FXI vs IAE: Correlation
iShares China Large-Cap ETF (FXI) and Voya Asia Pacific High Dividend Equity Income Fund ING Asia (IAE) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FXI and IAE?
On 3 years of weekly data the FXI/IAE correlation comes out at 0.56, moderate. The link has loosened recently: the 1-year correlation (0.36) runs below the 3-year figure (0.56). The 5-year figure is 0.62, and annualized covariance runs at 233.6 %².
By 3-year correlation, IAE places #9 of the 74 assets tracked against FXI. Their recent paths diverged sharply: over the last 12 months IAE outperformed by 43.9 percentage points (-6.1% for FXI against +37.8% for IAE). One caveat on sizing: FXI is 1.5 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.
FXI vs IAE: side by side
| FXI (iShares China Large-Cap ETF) | IAE (Voya Asia Pacific High Dividend Equity Income Fund ING Asia) | |
|---|---|---|
| 1-year return | -6.1% | +37.8% |
| 5-year return | -1.4% | +84.4% |
| Volatility (ann.) | 25.3% | 16.5% |
| Beta vs S&P 500 | 0.68 | 0.72 |
| Max drawdown (3Y) | -23.2% | -16.2% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | 3.5 |
| Dividend yield | 1.87% | 0.00% |
| Expense ratio | 0.73% | – |
| Assets under management | $4.3B | – |
| Sector / category | ETF · International | US Listed |
FXI is a Greater China Region fund from iShares: $4.3B under management, 50 holdings, a 0.73% expense ratio, a 1.87% trailing dividend yield.
Year-by-year returns
| Year | FXI | IAE |
|---|---|---|
| 2022 | -20.7% | -14.0% |
| 2023 | -12.4% | +9.1% |
| 2024 | +29.0% | +13.4% |
| 2025 | +28.9% | +34.6% |
| 2026 | -7.3% | +29.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FXI and IAE good diversifiers for each other?
Only partially. A correlation of 0.56 means FXI and IAE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between FXI and IAE?
The FXI/IAE correlation stands at 0.56 on a 3-year window (1 year: 0.36, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is IAE a good diversifier for FXI?
Only partially. A correlation of 0.56 means FXI and IAE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.56 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/fxi-vs-iae.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fxi-vs-iae/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FXI correlations · IAE correlations
