CF vs VWO: Correlation
Measured on weekly returns over the past three years, CF Industries (CF) and Vanguard FTSE Emerging Markets ETF (VWO) carry a correlation of -0.17, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CF and VWO?
On 3 years of weekly data the CF/VWO correlation comes out at -0.17, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.46) than the 3-year average (-0.17). The 5-year figure is -0.06, and annualized covariance runs at -82.7 %².
Within CF's tracked universe of 50 assets, VWO comes in at #27 by 3-year correlation. The last year tells two different stories: CF led by 27.0 percentage points, +48.6% for CF against +21.6% for VWO. This link changes with the market regime, having swung between -0.45 and 0.28 on a rolling one-year basis. Note the risk asymmetry: CF runs 2.2 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 VWO: side by side
| CF (CF Industries) | VWO (Vanguard FTSE Emerging Markets ETF) | |
|---|---|---|
| 1-year return | +48.6% | +21.6% |
| 5-year return | +211.5% | +38.2% |
| Volatility (ann.) | 32.8% | 15.2% |
| Beta vs S&P 500 | -0.20 | 0.75 |
| Max drawdown (3Y) | -29.2% | -17.4% |
| Market cap | $19.0B | – |
| P/E (trailing) | 9.3 | – |
| Dividend yield | 1.59% | 2.36% |
| Expense ratio | – | 0.06% |
| Assets under management | – | $162.0B |
| Sector / category | Materials | ETF · International |
On the fund side, VWO sits in the Diversified Emerging Mkts category at Vanguard, with $162.0B under management, 4113 holdings, a 0.06% expense ratio, a 2.36% trailing dividend yield.
Year-by-year returns
| Year | CF | VWO |
|---|---|---|
| 2022 | +22.3% | -18.0% |
| 2023 | -4.7% | +9.3% |
| 2024 | +10.1% | +10.6% |
| 2025 | -7.2% | +25.6% |
| 2026 | +64.9% | +13.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CF and VWO good diversifiers for each other?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CF and VWO?
Using weekly returns as of 2026-08-27: -0.17 over 3 years, with -0.46 over the last year and -0.06 over 5 years.
Is VWO a good diversifier for CF?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.17 mean?
A reading of -0.17 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-vwo.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cf-vs-vwo/)
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Related comparisons
Hubs: CF correlations · VWO correlations
