ACWI vs QQQM: Correlation & Overlap
How closely do iShares MSCI ACWI ETF (ACWI) and Invesco Nasdaq 100 ETF (QQQM) trade together? Their weekly returns over three years give a correlation of 0.91, which is very strong. By holdings, the two funds overlap 34.4% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and QQQM?
On 3 years of weekly data the ACWI/QQQM correlation comes out at 0.91, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.89 over 1 year against 0.91 over 3. The 5-year figure is 0.91, and annualized covariance runs at 244.0 %².
Among the 119 assets we track against ACWI, QQQM ranks #12 by 3-year correlation. Twelve-month performance is nearly a tie, at +22.7% for ACWI and +26.4% for QQQM. The rolling one-year correlation stayed in a tight band between 0.82 and 0.95 over the past three years, which points to a structural rather than episodic relationship.
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 QQQM: side by side
| ACWI (iShares MSCI ACWI ETF) | QQQM (Invesco Nasdaq 100 ETF) | |
|---|---|---|
| 1-year return | +22.7% | +26.4% |
| 5-year return | +69.0% | +96.1% |
| Volatility (ann.) | 13.8% | 19.5% |
| Beta vs S&P 500 | 0.92 | 1.28 |
| Max drawdown (3Y) | -16.5% | -22.7% |
| Dividend yield | 1.44% | 0.46% |
| Expense ratio | 0.32% | 0.15% |
| Assets under management | $32.5B | $97.1B |
| 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. QQQM is a Large Growth fund from Invesco: $97.1B under management, 105 holdings, a 0.15% expense ratio, a 0.46% trailing dividend yield.
Portfolio overlap between ACWI and QQQM
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 QQQM |
|---|---|---|
| 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 QQQM: SNDK (0.98%), ARM (0.47%), NQU6 (0.14%), AGPXX (0.12%), USD (0.00%).
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 | QQQM |
|---|---|---|
| 2022 | -18.4% | -32.5% |
| 2023 | +22.3% | +55.0% |
| 2024 | +17.4% | +25.7% |
| 2025 | +22.4% | +20.9% |
| 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 QQQM good diversifiers for each other?
Not really. At 0.91, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between ACWI and QQQM?
The ACWI/QQQM correlation stands at 0.91 on a 3-year window (1 year: 0.89, 5 years: 0.91), computed from weekly returns as of 2026-08-27.
Is QQQM a good diversifier for ACWI?
Not really. At 0.91, the two trade almost as one position, and owning both buys little extra protection.
How much do ACWI and QQQM overlap?
The two funds share 100 holdings amounting to 34.4% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
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Related comparisons
Hubs: ACWI correlations · QQQM correlations
