EMD vs FAX: Correlation
Western Asset Emerging Markets Debt Fund Inc (EMD) and abrdn Asia-Pacific Income Fund, Inc. (FAX) show a strong relationship: their 3-year correlation of weekly returns is 0.70.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EMD and FAX?
On 3 years of weekly data the EMD/FAX correlation comes out at 0.70, strong. Recent behaviour matches the longer record: 0.72 over 1 year against 0.70 over 3. The 5-year figure is 0.62, and annualized covariance runs at 139.8 %².
By 3-year correlation, FAX places #8 of the 15 assets tracked against EMD. On 12-month performance EMD holds a 12.7-point edge, +15.0% against +2.3%.
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.
EMD vs FAX: side by side
| EMD (Western Asset Emerging Markets Debt Fund Inc) | FAX (abrdn Asia-Pacific Income Fund, Inc.) | |
|---|---|---|
| 1-year return | +15.0% | +2.3% |
| 5-year return | +28.3% | +5.2% |
| Volatility (ann.) | 14.1% | 14.2% |
| Beta vs S&P 500 | 0.51 | 0.40 |
| Max drawdown (3Y) | -13.3% | -13.2% |
| Market cap | – | $0.6B |
| P/E (trailing) | 6.7 | 14.4 |
| Dividend yield | 0.00% | 13.58% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EMD | FAX |
|---|---|---|
| 2022 | -20.8% | -22.7% |
| 2023 | +12.3% | +16.8% |
| 2024 | +16.3% | +2.5% |
| 2025 | +23.4% | +18.2% |
| 2026 | +6.9% | +3.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EMD and FAX good diversifiers for each other?
Only partially. A correlation of 0.70 means EMD and FAX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between EMD and FAX?
The EMD/FAX correlation stands at 0.70 on a 3-year window (1 year: 0.72, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is FAX a good diversifier for EMD?
Only partially. A correlation of 0.70 means EMD and FAX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.70 mean?
A reading of 0.70 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/emd-vs-fax.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/emd-vs-fax/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EMD correlations · FAX correlations
