ACWI vs USMV: Correlation & Overlap
How closely do iShares MSCI ACWI ETF (ACWI) and iShares MSCI USA Min Vol Factor ETF (USMV) trade together? Their weekly returns over three years give a correlation of 0.74, which is strong. The two funds also share 26.7% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and USMV?
On 3 years of weekly data the ACWI/USMV correlation comes out at 0.74, strong. Lately the two have drifted apart, with the 1-year correlation at 0.52 versus 0.74 over 3 years. The 5-year figure is 0.81, and annualized covariance runs at 101.7 %².
Among the 119 assets we track against ACWI, USMV ranks #55 by 3-year correlation. On 12-month performance ACWI holds a 12.6-point edge, +22.7% against +10.1%. The rolling one-year correlation moved between 0.52 and 0.86 over the past three years, a moderate range.
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 USMV: side by side
| ACWI (iShares MSCI ACWI ETF) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +22.7% | +10.1% |
| 5-year return | +69.0% | +42.3% |
| Volatility (ann.) | 13.8% | 9.9% |
| Beta vs S&P 500 | 0.92 | 0.51 |
| Max drawdown (3Y) | -16.5% | -9.4% |
| Dividend yield | 1.44% | 1.48% |
| Expense ratio | 0.32% | 0.15% |
| Assets under management | $32.5B | $23.6B |
| 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. USMV, iShares's Large Blend fund, carries $23.6B under management, 164 holdings, a 0.15% expense ratio, a 1.48% trailing dividend yield.
Portfolio overlap between ACWI and USMV
The two portfolios partially overlap. Weighing the shared positions, 26.7% of the two funds is identical, spread across 164 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in ACWI | Weight in USMV |
|---|---|---|
| MSFT | 3.35% | 1.68% |
| NVDA | 4.64% | 1.35% |
| AVGO | 1.53% | 0.90% |
| AAPL | 4.41% | 0.88% |
| LLY | 0.91% | 0.79% |
| MU | 1.01% | 0.71% |
| BRK.B | 0.67% | 1.41% |
| AMD | 0.75% | 0.67% |
| XOM | 0.63% | 1.38% |
| V | 0.62% | 1.02% |
| JNJ | 0.62% | 1.58% |
| MA | 0.47% | 1.28% |
| ABBV | 0.45% | 0.73% |
| WMT | 0.44% | 0.65% |
| CSCO | 0.43% | 1.38% |
Largest positions held only by ACWI: GOOGL (1.91%), 2330 (1.79%), TSLA (0.93%), JPM (0.92%), 005930 (0.84%). Only by USMV: .
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 | USMV |
|---|---|---|
| 2022 | -18.4% | -9.4% |
| 2023 | +22.3% | +10.3% |
| 2024 | +17.4% | +15.7% |
| 2025 | +22.4% | +7.6% |
| 2026 | +14.9% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and USMV good diversifiers for each other?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ACWI and USMV?
As of 2026-08-27, the correlation of weekly returns between ACWI and USMV is 0.74 over 3 years, 0.52 over 1 year and 0.81 over 5 years.
Is USMV a good diversifier for ACWI?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do ACWI and USMV overlap?
26.7% by weight, across 164 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/acwi-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/acwi-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ACWI correlations · USMV correlations
