EDD vs FAX: Correlation
How closely do Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. (EDD) and abrdn Asia-Pacific Income Fund, Inc. (FAX) trade together? Their weekly returns over three years give a correlation of 0.67, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EDD and FAX?
Across a 3-year window, the weekly returns of EDD and FAX correlate at 0.67, strong. Little has changed lately, as the 1-year reading of 0.67 lands near the 3-year figure. Stretching to 5 years gives 0.67, with an annualized covariance of 156.4 %².
Few assets follow EDD as closely as FAX, which ranks #3 of 10 tracked partners. The last year tells two different stories: EDD led by 22.9 percentage points, +25.2% for EDD against +2.3% for FAX.
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.
EDD vs FAX: side by side
| EDD (Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.) | FAX (abrdn Asia-Pacific Income Fund, Inc.) | |
|---|---|---|
| 1-year return | +25.2% | +2.3% |
| 5-year return | +51.4% | +5.2% |
| Volatility (ann.) | 16.4% | 14.2% |
| Beta vs S&P 500 | 0.52 | 0.40 |
| Max drawdown (3Y) | -17.7% | -13.2% |
| Market cap | – | $0.6B |
| P/E (trailing) | 4.9 | 14.4 |
| Dividend yield | 0.00% | 13.58% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EDD | FAX |
|---|---|---|
| 2022 | -14.1% | -22.7% |
| 2023 | +14.1% | +16.8% |
| 2024 | +8.6% | +2.5% |
| 2025 | +32.5% | +18.2% |
| 2026 | +16.8% | +3.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EDD and FAX good diversifiers for each other?
Only partially. A correlation of 0.67 means EDD and FAX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between EDD and FAX?
The EDD/FAX correlation stands at 0.67 on a 3-year window (1 year: 0.67, 5 years: 0.67), computed from weekly returns as of 2026-08-27.
Is FAX a good diversifier for EDD?
Only partially. A correlation of 0.67 means EDD and FAX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.67 mean?
On the −1 to +1 scale, 0.67 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/edd-vs-fax.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/edd-vs-fax/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EDD correlations · FAX correlations
