ACWI vs HPQ: Correlation
Measured on weekly returns over the past three years, iShares MSCI ACWI ETF (ACWI) and HP Inc. (HPQ) carry a correlation of 0.50, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and HPQ?
Over the past 3 years, ACWI and HPQ moved with a correlation of 0.50, which is moderate. The link has loosened recently: the 1-year correlation (0.30) runs below the 3-year figure (0.50). Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 234.2 %².
Within ACWI's tracked universe of 119 assets, HPQ comes in at #92 by 3-year correlation. On 12-month performance ACWI holds a 7.8-point edge, +22.7% against +14.9%. The rolling one-year correlation moved between 0.30 and 0.72 over the past three years, a moderate range. Risk is not evenly split, since HPQ carries 2.5 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 HPQ: side by side
| ACWI (iShares MSCI ACWI ETF) | HPQ (HP Inc.) | |
|---|---|---|
| 1-year return | +22.7% | +14.9% |
| 5-year return | +69.0% | +19.9% |
| Volatility (ann.) | 13.8% | 34.2% |
| Beta vs S&P 500 | 0.92 | 1.15 |
| Max drawdown (3Y) | -16.5% | -51.2% |
| Market cap | – | $26.7B |
| P/E (trailing) | – | 11.3 |
| Dividend yield | 1.44% | 0.00% |
| Expense ratio | 0.32% | – |
| Assets under management | $32.5B | – |
| Sector / category | ETF · Global | Information Technology |
On the fund side, ACWI sits in the Global Large-Stock Blend category at iShares, with $32.5B under management, 1590 holdings, a 0.32% expense ratio, a 1.44% trailing dividend yield.
Year-by-year returns
| Year | ACWI | HPQ |
|---|---|---|
| 2022 | -18.4% | -26.4% |
| 2023 | +22.3% | +16.1% |
| 2024 | +17.4% | +12.1% |
| 2025 | +22.4% | -28.7% |
| 2026 | +14.9% | +36.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and HPQ good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ACWI and HPQ?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.30 over the last year and 0.51 over 5 years.
Is HPQ a good diversifier for ACWI?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 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-hpq.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/acwi-vs-hpq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ACWI correlations · HPQ correlations
