ACWI vs MMYT: Correlation
How closely do iShares MSCI ACWI ETF (ACWI) and MakeMyTrip Limited (MMYT) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and MMYT?
On 3 years of weekly data the ACWI/MMYT correlation comes out at 0.52, moderate. Little has changed lately, as the 1-year reading of 0.45 lands near the 3-year figure. The 5-year figure is 0.48, and annualized covariance runs at 352.2 %².
By 3-year correlation, MMYT places #90 of the 119 assets tracked against ACWI. Correlation aside, the last 12 months split them widely, with ACWI ahead by 66.3 points (+22.7% versus -43.6%). One caveat on sizing: MMYT is 3.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 MMYT: side by side
| ACWI (iShares MSCI ACWI ETF) | MMYT (MakeMyTrip Limited) | |
|---|---|---|
| 1-year return | +22.7% | -43.6% |
| 5-year return | +69.0% | +128.7% |
| Volatility (ann.) | 13.8% | 49.5% |
| Beta vs S&P 500 | 0.92 | 1.76 |
| Max drawdown (3Y) | -16.5% | -69.9% |
| Market cap | – | $5.5B |
| P/E (trailing) | – | 253.0 |
| Dividend yield | 1.44% | 0.00% |
| Expense ratio | 0.32% | – |
| Assets under management | $32.5B | – |
| Sector / category | ETF · Global | US Listed |
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 | MMYT |
|---|---|---|
| 2022 | -18.4% | -0.5% |
| 2023 | +22.3% | +70.4% |
| 2024 | +17.4% | +139.0% |
| 2025 | +22.4% | -26.9% |
| 2026 | +14.9% | -29.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and MMYT good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ACWI and MMYT?
As of 2026-08-27, the correlation of weekly returns between ACWI and MMYT is 0.52 over 3 years, 0.45 over 1 year and 0.48 over 5 years.
Is MMYT a good diversifier for ACWI?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 mean?
A reading of 0.52 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/acwi-vs-mmyt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/acwi-vs-mmyt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ACWI correlations · MMYT correlations
