EEM vs EH: Correlation
iShares MSCI Emerging Markets ETF (EEM) and EHang Holdings Limited (EH) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EEM and EH?
Across a 3-year window, the weekly returns of EEM and EH correlate at 0.47, moderate. The relationship has been stable: the 1-year correlation (0.52) sits close to the 3-year figure. Stretching to 5 years gives 0.52, with an annualized covariance of 609.9 %².
By 3-year correlation, EH places #47 of the 67 assets tracked against EEM. Their recent paths diverged sharply: over the last 12 months EEM outperformed by 108.8 percentage points (+38.1% for EEM against -70.7% for EH). One caveat on sizing: EH is 4.0 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.
EEM vs EH: side by side
| EEM (iShares MSCI Emerging Markets ETF) | EH (EHang Holdings Limited) | |
|---|---|---|
| 1-year return | +38.1% | -70.7% |
| 5-year return | +47.1% | -81.9% |
| Volatility (ann.) | 18.0% | 72.3% |
| Beta vs S&P 500 | 0.85 | 1.92 |
| Max drawdown (3Y) | -17.3% | -82.4% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | – |
| Dividend yield | 1.73% | 0.00% |
| Expense ratio | 0.72% | – |
| Assets under management | $29.2B | – |
| Sector / category | ETF · International | US Listed |
EEM, iShares's Diversified Emerging Mkts fund, carries $29.2B under management, 968 holdings, a 0.72% expense ratio, a 1.73% trailing dividend yield.
Year-by-year returns
| Year | EEM | EH |
|---|---|---|
| 2022 | -20.6% | -42.5% |
| 2023 | +8.9% | +95.8% |
| 2024 | +6.5% | -6.3% |
| 2025 | +34.0% | -16.3% |
| 2026 | +24.2% | -64.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EEM and EH good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between EEM and EH?
As of 2026-08-27, the correlation of weekly returns between EEM and EH is 0.47 over 3 years, 0.52 over 1 year and 0.52 over 5 years.
Is EH a good diversifier for EEM?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 mean?
A reading of 0.47 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/eem-vs-eh.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eem-vs-eh/)
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Related comparisons
Hubs: EEM correlations · EH correlations
