EMF vs KWEB: Correlation
Measured on weekly returns over the past three years, Templeton Emerging Markets Fund (EMF) and KraneShares CSI China Internet ETF (KWEB) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EMF and KWEB?
Over the past 3 years, EMF and KWEB moved with a correlation of 0.55, which is moderate. The past 12 months show a weaker link (0.45) than the 3-year average (0.55). Over 5 years the correlation is 0.61, and the annualized covariance of weekly returns is 389.9 %².
Within EMF's tracked universe of 21 assets, KWEB comes in at #12 by 3-year correlation. Correlation aside, the last 12 months split them widely, with EMF ahead by 87.7 points (+61.6% versus -26.1%). Risk is not evenly split, since KWEB carries 1.6 times the volatility of the other side.
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 KWEB: side by side
| EMF (Templeton Emerging Markets Fund) | KWEB (KraneShares CSI China Internet ETF) | |
|---|---|---|
| 1-year return | +61.6% | -26.1% |
| 5-year return | +91.4% | -36.2% |
| Volatility (ann.) | 21.0% | 33.9% |
| Beta vs S&P 500 | 0.93 | 0.90 |
| Max drawdown (3Y) | -19.5% | -41.6% |
| Market cap | $0.3B | – |
| P/E (trailing) | 2.4 | – |
| Dividend yield | 3.91% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | EMF | KWEB |
|---|---|---|
| 2022 | -21.5% | -17.2% |
| 2023 | +8.8% | -9.1% |
| 2024 | +6.6% | +12.0% |
| 2025 | +58.2% | +23.5% |
| 2026 | +36.1% | -23.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EMF and KWEB good diversifiers for each other?
Only partially. A correlation of 0.55 means EMF and KWEB 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 KWEB?
The EMF/KWEB correlation stands at 0.55 on a 3-year window (1 year: 0.45, 5 years: 0.61), computed from weekly returns as of 2026-08-27.
Is KWEB a good diversifier for EMF?
Only partially. A correlation of 0.55 means EMF and KWEB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 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-kweb.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/emf-vs-kweb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EMF correlations · KWEB correlations
