AEF vs KWEB: Correlation
How closely do abrdn Emerging Markets ex-China Fund, Inc. (AEF) and KraneShares CSI China Internet ETF (KWEB) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEF and KWEB?
Across a 3-year window, the weekly returns of AEF and KWEB correlate at 0.50, moderate. Little has changed lately, as the 1-year reading of 0.41 lands near the 3-year figure. Stretching to 5 years gives 0.58, with an annualized covariance of 402.9 %².
Within AEF's tracked universe of 21 assets, KWEB comes in at #11 by 3-year correlation. The last year tells two different stories: AEF led by 95.5 percentage points, +69.4% for AEF against -26.1% for KWEB.
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 KWEB: side by side
| AEF (abrdn Emerging Markets ex-China Fund, Inc.) | KWEB (KraneShares CSI China Internet ETF) | |
|---|---|---|
| 1-year return | +69.4% | -26.1% |
| 5-year return | +66.6% | -36.2% |
| Volatility (ann.) | 23.7% | 33.9% |
| Beta vs S&P 500 | 1.08 | 0.90 |
| Max drawdown (3Y) | -20.0% | -41.6% |
| Market cap | $0.4B | – |
| P/E (trailing) | 4.1 | – |
| Dividend yield | 6.80% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | AEF | KWEB |
|---|---|---|
| 2022 | -29.6% | -17.2% |
| 2023 | +7.1% | -9.1% |
| 2024 | +9.4% | +12.0% |
| 2025 | +50.2% | +23.5% |
| 2026 | +41.8% | -23.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEF and KWEB good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AEF and KWEB?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.41 over the last year and 0.58 over 5 years.
Is KWEB a good diversifier for AEF?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 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-kweb.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aef-vs-kweb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AEF correlations · KWEB correlations
