IEMG vs TWN: Correlation
Measured on weekly returns over the past three years, iShares Core MSCI Emerging Markets ETF (IEMG) and Taiwan Fund, Inc. (The) (TWN) carry a correlation of 0.69, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IEMG and TWN?
Across a 3-year window, the weekly returns of IEMG and TWN correlate at 0.69, strong. The relationship has been stable: the 1-year correlation (0.71) sits close to the 3-year figure. Stretching to 5 years gives 0.69, with an annualized covariance of 346.2 %².
By 3-year correlation, TWN places #25 of the 68 assets tracked against IEMG. Their recent paths diverged sharply: over the last 12 months TWN outperformed by 91.8 percentage points (+36.0% for IEMG against +127.8% for TWN). Note the risk asymmetry: TWN runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 TWN: side by side
| IEMG (iShares Core MSCI Emerging Markets ETF) | TWN (Taiwan Fund, Inc. (The)) | |
|---|---|---|
| 1-year return | +36.0% | +127.8% |
| 5-year return | +50.7% | +320.4% |
| Volatility (ann.) | 17.4% | 28.9% |
| Beta vs S&P 500 | 0.84 | 1.26 |
| Max drawdown (3Y) | -17.2% | -30.0% |
| Market cap | – | $0.6B |
| P/E (trailing) | – | 2.6 |
| Dividend yield | 2.31% | 6.18% |
| 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 | TWN |
|---|---|---|
| 2022 | -20.0% | -38.5% |
| 2023 | +11.5% | +51.7% |
| 2024 | +6.5% | +32.8% |
| 2025 | +32.6% | +54.1% |
| 2026 | +23.6% | +92.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IEMG and TWN good diversifiers for each other?
To a limited degree. At 0.69 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 IEMG and TWN?
The IEMG/TWN correlation stands at 0.69 on a 3-year window (1 year: 0.71, 5 years: 0.69), computed from weekly returns as of 2026-08-27.
Is TWN a good diversifier for IEMG?
To a limited degree. At 0.69 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 0.69 mean?
A reading of 0.69 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/iemg-vs-twn.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iemg-vs-twn/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IEMG correlations · TWN correlations
