ACWI vs CEE: Correlation
iShares MSCI ACWI ETF (ACWI) and The Central and Eastern Europe Fund, Inc. (The) (CEE) show a moderate relationship: their 3-year correlation of weekly returns is 0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and CEE?
On 3 years of weekly data the ACWI/CEE correlation comes out at 0.55, moderate. Little has changed lately, as the 1-year reading of 0.62 lands near the 3-year figure. The 5-year figure is 0.37, and annualized covariance runs at 231.1 %².
By 3-year correlation, CEE places #81 of the 119 assets tracked against ACWI. Neither side won the trailing year by much: +22.7% against +20.8%. Note the risk asymmetry: CEE runs 2.2 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 CEE: side by side
| ACWI (iShares MSCI ACWI ETF) | CEE (The Central and Eastern Europe Fund, Inc. (The)) | |
|---|---|---|
| 1-year return | +22.7% | +20.8% |
| 5-year return | +69.0% | -16.3% |
| Volatility (ann.) | 13.8% | 30.5% |
| Beta vs S&P 500 | 0.92 | 1.06 |
| Max drawdown (3Y) | -16.5% | -22.2% |
| Market cap | – | – |
| P/E (trailing) | – | 3.0 |
| Dividend yield | 1.44% | 1.92% |
| Expense ratio | 0.32% | – |
| Assets under management | $32.5B | – |
| Sector / category | ETF · Global | US Listed |
On the fund side, ACWI sits in the Global Large-Stock Blend category at iShares, with $32.5B under management, 1590 holdings, a 0.32% expense ratio, a 1.44% trailing dividend yield.
Year-by-year returns
| Year | ACWI | CEE |
|---|---|---|
| 2022 | -18.4% | -67.8% |
| 2023 | +22.3% | +22.6% |
| 2024 | +17.4% | +15.5% |
| 2025 | +22.4% | +65.6% |
| 2026 | +14.9% | +12.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and CEE good diversifiers for each other?
Only partially. A correlation of 0.55 means ACWI and CEE 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 CEE?
The ACWI/CEE correlation stands at 0.55 on a 3-year window (1 year: 0.62, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is CEE a good diversifier for ACWI?
Only partially. A correlation of 0.55 means ACWI and CEE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 mean?
A reading of 0.55 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/acwi-vs-cee.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/acwi-vs-cee/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ACWI correlations · CEE correlations
