ACWI vs QQQ: Correlation & Overlap
How closely do iShares MSCI ACWI ETF (ACWI) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.91, which is very strong. The two funds also share 34.4% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and QQQ?
On 3 years of weekly data the ACWI/QQQ correlation comes out at 0.91, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.89) sits close to the 3-year figure. The 5-year figure is 0.91, and annualized covariance runs at 245.2 %².
Within ACWI's tracked universe of 119 assets, QQQ comes in at #11 by 3-year correlation. Twelve-month performance is nearly a tie, at +22.7% for ACWI and +26.3% for QQQ. Stability stands out here, with the rolling one-year correlation confined to 0.82 through 0.95.
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 QQQ: side by side
| ACWI (iShares MSCI ACWI ETF) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +22.7% | +26.3% |
| 5-year return | +69.0% | +95.4% |
| Volatility (ann.) | 13.8% | 19.6% |
| Beta vs S&P 500 | 0.92 | 1.28 |
| Max drawdown (3Y) | -16.5% | -22.8% |
| Dividend yield | 1.44% | 0.44% |
| Expense ratio | 0.32% | 0.18% |
| Assets under management | $32.5B | $452.8B |
| Sector / category | ETF · Global | ETF · US Growth & Tech |
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. QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Portfolio overlap between ACWI and QQQ
The two portfolios partially overlap: 34.4% of the funds' weight sits in the same underlying holdings (100 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in ACWI | Weight in QQQ |
|---|---|---|
| NVDA | 4.64% | 8.15% |
| AAPL | 4.41% | 7.39% |
| MSFT | 3.35% | 5.93% |
| AMZN | 2.41% | 4.50% |
| GOOGL | 1.91% | 3.20% |
| AVGO | 1.53% | 2.71% |
| GOOG | 1.50% | 2.97% |
| META | 1.21% | 2.74% |
| MU | 1.01% | 4.69% |
| TSLA | 0.93% | 2.77% |
| AMD | 0.75% | 3.48% |
| ASML | 0.65% | 0.71% |
| WMT | 0.44% | 2.26% |
| CSCO | 0.43% | 1.96% |
| COST | 0.41% | 1.88% |
Largest positions held only by ACWI: 2330 (1.79%), JPM (0.92%), LLY (0.91%), 005930 (0.84%), BRK.B (0.67%). Only by QQQ: SNDK (0.98%), ARM (0.47%), NQU6 (0.12%), USD (0.09%).
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 | QQQ |
|---|---|---|
| 2022 | -18.4% | -32.6% |
| 2023 | +22.3% | +54.9% |
| 2024 | +17.4% | +25.6% |
| 2025 | +22.4% | +20.8% |
| 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 QQQ good diversifiers for each other?
No. With a correlation of 0.91, ACWI and QQQ move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between ACWI and QQQ?
As of 2026-08-27, the correlation of weekly returns between ACWI and QQQ is 0.91 over 3 years, 0.89 over 1 year and 0.91 over 5 years.
Is QQQ a good diversifier for ACWI?
No. With a correlation of 0.91, ACWI and QQQ move nearly in lockstep, so holding both adds very little diversification.
How much do ACWI and QQQ overlap?
34.4% by weight, across 100 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/acwi-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/acwi-vs-qqq/)
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Related comparisons
Hubs: ACWI correlations · QQQ correlations
