IEMG vs MU: Correlation
Measured on weekly returns over the past three years, iShares Core MSCI Emerging Markets ETF (IEMG) and Micron Technology (MU) carry a correlation of 0.65, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IEMG and MU?
On 3 years of weekly data the IEMG/MU correlation comes out at 0.65, strong. The relationship has been stable: the 1-year correlation (0.70) sits close to the 3-year figure. The 5-year figure is 0.60, and annualized covariance runs at 717.8 %².
Within IEMG's tracked universe of 68 assets, MU comes in at #27 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MU ahead by 659.7 points (+36.0% versus +695.7%). The rolling one-year correlation moved between 0.38 and 0.74 over the past three years, a moderate range. Risk is not evenly split, since MU carries 3.6 times the volatility of the other side.
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 MU: side by side
| IEMG (iShares Core MSCI Emerging Markets ETF) | MU (Micron Technology) | |
|---|---|---|
| 1-year return | +36.0% | +695.7% |
| 5-year return | +50.7% | +1211.2% |
| Volatility (ann.) | 17.4% | 63.3% |
| Beta vs S&P 500 | 0.84 | 2.47 |
| Max drawdown (3Y) | -17.2% | -57.6% |
| Market cap | – | – |
| P/E (trailing) | – | 21.2 |
| Dividend yield | 2.31% | 0.06% |
| Expense ratio | 0.09% | – |
| Assets under management | $152.2B | – |
| Sector / category | ETF · International | Information Technology |
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 | MU |
|---|---|---|
| 2022 | -20.0% | -45.9% |
| 2023 | +11.5% | +71.9% |
| 2024 | +6.5% | -1.0% |
| 2025 | +32.6% | +240.2% |
| 2026 | +23.6% | +227.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IEMG and MU good diversifiers for each other?
Only partially. A correlation of 0.65 means IEMG and MU share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between IEMG and MU?
Using weekly returns as of 2026-08-27: 0.65 over 3 years, with 0.70 over the last year and 0.60 over 5 years.
Is MU a good diversifier for IEMG?
Only partially. A correlation of 0.65 means IEMG and MU share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.65 mean?
On the −1 to +1 scale, 0.65 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-mu.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iemg-vs-mu/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IEMG correlations · MU correlations
