EMF vs FXI: Correlation
Measured on weekly returns over the past three years, Templeton Emerging Markets Fund (EMF) and iShares China Large-Cap ETF (FXI) carry a correlation of 0.54, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EMF and FXI?
Over the past 3 years, EMF and FXI moved with a correlation of 0.54, which is moderate. The link has loosened recently: the 1-year correlation (0.41) runs below the 3-year figure (0.54). Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 288.5 %².
By 3-year correlation, FXI places #13 of the 21 assets tracked against EMF. Correlation aside, the last 12 months split them widely, with EMF ahead by 67.7 points (+61.6% versus -6.1%).
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.
EMF vs FXI: side by side
| EMF (Templeton Emerging Markets Fund) | FXI (iShares China Large-Cap ETF) | |
|---|---|---|
| 1-year return | +61.6% | -6.1% |
| 5-year return | +91.4% | -1.4% |
| Volatility (ann.) | 21.0% | 25.3% |
| Beta vs S&P 500 | 0.93 | 0.68 |
| Max drawdown (3Y) | -19.5% | -23.2% |
| Market cap | $0.3B | – |
| P/E (trailing) | 2.4 | – |
| Dividend yield | 3.91% | 1.87% |
| Expense ratio | – | 0.73% |
| Assets under management | – | $4.3B |
| Sector / category | US Listed | ETF · International |
FXI, iShares's Greater China Region fund, carries $4.3B under management, 50 holdings, a 0.73% expense ratio, a 1.87% trailing dividend yield.
Year-by-year returns
| Year | EMF | FXI |
|---|---|---|
| 2022 | -21.5% | -20.7% |
| 2023 | +8.8% | -12.4% |
| 2024 | +6.6% | +29.0% |
| 2025 | +58.2% | +28.9% |
| 2026 | +36.1% | -7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EMF and FXI good diversifiers for each other?
Only partially. A correlation of 0.54 means EMF and FXI 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 EMF and FXI?
As of 2026-08-27, the correlation of weekly returns between EMF and FXI is 0.54 over 3 years, 0.41 over 1 year and 0.65 over 5 years.
Is FXI a good diversifier for EMF?
Only partially. A correlation of 0.54 means EMF and FXI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 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/emf-vs-fxi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/emf-vs-fxi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EMF correlations · FXI correlations
