ACWI vs CGO: Correlation
Measured on weekly returns over the past three years, iShares MSCI ACWI ETF (ACWI) and Calamos Global Total Return Fund - Closed End Fund (CGO) carry a correlation of 0.81, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and CGO?
On 3 years of weekly data the ACWI/CGO correlation comes out at 0.81, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.85 over 1 year against 0.81 over 3. The 5-year figure is 0.74, and annualized covariance runs at 215.0 %².
By 3-year correlation, CGO places #39 of the 119 assets tracked against ACWI. Twelve-month performance is nearly a tie, at +22.7% for ACWI and +22.1% for CGO.
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 CGO: side by side
| ACWI (iShares MSCI ACWI ETF) | CGO (Calamos Global Total Return Fund - Closed End Fund) | |
|---|---|---|
| 1-year return | +22.7% | +22.1% |
| 5-year return | +69.0% | +21.0% |
| Volatility (ann.) | 13.8% | 19.2% |
| Beta vs S&P 500 | 0.92 | 1.04 |
| Max drawdown (3Y) | -16.5% | -26.7% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | 2.9 |
| Dividend yield | 1.44% | 7.31% |
| Expense ratio | 0.32% | – |
| Assets under management | $32.5B | – |
| Sector / category | ETF · Global | US Listed |
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 | CGO |
|---|---|---|
| 2022 | -18.4% | -36.6% |
| 2023 | +22.3% | +14.0% |
| 2024 | +17.4% | +36.8% |
| 2025 | +22.4% | +8.9% |
| 2026 | +14.9% | +20.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and CGO good diversifiers for each other?
No. With a correlation of 0.81, ACWI and CGO move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between ACWI and CGO?
Using weekly returns as of 2026-08-27: 0.81 over 3 years, with 0.85 over the last year and 0.74 over 5 years.
Is CGO a good diversifier for ACWI?
No. With a correlation of 0.81, ACWI and CGO move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.81 mean?
A reading of 0.81 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-cgo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/acwi-vs-cgo/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ACWI correlations · CGO correlations
