ACWI vs SPYG: Correlation & Overlap
iShares MSCI ACWI ETF (ACWI) and SPDR Portfolio S&P 500 Growth ETF (SPYG) show a very strong relationship: their 3-year correlation of weekly returns is 0.91. Looking through to holdings, 41.4% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and SPYG?
Across a 3-year window, the weekly returns of ACWI and SPYG correlate 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. Stretching to 5 years gives 0.92, with an annualized covariance of 236.2 %².
Within ACWI's tracked universe of 119 assets, SPYG comes in at #13 by 3-year correlation. Neither side won the trailing year by much: +22.7% against +22.4%. The link looks structural: the rolling one-year correlation barely moved, holding between 0.85 and 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 SPYG: side by side
| ACWI (iShares MSCI ACWI ETF) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +22.7% | +22.4% |
| 5-year return | +69.0% | +85.9% |
| Volatility (ann.) | 13.8% | 18.9% |
| Beta vs S&P 500 | 0.92 | 1.25 |
| Max drawdown (3Y) | -16.5% | -22.1% |
| Dividend yield | 1.44% | 0.49% |
| Expense ratio | 0.32% | 0.04% |
| Assets under management | $32.5B | $52.2B |
| Sector / category | ETF · Global | ETF · US Style |
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. SPYG is a Large Growth fund from State Street Investment Management: $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield.
Portfolio overlap between ACWI and SPYG
The two portfolios overlap heavily, with 143 holdings in common adding up to 41.4% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in ACWI | Weight in SPYG |
|---|---|---|
| NVDA | 4.64% | 14.21% |
| AAPL | 4.41% | 6.44% |
| MSFT | 3.35% | 10.32% |
| AMZN | 2.41% | 3.78% |
| GOOGL | 1.91% | 5.61% |
| AVGO | 1.53% | 4.71% |
| GOOG | 1.50% | 4.49% |
| META | 1.21% | 3.54% |
| MU | 1.01% | 2.96% |
| TSLA | 0.93% | 1.69% |
| JPM | 0.92% | 1.82% |
| LLY | 0.91% | 2.63% |
| AMD | 0.75% | 2.19% |
| BRK.B | 0.67% | 2.59% |
| V | 0.62% | 0.98% |
Largest positions held only by ACWI: 2330 (1.79%), 005930 (0.84%), ASML (0.65%), 000660 (0.64%), XOM (0.63%). Only by SPYG: SNDK (0.62%), RL (0.04%), TKO (0.03%), WYNN (0.02%), NCLH (0.01%).
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 | SPYG |
|---|---|---|
| 2022 | -18.4% | -29.4% |
| 2023 | +22.3% | +30.0% |
| 2024 | +17.4% | +36.0% |
| 2025 | +22.4% | +22.1% |
| 2026 | +14.9% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and SPYG good diversifiers for each other?
No: a correlation of 0.91 means ACWI and SPYG tend to fall together, which is precisely when diversification is supposed to help. They also hold much of the same portfolio (41.4% overlap), so the exposure is doubly redundant.
FAQ
What is the correlation between ACWI and SPYG?
Using weekly returns as of 2026-08-27: 0.91 over 3 years, with 0.89 over the last year and 0.92 over 5 years.
Is SPYG a good diversifier for ACWI?
No: a correlation of 0.91 means ACWI and SPYG tend to fall together, which is precisely when diversification is supposed to help. They also hold much of the same portfolio (41.4% overlap), so the exposure is doubly redundant.
How much do ACWI and SPYG overlap?
41.4% by weight, across 143 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
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Related comparisons
Hubs: ACWI correlations · SPYG correlations
