IIF vs WTI: Correlation
Measured on weekly returns over the past three years, Morgan Stanley India Investment Fund, Inc. (IIF) and W&T Offshore, Inc. (WTI) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IIF and WTI?
Over the past 3 years, IIF and WTI moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.45) runs below the 3-year figure (-0.25). Over 5 years the correlation is -0.10, and the annualized covariance of weekly returns is -281.1 %².
WTI is close to the least connected end of IIF's tracked universe, ranking #11 of 14. The last year tells two different stories: WTI led by 111.6 percentage points, -6.7% for IIF against +104.9% for WTI. Risk is not evenly split, since WTI carries 3.7 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 WTI: side by side
| IIF (Morgan Stanley India Investment Fund, Inc.) | WTI (W&T Offshore, Inc.) | |
|---|---|---|
| 1-year return | -6.7% | +104.9% |
| 5-year return | +44.4% | +18.8% |
| Volatility (ann.) | 17.4% | 64.6% |
| Beta vs S&P 500 | 0.61 | 0.24 |
| Max drawdown (3Y) | -24.1% | -74.3% |
| Market cap | – | $0.6B |
| P/E (trailing) | – | – |
| Dividend yield | 8.56% | 1.12% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IIF | WTI |
|---|---|---|
| 2022 | -9.6% | +72.8% |
| 2023 | +21.4% | -41.4% |
| 2024 | +29.6% | -48.2% |
| 2025 | +6.7% | +0.6% |
| 2026 | -7.5% | +126.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIF and WTI good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between IIF and WTI?
As of 2026-08-27, the correlation of weekly returns between IIF and WTI is -0.25 over 3 years, -0.45 over 1 year and -0.10 over 5 years.
Is WTI a good diversifier for IIF?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iif-vs-wti.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iif-vs-wti/)
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Related comparisons
Hubs: IIF correlations · WTI correlations
