ACWI vs HWM: Correlation
How closely do iShares MSCI ACWI ETF (ACWI) and Howmet Aerospace (HWM) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and HWM?
Over the past 3 years, ACWI and HWM moved with a correlation of 0.57, which is moderate. The relationship has been stable: the 1-year correlation (0.48) sits close to the 3-year figure. Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 254.5 %².
By 3-year correlation, HWM places #78 of the 119 assets tracked against ACWI. Correlation aside, the last 12 months split them widely, with HWM ahead by 30.0 points (+22.7% versus +52.7%). Across three years, the rolling one-year figure varied moderately, from 0.34 to 0.75. Note the risk asymmetry: HWM runs 2.3 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 HWM: side by side
| ACWI (iShares MSCI ACWI ETF) | HWM (Howmet Aerospace) | |
|---|---|---|
| 1-year return | +22.7% | +52.7% |
| 5-year return | +69.0% | +754.4% |
| Volatility (ann.) | 13.8% | 32.1% |
| Beta vs S&P 500 | 0.92 | 1.24 |
| Max drawdown (3Y) | -16.5% | -19.4% |
| Market cap | – | $106.7B |
| P/E (trailing) | – | 58.2 |
| Dividend yield | 1.44% | 0.18% |
| Expense ratio | 0.32% | – |
| Assets under management | $32.5B | – |
| Sector / category | ETF · Global | Industrials |
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 | HWM |
|---|---|---|
| 2022 | -18.4% | +24.2% |
| 2023 | +22.3% | +37.8% |
| 2024 | +17.4% | +102.7% |
| 2025 | +22.4% | +88.0% |
| 2026 | +14.9% | +30.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.1% of ACWI is HWM itself, so the fund partly moves with the stock by construction.
Are ACWI and HWM good diversifiers for each other?
To a limited degree. At 0.57 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 HWM?
The ACWI/HWM correlation stands at 0.57 on a 3-year window (1 year: 0.48, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is HWM a good diversifier for ACWI?
To a limited degree. At 0.57 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 0.57 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/acwi-vs-hwm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/acwi-vs-hwm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ACWI correlations · HWM correlations
