Behind the benchmark · Research

Benchmarks: World, All-World and All Country: What’s the difference?

By Rogha ETF · 19 October 2026

Page updated 28 October 2026 · Rogha ETF

Published 19 October 2026

Similar names can describe different investment universes. To understand a global equity benchmark, ask which markets it includes and how far down the company-size spectrum it goes.

A benchmark is a set of rules and a calculated measure. An ETF is a product designed to follow those rules, with its own implementation and costs. This article compares the benchmark definitions. It does not rank ETFs or treat their holdings as complete index constituent lists.

World does not have one universal meaning

MSCI World covers large and mid-sized companies in markets MSCI classifies as developed. It leaves out MSCI emerging markets. Its developed-market counterpart in the FTSE family is FTSE Developed, although their country classifications and selection rules differ. Sources: MSCI World profile and FTSE ground rules.

There is a further naming trap: FTSE World is a separate index covering developed and advanced emerging markets, while leaving out secondary emerging markets. Reading “World” alone therefore does not tell you the eligible country universe. The provider and full benchmark name matter.

All country broadens geography

MSCI ACWI stands for All Country World Index. It adds emerging markets to developed markets, while retaining large- and mid-cap coverage. FTSE All-World also combines developed and emerging markets with large and mid-sized companies. They are the relevant broad-category comparison, but they do not have identical rules or constituents. Sources: MSCI ACWI factsheet and FTSE definitions.

“All” does not mean every country or every listed business. Eligibility still depends on the provider’s classification and investability rules, and frontier markets sit outside these broad developed-plus-emerging universes.

All world is not all cap

Neither MSCI ACWI nor FTSE All-World includes the small-cap segment. MSCI ACWI IMI adds small companies; IMI means Investable Market Index. FTSE Global All Cap also includes large, mid and small companies. The names describe broader size coverage, not an equal allocation to each size group. Sources: MSCI ACWI IMI profile and FTSE size-segment definitions.

The two providers apply different size cut-offs and eligibility tests. A company can fall into different size segments in their systems. Broadly comparable categories therefore do not establish interchangeable portfolios.

The same country can sit in different buckets

South Korea and Poland are developed markets under FTSE’s classification but emerging markets under MSCI’s. Their eligible securities can appear in both providers’ broad all-country universes, while sitting on different sides of the developed/emerging split.

Greece shows why the date matters. FTSE’s upgrade to developed status took effect on 21 September 2026. MSCI’s upgrade is scheduled for its May 2027 review, so Greece remains emerging for this comparison. Sources: FTSE October classification matrix, MSCI September country list and MSCI Greece timetable.

This has a practical consequence when combining indices. MSCI World plus FTSE Emerging can leave these markets outside the combined eligible universe. FTSE Developed plus MSCI Emerging can include them in both sleeves. Whether and how much individual securities overlap requires holdings analysis; these are classification consequences, not portfolio-weight calculations.

Coverage percentages need context

Provider coverage targets refer to their defined investable universes. MSCI’s standard large/mid-cap construction targets around 85% coverage, while FTSE describes its All-World construction using regional size thresholds. Different denominators, screens and buffers mean these percentages should not be treated as slices of one identical global pie. The supporting note sets out the definitions.

These benchmarks generally weight eligible securities by market capitalisation adjusted for shares available to investors. Broad coverage can still leave large weights in a few markets or businesses. More constituents do not, by themselves, establish lower risk or better future returns.

Read the full benchmark name

Check the provider, country universe and size coverage before comparing two global funds. Then check any exclusions, sustainability screens or other custom rules. For a performance comparison, also match the currency and price, gross-return or net-return variant. An index calculated in euro is not automatically currency hedged.

World, All-World and All Country are useful labels once their definitions are clear. They are the beginning of the comparison, not a substitute for it.

Read the methodology note, dated evidence and comparison tables.