EXG vs VWO: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax-Managed Global Diversified Equity Income (EXG) and Vanguard FTSE Emerging Markets ETF (VWO) carry a correlation of 0.75, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXG and VWO?
On 3 years of weekly data the EXG/VWO correlation comes out at 0.75, strong. Little has changed lately, as the 1-year reading of 0.76 lands near the 3-year figure. The 5-year figure is 0.65, and annualized covariance runs at 172.1 %².
By 3-year correlation, VWO places #16 of the 32 assets tracked against EXG. Their 12-month results are close: +22.0% for EXG against +21.6% for VWO.
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.
EXG vs VWO: side by side
| EXG (Eaton Vance Tax-Managed Global Diversified Equity Income) | VWO (Vanguard FTSE Emerging Markets ETF) | |
|---|---|---|
| 1-year return | +22.0% | +21.6% |
| 5-year return | +45.8% | +38.2% |
| Volatility (ann.) | 15.0% | 15.2% |
| Beta vs S&P 500 | 0.91 | 0.75 |
| Max drawdown (3Y) | -15.1% | -17.4% |
| Market cap | – | – |
| P/E (trailing) | 4.5 | – |
| Dividend yield | 0.00% | 2.36% |
| Expense ratio | – | 0.06% |
| Assets under management | – | $162.0B |
| Sector / category | US Listed | ETF · International |
On the fund side, VWO sits in the Diversified Emerging Mkts category at Vanguard, with $162.0B under management, 4113 holdings, a 0.06% expense ratio, a 2.36% trailing dividend yield.
Year-by-year returns
| Year | EXG | VWO |
|---|---|---|
| 2022 | -22.2% | -18.0% |
| 2023 | +11.4% | +9.3% |
| 2024 | +16.1% | +10.6% |
| 2025 | +27.8% | +25.6% |
| 2026 | +10.7% | +13.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXG and VWO good diversifiers for each other?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EXG and VWO?
As of 2026-08-27, the correlation of weekly returns between EXG and VWO is 0.75 over 3 years, 0.76 over 1 year and 0.65 over 5 years.
Is VWO a good diversifier for EXG?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.75 mean?
A reading of 0.75 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/exg-vs-vwo.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/exg-vs-vwo/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EXG correlations · VWO correlations
