%
Cathay Financial Holding0.12%
Motorola Solutions Inc0.12%
Royalty Pharma PLC Class A0.12%
Japan Post Bank Ltd0.12%
Monster Beverage0.12%
Antofagasta PLC0.12%
Paychex0.12%
American International Group0.11%
Legrand SA0.11%
Ems-Chemie Holding AG0.11%
Reliance Steel & Aluminum0.11%
Power Grid Corporation of India0.11%
Mowi0.11%
Aena Sme SA0.10%
Hilton Worldwide Holdings0.10%
Roper Technologies0.10%
Industrivarden Series0.10%
Truist Financial0.10%
Quest Diagnostics Inc0.10%
Bharat Electronics Ltd0.10%
Natwest Group PLC0.10%
Nn Group0.09%
Franco Nevada0.09%
Hensoldt AG0.09%
Vulcan Materials0.09%
Central Japan Railway0.09%
Ferrovial NV0.09%
Smc (Japan) Corp0.09%
China Yangtze Power Ltd A0.09%
Curtiss Wright0.09%
Hubbell Inc0.09%
Xylem Inc0.09%
Eversource Energy0.09%

Only in SPGM

2,255 securities, 28.3% of SPGM by weight

Taiwan Semiconductor Sp Adr1.48%
Exxonmobil Holdings Corp0.73%
Samsung Electr Gdr Reg’s0.66%
Chevron Corp0.49%
Rtx Corp0.40%
Shell PLC0.31%
Toyota Motor Corp0.25%
Conocophillips0.24%
General Dynamics Corp0.21%
Lockheed Martin Corp0.21%
Mckesson Corp0.21%
Marathon Petroleum Corp0.20%
National Bank of Canada0.19%
Valero Energy Corp0.18%
Kyocera Corp0.18%
O Reilly Automotive Inc0.17%
Ge Vernova Inc0.17%
American Electric Power0.16%
Totalenergies SE0.15%
Icici Bank Ltd Spon Adr0.15%
Fedex Corp0.15%
Hitachi Ltd0.14%
Cummins Inc0.14%
Singapore Exchange Ltd0.14%
Northrop Grumman Corp0.14%
Eog Resources Inc0.14%
Marubeni Corp0.14%
Bae Systems PLC0.14%
Rolls Royce Holdings PLC0.13%
Hon Hai Precision Gdr Reg’s0.13%
Toyota Tsusho Corp0.13%
Relx PLC0.13%
Suncor Energy Inc0.13%
Mitsubishi Electric Corp0.13%
Ferguson Enterprises Inc0.13%
Unilever PLC0.13%
Sandisk Corp0.12%
Dhl AG0.12%
Discovery Ltd0.11%
Rio Tinto PLC0.11%
Swiss Re AG0.11%
Wesfarmers Ltd0.11%
Acciona SA0.10%
M & T Bank Corp0.10%
Bhp Group Ltd Di0.10%
Bp PLC0.10%
Region Group0.10%
Boeing Co/The0.10%
Acs Actividades Cons Y Serv0.10%
Bank Hapoalim Bm0.10%

Weight gaps

The 100 widest of 629 Holdings in both funds.

