IIF vs WIT: Correlation
Measured on weekly returns over the past three years, Morgan Stanley India Investment Fund, Inc. (IIF) and Wipro Limited (WIT) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IIF and WIT?
Over the past 3 years, IIF and WIT moved with a correlation of 0.42, which is moderate. Recent behaviour matches the longer record: 0.36 over 1 year against 0.42 over 3. Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 238.5 %².
Among the 14 assets we track against IIF, WIT ranks #8 by 3-year correlation. The last year tells two different stories: IIF led by 28.5 percentage points, -6.7% for IIF against -35.2% for WIT. Risk is not evenly split, since WIT carries 1.9 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.
IIF vs WIT: side by side
| IIF (Morgan Stanley India Investment Fund, Inc.) | WIT (Wipro Limited) | |
|---|---|---|
| 1-year return | -6.7% | -35.2% |
| 5-year return | +44.4% | -58.2% |
| Volatility (ann.) | 17.4% | 32.7% |
| Beta vs S&P 500 | 0.61 | 0.88 |
| Max drawdown (3Y) | -24.1% | -51.2% |
| Market cap | – | $17.8B |
| P/E (trailing) | – | 13.8 |
| Dividend yield | 8.56% | 437.16% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IIF | WIT |
|---|---|---|
| 2022 | -9.6% | -51.8% |
| 2023 | +21.4% | +19.8% |
| 2024 | +29.6% | +27.4% |
| 2025 | +6.7% | -16.6% |
| 2026 | -7.5% | -35.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIF and WIT good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between IIF and WIT?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.36 over the last year and 0.46 over 5 years.
Is WIT a good diversifier for IIF?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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/iif-vs-wit.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iif-vs-wit/)
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Related comparisons
Hubs: IIF correlations · WIT correlations
