CSIQ vs VWO: Correlation
Measured on weekly returns over the past three years, Canadian Solar Inc. (CSIQ) and Vanguard FTSE Emerging Markets ETF (VWO) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSIQ and VWO?
Over the past 3 years, CSIQ and VWO moved with a correlation of 0.42, which is moderate. The relationship has been stable: the 1-year correlation (0.33) sits close to the 3-year figure. Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 504.5 %².
By 3-year correlation, VWO places #5 of the 15 assets tracked against CSIQ. Over the last 12 months CSIQ came out ahead by 13.6 percentage points (+35.2% against +21.6%). One caveat on sizing: CSIQ is 5.2 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.
CSIQ vs VWO: side by side
| CSIQ (Canadian Solar Inc.) | VWO (Vanguard FTSE Emerging Markets ETF) | |
|---|---|---|
| 1-year return | +35.2% | +21.6% |
| 5-year return | -62.6% | +38.2% |
| Volatility (ann.) | 79.8% | 15.2% |
| Beta vs S&P 500 | 1.82 | 0.75 |
| Max drawdown (3Y) | -76.1% | -17.4% |
| Market cap | $0.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 2.36% |
| Expense ratio | – | 0.06% |
| Assets under management | – | $162.0B |
| Sector / category | US Listed | 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 | CSIQ | VWO |
|---|---|---|
| 2022 | -1.2% | -18.0% |
| 2023 | -15.1% | +9.3% |
| 2024 | -57.6% | +10.6% |
| 2025 | +113.8% | +25.6% |
| 2026 | -41.2% | +13.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSIQ and VWO good diversifiers for each other?
Reasonably. At 0.42, CSIQ and VWO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CSIQ and VWO?
The CSIQ/VWO correlation stands at 0.42 on a 3-year window (1 year: 0.33, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is VWO a good diversifier for CSIQ?
Reasonably. At 0.42, CSIQ and VWO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/csiq-vs-vwo.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/csiq-vs-vwo/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CSIQ correlations · VWO correlations
