FER vs VWO: Correlation
How closely do Ferrovial N.V. (FER) and Vanguard FTSE Emerging Markets ETF (VWO) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FER and VWO?
On 3 years of weekly data the FER/VWO correlation comes out at 0.44, moderate. The past 12 months show a tighter link (0.63) than the 3-year average (0.44). The 5-year figure is 0.33, and annualized covariance runs at 192.2 %².
By 3-year correlation, VWO places #5 of the 11 assets tracked against FER. The trailing year gives VWO the advantage: +9.9% versus +21.6%, a 11.7-point spread. One caveat on sizing: FER is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
FER vs VWO: side by side
| FER (Ferrovial N.V.) | VWO (Vanguard FTSE Emerging Markets ETF) | |
|---|---|---|
| 1-year return | +9.9% | +21.6% |
| 5-year return | +129.1% | +38.2% |
| Volatility (ann.) | 28.5% | 15.2% |
| Beta vs S&P 500 | 0.65 | 0.75 |
| Max drawdown (3Y) | -20.2% | -17.4% |
| Market cap | $42.4B | – |
| P/E (trailing) | 61.9 | – |
| Dividend yield | 0.93% | 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 | FER | VWO |
|---|---|---|
| 2022 | -5.6% | -18.0% |
| 2023 | +44.1% | +9.3% |
| 2024 | +21.3% | +10.6% |
| 2025 | +56.4% | +25.6% |
| 2026 | -8.1% | +13.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FER and VWO good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FER and VWO?
The FER/VWO correlation stands at 0.44 on a 3-year window (1 year: 0.63, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is VWO a good diversifier for FER?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fer-vs-vwo.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fer-vs-vwo/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FER correlations · VWO correlations
