EH vs VWO: Correlation
Measured on weekly returns over the past three years, EHang Holdings Limited (EH) and Vanguard FTSE Emerging Markets ETF (VWO) carry a correlation of 0.50, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EH and VWO?
On 3 years of weekly data the EH/VWO correlation comes out at 0.50, moderate. The relationship has been stable: the 1-year correlation (0.54) sits close to the 3-year figure. The 5-year figure is 0.54, and annualized covariance runs at 545.7 %².
Within EH's tracked universe of 11 assets, VWO comes in at #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months VWO outperformed by 92.3 percentage points (-70.7% for EH against +21.6% for VWO). Risk is not evenly split, since EH carries 4.8 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.
EH vs VWO: side by side
| EH (EHang Holdings Limited) | VWO (Vanguard FTSE Emerging Markets ETF) | |
|---|---|---|
| 1-year return | -70.7% | +21.6% |
| 5-year return | -81.9% | +38.2% |
| Volatility (ann.) | 72.3% | 15.2% |
| Beta vs S&P 500 | 1.92 | 0.75 |
| Max drawdown (3Y) | -82.4% | -17.4% |
| Market cap | $0.4B | – |
| 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 | EH | VWO |
|---|---|---|
| 2022 | -42.5% | -18.0% |
| 2023 | +95.8% | +9.3% |
| 2024 | -6.3% | +10.6% |
| 2025 | -16.3% | +25.6% |
| 2026 | -64.6% | +13.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EH and VWO good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EH and VWO?
As of 2026-08-27, the correlation of weekly returns between EH and VWO is 0.50 over 3 years, 0.54 over 1 year and 0.54 over 5 years.
Is VWO a good diversifier for EH?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 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/eh-vs-vwo.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eh-vs-vwo/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EH correlations · VWO correlations
