ACWI vs SPYV: Correlation & Overlap
iShares MSCI ACWI ETF (ACWI) and SPDR Portfolio S&P 500 Value ETF (SPYV) show a very strong relationship: their 3-year correlation of weekly returns is 0.85. Looking through to holdings, 38.9% 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 SPYV?
Across a 3-year window, the weekly returns of ACWI and SPYV correlate at 0.85, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.80 lands near the 3-year figure. Stretching to 5 years gives 0.89, with an annualized covariance of 142.2 %².
Among the 119 assets we track against ACWI, SPYV ranks #28 by 3-year correlation. Neither side won the trailing year by much: +22.7% against +18.5%. On a rolling one-year basis the correlation drifted between 0.69 and 0.96, a moderate band.
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 SPYV: side by side
| ACWI (iShares MSCI ACWI ETF) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +22.7% | +18.5% |
| 5-year return | +69.0% | +73.5% |
| Volatility (ann.) | 13.8% | 12.1% |
| Beta vs S&P 500 | 0.92 | 0.70 |
| Max drawdown (3Y) | -16.5% | -17.5% |
| Dividend yield | 1.44% | 1.69% |
| Expense ratio | 0.32% | 0.04% |
| Assets under management | $32.5B | $36.2B |
| Sector / category | ETF · Global | ETF · US Style |
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. SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Portfolio overlap between ACWI and SPYV
The two portfolios partially overlap. Weighing the shared positions, 38.9% of the two funds is identical, spread across 388 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in ACWI | Weight in SPYV |
|---|---|---|
| AAPL | 4.41% | 7.58% |
| AMZN | 2.41% | 3.95% |
| TSLA | 0.93% | 1.22% |
| JPM | 0.92% | 1.01% |
| XOM | 0.63% | 2.16% |
| V | 0.62% | 0.94% |
| JNJ | 0.62% | 0.88% |
| MA | 0.47% | 0.53% |
| ABBV | 0.45% | 0.83% |
| WMT | 0.44% | 1.51% |
| CSCO | 0.43% | 0.69% |
| COST | 0.41% | 1.40% |
| BAC | 0.40% | 1.34% |
| MRK | 0.38% | 1.25% |
| INTC | 0.37% | 1.44% |
Largest positions held only by ACWI: NVDA (4.64%), MSFT (3.35%), GOOGL (1.91%), 2330 (1.79%), AVGO (1.53%). Only by SPYV: MRNA (0.17%), LUV (0.07%), VTRS (0.06%), ZBRA (0.06%), ALB (0.05%).
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 | SPYV |
|---|---|---|
| 2022 | -18.4% | -5.3% |
| 2023 | +22.3% | +22.2% |
| 2024 | +17.4% | +12.2% |
| 2025 | +22.4% | +13.2% |
| 2026 | +14.9% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and SPYV good diversifiers for each other?
No. With a correlation of 0.85, ACWI and SPYV move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between ACWI and SPYV?
The ACWI/SPYV correlation stands at 0.85 on a 3-year window (1 year: 0.80, 5 years: 0.89), computed from weekly returns as of 2026-08-27.
Is SPYV a good diversifier for ACWI?
No. With a correlation of 0.85, ACWI and SPYV move nearly in lockstep, so holding both adds very little diversification.
How much do ACWI and SPYV overlap?
38.9% by weight, across 388 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
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Hubs: ACWI correlations · SPYV correlations
