ACWI vs DGRO: Correlation & Overlap
iShares MSCI ACWI ETF (ACWI) and iShares Core Dividend Growth ETF (DGRO) show a very strong relationship: their 3-year correlation of weekly returns is 0.84. The two funds also share 30.9% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and DGRO?
Across a 3-year window, the weekly returns of ACWI and DGRO correlate at 0.84, very strong, meaning they move nearly in lockstep. The link has loosened recently: the 1-year correlation (0.67) runs below the 3-year figure (0.84). Stretching to 5 years gives 0.89, with an annualized covariance of 132.3 %².
Within ACWI's tracked universe of 119 assets, DGRO comes in at #31 by 3-year correlation. Twelve-month performance is nearly a tie, at +22.7% for ACWI and +21.0% for DGRO. Across three years, the rolling one-year figure varied moderately, from 0.67 to 0.93.
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 DGRO: side by side
| ACWI (iShares MSCI ACWI ETF) | DGRO (iShares Core Dividend Growth ETF) | |
|---|---|---|
| 1-year return | +22.7% | +21.0% |
| 5-year return | +69.0% | +67.9% |
| Volatility (ann.) | 13.8% | 11.4% |
| Beta vs S&P 500 | 0.92 | 0.65 |
| Max drawdown (3Y) | -16.5% | -14.0% |
| Dividend yield | 1.44% | 1.89% |
| Expense ratio | 0.32% | 0.08% |
| Assets under management | $32.5B | $42.8B |
| Sector / category | ETF · Global | ETF · Dividend |
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. DGRO is a Large Value fund from iShares: $42.8B under management, 383 holdings, a 0.08% expense ratio, a 1.89% trailing dividend yield.
Portfolio overlap between ACWI and DGRO
The two portfolios partially overlap: 30.9% of the funds' weight sits in the same underlying holdings (234 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in ACWI | Weight in DGRO |
|---|---|---|
| MSFT | 3.35% | 3.39% |
| AAPL | 4.41% | 2.85% |
| AVGO | 1.53% | 2.28% |
| JPM | 0.92% | 3.14% |
| LLY | 0.91% | 1.21% |
| XOM | 0.63% | 2.86% |
| V | 0.62% | 1.13% |
| JNJ | 0.62% | 3.16% |
| MA | 0.47% | 0.73% |
| ABBV | 0.45% | 3.03% |
| WMT | 0.44% | 0.80% |
| CSCO | 0.43% | 1.27% |
| COST | 0.41% | 0.54% |
| BAC | 0.40% | 1.80% |
| MRK | 0.38% | 2.20% |
Largest positions held only by ACWI: NVDA (4.64%), AMZN (2.41%), GOOGL (1.91%), 2330 (1.79%), GOOG (1.50%). Only by DGRO: EWBC (0.10%), WTRG (0.09%), OVV (0.08%), OGE (0.07%), DTM (0.07%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 15 common positions shown.
Year-by-year returns
| Year | ACWI | DGRO |
|---|---|---|
| 2022 | -18.4% | -7.9% |
| 2023 | +22.3% | +10.5% |
| 2024 | +17.4% | +16.6% |
| 2025 | +22.4% | +15.7% |
| 2026 | +14.9% | +15.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and DGRO good diversifiers for each other?
No: a correlation of 0.84 means ACWI and DGRO tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between ACWI and DGRO?
Using weekly returns as of 2026-08-27: 0.84 over 3 years, with 0.67 over the last year and 0.89 over 5 years.
Is DGRO a good diversifier for ACWI?
No: a correlation of 0.84 means ACWI and DGRO tend to fall together, which is precisely when diversification is supposed to help.
How much do ACWI and DGRO overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 30.9% by weight over 234 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/acwi-vs-dgro.json
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[](https://www.pairbook.io/pair/acwi-vs-dgro/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ACWI correlations · DGRO correlations
