EMF vs VXX: Correlation
Measured on weekly returns over the past three years, Templeton Emerging Markets Fund (EMF) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.54, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EMF and VXX?
Across a 3-year window, the weekly returns of EMF and VXX correlate at -0.54, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.61 lands near the 3-year figure. Stretching to 5 years gives -0.50, with an annualized covariance of -692.0 %².
Among the 21 assets we track against EMF, VXX sits near the bottom by co-movement, at rank #21. Correlation aside, the last 12 months split them widely, with EMF ahead by 111.3 points (+61.6% versus -49.7%). Note the risk asymmetry: VXX runs 2.9 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 VXX: side by side
| EMF (Templeton Emerging Markets Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +61.6% | -49.7% |
| 5-year return | +91.4% | -95.6% |
| Volatility (ann.) | 21.0% | 60.9% |
| Beta vs S&P 500 | 0.93 | -3.31 |
| Max drawdown (3Y) | -19.5% | -83.3% |
| Market cap | $0.3B | – |
| P/E (trailing) | 2.4 | – |
| Dividend yield | 3.91% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EMF | VXX |
|---|---|---|
| 2022 | -21.5% | -23.8% |
| 2023 | +8.8% | -72.5% |
| 2024 | +6.6% | -26.2% |
| 2025 | +58.2% | -42.2% |
| 2026 | +36.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EMF and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.54 means the two rarely move for the same reasons.
FAQ
What is the correlation between EMF and VXX?
As of 2026-08-27, the correlation of weekly returns between EMF and VXX is -0.54 over 3 years, -0.61 over 1 year and -0.50 over 5 years.
Is VXX a good diversifier for EMF?
By historical standards, yes. A correlation of -0.54 means the two rarely move for the same reasons.
What does a correlation of -0.54 mean?
On the −1 to +1 scale, -0.54 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-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/emf-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EMF correlations · VXX correlations
