CF vs EWJ: Correlation
How closely do CF Industries (CF) and iShares MSCI Japan ETF (EWJ) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CF and EWJ?
Across a 3-year window, the weekly returns of CF and EWJ correlate at -0.19, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.52 versus -0.19 over 3 years. Stretching to 5 years gives -0.07, with an annualized covariance of -119.0 %².
By 3-year correlation, EWJ places #29 of the 50 assets tracked against CF. The last year tells two different stories: CF led by 21.5 percentage points, +48.6% for CF against +27.1% for EWJ. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.47 to 0.32. Risk is not evenly split, since CF 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.
CF vs EWJ: side by side
| CF (CF Industries) | EWJ (iShares MSCI Japan ETF) | |
|---|---|---|
| 1-year return | +48.6% | +27.1% |
| 5-year return | +211.5% | +58.6% |
| Volatility (ann.) | 32.8% | 19.6% |
| Beta vs S&P 500 | -0.20 | 0.94 |
| Max drawdown (3Y) | -29.2% | -14.7% |
| Market cap | $19.0B | – |
| P/E (trailing) | 9.3 | – |
| Dividend yield | 1.59% | 3.86% |
| Expense ratio | – | 0.49% |
| Assets under management | – | $21.8B |
| Sector / category | Materials | ETF · International |
EWJ, iShares's Japan Stock fund, carries $21.8B under management, 168 holdings, a 0.49% expense ratio, a 3.86% trailing dividend yield.
Year-by-year returns
| Year | CF | EWJ |
|---|---|---|
| 2022 | +22.3% | -17.7% |
| 2023 | -4.7% | +20.3% |
| 2024 | +10.1% | +7.0% |
| 2025 | -7.2% | +25.8% |
| 2026 | +64.9% | +19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CF and EWJ good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between CF and EWJ?
The CF/EWJ correlation stands at -0.19 on a 3-year window (1 year: -0.52, 5 years: -0.07), computed from weekly returns as of 2026-08-27.
Is EWJ a good diversifier for CF?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 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/cf-vs-ewj.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cf-vs-ewj/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CF correlations · EWJ correlations
