ACWI vs ETO: Correlation
Measured on weekly returns over the past three years, iShares MSCI ACWI ETF (ACWI) and Eaton Vance Tax-Advantage Global Dividend Opp (ETO) carry a correlation of 0.93, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and ETO?
On 3 years of weekly data the ACWI/ETO correlation comes out at 0.93, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.91 over 1 year against 0.93 over 3. The 5-year figure is 0.87, and annualized covariance runs at 212.8 %².
By 3-year correlation, ETO places #8 of the 119 assets tracked against ACWI. Their 12-month results are close: +22.7% for ACWI against +24.4% for ETO.
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 ETO: side by side
| ACWI (iShares MSCI ACWI ETF) | ETO (Eaton Vance Tax-Advantage Global Dividend Opp) | |
|---|---|---|
| 1-year return | +22.7% | +24.4% |
| 5-year return | +69.0% | +43.6% |
| Volatility (ann.) | 13.8% | 16.6% |
| Beta vs S&P 500 | 0.92 | 1.02 |
| Max drawdown (3Y) | -16.5% | -18.2% |
| Market cap | – | $0.5B |
| P/E (trailing) | – | 3.8 |
| Dividend yield | 1.44% | 6.57% |
| 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 | ETO |
|---|---|---|
| 2022 | -18.4% | -30.0% |
| 2023 | +22.3% | +21.5% |
| 2024 | +17.4% | +15.5% |
| 2025 | +22.4% | +29.9% |
| 2026 | +14.9% | +9.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and ETO good diversifiers for each other?
No: a correlation of 0.93 means ACWI and ETO tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between ACWI and ETO?
As of 2026-08-27, the correlation of weekly returns between ACWI and ETO is 0.93 over 3 years, 0.91 over 1 year and 0.87 over 5 years.
Is ETO a good diversifier for ACWI?
No: a correlation of 0.93 means ACWI and ETO tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.93 mean?
On the −1 to +1 scale, 0.93 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-eto.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/acwi-vs-eto/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ACWI correlations · ETO correlations
