ACWI vs IVV: Correlation & Overlap
Measured on weekly returns over the past three years, iShares MSCI ACWI ETF (ACWI) and iShares Core S&P 500 ETF (IVV) carry a correlation of 0.97, a very strong link. Looking through to holdings, 61.8% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and IVV?
On 3 years of weekly data the ACWI/IVV correlation comes out at 0.97, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.95 lands near the 3-year figure. The 5-year figure is 0.97, and annualized covariance runs at 193.5 %².
In ACWI's tracked universe of 119 assets, IVV sits right near the top at #2. Their 12-month results are close: +22.7% for ACWI against +20.7% for IVV. The link looks structural: the rolling one-year correlation barely moved, holding between 0.95 and 0.98.
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 IVV: side by side
| ACWI (iShares MSCI ACWI ETF) | IVV (iShares Core S&P 500 ETF) | |
|---|---|---|
| 1-year return | +22.7% | +20.7% |
| 5-year return | +69.0% | +83.0% |
| Volatility (ann.) | 13.8% | 14.5% |
| Beta vs S&P 500 | 0.92 | 1.00 |
| Max drawdown (3Y) | -16.5% | -18.8% |
| Dividend yield | 1.44% | 1.09% |
| Expense ratio | 0.32% | 0.03% |
| Assets under management | $32.5B | $869.2B |
| Sector / category | ETF · Global | ETF · US Large Cap |
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. IVV is a Large Blend fund from iShares: $869.2B under management, 503 holdings, a 0.03% expense ratio, a 1.09% trailing dividend yield.
Portfolio overlap between ACWI and IVV
The two portfolios overlap heavily: 61.8% of the funds' weight sits in the same underlying holdings (450 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in ACWI | Weight in IVV |
|---|---|---|
| NVDA | 4.64% | 7.67% |
| AAPL | 4.41% | 6.96% |
| MSFT | 3.35% | 5.57% |
| AMZN | 2.41% | 3.85% |
| GOOGL | 1.91% | 3.03% |
| AVGO | 1.53% | 2.54% |
| GOOG | 1.50% | 2.42% |
| META | 1.21% | 1.91% |
| MU | 1.01% | 1.60% |
| TSLA | 0.93% | 1.47% |
| JPM | 0.92% | 1.44% |
| LLY | 0.91% | 1.42% |
| AMD | 0.75% | 1.18% |
| BRK.B | 0.67% | 1.40% |
| XOM | 0.63% | 0.99% |
Largest positions held only by ACWI: 2330 (1.79%), 005930 (0.84%), ASML (0.65%), 000660 (0.64%), HSBA (0.35%). Only by IVV: SNDK (0.34%), MRNA (0.08%), VTRS (0.03%), ZBRA (0.03%), LUV (0.03%).
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 | IVV |
|---|---|---|
| 2022 | -18.4% | -18.2% |
| 2023 | +22.3% | +26.3% |
| 2024 | +17.4% | +24.9% |
| 2025 | +22.4% | +17.8% |
| 2026 | +14.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and IVV good diversifiers for each other?
No. With a correlation of 0.97, ACWI and IVV move nearly in lockstep, so holding both adds very little diversification. They also hold much of the same portfolio (61.8% overlap), so the exposure is doubly redundant.
FAQ
What is the correlation between ACWI and IVV?
Using weekly returns as of 2026-08-27: 0.97 over 3 years, with 0.95 over the last year and 0.97 over 5 years.
Is IVV a good diversifier for ACWI?
No. With a correlation of 0.97, ACWI and IVV move nearly in lockstep, so holding both adds very little diversification. They also hold much of the same portfolio (61.8% overlap), so the exposure is doubly redundant.
How much do ACWI and IVV overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 61.8% by weight over 450 common positions.
Use this data
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Related comparisons
Hubs: ACWI correlations · IVV correlations
