ACWI vs AER: Correlation
Measured on weekly returns over the past three years, iShares MSCI ACWI ETF (ACWI) and AerCap Holdings N.V. (AER) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and AER?
On 3 years of weekly data the ACWI/AER correlation comes out at 0.59, moderate. The past 12 months show a weaker link (0.48) than the 3-year average (0.59). The 5-year figure is 0.60, and annualized covariance runs at 179.2 %².
Within ACWI's tracked universe of 119 assets, AER comes in at #74 by 3-year correlation. Twelve-month performance is nearly a tie, at +22.7% for ACWI and +21.4% for AER. Note the risk asymmetry: AER runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
ACWI vs AER: side by side
| ACWI (iShares MSCI ACWI ETF) | AER (AerCap Holdings N.V.) | |
|---|---|---|
| 1-year return | +22.7% | +21.4% |
| 5-year return | +69.0% | +178.9% |
| Volatility (ann.) | 13.8% | 22.0% |
| Beta vs S&P 500 | 0.92 | 0.79 |
| Max drawdown (3Y) | -16.5% | -15.7% |
| Market cap | – | $23.3B |
| P/E (trailing) | – | 7.4 |
| Dividend yield | 1.44% | 0.98% |
| Expense ratio | 0.32% | – |
| Assets under management | $32.5B | – |
| Sector / category | ETF · Global | US Listed |
ACWI is a Global Large-Stock Blend fund from iShares: $32.5B under management, 1590 holdings, a 0.32% expense ratio, a 1.44% trailing dividend yield.
Year-by-year returns
| Year | ACWI | AER |
|---|---|---|
| 2022 | -18.4% | -10.9% |
| 2023 | +22.3% | +27.4% |
| 2024 | +17.4% | +29.8% |
| 2025 | +22.4% | +51.4% |
| 2026 | +14.9% | +3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and AER good diversifiers for each other?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ACWI and AER?
The ACWI/AER correlation stands at 0.59 on a 3-year window (1 year: 0.48, 5 years: 0.60), computed from weekly returns as of 2026-08-27.
Is AER a good diversifier for ACWI?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.59 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
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Related comparisons
Hubs: ACWI correlations · AER correlations
