index
MSCI World ex USA
Developed-market equities excluding the US
Index Battle · Evidence-first comparison
MSCI World ex USA vs FTSE All-World ex US: Which Exposure Fits Your Portfolio?
Compare their structural exposure, diversification and intended portfolio role—without treating recent performance as a decision rule.
Last reviewed: 26 August 2026IndependentNo paid placementsInformational only
vs
index
FTSE All-World ex US
Global equities excluding the US
Overall verdict
MSCI World ex USA provides developed-market equities excluding the us, while FTSE All-World ex US provides global equities excluding the us. The decision is primarily about geographic or asset-class exposure, not which has recently performed better.
Quick Decision
Choose MSCI World ex USA if…
you deliberately want developed-market equities excluding the us and it matches the intended portfolio role.
Choose FTSE All-World ex US if…
you deliberately want global equities excluding the us and accept its distinct concentration and risks.
Either can make sense if…
the exposure, implementation and risks fit a clearly defined portfolio objective.
At a glance
Entity characteristics—not reference-product fees.
| Characteristic | MSCI World ex USA | FTSE All-World ex US |
|---|---|---|
| Exposure | Developed-market equities excluding the US | Global equities excluding the US |
| Geography | Developed markets ex US | Global ex US |
| Market coverage | Large and mid cap | Large and mid cap |
| Emerging markets | Not included | Included |
| Small caps | Not included | Not included |
| Weighting | Market-cap weighted | Market-cap weighted |
| Index provider | MSCI | FTSE Russell |
Key differences
- 1.Exposure: Developed-market equities excluding the US compared with Global equities excluding the US.
- 2.Geography: Developed markets ex US compared with Global ex US.
- 3.Emerging markets: Not included compared with Included.
- 4.Index provider: MSCI compared with FTSE Russell.
Decision scorecard
ExposureDepends
GeographyDepends
Emerging marketsDepends
Index providerDepends
“Depends” means the category reflects an investor objective, not universal superiority.
Coverage, countries and sectors
Verified holdings, concentration, country and sector datasets are not currently connected. When available, each dataset will be labelled as official index data or Reference ETF holdings; listing domicile will not be presented as economic revenue exposure.
What this means in a portfolio
Holding both does not automatically create two independent portfolios. Overlapping companies and regions can make the combination an intentional tilt toward the exposure emphasised by FTSE All-World ex US.
Common mistake
Assuming that adding FTSE All-World ex US to MSCI World ex USA automatically improves diversification, without checking overlap and concentration.
Historical comparison basis
Historical performance is represented using Grovcap-selected reference exchange-traded products. It is not the official index or spot return series. Fund or ETP returns can differ because of fees, taxes, tracking, cash positions, product structure and other implementation effects. Differences can reflect TER, tracking difference, withholding taxes, sampling, securities lending, cash drag, operating expenses, currency conversion and inception date.
No period is currently comparable across both reference products on a like-for-like currency, basis and reporting-date footing, so no return figures are shown. Grovcap never renders a missing return as 0.00%.
Grovcap does not currently hold a daily net-asset-value time series for these products. Indexed performance charts, annualised volatility, maximum drawdown and return-per-risk therefore remain unavailable rather than being estimated from period returns.
Reference instruments used
One canonical European exchange-traded product per exposure, chosen by published rules: exact benchmark family, active and published, plain long-only, then accumulating, unhedged, longest usable history and largest established product.
MSCI World ex USA reference product
Xtrackers MSCI World ex USA UCITS ETF 1C
- ISIN
- IE0006WW1TQ4
- Product type
- UCITS ETF
- Provider
- Xtrackers
- Tracked benchmark
- Not currently available
- Distribution
- Accumulating
- Currency hedging
- Unhedged
- Replication
- Physical
- Domicile
- IE
- Base currency
- USD
- Ongoing charge (TER)
- 0.15%
- Fund size
- €6.28bn
- Inception
- 6 Mar 2024
Selected deterministically from 7 eligible products in the Grovcap database — never by commercial arrangement.
FTSE All-World ex US reference product
Xtrackers FTSE All-World ex US UCITS ETF 1C
- ISIN
- IE000YKHGYN2
- Product type
- UCITS ETF
- Provider
- Xtrackers
- Tracked benchmark
- FTSE All-World ex US Index
- Distribution
- Accumulating
- Currency hedging
- Unhedged
- Replication
- Physical
- Domicile
- IE
- Base currency
- USD
- Ongoing charge (TER)
- 0.15%
- Fund size
- €43.92m
- Inception
- 8 Apr 2026
Selected deterministically from 1 eligible product in the Grovcap database — never by commercial arrangement.
Continue researching
Related Grovcap guides, rankings and tools to take the next step.
Best ETFsBest MSCI World UCITS ETFsEvery plain MSCI World UCITS share class compared on cost, size and structure.Best ETFsBest FTSE All-World UCITS ETFsEvery core FTSE All-World UCITS share class compared on cost, size and structure.BenchmarkMSCI World benchmark guideUnderstand developed-market coverage and exclusions.PortfolioIs One All-World ETF Enough?Separate genuine diversification from overlap and intentional tilts.ToolsETF Comparison ToolPut any UCITS ETFs side by side on the fields that drive your decision.
Disclaimer
The information provided by Grovcap is for informational and educational purposes only and does not constitute investment, financial, legal, or tax advice. Investing involves risk, including the possible loss of capital. Always conduct your own research or consult a qualified professional before making investment decisions.
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