CF vs EEM: Correlation
CF Industries (CF) and iShares MSCI Emerging Markets ETF (EEM) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CF and EEM?
Across a 3-year window, the weekly returns of CF and EEM correlate at -0.22, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.50 versus -0.22 over 3 years. Stretching to 5 years gives -0.09, with an annualized covariance of -128.3 %².
Among the 50 assets we track against CF, EEM ranks #36 by 3-year correlation. Over the last 12 months CF came out ahead by 10.5 percentage points (+48.6% against +38.1%). The relationship is regime-dependent: the rolling one-year correlation swung between -0.51 and 0.28 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: CF runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CF vs EEM: side by side
| CF (CF Industries) | EEM (iShares MSCI Emerging Markets ETF) | |
|---|---|---|
| 1-year return | +48.6% | +38.1% |
| 5-year return | +211.5% | +47.1% |
| Volatility (ann.) | 32.8% | 18.0% |
| Beta vs S&P 500 | -0.20 | 0.85 |
| Max drawdown (3Y) | -29.2% | -17.3% |
| Market cap | $19.0B | – |
| P/E (trailing) | 9.3 | – |
| Dividend yield | 1.59% | 1.73% |
| Expense ratio | – | 0.72% |
| Assets under management | – | $29.2B |
| Sector / category | Materials | ETF · International |
EEM is a Diversified Emerging Mkts fund from iShares: $29.2B under management, 968 holdings, a 0.72% expense ratio, a 1.73% trailing dividend yield.
Year-by-year returns
| Year | CF | EEM |
|---|---|---|
| 2022 | +22.3% | -20.6% |
| 2023 | -4.7% | +8.9% |
| 2024 | +10.1% | +6.5% |
| 2025 | -7.2% | +34.0% |
| 2026 | +64.9% | +24.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CF and EEM good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between CF and EEM?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.50 over the last year and -0.09 over 5 years.
Is EEM a good diversifier for CF?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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.
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Related comparisons
Hubs: CF correlations · EEM correlations
