ACWI vs WMG: Correlation
Measured on weekly returns over the past three years, iShares MSCI ACWI ETF (ACWI) and Warner Music Group Corp. (WMG) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and WMG?
Over the past 3 years, ACWI and WMG moved with a correlation of 0.45, which is moderate. The relationship has been stable: the 1-year correlation (0.47) sits close to the 3-year figure. Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 190.8 %².
Within ACWI's tracked universe of 119 assets, WMG comes in at #102 by 3-year correlation. The last year tells two different stories: ACWI led by 37.4 percentage points, +22.7% for ACWI against -14.7% for WMG. Risk is not evenly split, since WMG carries 2.2 times the volatility of the other side.
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 WMG: side by side
| ACWI (iShares MSCI ACWI ETF) | WMG (Warner Music Group Corp.) | |
|---|---|---|
| 1-year return | +22.7% | -14.7% |
| 5-year return | +69.0% | -16.9% |
| Volatility (ann.) | 13.8% | 30.7% |
| Beta vs S&P 500 | 0.92 | 0.91 |
| Max drawdown (3Y) | -16.5% | -33.1% |
| Market cap | – | $14.7B |
| P/E (trailing) | – | 22.4 |
| Dividend yield | 1.44% | 2.72% |
| Expense ratio | 0.32% | – |
| Assets under management | $32.5B | – |
| Sector / category | ETF · Global | US Listed |
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.
Year-by-year returns
| Year | ACWI | WMG |
|---|---|---|
| 2022 | -18.4% | -17.2% |
| 2023 | +22.3% | +4.4% |
| 2024 | +17.4% | -11.5% |
| 2025 | +22.4% | +1.4% |
| 2026 | +14.9% | -6.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and WMG good diversifiers for each other?
Reasonably. At 0.45, ACWI and WMG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ACWI and WMG?
The ACWI/WMG correlation stands at 0.45 on a 3-year window (1 year: 0.47, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is WMG a good diversifier for ACWI?
Reasonably. At 0.45, ACWI and WMG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/acwi-vs-wmg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/acwi-vs-wmg/)
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Related comparisons
Hubs: ACWI correlations · WMG correlations
