ACWI vs EXG: Correlation
iShares MSCI ACWI ETF (ACWI) and Eaton Vance Tax-Managed Global Diversified Equity Income (EXG) show a very strong relationship: their 3-year correlation of weekly returns is 0.92.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and EXG?
Across a 3-year window, the weekly returns of ACWI and EXG correlate at 0.92, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.89 over 1 year against 0.92 over 3. Stretching to 5 years gives 0.88, with an annualized covariance of 190.1 %².
Within ACWI's tracked universe of 119 assets, EXG comes in at #10 by 3-year correlation. Twelve-month performance is nearly a tie, at +22.7% for ACWI and +22.0% for EXG.
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 EXG: side by side
| ACWI (iShares MSCI ACWI ETF) | EXG (Eaton Vance Tax-Managed Global Diversified Equity Income) | |
|---|---|---|
| 1-year return | +22.7% | +22.0% |
| 5-year return | +69.0% | +45.8% |
| Volatility (ann.) | 13.8% | 15.0% |
| Beta vs S&P 500 | 0.92 | 0.91 |
| Max drawdown (3Y) | -16.5% | -15.1% |
| Market cap | – | – |
| P/E (trailing) | – | 4.5 |
| Dividend yield | 1.44% | 0.00% |
| 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 | EXG |
|---|---|---|
| 2022 | -18.4% | -22.2% |
| 2023 | +22.3% | +11.4% |
| 2024 | +17.4% | +16.1% |
| 2025 | +22.4% | +27.8% |
| 2026 | +14.9% | +10.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and EXG good diversifiers for each other?
No. With a correlation of 0.92, ACWI and EXG move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between ACWI and EXG?
Using weekly returns as of 2026-08-27: 0.92 over 3 years, with 0.89 over the last year and 0.88 over 5 years.
Is EXG a good diversifier for ACWI?
No. With a correlation of 0.92, ACWI and EXG move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.92 mean?
A reading of 0.92 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-exg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/acwi-vs-exg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ACWI correlations · EXG correlations
