EMF vs SID: Correlation
Templeton Emerging Markets Fund (EMF) and Companhia Siderurgica Nacional S.A. (SID) show a moderate relationship: their 3-year correlation of weekly returns is 0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EMF and SID?
Over the past 3 years, EMF and SID moved with a correlation of 0.53, which is moderate. Recent behaviour matches the longer record: 0.53 over 1 year against 0.53 over 3. Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 544.2 %².
By 3-year correlation, SID places #14 of the 21 assets tracked against EMF. Correlation aside, the last 12 months split them widely, with EMF ahead by 85.3 points (+61.6% versus -23.7%). Note the risk asymmetry: SID runs 2.3 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 SID: side by side
| EMF (Templeton Emerging Markets Fund) | SID (Companhia Siderurgica Nacional S.A.) | |
|---|---|---|
| 1-year return | +61.6% | -23.7% |
| 5-year return | +91.4% | -77.7% |
| Volatility (ann.) | 21.0% | 49.3% |
| Beta vs S&P 500 | 0.93 | 1.22 |
| Max drawdown (3Y) | -19.5% | -76.0% |
| Market cap | $0.3B | $1.4B |
| P/E (trailing) | 2.4 | – |
| Dividend yield | 3.91% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EMF | SID |
|---|---|---|
| 2022 | -21.5% | -29.7% |
| 2023 | +8.8% | +69.2% |
| 2024 | +6.6% | -59.6% |
| 2025 | +58.2% | +11.1% |
| 2026 | +36.1% | -33.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EMF and SID good diversifiers for each other?
To a limited degree. At 0.53 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between EMF and SID?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.53 over the last year and 0.50 over 5 years.
Is SID a good diversifier for EMF?
To a limited degree. At 0.53 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.53 mean?
A reading of 0.53 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-sid.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/emf-vs-sid/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EMF correlations · SID correlations
