AEF vs FXI: Correlation
How closely do abrdn Emerging Markets ex-China Fund, Inc. (AEF) and iShares China Large-Cap ETF (FXI) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEF and FXI?
Across a 3-year window, the weekly returns of AEF and FXI correlate at 0.51, moderate. The link has loosened recently: the 1-year correlation (0.40) runs below the 3-year figure (0.51). Stretching to 5 years gives 0.62, with an annualized covariance of 308.0 %².
By 3-year correlation, FXI places #10 of the 21 assets tracked against AEF. Correlation aside, the last 12 months split them widely, with AEF ahead by 75.5 points (+69.4% versus -6.1%).
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 FXI: side by side
| AEF (abrdn Emerging Markets ex-China Fund, Inc.) | FXI (iShares China Large-Cap ETF) | |
|---|---|---|
| 1-year return | +69.4% | -6.1% |
| 5-year return | +66.6% | -1.4% |
| Volatility (ann.) | 23.7% | 25.3% |
| Beta vs S&P 500 | 1.08 | 0.68 |
| Max drawdown (3Y) | -20.0% | -23.2% |
| Market cap | $0.4B | – |
| P/E (trailing) | 4.1 | – |
| Dividend yield | 6.80% | 1.87% |
| Expense ratio | – | 0.73% |
| Assets under management | – | $4.3B |
| Sector / category | US Listed | ETF · International |
FXI, iShares's Greater China Region fund, carries $4.3B under management, 50 holdings, a 0.73% expense ratio, a 1.87% trailing dividend yield.
Year-by-year returns
| Year | AEF | FXI |
|---|---|---|
| 2022 | -29.6% | -20.7% |
| 2023 | +7.1% | -12.4% |
| 2024 | +9.4% | +29.0% |
| 2025 | +50.2% | +28.9% |
| 2026 | +41.8% | -7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEF and FXI good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AEF and FXI?
As of 2026-08-27, the correlation of weekly returns between AEF and FXI is 0.51 over 3 years, 0.40 over 1 year and 0.62 over 5 years.
Is FXI a good diversifier for AEF?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.51 mean?
On the −1 to +1 scale, 0.51 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/aef-vs-fxi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aef-vs-fxi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AEF correlations · FXI correlations
