IAE vs IEMG: Correlation
Voya Asia Pacific High Dividend Equity Income Fund ING Asia (IAE) and iShares Core MSCI Emerging Markets ETF (IEMG) show a strong relationship: their 3-year correlation of weekly returns is 0.76.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IAE and IEMG?
Across a 3-year window, the weekly returns of IAE and IEMG correlate at 0.76, strong. Lately the two have drifted apart, with the 1-year correlation at 0.64 versus 0.76 over 3 years. Stretching to 5 years gives 0.79, with an annualized covariance of 217.4 %².
IEMG is one of the assets that tracks IAE most closely: it ranks #3 out of the 17 assets we track against IAE. Twelve-month performance is nearly a tie, at +37.8% for IAE and +36.0% for IEMG.
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.
IAE vs IEMG: side by side
| IAE (Voya Asia Pacific High Dividend Equity Income Fund ING Asia) | IEMG (iShares Core MSCI Emerging Markets ETF) | |
|---|---|---|
| 1-year return | +37.8% | +36.0% |
| 5-year return | +84.4% | +50.7% |
| Volatility (ann.) | 16.5% | 17.4% |
| Beta vs S&P 500 | 0.72 | 0.84 |
| Max drawdown (3Y) | -16.2% | -17.2% |
| Market cap | $0.1B | – |
| P/E (trailing) | 3.5 | – |
| Dividend yield | 0.00% | 2.31% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $152.2B |
| Sector / category | US Listed | ETF · International |
IEMG, iShares's Diversified Emerging Mkts fund, carries $152.2B under management, 1824 holdings, a 0.09% expense ratio, a 2.31% trailing dividend yield.
Year-by-year returns
| Year | IAE | IEMG |
|---|---|---|
| 2022 | -14.0% | -20.0% |
| 2023 | +9.1% | +11.5% |
| 2024 | +13.4% | +6.5% |
| 2025 | +34.6% | +32.6% |
| 2026 | +29.9% | +23.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IAE and IEMG good diversifiers for each other?
To a limited degree. At 0.76 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between IAE and IEMG?
The IAE/IEMG correlation stands at 0.76 on a 3-year window (1 year: 0.64, 5 years: 0.79), computed from weekly returns as of 2026-08-27.
Is IEMG a good diversifier for IAE?
To a limited degree. At 0.76 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.76 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/iae-vs-iemg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iae-vs-iemg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IAE correlations · IEMG correlations
