OneTrust Cookie Consent

导航

  • 跳转到内容
  • Client Log In
  • Investor relations
  • Sustainability Institute
  • Subscribe
  • Contact us
  • Careers
  • Region
  • main-menu-texts.back-to-parent-menu main-menu-texts.main-menu
  • Client Log In
  • MSCI ONE
  • MSCI Client Support Site
  • Barra PortfolioManager
  • BarraOne
  • MSCI ESG Manager
  • MSCI ESG Direct
  • Global Index Lens
  • MSCI Real Assets Analytics Portal
  • RiskManager 3
  • CreditManager
  • RiskManager 4
  • Index Monitor
  • MSCI Datscha
  • MSCI Real Capital Analytics
  • Private i
  • Total Plan/Caissa
  • MSCI Wealth Manager (Fabric)
  • MSCI Carbon Markets
  • main-menu-texts.back-to-parent-menu main-menu-texts.main-menu
  • Region
  • China
  • India
  • Japan
导航

导航菜单

  • Our Clients
    • main-menu-texts.back-to-parent-menu main-menu-texts.main-menu
    • Our Clients
    • Asset Managers
      • main-menu-texts.default-featured-content-label

        Insights on MSCI One
    • Asset Owners
      • main-menu-texts.default-featured-content-label

        Institutional Client Designed Indexes (iCDIs)
    • Banks
      • main-menu-texts.default-featured-content-label

        Total Portfolio Footprinting
    • Corporates
      • main-menu-texts.default-featured-content-label

        ESG Trends to Watch
    • Hedge Funds
      • main-menu-texts.default-featured-content-label

        Factor Models
    • Insurance Solutions for Companies
      • main-menu-texts.default-featured-content-label

        Total Portfolio Footprinting
    • MSCI Wealth — Unlock portfolio personalization at scale
      • main-menu-texts.default-featured-content-label

        Visualizing Investment Data
  • Our Solutions
    • main-menu-texts.back-to-parent-menu main-menu-texts.main-menu
    • Our Solutions
    • 分析
      • main-menu-texts.back-to-parent-menu Our Solutions
      • 分析
      • 分析 main-menu-texts.public-site.submenu-parent-link-postfix
      • Risk Management
      • AI Portfolio Insights
      • Multi-Asset Class Factor Models
      • Quantitative Investment Solutions
      • Fixed income analytics
      • 投资组合管理 >>
      • Crowding Solutions
      • Analytics Regulatory Reporting Solutions
      • 定制化服务
    • Climate Solutions
      • main-menu-texts.back-to-parent-menu Our Solutions
      • Climate Solutions
      • Climate Solutions main-menu-texts.public-site.submenu-parent-link-postfix
      • main-menu-texts.default-featured-content-label

        Implied Temperature Rise
      • main-menu-texts.default-featured-content-label

        Trends 2025
      • Nature and Biodiversity: Identify and measure portfolio impacts and risks
      • MSCI Carbon Markets
      • MSCI GeoSpatial Asset Intelligence
      • Portfolio Sustainability Insights
      • Real Estate Climate Solutions
    • Sustainable Investing
      • main-menu-texts.back-to-parent-menu Our Solutions
      • Sustainable Investing
      • Sustainable Investing main-menu-texts.public-site.submenu-parent-link-postfix
      • main-menu-texts.default-featured-content-label

        Trends 2025
      • ESG Fund Ratings and Climate Search Tool
        • main-menu-texts.default-featured-content-label

          ESG and Climate Funds in Focus
      • ESG Ratings
        • main-menu-texts.default-featured-content-label

          What is ESG
      • Impact Solutions
        • main-menu-texts.default-featured-content-label

          Role of Capital in the Net-Zero Revolution
      • Sustainability Reporting Services
      • Sustainability and Climate Regulatory Toolkit
        • main-menu-texts.default-featured-content-label

          Role of Capital in the Net-Zero Revolution
    • Factor Investing
      • main-menu-texts.back-to-parent-menu Our Solutions
      • Factor Investing
      • Factor Investing main-menu-texts.public-site.submenu-parent-link-postfix
      • main-menu-texts.default-featured-content-label

