VWO vs WMG: Correlation
Vanguard FTSE Emerging Markets ETF (VWO) and Warner Music Group Corp. (WMG) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VWO and WMG?
Across a 3-year window, the weekly returns of VWO and WMG correlate at 0.45, moderate. The relationship has been stable: the 1-year correlation (0.47) sits close to the 3-year figure. Stretching to 5 years gives 0.40, with an annualized covariance of 208.7 %².
Among the 73 assets we track against VWO, WMG ranks #51 by 3-year correlation. Correlation aside, the last 12 months split them widely, with VWO ahead by 36.3 points (+21.6% versus -14.7%). One caveat on sizing: WMG is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
VWO vs WMG: side by side
| VWO (Vanguard FTSE Emerging Markets ETF) | WMG (Warner Music Group Corp.) | |
|---|---|---|
| 1-year return | +21.6% | -14.7% |
| 5-year return | +38.2% | -16.9% |
| Volatility (ann.) | 15.2% | 30.7% |
| Beta vs S&P 500 | 0.75 | 0.91 |
| Max drawdown (3Y) | -17.4% | -33.1% |
| Market cap | – | $14.7B |
| P/E (trailing) | – | 22.4 |
| Dividend yield | 2.36% | 2.72% |
| Expense ratio | 0.06% | – |
| Assets under management | $162.0B | – |
| Sector / category | ETF · International | US Listed |
On the fund side, VWO sits in the Diversified Emerging Mkts category at Vanguard, with $162.0B under management, 4113 holdings, a 0.06% expense ratio, a 2.36% trailing dividend yield.
Year-by-year returns
| Year | VWO | WMG |
|---|---|---|
| 2022 | -18.0% | -17.2% |
| 2023 | +9.3% | +4.4% |
| 2024 | +10.6% | -11.5% |
| 2025 | +25.6% | +1.4% |
| 2026 | +13.6% | -6.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VWO and WMG good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between VWO and WMG?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.47 over the last year and 0.40 over 5 years.
Is WMG a good diversifier for VWO?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 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/vwo-vs-wmg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/vwo-vs-wmg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VWO correlations · WMG correlations
