ACWI vs SPY: Correlation & Overlap
Measured on weekly returns over the past three years, iShares MSCI ACWI ETF (ACWI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.97, a very strong link. The two funds also share 61.8% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and SPY?
Over the past 3 years, ACWI and SPY moved with a correlation of 0.97, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.96) sits close to the 3-year figure. Over 5 years the correlation is 0.97, and the annualized covariance of weekly returns is 192.8 %².
SPY is one of the assets that tracks ACWI most closely: it ranks #3 out of the 119 assets we track against ACWI. Neither side won the trailing year by much: +22.7% against +20.6%. The link looks structural: the rolling one-year correlation barely moved, holding between 0.96 and 0.98.
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 SPY: side by side
| ACWI (iShares MSCI ACWI ETF) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +22.7% | +20.6% |
| 5-year return | +69.0% | +82.4% |
| Volatility (ann.) | 13.8% | 14.5% |
| Beta vs S&P 500 | 0.92 | 1.00 |
| Max drawdown (3Y) | -16.5% | -18.8% |
| Dividend yield | 1.44% | 1.01% |
| Expense ratio | 0.32% | 0.09% |
| Assets under management | $32.5B | $795.3B |
| Sector / category | ETF · Global | ETF · US Large Cap |
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. SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Portfolio overlap between ACWI and SPY
The two portfolios overlap heavily: 61.8% 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 SPY |
|---|---|---|
| NVDA | 4.64% | 7.68% |
| AAPL | 4.41% | 6.96% |
| MSFT | 3.35% | 5.58% |
| AMZN | 2.41% | 3.85% |
| GOOGL | 1.91% | 3.03% |
| AVGO | 1.53% | 2.55% |
| GOOG | 1.50% | 2.42% |
| META | 1.21% | 1.91% |
| MU | 1.01% | 1.60% |
| TSLA | 0.93% | 1.47% |
| JPM | 0.92% | 1.44% |
| LLY | 0.91% | 1.42% |
| AMD | 0.75% | 1.19% |
| BRK.B | 0.67% | 1.40% |
| XOM | 0.63% | 0.99% |
Largest positions held only by ACWI: 2330 (1.79%), 005930 (0.84%), ASML (0.65%), 000660 (0.64%), HSBA (0.35%). Only by SPY: SNDK (0.34%), MRNA (0.08%), LUV (0.03%), VTRS (0.03%), ZBRA (0.03%).
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 | SPY |
|---|---|---|
| 2022 | -18.4% | -18.2% |
| 2023 | +22.3% | +26.2% |
| 2024 | +17.4% | +24.9% |
| 2025 | +22.4% | +17.7% |
| 2026 | +14.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and SPY good diversifiers for each other?
Not really. At 0.97, the two trade almost as one position, and owning both buys little extra protection. They also hold much of the same portfolio (61.8% overlap), so the exposure is doubly redundant.
FAQ
What is the correlation between ACWI and SPY?
As of 2026-08-27, the correlation of weekly returns between ACWI and SPY is 0.97 over 3 years, 0.96 over 1 year and 0.97 over 5 years.
Is SPY a good diversifier for ACWI?
Not really. At 0.97, the two trade almost as one position, and owning both buys little extra protection. They also hold much of the same portfolio (61.8% overlap), so the exposure is doubly redundant.
How much do ACWI and SPY overlap?
The two funds share 450 holdings amounting to 61.8% of weight, per issuer portfolio files dated 2026-08-26.
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