EMF vs IEMG: Correlation
How closely do Templeton Emerging Markets Fund (EMF) and iShares Core MSCI Emerging Markets ETF (IEMG) trade together? Their weekly returns over three years give a correlation of 0.90, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EMF and IEMG?
Across a 3-year window, the weekly returns of EMF and IEMG correlate at 0.90, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.90 over 1 year against 0.90 over 3. Stretching to 5 years gives 0.91, with an annualized covariance of 329.5 %².
In EMF's tracked universe of 21 assets, IEMG sits right near the top at #2. The last year tells two different stories: EMF led by 25.6 percentage points, +61.6% for EMF against +36.0% for IEMG.
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 IEMG: side by side
| EMF (Templeton Emerging Markets Fund) | IEMG (iShares Core MSCI Emerging Markets ETF) | |
|---|---|---|
| 1-year return | +61.6% | +36.0% |
| 5-year return | +91.4% | +50.7% |
| Volatility (ann.) | 21.0% | 17.4% |
| Beta vs S&P 500 | 0.93 | 0.84 |
| Max drawdown (3Y) | -19.5% | -17.2% |
| Market cap | $0.3B | – |
| P/E (trailing) | 2.4 | – |
| Dividend yield | 3.91% | 2.31% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $152.2B |
| Sector / category | US Listed | ETF · International |
IEMG, iShares's Diversified Emerging Mkts fund, carries $152.2B under management, 1824 holdings, a 0.09% expense ratio, a 2.31% trailing dividend yield.
Year-by-year returns
| Year | EMF | IEMG |
|---|---|---|
| 2022 | -21.5% | -20.0% |
| 2023 | +8.8% | +11.5% |
| 2024 | +6.6% | +6.5% |
| 2025 | +58.2% | +32.6% |
| 2026 | +36.1% | +23.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EMF and IEMG good diversifiers for each other?
Not really. At 0.90, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between EMF and IEMG?
Using weekly returns as of 2026-08-27: 0.90 over 3 years, with 0.90 over the last year and 0.91 over 5 years.
Is IEMG a good diversifier for EMF?
Not really. At 0.90, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.90 mean?
On the −1 to +1 scale, 0.90 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/emf-vs-iemg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/emf-vs-iemg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EMF correlations · IEMG correlations
