ACWI vs VXZ: Correlation
How closely do iShares MSCI ACWI ETF (ACWI) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.74, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and VXZ?
Over the past 3 years, ACWI and VXZ moved with a correlation of -0.74, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.72) sits close to the 3-year figure. Over 5 years the correlation is -0.73, and the annualized covariance of weekly returns is -260.6 %².
Out of 119 assets tracked against ACWI, VXZ lands near the bottom at #117. Their recent paths diverged sharply: over the last 12 months ACWI outperformed by 38.8 percentage points (+22.7% for ACWI against -16.1% for VXZ). Note the risk asymmetry: VXZ runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 VXZ: side by side
| ACWI (iShares MSCI ACWI ETF) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +22.7% | -16.1% |
| 5-year return | +69.0% | -53.1% |
| Volatility (ann.) | 13.8% | 25.6% |
| Beta vs S&P 500 | 0.92 | -1.31 |
| Max drawdown (3Y) | -16.5% | -36.4% |
| Dividend yield | 1.44% | – |
| Expense ratio | 0.32% | – |
| Assets under management | $32.5B | – |
| Sector / category | ETF · Global | US Listed |
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.
Year-by-year returns
| Year | ACWI | VXZ |
|---|---|---|
| 2022 | -18.4% | +0.5% |
| 2023 | +22.3% | -44.0% |
| 2024 | +17.4% | -12.7% |
| 2025 | +22.4% | +5.7% |
| 2026 | +14.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.74 means the two rarely move for the same reasons.
FAQ
What is the correlation between ACWI and VXZ?
The ACWI/VXZ correlation stands at -0.74 on a 3-year window (1 year: -0.72, 5 years: -0.73), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for ACWI?
By historical standards, yes. A correlation of -0.74 means the two rarely move for the same reasons.
What does a correlation of -0.74 mean?
A reading of -0.74 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/acwi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/acwi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ACWI correlations · VXZ correlations
