AWF vs EMD: Correlation
Alliancebernstein Global High Income Fund (AWF) and Western Asset Emerging Markets Debt Fund Inc (EMD) show a strong relationship: their 3-year correlation of weekly returns is 0.73.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWF and EMD?
Over the past 3 years, AWF and EMD moved with a correlation of 0.73, which is strong. Little has changed lately, as the 1-year reading of 0.73 lands near the 3-year figure. Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 99.9 %².
By 3-year correlation, EMD places #6 of the 18 assets tracked against AWF. The last year tells two different stories: EMD led by 17.6 percentage points, -2.6% for AWF against +15.0% for EMD.
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 EMD: side by side
| AWF (Alliancebernstein Global High Income Fund) | EMD (Western Asset Emerging Markets Debt Fund Inc) | |
|---|---|---|
| 1-year return | -2.6% | +15.0% |
| 5-year return | +21.4% | +28.3% |
| Volatility (ann.) | 9.7% | 14.1% |
| Beta vs S&P 500 | 0.42 | 0.51 |
| Max drawdown (3Y) | -11.1% | -13.3% |
| Market cap | $0.9B | – |
| P/E (trailing) | 13.6 | 6.7 |
| Dividend yield | 7.26% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AWF | EMD |
|---|---|---|
| 2022 | -16.6% | -20.8% |
| 2023 | +18.4% | +12.3% |
| 2024 | +14.4% | +16.3% |
| 2025 | +7.6% | +23.4% |
| 2026 | -0.0% | +6.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWF and EMD good diversifiers for each other?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AWF and EMD?
Using weekly returns as of 2026-08-27: 0.73 over 3 years, with 0.73 over the last year and 0.63 over 5 years.
Is EMD a good diversifier for AWF?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.73 mean?
A reading of 0.73 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/awf-vs-emd.json
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Related comparisons
Hubs: AWF correlations · EMD correlations
