ACWI vs CCD: Correlation
How closely do iShares MSCI ACWI ETF (ACWI) and Calamos Dynamic Convertible & Income Fund - Closed End Fund (CCD) trade together? Their weekly returns over three years give a correlation of 0.71, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and CCD?
Across a 3-year window, the weekly returns of ACWI and CCD correlate at 0.71, strong. Recent behaviour matches the longer record: 0.75 over 1 year against 0.71 over 3. Stretching to 5 years gives 0.72, with an annualized covariance of 180.6 %².
Within ACWI's tracked universe of 119 assets, CCD comes in at #59 by 3-year correlation. On 12-month performance CCD holds a 12.7-point edge, +22.7% against +35.4%.
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 CCD: side by side
| ACWI (iShares MSCI ACWI ETF) | CCD (Calamos Dynamic Convertible & Income Fund - Closed End Fund) | |
|---|---|---|
| 1-year return | +22.7% | +35.4% |
| 5-year return | +69.0% | +33.4% |
| Volatility (ann.) | 13.8% | 18.4% |
| Beta vs S&P 500 | 0.92 | 0.88 |
| Max drawdown (3Y) | -16.5% | -22.3% |
| Market cap | – | $0.7B |
| P/E (trailing) | – | 2.9 |
| Dividend yield | 1.44% | 0.00% |
| 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 | CCD |
|---|---|---|
| 2022 | -18.4% | -28.0% |
| 2023 | +22.3% | +8.0% |
| 2024 | +17.4% | +35.9% |
| 2025 | +22.4% | -4.3% |
| 2026 | +14.9% | +26.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and CCD good diversifiers for each other?
Only partially. A correlation of 0.71 means ACWI and CCD share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ACWI and CCD?
As of 2026-08-27, the correlation of weekly returns between ACWI and CCD is 0.71 over 3 years, 0.75 over 1 year and 0.72 over 5 years.
Is CCD a good diversifier for ACWI?
Only partially. A correlation of 0.71 means ACWI and CCD share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.71 mean?
On the −1 to +1 scale, 0.71 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Related comparisons
Hubs: ACWI correlations · CCD correlations