        MSCI Japan Equity Factor Model
      • Equity Factor Models
      • MSCI FactorLab
      • MSCI FaCS
      • Factor Indexes
    • Fixed Income Solutions
      • main-menu-texts.back-to-parent-menu Our Solutions
      • Fixed Income Solutions
      • Fixed Income Solutions main-menu-texts.public-site.submenu-parent-link-postfix
      • Fixed income analytics
      • Index profiles: Fixed Income Indexes
    • Private Capital
      • main-menu-texts.back-to-parent-menu Our Solutions
      • Private Capital
      • Private Capital main-menu-texts.public-site.submenu-parent-link-postfix
      • main-menu-texts.default-featured-content-label

        Private Capital Benchmarks
      • Private i Platform
      • Total Plan Manager (formerly Caissa)
      • Emissions Footprinting for Private Equity and Debt
      • Private Capital Indexes
      • Private Company Data Connect
    • Real Estate Investing
      • main-menu-texts.back-to-parent-menu Our Solutions
      • Real Estate Investing
      • Real Estate Investing main-menu-texts.public-site.submenu-parent-link-postfix
      • main-menu-texts.default-featured-content-label

        Real Estate Market Size
      • Income Analytics
      • MSCI Real Estate Global Intel
      • Real Estate: Portfolio Services
      • Property Intel
      • 房地产 资料单张 搜索
      • Real Capital Analytics
    • Wealth Management
  • Indexes
    • main-menu-texts.back-to-parent-menu main-menu-texts.main-menu
    • Indexes
    • main-menu-texts.default-featured-content-label

      Index Education
    • main-menu-texts.default-featured-content-label

      Underlying Exchange Traded Products
    • Indexes Overview
    • By Category
      • main-menu-texts.back-to-parent-menu Indexes
      • By Category
      • By Category main-menu-texts.public-site.submenu-parent-link-postfix
      • Climate Indexes
      • Market Cap Indexes
      • Index profiles: Fixed Income Indexes
      • Client-Designed Indexes
      • Sustainability Indexes
      • Factor Indexes
      • Thematic Investing
        • main-menu-texts.default-featured-content-label

          Thematic Exposure Standard
      • Performance Indexes
      • Private Capital Indexes
    • Index Tools
      • main-menu-texts.back-to-parent-menu Indexes
      • Index Tools
      • Index Tools main-menu-texts.public-site.submenu-parent-link-postfix
      • Index Tools: Index Monitor
      • MSCI Index API
      • IndexMetrics
      • Index Data Modules
      • Equity Index Constituents
      • Fixed Income Index Constituents
      • Index Profile Tool
      • Direct Indexing
    • Index Resources
      • main-menu-texts.back-to-parent-menu Indexes
      • Index Resources
      • Index Resources main-menu-texts.public-site.submenu-parent-link-postfix
      • Index Communications
      • Index Education
      • 股票资料单张 搜索
      • Derivatives
      • Index methodology
      • Index Performance
      • Index Regulation
  • Research & Insights
    • main-menu-texts.back-to-parent-menu main-menu-texts.main-menu
    • Research & Insights
    • main-menu-texts.default-featured-content-label

      Navigating Uncertainty: Tariff Implications
    • main-menu-texts.default-featured-content-label

      In Focus
    • Research and Insights
      • main-menu-texts.back-to-parent-menu Research & Insights
      • Research and Insights
      • Research and Insights main-menu-texts.public-site.submenu-parent-link-postfix
      • Carbon Markets
      • Climate
      • Equities
      • Factor Investing
      • Fixed Income
      • Multi-Asset Class
      • Private Capital
      • Real Estate
      • Sustainability
    • Events
      • main-menu-texts.back-to-parent-menu Research & Insights
      • Events
      • Events main-menu-texts.public-site.submenu-parent-link-postfix
      • main-menu-texts.default-featured-content-label

        Upcoming climate events
      • On Demand
  • Discover MSCI
    • main-menu-texts.back-to-parent-menu main-menu-texts.main-menu
    • Discover MSCI
    • About Us
      • main-menu-texts.default-featured-content-label

