MSCI World or MSCI World ex USA?
The two indices share 23.4 % of their weight across 662 companies, and their daily returns correlate at 0.86. Partly the same companies at noticeably different weights — the second index shifts the emphasis rather than doubling up.
Side by side
| MSCI World | MSCI World ex USA | |
|---|---|---|
| Holdings covered | 1,147 | 662 |
| Volatility | 15.8 % | 16.7 % |
| Max drawdown | -16.9 % | -14.1 % |
| Cheapest ETF we cover | SPPW · 0.12 % | – |
The largest shared positions
| Company | MSCI World | MSCI World ex USA |
|---|---|---|
| HSBC Holdings plc | 0.38 % | 1.38 % |
| Royal Bank of Canada | 0.32 % | 1.16 % |
| Novartis AG | 0.31 % | 1.11 % |
| Nestle S.A. | 0.28 % | 1.01 % |
| Shell plc | 0.27 % | 0.98 % |
| Astrazeneca plc | 0.26 % | 0.95 % |
| Mitsubishi UFJ Financial Group Inc. | 0.26 % | 0.94 % |
| Siemens N AG | 0.25 % | 0.92 % |
| BHP Group Ltd. | 0.24 % | 0.88 % |
| Commonwealth Bank of Australia | 0.23 % | 0.83 % |
Overlap and shared positions are computed from the holdings of one representative ETF each (XDWD and EXUS); of those we could attribute 93.4 % and 83.7 % of fund weight to individual companies, so real overlap is likely a little higher. The correlation covers 504 shared trading days.