ACWI vs GRAB: Correlation
iShares MSCI ACWI ETF (ACWI) and Grab Holdings Limited - Class A (GRAB) show a moderate relationship: their 3-year correlation of weekly returns is 0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and GRAB?
Over the past 3 years, ACWI and GRAB moved with a correlation of 0.55, which is moderate. The relationship has been stable: the 1-year correlation (0.63) sits close to the 3-year figure. Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 285.9 %².
Within ACWI's tracked universe of 119 assets, GRAB comes in at #82 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ACWI ahead by 50.2 points (+22.7% versus -27.5%). Note the risk asymmetry: GRAB runs 2.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 GRAB: side by side
| ACWI (iShares MSCI ACWI ETF) | GRAB (Grab Holdings Limited - Class A) | |
|---|---|---|
| 1-year return | +22.7% | -27.5% |
| 5-year return | +69.0% | -65.8% |
| Volatility (ann.) | 13.8% | 37.6% |
| Beta vs S&P 500 | 0.92 | 1.41 |
| Max drawdown (3Y) | -16.5% | -49.3% |
| Market cap | – | $14.7B |
| P/E (trailing) | – | 32.6 |
| Dividend yield | 1.44% | 0.00% |
| 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 | GRAB |
|---|---|---|
| 2022 | -18.4% | -54.8% |
| 2023 | +22.3% | +4.7% |
| 2024 | +17.4% | +40.1% |
| 2025 | +22.4% | +5.7% |
| 2026 | +14.9% | -28.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and GRAB good diversifiers for each other?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ACWI and GRAB?
The ACWI/GRAB correlation stands at 0.55 on a 3-year window (1 year: 0.63, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is GRAB a good diversifier for ACWI?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.55 mean?
A reading of 0.55 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ACWI correlations · GRAB correlations