        2022 Annual Report
    • Technology
      • main-menu-texts.back-to-parent-menu Discover MSCI
      • Technology
      • Technology main-menu-texts.public-site.submenu-parent-link-postfix
      • Data Explorer
      • Developer Community
      • Powering Better Portfolios through Technology and Data
    • Corporate Responsibility
      • main-menu-texts.back-to-parent-menu Discover MSCI
      • Corporate Responsibility
      • Corporate Responsibility main-menu-texts.public-site.submenu-parent-link-postfix
      • Enabling Sustainable Investing
      • Environmental Sustainability
      • Governance Practices
      • Social Practices
      • Sustainability Reports and Policies
    • Inclusion & Belonging
    • 公司公告
    • Our Leadership
      • main-menu-texts.default-featured-content-label

        Henry A. Fernandez
    • Recognition
  • Client Log In
  • Investor relations
  • Sustainability Institute
  • Subscribe
  • Contact us
  • Careers
  • Region
  • main-menu-texts.back-to-parent-menu main-menu-texts.main-menu
  • Client Log In
  • MSCI ONE
  • MSCI Client Support Site
  • Barra PortfolioManager
  • BarraOne
  • MSCI ESG Manager
  • MSCI ESG Direct
  • Global Index Lens
  • MSCI Real Assets Analytics Portal
  • RiskManager 3
  • CreditManager
  • RiskManager 4
  • Index Monitor
  • MSCI Datscha
  • MSCI Real Capital Analytics
  • Private i
  • Total Plan/Caissa
  • MSCI Wealth Manager (Fabric)
  • MSCI Carbon Markets
  • main-menu-texts.back-to-parent-menu main-menu-texts.main-menu
  • Region
  • China
  • India
  • Japan

Main Search

Popular searches:
ACWI Research ESG Factor Investment Insights Gallery Asset Owners
Might interest you:
Reimagining Country Investing

Social Sharing

Extended Viewer

Reimagining Country Investing

Jan 29, 2024

We reimagine country investing within a framework that reflects the current global environment, distinguished by a dynamic geopolitical map and deglobalization. Our analysis is intended as guidance to help institutional investors capture equity investment opportunities with promising growth trajectories and transformative potential. The framework also considers the risks and opportunities arising from a country’s or individual market’s macroeconomic path and from an investor’s desire to introduce sustainable-finance objectives into a globally diversified portfolio.

A historical comparison of risk-adjusted returns is an appropriate starting place for the analysis. From January 1988 through December 2023, all constituent markets in the MSCI ACWI Index, with the exception of Greece, posted a positive risk-adjusted return, albeit widely dispersed, across both developed and emerging markets.

Annualized risk and return of the MSCI ACWI Index’s constituent markets

This exhibit shows the annualized return and risk for selected constituent markets of the MSCI ACWI Index from January 1988 through December 2023

Data is for the period from January 1988 through December 2023. Based on monthly returns. Gross returns are annualized in USD. The index inception date is considered the start date for indexes launched after 1988. We have excluded several constituent markets to simplify the exhibit. 


Download report

Research authors

  • Rohit Gupta, Vice President, MSCI Research
  • Anil Rao, Executive Director, MSCI Research
  • Manish Shakdwipee, Executive Director, MSCI Research
  • Hitendra D Varsani, Managing Director, MSCI Research

Related content

Free-Float Adjustment in Global Equities: A Two-Decade Review

Changes in a company's free float provide important information for investors. An increase in free float can potentially lead to more favorable stock characteristics such as improved liquidity and lower volatility.

Access report

Investment Trends in Focus: Five Key Themes for 2024

As 2024 begins, researchers across MSCI have identified five market-moving trends investors will be focused on this year. Penned by MSCI’s chief research officer, Ashley Lester explores each theme in detail.

Read the report

Thematic Investing

Thematic investing is a future-focused investment approach that relies on research to explore macroeconomic, geopolitical and technological trends that are expected to evolve over time.

Explore more
msci logo
  • Terms of Use
  • Legal
  • Modern Slavery Statement
  • Privacy notice
  • Index regulation
  • Locations
  • Cookies
  • Use of ISO standards
  • Site map
Subscribe Contact us
© 2025 MSCI Inc. All rights reserved

UtmAnalytics