Holding weights in CRBN and SPGM, widest gap first
Holding	Gap	CRBN	SPGM
Taiwan Semiconductor Manufacturing	CRBN +1.69 points	1.81%	0.12%
AppleAAPL	CRBN +0.65 points	5.22%	4.57%
NVIDIANVDA	CRBN +0.55 points	3.97%	3.42%
Amazon.com IncAMZN	CRBN +0.40 points	2.58%	2.18%
MicrosoftMSFT	CRBN +0.40 points	3.66%	3.26%
Johnson & JohnsonJNJ	CRBN +0.30 points	0.85%	0.55%
Alphabet Class AGOOGL	CRBN +0.25 points	1.79%	1.54%
HalliburtonHAL	CRBN +0.26 points	0.28%	0.02%
Kinder MorganKMI	CRBN +0.23 points	0.26%	0.03%
Caterpillar IncCAT	SPGM +0.21 points	0.11%	0.32%
Enbridge	CRBN +0.20 points	0.26%	0.06%
Johnson Controls International PLCJCI	SPGM +0.19 points	<0.01%	0.20%
VylorVYLR	CRBN +0.19 points	0.26%	0.07%
Altria Group IncMO	CRBN +0.17 points	0.27%	0.10%
Travelers CompaniesTRV	SPGM +0.16 points	0.09%	0.25%
Tesla IncTSLA	CRBN +0.16 points	1.14%	0.98%
Meta Platforms Class AMETA	CRBN +0.16 points	1.36%	1.20%
TjxTJX	SPGM +0.16 points	0.14%	0.30%
Texas Pacific LandTPL	CRBN +0.15 points	0.16%	<0.01%
Ross Stores IncROST	SPGM +0.15 points	0.07%	0.22%
Mcdonalds CorpMCD	CRBN +0.15 points	0.31%	0.16%
British American TobaccoBATS.L	CRBN +0.16 points	0.22%	0.06%
Coca-ColaKO	CRBN +0.15 points	0.50%	0.35%
Micron TechnologyMU	CRBN +0.15 points	0.93%	0.78%
Southern Copper CorpSCCO	CRBN +0.15 points	0.16%	0.01%
Eli LillyLLY	CRBN +0.15 points	1.14%	0.99%
Philip Morris InternationalPM	CRBN +0.15 points	0.39%	0.24%
Waste Management IncWM	SPGM +0.14 points	0.05%	0.19%
Sumitomo Mitsui Financial Group	CRBN +0.14 points	0.24%	0.10%
Amphenol Corp Class AAPH	CRBN +0.14 points	0.26%	0.12%
Allstate CorpALL	SPGM +0.14 points	0.03%	0.17%
United RentalsURI	CRBN +0.14 points	0.16%	0.02%
Bank Leumi Le Israel	SPGM +0.13 points	0.04%	0.17%
WilliamsWMB	CRBN +0.13 points	0.21%	0.08%
Verizon Communications IncVZ	CRBN +0.12 points	0.24%	0.12%
Mastercard Class AMA	CRBN +0.13 points	0.54%	0.41%
Capital One Financial CorpCOF	SPGM +0.13 points	0.08%	0.21%
Agilent Technologies IncA	SPGM +0.13 points	0.04%	0.17%
American ExpressAXP	SPGM +0.13 points	0.18%	0.31%
Kddi	SPGM +0.12 points	0.05%	0.17%
Brookfield Class A	SPGM +0.13 points	<0.01%	0.13%
Baker Hughes Class ABKR	CRBN +0.12 points	0.14%	0.02%
Bank of New York Mellon CorpBNY	SPGM +0.12 points	0.17%	0.29%
Exelon CorpEXC	CRBN +0.12 points	0.16%	0.04%
Broadcom IncAVGO	CRBN +0.11 points	1.54%	1.43%
Parker-HannifinPH	SPGM +0.12 points	0.06%	0.18%
WalmartWMT	CRBN +0.11 points	0.58%	0.47%
Dnb Bank	CRBN +0.11 points	0.19%	0.08%
Medtronic PLCMDT	SPGM +0.11 points	0.08%	0.19%
Cme Group Class ACME	CRBN +0.11 points	0.21%	0.10%
Trane Technologies PLCTT	SPGM +0.11 points	0.04%	0.15%
Nestle SA	SPGM +0.10 points	0.14%	0.24%
Japan Tobacco	CRBN +0.10 points	0.12%	0.02%
Nordea Bank	CRBN +0.10 points	0.10%	<0.01%
KlaKLAC	CRBN +0.10 points	0.24%	0.14%
Transurban Group Stapled Units	CRBN +0.10 points	0.14%	0.04%
Commonwealth Bank of Australia	CRBN +0.10 points	0.19%	0.09%
Sherwin WilliamsSHW	CRBN +0.10 points	0.12%	0.02%
Procter & GamblePG	CRBN +0.09 points	0.46%	0.37%
Mizuho Financial Group	CRBN +0.10 points	0.21%	0.11%
Mitsubishi Ufj Financial Group	CRBN +0.10 points	0.34%	0.24%
Citic Ltd	CRBN +0.09 points	0.10%	<0.01%
Cvs HealthCVS	SPGM +0.10 points	0.05%	0.15%
Morgan StanleyMS	SPGM +0.09 points	0.23%	0.32%
Macquarie Group Ltd Def	SPGM +0.10 points	0.05%	0.15%
Advanced Micro DevicesAMD	CRBN +0.10 points	0.91%	0.81%
Public Storage ReitPSA	SPGM +0.10 points	0.07%	0.17%
EcolabECL	CRBN +0.09 points	0.22%	0.13%
MetlifeMET	SPGM +0.09 points	0.10%	0.19%
BlackRockBLK	CRBN +0.09 points	0.17%	0.08%
CintasCTAS	CRBN +0.09 points	0.12%	0.03%
AflacAFL	SPGM +0.09 points	0.13%	0.22%
United Utilities Group PLCUU.L	CRBN +0.09 points	0.15%	0.06%
WelltowerWELL	CRBN +0.09 points	0.16%	0.07%
Target CorpTGT	SPGM +0.09 points	<0.01%	0.10%
PfizerPFE	CRBN +0.09 points	0.24%	0.15%
Astrazeneca PLCAZN.L	CRBN +0.09 points	0.27%	0.18%
Thermo Fisher ScientificTMO	SPGM +0.09 points	0.26%	0.35%
Asml Holding	CRBN +0.09 points	0.63%	0.54%
Costco Wholesale CorpCOST	SPGM +0.08 points	0.43%	0.51%
Tc Energy	CRBN +0.08 points	0.14%	0.06%
Quanta Services IncPWR	CRBN +0.09 points	0.10%	0.01%
DeereDE	SPGM +0.08 points	0.15%	0.23%
AbbVieABBV	CRBN +0.08 points	0.56%	0.48%
NewmontNEM	CRBN +0.08 points	0.15%	0.07%
Technipfmc PLCFTI	CRBN +0.08 points	0.13%	0.05%
Loblaw Companies Ltd	SPGM +0.08 points	0.06%	0.14%
Hermes International	CRBN +0.08 points	0.08%	<0.01%
CitigroupC	SPGM +0.08 points	0.25%	0.33%
Royal Bank of Canada	CRBN +0.08 points	0.31%	0.23%
Emerson ElectricEMR	SPGM +0.08 points	0.13%	0.21%
Elbit Systems	CRBN +0.08 points	0.08%	<0.01%
Fast Retailing	CRBN +0.08 points	0.12%	0.04%
Lam ResearchLRCX	CRBN +0.08 points	0.30%	0.22%
Bristol Myers SquibbBMY	CRBN +0.07 points	0.19%	0.12%
Novartis AG	CRBN +0.08 points	0.34%	0.26%
Al Rajhi Bank	CRBN +0.08 points	0.08%	<0.01%
Sun Hung Kai Properties Ltd	SPGM +0.08 points	0.04%	0.12%
Simon Property Group Reit IncSPG	SPGM +0.07 points	0.07%	0.14%
CsxCSX	SPGM +0.08 points	0.14%	0.22%

