ACWI vs NMAI: Correlation
Measured on weekly returns over the past three years, iShares MSCI ACWI ETF (ACWI) and Nuveen Multi-Asset Income Fund (NMAI) carry a correlation of 0.75, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and NMAI?
On 3 years of weekly data the ACWI/NMAI correlation comes out at 0.75, strong. Little has changed lately, as the 1-year reading of 0.78 lands near the 3-year figure. The 5-year figure is 0.77, and annualized covariance runs at 146.9 %².
By 3-year correlation, NMAI places #52 of the 119 assets tracked against ACWI. Twelve-month performance is nearly a tie, at +22.7% for ACWI and +25.5% for NMAI.
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 NMAI: side by side
| ACWI (iShares MSCI ACWI ETF) | NMAI (Nuveen Multi-Asset Income Fund) | |
|---|---|---|
| 1-year return | +22.7% | +25.5% |
| 5-year return | +69.0% | +36.4% |
| Volatility (ann.) | 13.8% | 14.2% |
| Beta vs S&P 500 | 0.92 | 0.68 |
| Max drawdown (3Y) | -16.5% | -13.0% |
| Market cap | – | $0.5B |
| P/E (trailing) | – | 5.9 |
| Dividend yield | 1.44% | 0.00% |
| Expense ratio | 0.32% | – |
| Assets under management | $32.5B | – |
| Sector / category | ETF · Global | US Listed |
ACWI, iShares's Global Large-Stock Blend fund, carries $32.5B under management, 1590 holdings, a 0.32% expense ratio, a 1.44% trailing dividend yield.
Year-by-year returns
| Year | ACWI | NMAI |
|---|---|---|
| 2022 | -18.4% | -26.4% |
| 2023 | +22.3% | +19.5% |
| 2024 | +17.4% | +11.7% |
| 2025 | +22.4% | +20.0% |
| 2026 | +14.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and NMAI good diversifiers for each other?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ACWI and NMAI?
Using weekly returns as of 2026-08-27: 0.75 over 3 years, with 0.78 over the last year and 0.77 over 5 years.
Is NMAI a good diversifier for ACWI?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.75 mean?
A reading of 0.75 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-nmai.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/acwi-vs-nmai/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ACWI correlations · NMAI correlations
