HDB vs IIF: Correlation
HDFC Bank Limited (HDB) and Morgan Stanley India Investment Fund, Inc. (IIF) show a strong relationship: their 3-year correlation of weekly returns is 0.61.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HDB and IIF?
Across a 3-year window, the weekly returns of HDB and IIF correlate at 0.61, strong. Lately the two have moved closer together, with the 1-year correlation at 0.75 versus 0.61 over 3 years. Stretching to 5 years gives 0.62, with an annualized covariance of 264.7 %².
In HDB's tracked universe of 11 assets, IIF sits right near the top at #1. Their recent paths diverged sharply: over the last 12 months IIF outperformed by 31.2 percentage points (-37.9% for HDB against -6.7% for IIF).
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.
HDB vs IIF: side by side
| HDB (HDFC Bank Limited) | IIF (Morgan Stanley India Investment Fund, Inc.) | |
|---|---|---|
| 1-year return | -37.9% | -6.7% |
| 5-year return | -38.6% | +44.4% |
| Volatility (ann.) | 25.1% | 17.4% |
| Beta vs S&P 500 | 0.44 | 0.61 |
| Max drawdown (3Y) | -42.4% | -24.1% |
| Market cap | $115.4B | – |
| P/E (trailing) | 15.7 | – |
| Dividend yield | 56.11% | 8.56% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HDB | IIF |
|---|---|---|
| 2022 | +7.4% | -9.6% |
| 2023 | +0.2% | +21.4% |
| 2024 | -3.7% | +29.6% |
| 2025 | +15.9% | +6.7% |
| 2026 | -38.5% | -7.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HDB and IIF good diversifiers for each other?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HDB and IIF?
Using weekly returns as of 2026-08-27: 0.61 over 3 years, with 0.75 over the last year and 0.62 over 5 years.
Is IIF a good diversifier for HDB?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.61 mean?
A reading of 0.61 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/hdb-vs-iif.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hdb-vs-iif/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HDB correlations · IIF correlations
