ACWI vs GAM: Correlation
How closely do iShares MSCI ACWI ETF (ACWI) and General American Investors, Inc. (GAM) trade together? Their weekly returns over three years give a correlation of 0.87, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and GAM?
Across a 3-year window, the weekly returns of ACWI and GAM correlate at 0.87, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.77 over 1 year against 0.87 over 3. Stretching to 5 years gives 0.91, with an annualized covariance of 162.5 %².
Among the 119 assets we track against ACWI, GAM ranks #23 by 3-year correlation. Twelve-month performance is nearly a tie, at +22.7% for ACWI and +26.1% for GAM.
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 GAM: side by side
| ACWI (iShares MSCI ACWI ETF) | GAM (General American Investors, Inc.) | |
|---|---|---|
| 1-year return | +22.7% | +26.1% |
| 5-year return | +69.0% | +118.0% |
| Volatility (ann.) | 13.8% | 13.6% |
| Beta vs S&P 500 | 0.92 | 0.81 |
| Max drawdown (3Y) | -16.5% | -14.9% |
| Market cap | – | $1.6B |
| P/E (trailing) | – | 4.2 |
| Dividend yield | 1.44% | 9.47% |
| 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 | GAM |
|---|---|---|
| 2022 | -18.4% | -14.8% |
| 2023 | +22.3% | +26.8% |
| 2024 | +17.4% | +29.5% |
| 2025 | +22.4% | +28.6% |
| 2026 | +14.9% | +15.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and GAM good diversifiers for each other?
No. With a correlation of 0.87, ACWI and GAM move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between ACWI and GAM?
The ACWI/GAM correlation stands at 0.87 on a 3-year window (1 year: 0.77, 5 years: 0.91), computed from weekly returns as of 2026-08-27.
Is GAM a good diversifier for ACWI?
No. With a correlation of 0.87, ACWI and GAM move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.87 mean?
On the −1 to +1 scale, 0.87 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-gam.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/acwi-vs-gam/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ACWI correlations · GAM correlations
