CEE vs VEA: Correlation
Measured on weekly returns over the past three years, The Central and Eastern Europe Fund, Inc. (The) (CEE) and Vanguard FTSE Developed Markets ETF (VEA) carry a correlation of 0.56, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEE and VEA?
On 3 years of weekly data the CEE/VEA correlation comes out at 0.56, moderate. The link has tightened recently: the 1-year correlation (0.69) runs above the 3-year figure (0.56). The 5-year figure is 0.44, and annualized covariance runs at 259.2 %².
VEA is one of the assets that tracks CEE most closely: it ranks #3 out of the 12 assets we track against CEE. Over the last 12 months VEA came out ahead by 7.7 percentage points (+20.8% against +28.5%). One caveat on sizing: CEE is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CEE vs VEA: side by side
| CEE (The Central and Eastern Europe Fund, Inc. (The)) | VEA (Vanguard FTSE Developed Markets ETF) | |
|---|---|---|
| 1-year return | +20.8% | +28.5% |
| 5-year return | -16.3% | +63.5% |
| Volatility (ann.) | 30.5% | 15.1% |
| Beta vs S&P 500 | 1.06 | 0.79 |
| Max drawdown (3Y) | -22.2% | -13.5% |
| Market cap | – | – |
| P/E (trailing) | 3.0 | – |
| Dividend yield | 1.92% | 2.56% |
| Expense ratio | – | 0.03% |
| Assets under management | – | $314.9B |
| Sector / category | US Listed | ETF · International |
VEA is a Foreign Large Blend fund from Vanguard: $314.9B under management, 3769 holdings, a 0.03% expense ratio, a 2.56% trailing dividend yield.
Year-by-year returns
| Year | CEE | VEA |
|---|---|---|
| 2022 | -67.8% | -15.3% |
| 2023 | +22.6% | +17.9% |
| 2024 | +15.5% | +3.1% |
| 2025 | +65.6% | +35.2% |
| 2026 | +12.1% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEE and VEA good diversifiers for each other?
To a limited degree. At 0.56 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 CEE and VEA?
The CEE/VEA correlation stands at 0.56 on a 3-year window (1 year: 0.69, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is VEA a good diversifier for CEE?
To a limited degree. At 0.56 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 0.56 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/cee-vs-vea.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cee-vs-vea/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CEE correlations · VEA correlations
