EEM vs MACI: Correlation
iShares MSCI Emerging Markets ETF (EEM) and Melar Acquisition Corp. I - Class A (MACI) show a negative relationship: their 3-year correlation of weekly returns is -0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EEM and MACI?
Across a 3-year window, the weekly returns of EEM and MACI correlate at -0.19, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.41 versus -0.19 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of -7.6 %².
Among the 67 assets we track against EEM, MACI ranks #60 by 3-year correlation. The last year tells two different stories: EEM led by 33.7 percentage points, +38.1% for EEM against +4.4% for MACI. Note the risk asymmetry: EEM runs 8.6 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.
EEM vs MACI: side by side
| EEM (iShares MSCI Emerging Markets ETF) | MACI (Melar Acquisition Corp. I - Class A) | |
|---|---|---|
| 1-year return | +38.1% | +4.4% |
| 5-year return | +47.1% | n/a |
| Volatility (ann.) | 18.0% | 2.1% |
| Beta vs S&P 500 | 0.85 | -0.03 |
| Max drawdown (3Y) | -17.3% | -2.0% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | 60.9 |
| Dividend yield | 1.73% | 0.00% |
| Expense ratio | 0.72% | – |
| Assets under management | $29.2B | – |
| Sector / category | ETF · International | US Listed |
On the fund side, EEM sits in the Diversified Emerging Mkts category at iShares, with $29.2B under management, 968 holdings, a 0.72% expense ratio, a 1.73% trailing dividend yield.
Year-by-year returns
| Year | EEM | MACI |
|---|---|---|
| 2022 | -20.6% | – |
| 2023 | +8.9% | – |
| 2024 | +6.5% | – |
| 2025 | +34.0% | +5.7% |
| 2026 | +24.2% | +3.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EEM and MACI good diversifiers for each other?
Yes. With a correlation of -0.19, EEM and MACI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EEM and MACI?
As of 2026-08-27, the correlation of weekly returns between EEM and MACI is -0.19 over 3 years, -0.41 over 1 year and n/a over 5 years.
Is MACI a good diversifier for EEM?
Yes. With a correlation of -0.19, EEM and MACI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/eem-vs-maci.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eem-vs-maci/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EEM correlations · MACI correlations
