AEF vs CF: Correlation
Measured on weekly returns over the past three years, abrdn Emerging Markets ex-China Fund, Inc. (AEF) and CF Industries (CF) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEF and CF?
Over the past 3 years, AEF and CF moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.57) runs below the 3-year figure (-0.27). Over 5 years the correlation is -0.17, and the annualized covariance of weekly returns is -212.0 %².
Among the 21 assets we track against AEF, CF sits near the bottom by co-movement, at rank #18. Correlation aside, the last 12 months split them widely, with AEF ahead by 20.8 points (+69.4% versus +48.6%).
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.
AEF vs CF: side by side
| AEF (abrdn Emerging Markets ex-China Fund, Inc.) | CF (CF Industries) | |
|---|---|---|
| 1-year return | +69.4% | +48.6% |
| 5-year return | +66.6% | +211.5% |
| Volatility (ann.) | 23.7% | 32.8% |
| Beta vs S&P 500 | 1.08 | -0.20 |
| Max drawdown (3Y) | -20.0% | -29.2% |
| Market cap | $0.4B | $19.0B |
| P/E (trailing) | 4.1 | 9.3 |
| Dividend yield | 6.80% | 1.59% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | AEF | CF |
|---|---|---|
| 2022 | -29.6% | +22.3% |
| 2023 | +7.1% | -4.7% |
| 2024 | +9.4% | +10.1% |
| 2025 | +50.2% | -7.2% |
| 2026 | +41.8% | +64.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEF and CF good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AEF and CF?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.57 over the last year and -0.17 over 5 years.
Is CF a good diversifier for AEF?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
A reading of -0.27 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: AEF correlations · CF correlations
