ACWI vs VUG: Correlation & Overlap
How closely do iShares MSCI ACWI ETF (ACWI) and Vanguard Growth ETF (VUG) trade together? Their weekly returns over three years give a correlation of 0.90, which is very strong. Looking through to holdings, 36.0% 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 VUG?
On 3 years of weekly data the ACWI/VUG correlation comes out at 0.90, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.86) sits close to the 3-year figure. The 5-year figure is 0.91, and annualized covariance runs at 239.9 %².
Among the 119 assets we track against ACWI, VUG ranks #15 by 3-year correlation. Over the last 12 months ACWI came out ahead by 6.5 percentage points (+22.7% against +16.2%). Stability stands out here, with the rolling one-year correlation confined to 0.84 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 VUG: side by side
| ACWI (iShares MSCI ACWI ETF) | VUG (Vanguard Growth ETF) | |
|---|---|---|
| 1-year return | +22.7% | +16.2% |
| 5-year return | +69.0% | +78.4% |
| Volatility (ann.) | 13.8% | 19.4% |
| Beta vs S&P 500 | 0.92 | 1.28 |
| Max drawdown (3Y) | -16.5% | -22.8% |
| Dividend yield | 1.44% | 0.40% |
| Expense ratio | 0.32% | 0.03% |
| Assets under management | $32.5B | $372.0B |
| 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. VUG, Vanguard's Large Growth fund, carries $372.0B under management, 146 holdings, a 0.03% expense ratio, a 0.40% trailing dividend yield.
Portfolio overlap between ACWI and VUG
The two portfolios partially overlap. Weighing the shared positions, 36.0% of the two funds is identical, spread across 141 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in ACWI | Weight in VUG |
|---|---|---|
| NVDA | 4.64% | 12.84% |
| AAPL | 4.41% | 12.63% |
| MSFT | 3.35% | 9.61% |
| AMZN | 2.41% | 5.16% |
| GOOGL | 1.91% | 5.81% |
| AVGO | 1.53% | 4.47% |
| GOOG | 1.50% | 4.64% |
| META | 1.21% | 3.41% |
| TSLA | 0.93% | 2.45% |
| LLY | 0.91% | 2.72% |
| AMD | 0.75% | 2.17% |
| V | 0.62% | 1.66% |
| MA | 0.47% | 1.28% |
| COST | 0.41% | 1.19% |
| INTC | 0.37% | 0.52% |
Largest positions held only by ACWI: 2330 (1.79%), MU (1.01%), JPM (0.92%), 005930 (0.84%), BRK.B (0.67%). Only by VUG: SNDK (0.51%), CBRS (0.03%), TKO (0.03%), VG (0.03%), SYM (0.02%).
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 | VUG |
|---|---|---|
| 2022 | -18.4% | -33.2% |
| 2023 | +22.3% | +46.8% |
| 2024 | +17.4% | +32.7% |
| 2025 | +22.4% | +19.4% |
| 2026 | +14.9% | +9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and VUG good diversifiers for each other?
Not really. At 0.90, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between ACWI and VUG?
Using weekly returns as of 2026-08-27: 0.90 over 3 years, with 0.86 over the last year and 0.91 over 5 years.
Is VUG a good diversifier for ACWI?
Not really. At 0.90, the two trade almost as one position, and owning both buys little extra protection.
How much do ACWI and VUG overlap?
The two funds share 141 holdings amounting to 36.0% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/acwi-vs-vug.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/acwi-vs-vug/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ACWI correlations · VUG correlations
