IEMG vs KF: Correlation
How closely do iShares Core MSCI Emerging Markets ETF (IEMG) and Korea Fund, Inc. (The) New (KF) trade together? Their weekly returns over three years give a correlation of 0.78, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IEMG and KF?
On 3 years of weekly data the IEMG/KF correlation comes out at 0.78, strong. Little has changed lately, as the 1-year reading of 0.87 lands near the 3-year figure. The 5-year figure is 0.76, and annualized covariance runs at 461.2 %².
Among the 68 assets we track against IEMG, KF ranks #11 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months KF outperformed by 108.4 percentage points (+36.0% for IEMG against +144.4% for KF). One caveat on sizing: KF is 1.9 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.
IEMG vs KF: side by side
| IEMG (iShares Core MSCI Emerging Markets ETF) | KF (Korea Fund, Inc. (The) New) | |
|---|---|---|
| 1-year return | +36.0% | +144.4% |
| 5-year return | +50.7% | +138.0% |
| Volatility (ann.) | 17.4% | 33.8% |
| Beta vs S&P 500 | 0.84 | 1.18 |
| Max drawdown (3Y) | -17.2% | -35.2% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 2.9 |
| Dividend yield | 2.31% | 2.17% |
| Expense ratio | 0.09% | – |
| Assets under management | $152.2B | – |
| Sector / category | ETF · International | US Listed |
IEMG is a Diversified Emerging Mkts fund from iShares: $152.2B under management, 1824 holdings, a 0.09% expense ratio, a 2.31% trailing dividend yield.
Year-by-year returns
| Year | IEMG | KF |
|---|---|---|
| 2022 | -20.0% | -30.0% |
| 2023 | +11.5% | +12.3% |
| 2024 | +6.5% | -19.3% |
| 2025 | +32.6% | +104.8% |
| 2026 | +23.6% | +78.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IEMG and KF good diversifiers for each other?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IEMG and KF?
Using weekly returns as of 2026-08-27: 0.78 over 3 years, with 0.87 over the last year and 0.76 over 5 years.
Is KF a good diversifier for IEMG?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.78 mean?
On the −1 to +1 scale, 0.78 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-kf.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iemg-vs-kf/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IEMG correlations · KF correlations
