AWF vs EDD: Correlation
How closely do Alliancebernstein Global High Income Fund (AWF) and Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. (EDD) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWF and EDD?
On 3 years of weekly data the AWF/EDD correlation comes out at 0.63, strong. Recent behaviour matches the longer record: 0.66 over 1 year against 0.63 over 3. The 5-year figure is 0.56, and annualized covariance runs at 100.6 %².
Among the 18 assets we track against AWF, EDD ranks #11 by 3-year correlation. The last year tells two different stories: EDD led by 27.8 percentage points, -2.6% for AWF against +25.2% for EDD. Risk is not evenly split, since EDD carries 1.7 times the volatility of the other side.
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.
AWF vs EDD: side by side
| AWF (Alliancebernstein Global High Income Fund) | EDD (Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.) | |
|---|---|---|
| 1-year return | -2.6% | +25.2% |
| 5-year return | +21.4% | +51.4% |
| Volatility (ann.) | 9.7% | 16.4% |
| Beta vs S&P 500 | 0.42 | 0.52 |
| Max drawdown (3Y) | -11.1% | -17.7% |
| Market cap | $0.9B | – |
| P/E (trailing) | 13.6 | 4.9 |
| Dividend yield | 7.26% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AWF | EDD |
|---|---|---|
| 2022 | -16.6% | -14.1% |
| 2023 | +18.4% | +14.1% |
| 2024 | +14.4% | +8.6% |
| 2025 | +7.6% | +32.5% |
| 2026 | -0.0% | +16.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWF and EDD good diversifiers for each other?
Only partially. A correlation of 0.63 means AWF and EDD share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AWF and EDD?
As of 2026-08-27, the correlation of weekly returns between AWF and EDD is 0.63 over 3 years, 0.66 over 1 year and 0.56 over 5 years.
Is EDD a good diversifier for AWF?
Only partially. A correlation of 0.63 means AWF and EDD share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/awf-vs-edd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/awf-vs-edd/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AWF correlations · EDD correlations
