ACWI vs VOO: Correlation & Overlap
How closely do iShares MSCI ACWI ETF (ACWI) and Vanguard S&P 500 ETF (VOO) trade together? Their weekly returns over three years give a correlation of 0.97, which is very strong. Looking through to holdings, 61.6% 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 VOO?
Over the past 3 years, ACWI and VOO moved with a correlation of 0.97, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.96 over 1 year against 0.97 over 3. Over 5 years the correlation is 0.97, and the annualized covariance of weekly returns is 191.9 %².
Among the 119 assets we track against ACWI, VOO ranks #4 by 3-year correlation. Neither side won the trailing year by much: +22.7% against +20.6%. Stability stands out here, with the rolling one-year correlation confined to 0.96 through 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 VOO: side by side
| ACWI (iShares MSCI ACWI ETF) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | +22.7% | +20.6% |
| 5-year return | +69.0% | +83.0% |
| Volatility (ann.) | 13.8% | 14.4% |
| Beta vs S&P 500 | 0.92 | 0.99 |
| Max drawdown (3Y) | -16.5% | -18.7% |
| Dividend yield | 1.44% | 1.07% |
| Expense ratio | 0.32% | 0.03% |
| Assets under management | $32.5B | $1,686.9B |
| 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. VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Portfolio overlap between ACWI and VOO
The two portfolios overlap heavily, with 447 holdings in common adding up to 61.6% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in ACWI | Weight in VOO |
|---|---|---|
| NVDA | 4.64% | 7.56% |
| AAPL | 4.41% | 7.05% |
| MSFT | 3.35% | 5.37% |
| AMZN | 2.41% | 4.13% |
| GOOGL | 1.91% | 3.25% |
| AVGO | 1.53% | 2.87% |
| GOOG | 1.50% | 2.62% |
| META | 1.21% | 1.90% |
| MU | 1.01% | 1.44% |
| TSLA | 0.93% | 1.36% |
| JPM | 0.92% | 1.47% |
| LLY | 0.91% | 1.41% |
| AMD | 0.75% | 1.21% |
| BRK.B | 0.67% | 1.46% |
| XOM | 0.63% | 1.00% |
Largest positions held only by ACWI: 2330 (1.79%), 005930 (0.84%), ASML (0.65%), 000660 (0.64%), HSBA (0.35%). Only by VOO: SNDK (0.28%), EA (0.07%), AVB (0.04%), EQR (0.04%), LUV (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 | VOO |
|---|---|---|
| 2022 | -18.4% | -18.2% |
| 2023 | +22.3% | +26.3% |
| 2024 | +17.4% | +25.0% |
| 2025 | +22.4% | +17.8% |
| 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 VOO good diversifiers for each other?
Not really. At 0.97, the two trade almost as one position, and owning both buys little extra protection. On top of that, 61.6% of their holdings are the same, making the doubling-up even more literal.
FAQ
What is the correlation between ACWI and VOO?
The ACWI/VOO correlation stands at 0.97 on a 3-year window (1 year: 0.96, 5 years: 0.97), computed from weekly returns as of 2026-08-27.
Is VOO a good diversifier for ACWI?
Not really. At 0.97, the two trade almost as one position, and owning both buys little extra protection. On top of that, 61.6% of their holdings are the same, making the doubling-up even more literal.
How much do ACWI and VOO overlap?
61.6% by weight, across 447 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
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Hubs: ACWI correlations · VOO correlations
