EMF vs OFS: Correlation
Measured on weekly returns over the past three years, Templeton Emerging Markets Fund (EMF) and OFS Capital Corporation - Closed End Fund (OFS) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EMF and OFS?
Over the past 3 years, EMF and OFS moved with a correlation of 0.39, which is moderate. The link has tightened recently: the 1-year correlation (0.52) runs above the 3-year figure (0.39). Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 277.7 %².
Among the 21 assets we track against EMF, OFS sits near the bottom by co-movement, at rank #17. Their recent paths diverged sharply: over the last 12 months EMF outperformed by 109.0 percentage points (+61.6% for EMF against -47.4% for OFS). Note the risk asymmetry: OFS runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 OFS: side by side
| EMF (Templeton Emerging Markets Fund) | OFS (OFS Capital Corporation - Closed End Fund) | |
|---|---|---|
| 1-year return | +61.6% | -47.4% |
| 5-year return | +91.4% | -31.5% |
| Volatility (ann.) | 21.0% | 34.0% |
| Beta vs S&P 500 | 0.93 | 0.69 |
| Max drawdown (3Y) | -19.5% | -67.0% |
| Market cap | $0.3B | – |
| P/E (trailing) | 2.4 | – |
| Dividend yield | 3.91% | 23.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EMF | OFS |
|---|---|---|
| 2022 | -21.5% | +3.3% |
| 2023 | +8.8% | +29.9% |
| 2024 | +6.6% | -20.2% |
| 2025 | +58.2% | -31.6% |
| 2026 | +36.1% | -14.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EMF and OFS good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between EMF and OFS?
As of 2026-08-27, the correlation of weekly returns between EMF and OFS is 0.39 over 3 years, 0.52 over 1 year and 0.33 over 5 years.
Is OFS a good diversifier for EMF?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 mean?
A reading of 0.39 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/emf-vs-ofs.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/emf-vs-ofs/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EMF correlations · OFS correlations
