AEF vs IEMG: Correlation
Measured on weekly returns over the past three years, abrdn Emerging Markets ex-China Fund, Inc. (AEF) and iShares Core MSCI Emerging Markets ETF (IEMG) carry a correlation of 0.92, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEF and IEMG?
Over the past 3 years, AEF and IEMG moved with a correlation of 0.92, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.94 over 1 year against 0.92 over 3. Over 5 years the correlation is 0.90, and the annualized covariance of weekly returns is 379.6 %².
IEMG is one of the assets that tracks AEF most closely: it ranks #2 out of the 21 assets we track against AEF. Correlation aside, the last 12 months split them widely, with AEF ahead by 33.4 points (+69.4% versus +36.0%).
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 IEMG: side by side
| AEF (abrdn Emerging Markets ex-China Fund, Inc.) | IEMG (iShares Core MSCI Emerging Markets ETF) | |
|---|---|---|
| 1-year return | +69.4% | +36.0% |
| 5-year return | +66.6% | +50.7% |
| Volatility (ann.) | 23.7% | 17.4% |
| Beta vs S&P 500 | 1.08 | 0.84 |
| Max drawdown (3Y) | -20.0% | -17.2% |
| Market cap | $0.4B | – |
| P/E (trailing) | 4.1 | – |
| Dividend yield | 6.80% | 2.31% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $152.2B |
| Sector / category | US Listed | ETF · International |
IEMG, iShares's Diversified Emerging Mkts fund, carries $152.2B under management, 1824 holdings, a 0.09% expense ratio, a 2.31% trailing dividend yield.
Year-by-year returns
| Year | AEF | IEMG |
|---|---|---|
| 2022 | -29.6% | -20.0% |
| 2023 | +7.1% | +11.5% |
| 2024 | +9.4% | +6.5% |
| 2025 | +50.2% | +32.6% |
| 2026 | +41.8% | +23.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEF and IEMG good diversifiers for each other?
Not really. At 0.92, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between AEF and IEMG?
As of 2026-08-27, the correlation of weekly returns between AEF and IEMG is 0.92 over 3 years, 0.94 over 1 year and 0.90 over 5 years.
Is IEMG a good diversifier for AEF?
Not really. At 0.92, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.92 mean?
A reading of 0.92 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/aef-vs-iemg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aef-vs-iemg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AEF correlations · IEMG correlations
