AEF vs EMF: Correlation
Measured on weekly returns over the past three years, abrdn Emerging Markets ex-China Fund, Inc. (AEF) and Templeton Emerging Markets Fund (EMF) carry a correlation of 0.88, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEF and EMF?
On 3 years of weekly data the AEF/EMF correlation comes out at 0.88, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.90 over 1 year against 0.88 over 3. The 5-year figure is 0.88, and annualized covariance runs at 436.7 %².
Few assets follow AEF as closely as EMF, which ranks #3 of 21 tracked partners. On 12-month performance AEF holds a 7.8-point edge, +69.4% against +61.6%.
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 EMF: side by side
| AEF (abrdn Emerging Markets ex-China Fund, Inc.) | EMF (Templeton Emerging Markets Fund) | |
|---|---|---|
| 1-year return | +69.4% | +61.6% |
| 5-year return | +66.6% | +91.4% |
| Volatility (ann.) | 23.7% | 21.0% |
| Beta vs S&P 500 | 1.08 | 0.93 |
| Max drawdown (3Y) | -20.0% | -19.5% |
| Market cap | $0.4B | $0.3B |
| P/E (trailing) | 4.1 | 2.4 |
| Dividend yield | 6.80% | 3.91% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEF | EMF |
|---|---|---|
| 2022 | -29.6% | -21.5% |
| 2023 | +7.1% | +8.8% |
| 2024 | +9.4% | +6.6% |
| 2025 | +50.2% | +58.2% |
| 2026 | +41.8% | +36.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEF and EMF good diversifiers for each other?
No. With a correlation of 0.88, AEF and EMF move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between AEF and EMF?
The AEF/EMF correlation stands at 0.88 on a 3-year window (1 year: 0.90, 5 years: 0.88), computed from weekly returns as of 2026-08-27.
Is EMF a good diversifier for AEF?
No. With a correlation of 0.88, AEF and EMF move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.88 mean?
A reading of 0.88 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
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Related comparisons
Hubs: AEF correlations · EMF correlations
