ACWI vs BA: Correlation
Measured on weekly returns over the past three years, iShares MSCI ACWI ETF (ACWI) and Boeing (BA) 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 BA?
Across a 3-year window, the weekly returns of ACWI and BA correlate at 0.59, moderate. The relationship has been stable: the 1-year correlation (0.56) sits close to the 3-year figure. Stretching to 5 years gives 0.58, with an annualized covariance of 294.6 %².
Among the 119 assets we track against ACWI, BA ranks #75 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ACWI ahead by 33.6 points (+22.7% versus -10.9%). The rolling one-year correlation moved between 0.31 and 0.71 over the past three years, a moderate range. One caveat on sizing: BA is 2.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 BA: side by side
| ACWI (iShares MSCI ACWI ETF) | BA (Boeing) | |
|---|---|---|
| 1-year return | +22.7% | -10.9% |
| 5-year return | +69.0% | -3.6% |
| Volatility (ann.) | 13.8% | 36.4% |
| Beta vs S&P 500 | 0.92 | 1.43 |
| Max drawdown (3Y) | -16.5% | -48.3% |
| Market cap | – | $165.9B |
| P/E (trailing) | – | 76.3 |
| Dividend yield | 1.44% | 0.00% |
| Expense ratio | 0.32% | – |
| Assets under management | $32.5B | – |
| Sector / category | ETF · Global | Industrials |
ACWI, iShares's Global Large-Stock Blend fund, carries $32.5B under management, 1590 holdings, a 0.32% expense ratio, a 1.44% trailing dividend yield.
Year-by-year returns
| Year | ACWI | BA |
|---|---|---|
| 2022 | -18.4% | -5.4% |
| 2023 | +22.3% | +36.8% |
| 2024 | +17.4% | -32.1% |
| 2025 | +22.4% | +22.7% |
| 2026 | +14.9% | -3.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that ACWI holds BA at a 0.23% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are ACWI and BA 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 BA?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.56 over the last year and 0.58 over 5 years.
Is BA 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
$ curl https://www.pairbook.io/api/v1/pairs/acwi-vs-ba.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/acwi-vs-ba/)
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Related comparisons
Hubs: ACWI correlations · BA correlations
