AWF vs MSD: Correlation
Measured on weekly returns over the past three years, Alliancebernstein Global High Income Fund (AWF) and Morgan Stanley Emerging Markets Debt Fund, Inc. (MSD) carry a correlation of 0.71, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWF and MSD?
On 3 years of weekly data the AWF/MSD correlation comes out at 0.71, strong. Recent behaviour matches the longer record: 0.74 over 1 year against 0.71 over 3. The 5-year figure is 0.60, and annualized covariance runs at 79.6 %².
Within AWF's tracked universe of 18 assets, MSD comes in at #8 by 3-year correlation. The trailing year gives MSD the advantage: -2.6% versus +5.8%, a 8.4-point spread.
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 MSD: side by side
| AWF (Alliancebernstein Global High Income Fund) | MSD (Morgan Stanley Emerging Markets Debt Fund, Inc.) | |
|---|---|---|
| 1-year return | -2.6% | +5.8% |
| 5-year return | +21.4% | +22.9% |
| Volatility (ann.) | 9.7% | 11.6% |
| Beta vs S&P 500 | 0.42 | 0.40 |
| Max drawdown (3Y) | -11.1% | -12.8% |
| Market cap | $0.9B | $0.1B |
| P/E (trailing) | 13.6 | 6.9 |
| Dividend yield | 7.26% | 9.78% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AWF | MSD |
|---|---|---|
| 2022 | -16.6% | -22.1% |
| 2023 | +18.4% | +19.2% |
| 2024 | +14.4% | +24.9% |
| 2025 | +7.6% | +5.6% |
| 2026 | -0.0% | +2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWF and MSD good diversifiers for each other?
To a limited degree. At 0.71 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AWF and MSD?
The AWF/MSD correlation stands at 0.71 on a 3-year window (1 year: 0.74, 5 years: 0.60), computed from weekly returns as of 2026-08-27.
Is MSD a good diversifier for AWF?
To a limited degree. At 0.71 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.71 mean?
A reading of 0.71 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-msd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/awf-vs-msd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AWF correlations · MSD correlations
