EMD vs GHY: Correlation
Measured on weekly returns over the past three years, Western Asset Emerging Markets Debt Fund Inc (EMD) and PGIM Global High Yield Fund, Inc. (GHY) carry a correlation of 0.76, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EMD and GHY?
On 3 years of weekly data the EMD/GHY correlation comes out at 0.76, strong. Little has changed lately, as the 1-year reading of 0.75 lands near the 3-year figure. The 5-year figure is 0.72, and annualized covariance runs at 149.1 %².
GHY is one of the assets that tracks EMD most closely: it ranks #1 out of the 15 assets we track against EMD. Correlation aside, the last 12 months split them widely, with EMD ahead by 18.9 points (+15.0% versus -3.9%).
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 GHY: side by side
| EMD (Western Asset Emerging Markets Debt Fund Inc) | GHY (PGIM Global High Yield Fund, Inc.) | |
|---|---|---|
| 1-year return | +15.0% | -3.9% |
| 5-year return | +28.3% | +23.8% |
| Volatility (ann.) | 14.1% | 14.0% |
| Beta vs S&P 500 | 0.51 | 0.49 |
| Max drawdown (3Y) | -13.3% | -16.4% |
| Market cap | – | $0.5B |
| P/E (trailing) | 6.7 | 9.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EMD | GHY |
|---|---|---|
| 2022 | -20.8% | -20.0% |
| 2023 | +12.3% | +17.3% |
| 2024 | +16.3% | +20.3% |
| 2025 | +23.4% | +10.5% |
| 2026 | +6.9% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EMD and GHY good diversifiers for each other?
Only partially. A correlation of 0.76 means EMD and GHY 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 GHY?
As of 2026-08-27, the correlation of weekly returns between EMD and GHY is 0.76 over 3 years, 0.75 over 1 year and 0.72 over 5 years.
Is GHY a good diversifier for EMD?
Only partially. A correlation of 0.76 means EMD and GHY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.76 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/emd-vs-ghy.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/emd-vs-ghy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EMD correlations · GHY correlations
