ACWI vs VIG: Correlation & Overlap
Measured on weekly returns over the past three years, iShares MSCI ACWI ETF (ACWI) and Vanguard Dividend Appreciation ETF (VIG) carry a correlation of 0.90, a very strong link. By holdings, the two funds overlap 28.6% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and VIG?
Across a 3-year window, the weekly returns of ACWI and VIG correlate at 0.90, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.82 over 1 year against 0.90 over 3. Stretching to 5 years gives 0.92, with an annualized covariance of 147.1 %².
Within ACWI's tracked universe of 119 assets, VIG comes in at #14 by 3-year correlation. The trailing year gives ACWI the advantage: +22.7% versus +17.1%, a 5.6-point spread. Stability stands out here, with the rolling one-year correlation confined to 0.83 through 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 VIG: side by side
| ACWI (iShares MSCI ACWI ETF) | VIG (Vanguard Dividend Appreciation ETF) | |
|---|---|---|
| 1-year return | +22.7% | +17.1% |
| 5-year return | +69.0% | +64.0% |
| Volatility (ann.) | 13.8% | 11.9% |
| Beta vs S&P 500 | 0.92 | 0.74 |
| Max drawdown (3Y) | -16.5% | -15.0% |
| Dividend yield | 1.44% | 1.50% |
| Expense ratio | 0.32% | 0.04% |
| Assets under management | $32.5B | $130.9B |
| Sector / category | ETF · Global | ETF · Dividend |
ACWI is a Global Large-Stock Blend fund from iShares: $32.5B under management, 1590 holdings, a 0.32% expense ratio, a 1.44% trailing dividend yield. VIG, Vanguard's Large Blend fund, carries $130.9B under management, 333 holdings, a 0.04% expense ratio, a 1.50% trailing dividend yield.
Portfolio overlap between ACWI and VIG
The two portfolios partially overlap: 28.6% of the funds' weight sits in the same underlying holdings (173 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in ACWI | Weight in VIG |
|---|---|---|
| AAPL | 4.41% | 4.47% |
| MSFT | 3.35% | 4.35% |
| AVGO | 1.53% | 4.65% |
| JPM | 0.92% | 4.09% |
| LLY | 0.91% | 3.94% |
| XOM | 0.63% | 2.80% |
| V | 0.62% | 2.46% |
| JNJ | 0.62% | 2.68% |
| MA | 0.47% | 2.01% |
| ABBV | 0.45% | 1.92% |
| WMT | 0.44% | 2.12% |
| CSCO | 0.43% | 1.99% |
| COST | 0.41% | 1.83% |
| BAC | 0.40% | 1.75% |
| MRK | 0.38% | 1.40% |
Largest positions held only by ACWI: NVDA (4.64%), AMZN (2.41%), GOOGL (1.91%), 2330 (1.79%), GOOG (1.50%). Only by VIG: ITT (0.08%), RGLD (0.07%), RGA (0.07%), BWXT (0.07%), LECO (0.06%).
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 | VIG |
|---|---|---|
| 2022 | -18.4% | -9.8% |
| 2023 | +22.3% | +14.5% |
| 2024 | +17.4% | +17.0% |
| 2025 | +22.4% | +14.2% |
| 2026 | +14.9% | +11.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and VIG good diversifiers for each other?
No. With a correlation of 0.90, ACWI and VIG move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between ACWI and VIG?
The ACWI/VIG correlation stands at 0.90 on a 3-year window (1 year: 0.82, 5 years: 0.92), computed from weekly returns as of 2026-08-27.
Is VIG a good diversifier for ACWI?
No. With a correlation of 0.90, ACWI and VIG move nearly in lockstep, so holding both adds very little diversification.
How much do ACWI and VIG overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 28.6% by weight over 173 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/acwi-vs-vig.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/acwi-vs-vig/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ACWI correlations · VIG correlations
