EMF vs VXZ: Correlation
Measured on weekly returns over the past three years, Templeton Emerging Markets Fund (EMF) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.46, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EMF and VXZ?
On 3 years of weekly data the EMF/VXZ correlation comes out at -0.46, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.51 over 1 year against -0.46 over 3. The 5-year figure is -0.50, and annualized covariance runs at -245.2 %².
VXZ is close to the least connected end of EMF's tracked universe, ranking #19 of 21. Their recent paths diverged sharply: over the last 12 months EMF outperformed by 77.7 percentage points (+61.6% for EMF against -16.1% for VXZ).
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 VXZ: side by side
| EMF (Templeton Emerging Markets Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +61.6% | -16.1% |
| 5-year return | +91.4% | -53.1% |
| Volatility (ann.) | 21.0% | 25.6% |
| Beta vs S&P 500 | 0.93 | -1.31 |
| Max drawdown (3Y) | -19.5% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | 2.4 | – |
| Dividend yield | 3.91% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EMF | VXZ |
|---|---|---|
| 2022 | -21.5% | +0.5% |
| 2023 | +8.8% | -44.0% |
| 2024 | +6.6% | -12.7% |
| 2025 | +58.2% | +5.7% |
| 2026 | +36.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EMF and VXZ good diversifiers for each other?
Yes. With a correlation of -0.46, EMF and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EMF and VXZ?
The EMF/VXZ correlation stands at -0.46 on a 3-year window (1 year: -0.51, 5 years: -0.50), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for EMF?
Yes. With a correlation of -0.46, EMF and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.46 mean?
A reading of -0.46 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/emf-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EMF correlations · VXZ correlations
