FXI vs IHD: Correlation
Measured on weekly returns over the past three years, iShares China Large-Cap ETF (FXI) and Voya Emerging Markets High Income Dividend Equity Fund (IHD) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FXI and IHD?
On 3 years of weekly data the FXI/IHD correlation comes out at 0.55, moderate. The past 12 months show a weaker link (0.32) than the 3-year average (0.55). The 5-year figure is 0.67, and annualized covariance runs at 229.2 %².
Within FXI's tracked universe of 74 assets, IHD comes in at #10 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months IHD outperformed by 48.3 percentage points (-6.1% for FXI against +42.2% for IHD). Note the risk asymmetry: FXI runs 1.5 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.
FXI vs IHD: side by side
| FXI (iShares China Large-Cap ETF) | IHD (Voya Emerging Markets High Income Dividend Equity Fund) | |
|---|---|---|
| 1-year return | -6.1% | +42.2% |
| 5-year return | -1.4% | +78.4% |
| Volatility (ann.) | 25.3% | 16.6% |
| Beta vs S&P 500 | 0.68 | 0.65 |
| Max drawdown (3Y) | -23.2% | -14.3% |
| Market cap | – | – |
| P/E (trailing) | – | 3.1 |
| Dividend yield | 1.87% | 0.00% |
| Expense ratio | 0.73% | – |
| Assets under management | $4.3B | – |
| Sector / category | ETF · International | US Listed |
FXI, iShares's Greater China Region fund, carries $4.3B under management, 50 holdings, a 0.73% expense ratio, a 1.87% trailing dividend yield.
Year-by-year returns
| Year | FXI | IHD |
|---|---|---|
| 2022 | -20.7% | -17.2% |
| 2023 | -12.4% | +13.9% |
| 2024 | +29.0% | +6.7% |
| 2025 | +28.9% | +40.3% |
| 2026 | -7.3% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FXI and IHD good diversifiers for each other?
Only partially. A correlation of 0.55 means FXI and IHD 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 IHD?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.32 over the last year and 0.67 over 5 years.
Is IHD a good diversifier for FXI?
Only partially. A correlation of 0.55 means FXI and IHD share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 mean?
A reading of 0.55 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/fxi-vs-ihd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fxi-vs-ihd/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FXI correlations · IHD correlations
