ACWI vs CHW: Correlation
iShares MSCI ACWI ETF (ACWI) and Calamos Global Dynamic Income Fund - Closed End Fund (CHW) show a very strong relationship: their 3-year correlation of weekly returns is 0.86.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and CHW?
Over the past 3 years, ACWI and CHW moved with a correlation of 0.86, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.81) sits close to the 3-year figure. Over 5 years the correlation is 0.86, and the annualized covariance of weekly returns is 220.1 %².
Among the 119 assets we track against ACWI, CHW ranks #25 by 3-year correlation. Neither side won the trailing year by much: +22.7% against +26.8%.
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 CHW: side by side
| ACWI (iShares MSCI ACWI ETF) | CHW (Calamos Global Dynamic Income Fund - Closed End Fund) | |
|---|---|---|
| 1-year return | +22.7% | +26.8% |
| 5-year return | +69.0% | +27.6% |
| Volatility (ann.) | 13.8% | 18.6% |
| Beta vs S&P 500 | 0.92 | 1.05 |
| Max drawdown (3Y) | -16.5% | -20.4% |
| Market cap | – | – |
| P/E (trailing) | – | 3.0 |
| Dividend yield | 1.44% | 7.03% |
| 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 | CHW |
|---|---|---|
| 2022 | -18.4% | -37.7% |
| 2023 | +22.3% | +14.5% |
| 2024 | +17.4% | +27.8% |
| 2025 | +22.4% | +19.6% |
| 2026 | +14.9% | +20.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and CHW good diversifiers for each other?
No. With a correlation of 0.86, ACWI and CHW move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between ACWI and CHW?
The ACWI/CHW correlation stands at 0.86 on a 3-year window (1 year: 0.81, 5 years: 0.86), computed from weekly returns as of 2026-08-27.
Is CHW a good diversifier for ACWI?
No. With a correlation of 0.86, ACWI and CHW move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.86 mean?
On the −1 to +1 scale, 0.86 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
$ curl https://www.pairbook.io/api/v1/pairs/acwi-vs-chw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/acwi-vs-chw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ACWI correlations · CHW correlations
