ACWI’s worst drop since 2008 was 56%
iShares MSCI ACWI ETF (ACWI) fell 56% from May 2008 to Mar 2009. It took 4.8 years from that peak to close at a new high, in Mar 2013. Over the same years the S&P 500 fell as much as 52%.
That drop ranks 83rd deepest among the 203 ETFs PortfolioAutopsy tracks.
Drawdown from the last high, 2008 to now
How ACWI held up in each crash
| Crash | Years | ACWI | S&P 500 |
|---|---|---|---|
| Dot-com bust | 2000–02 | not trading yet | −47.5% |
| Financial crisis | 2007–09 | not trading yet | −55.2% |
| COVID crash | 2020 | −33.5% | −33.7% |
| 2022 rate shock | 2022 | −26.4% | −24.5% |
Each number is the deepest fall from a high inside that window, using daily prices with dividends reinvested.
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What was ACWI’s maximum drawdown?
ACWI’s deepest fall since 2008 was 56.3%, from its high on May 16, 2008 to its low on March 9, 2009. The figure uses daily prices with dividends reinvested.
How long did ACWI take to recover?
4.8 years. ACWI first closed above its May 2008 high again on March 6, 2013.
Was ACWI riskier than the S&P 500?
Over the same years, ACWI’s worst drop was 56.3% against 51.5% for the S&P 500 (SPY), and its worst 12 months were −44.0% against −40.3%.
Compare with
Daily adjusted closes from Yahoo Finance, March 31, 2008 through October 13, 2026, dividends reinvested. Historical facts, not a forecast and not investment advice.