CF vs IEMG: Correlation
CF Industries (CF) and iShares Core MSCI Emerging Markets ETF (IEMG) 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 IEMG?
Over the past 3 years, CF and IEMG moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.51) runs below the 3-year figure (-0.22). Over 5 years the correlation is -0.09, and the annualized covariance of weekly returns is -128.5 %².
Within CF's tracked universe of 50 assets, IEMG comes in at #38 by 3-year correlation. On 12-month performance CF holds a 12.6-point edge, +48.6% against +36.0%. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.51 to 0.28. Risk is not evenly split, since CF carries 1.9 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 IEMG: side by side
| CF (CF Industries) | IEMG (iShares Core MSCI Emerging Markets ETF) | |
|---|---|---|
| 1-year return | +48.6% | +36.0% |
| 5-year return | +211.5% | +50.7% |
| Volatility (ann.) | 32.8% | 17.4% |
| Beta vs S&P 500 | -0.20 | 0.84 |
| Max drawdown (3Y) | -29.2% | -17.2% |
| Market cap | $19.0B | – |
| P/E (trailing) | 9.3 | – |
| Dividend yield | 1.59% | 2.31% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $152.2B |
| Sector / category | Materials | ETF · International |
IEMG, iShares's Diversified Emerging Mkts fund, carries $152.2B under management, 1824 holdings, a 0.09% expense ratio, a 2.31% trailing dividend yield.
Year-by-year returns
| Year | CF | IEMG |
|---|---|---|
| 2022 | +22.3% | -20.0% |
| 2023 | -4.7% | +11.5% |
| 2024 | +10.1% | +6.5% |
| 2025 | -7.2% | +32.6% |
| 2026 | +64.9% | +23.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CF and IEMG good diversifiers for each other?
Yes. With a correlation of -0.22, CF and IEMG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CF and IEMG?
As of 2026-08-27, the correlation of weekly returns between CF and IEMG is -0.22 over 3 years, -0.51 over 1 year and -0.09 over 5 years.
Is IEMG a good diversifier for CF?
Yes. With a correlation of -0.22, CF and IEMG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
A reading of -0.22 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/cf-vs-iemg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cf-vs-iemg/)
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Related comparisons
Hubs: CF correlations · IEMG correlations
