ACWI vs ECAT: Correlation
Measured on weekly returns over the past three years, iShares MSCI ACWI ETF (ACWI) and BlackRock ESG Capital Allocation Term Trust (ECAT) carry a correlation of 0.77, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and ECAT?
Over the past 3 years, ACWI and ECAT moved with a correlation of 0.77, which is strong. Recent behaviour matches the longer record: 0.79 over 1 year against 0.77 over 3. Over 5 years the correlation is 0.82, and the annualized covariance of weekly returns is 160.6 %².
Within ACWI's tracked universe of 119 assets, ECAT comes in at #49 by 3-year correlation. The trailing year gives ACWI the advantage: +22.7% versus +14.7%, a 8.0-point spread.
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 ECAT: side by side
| ACWI (iShares MSCI ACWI ETF) | ECAT (BlackRock ESG Capital Allocation Term Trust) | |
|---|---|---|
| 1-year return | +22.7% | +14.7% |
| 5-year return | +69.0% | +56.8% |
| Volatility (ann.) | 13.8% | 15.2% |
| Beta vs S&P 500 | 0.92 | 0.79 |
| Max drawdown (3Y) | -16.5% | -15.8% |
| Market cap | – | $1.5B |
| P/E (trailing) | – | 7.2 |
| Dividend yield | 1.44% | 0.00% |
| 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 | ECAT |
|---|---|---|
| 2022 | -18.4% | -21.9% |
| 2023 | +22.3% | +32.4% |
| 2024 | +17.4% | +20.0% |
| 2025 | +22.4% | +16.6% |
| 2026 | +14.9% | +15.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and ECAT good diversifiers for each other?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ACWI and ECAT?
As of 2026-08-27, the correlation of weekly returns between ACWI and ECAT is 0.77 over 3 years, 0.79 over 1 year and 0.82 over 5 years.
Is ECAT a good diversifier for ACWI?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.77 mean?
On the −1 to +1 scale, 0.77 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.
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Related comparisons
Hubs: ACWI correlations · ECAT correlations
