EEM vs KWEB: Correlation
Measured on weekly returns over the past three years, iShares MSCI Emerging Markets ETF (EEM) and KraneShares CSI China Internet ETF (KWEB) carry a correlation of 0.62, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EEM and KWEB?
Over the past 3 years, EEM and KWEB moved with a correlation of 0.62, which is strong. The past 12 months show a weaker link (0.47) than the 3-year average (0.62). Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 376.5 %².
Within EEM's tracked universe of 67 assets, KWEB comes in at #30 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months EEM outperformed by 64.2 percentage points (+38.1% for EEM against -26.1% for KWEB). Across three years, the rolling one-year figure varied moderately, from 0.48 to 0.86. Risk is not evenly split, since KWEB 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.
EEM vs KWEB: side by side
| EEM (iShares MSCI Emerging Markets ETF) | KWEB (KraneShares CSI China Internet ETF) | |
|---|---|---|
| 1-year return | +38.1% | -26.1% |
| 5-year return | +47.1% | -36.2% |
| Volatility (ann.) | 18.0% | 33.9% |
| Beta vs S&P 500 | 0.85 | 0.90 |
| Max drawdown (3Y) | -17.3% | -41.6% |
| Dividend yield | 1.73% | – |
| Expense ratio | 0.72% | – |
| Assets under management | $29.2B | – |
| Sector / category | ETF · International | ETF · Thematic |
EEM is a Diversified Emerging Mkts fund from iShares: $29.2B under management, 968 holdings, a 0.72% expense ratio, a 1.73% trailing dividend yield.
Year-by-year returns
| Year | EEM | KWEB |
|---|---|---|
| 2022 | -20.6% | -17.2% |
| 2023 | +8.9% | -9.1% |
| 2024 | +6.5% | +12.0% |
| 2025 | +34.0% | +23.5% |
| 2026 | +24.2% | -23.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EEM and KWEB good diversifiers for each other?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EEM and KWEB?
As of 2026-08-27, the correlation of weekly returns between EEM and KWEB is 0.62 over 3 years, 0.47 over 1 year and 0.69 over 5 years.
Is KWEB a good diversifier for EEM?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.62 mean?
On the −1 to +1 scale, 0.62 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/eem-vs-kweb.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eem-vs-kweb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EEM correlations · KWEB correlations
