EHI vs MSD: Correlation
How closely do Western Asset Global High Income Fund Inc (EHI) and Morgan Stanley Emerging Markets Debt Fund, Inc. (MSD) trade together? Their weekly returns over three years give a correlation of 0.68, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EHI and MSD?
Over the past 3 years, EHI and MSD moved with a correlation of 0.68, which is strong. The past 12 months show a tighter link (0.82) than the 3-year average (0.68). Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 90.0 %².
Within EHI's tracked universe of 15 assets, MSD comes in at #6 by 3-year correlation. The trailing year gives MSD the advantage: -0.6% versus +5.8%, a 6.4-point spread.
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.
EHI vs MSD: side by side
| EHI (Western Asset Global High Income Fund Inc) | MSD (Morgan Stanley Emerging Markets Debt Fund, Inc.) | |
|---|---|---|
| 1-year return | -0.6% | +5.8% |
| 5-year return | -1.0% | +22.9% |
| Volatility (ann.) | 11.4% | 11.6% |
| Beta vs S&P 500 | 0.45 | 0.40 |
| Max drawdown (3Y) | -16.0% | -12.8% |
| Market cap | $0.2B | $0.1B |
| P/E (trailing) | 8.0 | 6.9 |
| Dividend yield | 14.66% | 9.78% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EHI | MSD |
|---|---|---|
| 2022 | -25.2% | -22.1% |
| 2023 | +19.2% | +19.2% |
| 2024 | +4.2% | +24.9% |
| 2025 | +9.1% | +5.6% |
| 2026 | -2.3% | +2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EHI and MSD good diversifiers for each other?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EHI and MSD?
Using weekly returns as of 2026-08-27: 0.68 over 3 years, with 0.82 over the last year and 0.58 over 5 years.
Is MSD a good diversifier for EHI?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.68 mean?
A reading of 0.68 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/ehi-vs-msd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ehi-vs-msd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EHI correlations · MSD correlations
