GDL vs IAF: Correlation
GDL Fund, The (GDL) and abrdn Australia Equity Fund, Inc. (IAF) show a moderate relationship: their 3-year correlation of weekly returns is 0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDL and IAF?
Over the past 3 years, GDL and IAF moved with a correlation of 0.57, which is moderate. The past 12 months show a weaker link (0.45) than the 3-year average (0.57). Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 63.1 %².
In GDL's tracked universe of 10 assets, IAF sits right near the top at #3. Twelve-month performance is nearly a tie, at +4.4% for GDL and +9.0% for IAF. One caveat on sizing: IAF is 3.1 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.
GDL vs IAF: side by side
| GDL (GDL Fund, The) | IAF (abrdn Australia Equity Fund, Inc.) | |
|---|---|---|
| 1-year return | +4.4% | +9.0% |
| 5-year return | +23.0% | +23.6% |
| Volatility (ann.) | 6.0% | 18.6% |
| Beta vs S&P 500 | 0.20 | 0.88 |
| Max drawdown (3Y) | -6.0% | -23.6% |
| Market cap | – | $0.1B |
| P/E (trailing) | 12.0 | 7.7 |
| Dividend yield | 0.00% | 10.76% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GDL | IAF |
|---|---|---|
| 2022 | -6.9% | -19.4% |
| 2023 | +9.0% | +10.4% |
| 2024 | +5.9% | +8.2% |
| 2025 | +11.8% | +14.9% |
| 2026 | +1.8% | +12.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDL and IAF good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GDL and IAF?
The GDL/IAF correlation stands at 0.57 on a 3-year window (1 year: 0.45, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is IAF a good diversifier for GDL?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
A reading of 0.57 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: GDL correlations · IAF correlations
