ACWI vs FXI: Correlation & Overlap
iShares MSCI ACWI ETF (ACWI) and iShares China Large-Cap ETF (FXI) show a moderate relationship: their 3-year correlation of weekly returns is 0.48. By holdings, the two funds overlap 1.5% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and FXI?
Over the past 3 years, ACWI and FXI moved with a correlation of 0.48, which is moderate. The relationship has been stable: the 1-year correlation (0.53) sits close to the 3-year figure. Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 166.5 %².
Among the 119 assets we track against ACWI, FXI ranks #98 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ACWI outperformed by 28.8 percentage points (+22.7% for ACWI against -6.1% for FXI). The rolling one-year correlation moved between 0.39 and 0.76 over the past three years, a moderate range. Risk is not evenly split, since FXI carries 1.8 times the volatility of the other side.
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 FXI: side by side
| ACWI (iShares MSCI ACWI ETF) | FXI (iShares China Large-Cap ETF) | |
|---|---|---|
| 1-year return | +22.7% | -6.1% |
| 5-year return | +69.0% | -1.4% |
| Volatility (ann.) | 13.8% | 25.3% |
| Beta vs S&P 500 | 0.92 | 0.68 |
| Max drawdown (3Y) | -16.5% | -23.2% |
| Dividend yield | 1.44% | 1.87% |
| Expense ratio | 0.32% | 0.73% |
| Assets under management | $32.5B | $4.3B |
| Sector / category | ETF · Global | ETF · International |
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. FXI, iShares's Greater China Region fund, carries $4.3B under management, 50 holdings, a 0.73% expense ratio, a 1.87% trailing dividend yield.
Portfolio overlap between ACWI and FXI
The two portfolios are largely distinct: 1.5% of the funds' weight sits in the same underlying holdings (41 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in ACWI | Weight in FXI |
|---|---|---|
| 700 | 0.33% | 8.51% |
| 9988 | 0.24% | 9.72% |
| 939 | 0.09% | 9.09% |
| 1211 | 0.07% | 3.56% |
| 1398 | 0.06% | 6.35% |
| 1810 | 0.06% | 5.16% |
| 2318 | 0.05% | 3.89% |
| 3988 | 0.05% | 3.91% |
| 3690 | 0.05% | 4.44% |
| 9999 | 0.04% | 3.70% |
| 9618 | 0.03% | 2.90% |
| 2899 | 0.03% | 2.38% |
| 2628 | 0.03% | 2.27% |
| 9961 | 0.03% | 2.26% |
| 857 | 0.02% | 2.16% |
Largest positions held only by ACWI: NVDA (4.64%), AAPL (4.41%), MSFT (3.35%), AMZN (2.41%), GOOGL (1.91%). Only by FXI: 300 (0.63%), 2611 (0.50%), 1336 (0.50%), 1919 (0.44%), 6030 (0.39%).
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 | FXI |
|---|---|---|
| 2022 | -18.4% | -20.7% |
| 2023 | +22.3% | -12.4% |
| 2024 | +17.4% | +29.0% |
| 2025 | +22.4% | +28.9% |
| 2026 | +14.9% | -7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and FXI good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ACWI and FXI?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.53 over the last year and 0.48 over 5 years.
Is FXI a good diversifier for ACWI?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
How much do ACWI and FXI overlap?
The two funds share 41 holdings amounting to 1.5% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/acwi-vs-fxi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/acwi-vs-fxi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ACWI correlations · FXI correlations