All 1,043 CRBN holdings⁠All 2,873 SPGM 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.

CRBN vs SPGM Cost

Overpaying CRBN vs SPGM

$2,257

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

CRBN 0.20%
$4,155
SPGM 0.09%
$1,898

Amount$10,000

Years30 years

Cost over time

CRBN 0.20%
SPGM 0.09%
Overpaying

Year by year

Year	CRBN	SPGM	Overpaying
10	$365	$165	$200
20	$1,421	$646	$775
30	$4,155	$1,898	$2,257

Expense ratio

0.20%CRBN
0.09%SPGM, cheaper

SPGM0.09%CRBN0.20%

0.06%0.50%

Middle half of MSCI ACWI / World funds
Median 0.26%

SPGM 2nd cheapest of 6 funds

CRBN 3rd cheapest of 6 funds

CRBN vs SPGM Dividends

Last 12 months to Nov 13, 2026

Yield (12M): CRBN 2.03%, better; SPGM 1.81%
Payout (12M): CRBN $5.11; SPGM $1.54
Last payment: CRBN $1.73; SPGM $0.67
Ex-dividend: CRBN Jun 15, 2026; SPGM Jun 1, 2026
Paid on: CRBN Jun 18, 2026; SPGM Jun 5, 2026
Frequency: CRBN Twice a year; SPGM Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

CRBNTwice a year · 20 paymentsAll CRBN payments⁠

SPGMTwice a year · 19 paymentsAll SPGM payments⁠

CRBN vs SPGM Risk

Fall from peak · 5 years

CRBN
SPGM

Risk facts

VolatilityStd dev, 3 years: CRBN 11.7%SPGM 11.5%, better
Return per unit of riskSharpe ratio, 3 years: CRBN 1.40SPGM 1.46, better
Worst fallMax drawdown, 5 years: CRBN −27.0%SPGM −25.9%, better
Market sensitivityBeta, 5 years: CRBN 0.95SPGM 0.93; Market = 1

Popular comparisons

CRBNBvsVTA
iShares Low Carbon Optimized MSCI ACWI ETF · Vanguard Total World Stock ETF
Expense ratio
0.20% · 0.06%
Category
SPGMAvsVTA
State Street SPDR Portfolio MSCI Global Stock Market ETF · Vanguard Total World Stock ETF
Expense ratio
0.09% · 0.06%
Category
CRBNBvsACWIB
iShares Low Carbon Optimized MSCI ACWI ETF · iShares MSCI ACWI ETF
Expense ratio
0.20% · 0.32%
Category
SPGMAvsACWIB
State Street SPDR Portfolio MSCI Global Stock Market ETF · iShares MSCI ACWI ETF
Expense ratio
0.09% · 0.32%
Category
CRBNBvsIOOB
iShares Low Carbon Optimized MSCI ACWI ETF · iShares Global 100 ETF
Expense ratio
0.20% · 0.40%
Category
SPGMAvsIOOB
State Street SPDR Portfolio MSCI Global Stock Market ETF · iShares Global 100 ETF
Expense ratio
0.09% · 0.40%
Category