IIF vs MMYT: Correlation
Morgan Stanley India Investment Fund, Inc. (IIF) and MakeMyTrip Limited (MMYT) show a moderate relationship: their 3-year correlation of weekly returns is 0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IIF and MMYT?
On 3 years of weekly data the IIF/MMYT correlation comes out at 0.58, moderate. The relationship has been stable: the 1-year correlation (0.59) sits close to the 3-year figure. The 5-year figure is 0.52, and annualized covariance runs at 494.9 %².
Within IIF's tracked universe of 14 assets, MMYT comes in at #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months IIF outperformed by 36.9 percentage points (-6.7% for IIF against -43.6% for MMYT). Note the risk asymmetry: MMYT runs 2.8 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.
IIF vs MMYT: side by side
| IIF (Morgan Stanley India Investment Fund, Inc.) | MMYT (MakeMyTrip Limited) | |
|---|---|---|
| 1-year return | -6.7% | -43.6% |
| 5-year return | +44.4% | +128.7% |
| Volatility (ann.) | 17.4% | 49.5% |
| Beta vs S&P 500 | 0.61 | 1.76 |
| Max drawdown (3Y) | -24.1% | -69.9% |
| Market cap | – | $5.5B |
| P/E (trailing) | – | 253.0 |
| Dividend yield | 8.56% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IIF | MMYT |
|---|---|---|
| 2022 | -9.6% | -0.5% |
| 2023 | +21.4% | +70.4% |
| 2024 | +29.6% | +139.0% |
| 2025 | +6.7% | -26.9% |
| 2026 | -7.5% | -29.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIF and MMYT good diversifiers for each other?
To a limited degree. At 0.58 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 IIF and MMYT?
The IIF/MMYT correlation stands at 0.58 on a 3-year window (1 year: 0.59, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is MMYT a good diversifier for IIF?
To a limited degree. At 0.58 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 0.58 mean?
A reading of 0.58 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/iif-vs-mmyt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iif-vs-mmyt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IIF correlations · MMYT correlations
