ACWI vs RSP: Correlation & Overlap
Measured on weekly returns over the past three years, iShares MSCI ACWI ETF (ACWI) and Invesco S&P 500 Equal Weight ETF (RSP) carry a correlation of 0.87, a very strong link. The two funds also share 33.0% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and RSP?
Across a 3-year window, the weekly returns of ACWI and RSP correlate at 0.87, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.79) sits close to the 3-year figure. Stretching to 5 years gives 0.92, with an annualized covariance of 158.8 %².
Within ACWI's tracked universe of 119 assets, RSP comes in at #24 by 3-year correlation. Neither side won the trailing year by much: +22.7% against +19.2%. The rolling one-year correlation stayed in a tight band between 0.79 and 0.96 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 RSP: side by side
| ACWI (iShares MSCI ACWI ETF) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +22.7% | +19.2% |
| 5-year return | +69.0% | +53.9% |
| Volatility (ann.) | 13.8% | 13.2% |
| Beta vs S&P 500 | 0.92 | 0.77 |
| Max drawdown (3Y) | -16.5% | -17.8% |
| Dividend yield | 1.44% | 1.49% |
| Expense ratio | 0.32% | 0.20% |
| Assets under management | $32.5B | $97.3B |
| 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. On the fund side, RSP sits in the Large Blend category at Invesco, with $97.3B under management, 505 holdings, a 0.20% expense ratio, a 1.49% trailing dividend yield.
Portfolio overlap between ACWI and RSP
The two portfolios partially overlap: 33.0% 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 RSP |
|---|---|---|
| PLTR | 0.37% | 0.25% |
| PANW | 0.26% | 0.24% |
| MRK | 0.38% | 0.24% |
| MSFT | 3.35% | 0.23% |
| ROP | 0.34% | 0.23% |
| TMO | 0.23% | 0.24% |
| AMGN | 0.23% | 0.24% |
| MA | 0.47% | 0.23% |
| RTX | 0.27% | 0.22% |
| V | 0.62% | 0.22% |
| ABBV | 0.45% | 0.22% |
| JPM | 0.92% | 0.21% |
| BAC | 0.40% | 0.21% |
| JNJ | 0.62% | 0.21% |
| ANET | 0.21% | 0.25% |
Largest positions held only by ACWI: 2330 (1.79%), 005930 (0.84%), ASML (0.65%), 000660 (0.64%), HSBA (0.35%). Only by RSP: MRNA (0.61%), ZBRA (0.31%), CRL (0.29%), TECH (0.26%), JKHY (0.25%).
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 | RSP |
|---|---|---|
| 2022 | -18.4% | -11.6% |
| 2023 | +22.3% | +13.7% |
| 2024 | +17.4% | +12.8% |
| 2025 | +22.4% | +11.2% |
| 2026 | +14.9% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and RSP good diversifiers for each other?
No: a correlation of 0.87 means ACWI and RSP tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between ACWI and RSP?
As of 2026-08-27, the correlation of weekly returns between ACWI and RSP is 0.87 over 3 years, 0.79 over 1 year and 0.92 over 5 years.
Is RSP a good diversifier for ACWI?
No: a correlation of 0.87 means ACWI and RSP tend to fall together, which is precisely when diversification is supposed to help.
How much do ACWI and RSP overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 33.0% by weight over 450 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/acwi-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/acwi-vs-rsp/)
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Related comparisons
Hubs: ACWI correlations · RSP correlations
