IEMG vs IHD: Correlation
How closely do iShares Core MSCI Emerging Markets ETF (IEMG) and Voya Emerging Markets High Income Dividend Equity Fund (IHD) trade together? Their weekly returns over three years give a correlation of 0.76, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IEMG and IHD?
On 3 years of weekly data the IEMG/IHD correlation comes out at 0.76, strong. The relationship has been stable: the 1-year correlation (0.67) sits close to the 3-year figure. The 5-year figure is 0.81, and annualized covariance runs at 219.7 %².
Within IEMG's tracked universe of 68 assets, IHD comes in at #13 by 3-year correlation. The trailing year gives IHD the advantage: +36.0% versus +42.2%, a 6.2-point spread.
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.
IEMG vs IHD: side by side
| IEMG (iShares Core MSCI Emerging Markets ETF) | IHD (Voya Emerging Markets High Income Dividend Equity Fund) | |
|---|---|---|
| 1-year return | +36.0% | +42.2% |
| 5-year return | +50.7% | +78.4% |
| Volatility (ann.) | 17.4% | 16.6% |
| Beta vs S&P 500 | 0.84 | 0.65 |
| Max drawdown (3Y) | -17.2% | -14.3% |
| Market cap | – | – |
| P/E (trailing) | – | 3.1 |
| Dividend yield | 2.31% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $152.2B | – |
| Sector / category | ETF · International | US Listed |
On the fund side, IEMG sits in the Diversified Emerging Mkts category at iShares, with $152.2B under management, 1824 holdings, a 0.09% expense ratio, a 2.31% trailing dividend yield.
Year-by-year returns
| Year | IEMG | IHD |
|---|---|---|
| 2022 | -20.0% | -17.2% |
| 2023 | +11.5% | +13.9% |
| 2024 | +6.5% | +6.7% |
| 2025 | +32.6% | +40.3% |
| 2026 | +23.6% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IEMG and IHD good diversifiers for each other?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IEMG and IHD?
Using weekly returns as of 2026-08-27: 0.76 over 3 years, with 0.67 over the last year and 0.81 over 5 years.
Is IHD a good diversifier for IEMG?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.76 mean?
On the −1 to +1 scale, 0.76 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iemg-vs-ihd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iemg-vs-ihd/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IEMG correlations · IHD correlations
