Country ETFs
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility
Diversification
Country ETFs
Last updated Apr 17, 2025
Asset Allocation
Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Country ETFs, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends. The portfolio is rebalanced every 3 months.
Country ETFs
Benchmark (^GSPC)
Portfolio components
The earliest data available for this chart is Jan 26, 2012, corresponding to the inception date of EDEN
Returns By Period
| YTD | 1M | 6M | 1Y | 5Y* | 10Y* | |
|---|---|---|---|---|---|---|
^GSPC S&P 500 | -10.30% | -7.04% | -9.70% | 4.44% | 12.96% | 9.77% |
| Country ETFs | 4.10% | -4.55% | -0.36% | 9.39% | N/A | N/A |
| Portfolio components: | ||||||
EGPT VanEck Vectors Egypt Index ETF | 0.00% | 0.00% | 0.00% | 0.00% | N/A | N/A |
PAK | 0.00% | 0.00% | 0.00% | 0.00% | N/A | N/A |
EPOL iShares MSCI Poland ETF | 32.92% | -4.38% | 21.46% | 31.00% | 16.38% | 3.62% |
GREK | 22.07% | -2.55% | 19.82% | 30.78% | N/A | N/A |
ARGT Global X MSCI Argentina ETF | 1.63% | -0.74% | 21.04% | 60.62% | 38.38% | 15.89% |
INDA | -2.87% | 3.42% | -9.73% | 0.68% | N/A | N/A |
EIRL iShares MSCI Ireland ETF | 0.22% | -5.59% | -12.22% | -7.99% | 14.72% | 5.71% |
GXG | 16.05% | -5.67% | 18.11% | 10.09% | N/A | N/A |
VTI | -10.59% | -7.22% | -9.68% | 5.03% | N/A | N/A |
EWW | 13.24% | -0.49% | 2.55% | -14.98% | N/A | N/A |
EDEN iShares MSCI Denmark ETF | -4.50% | -8.83% | -16.61% | -12.26% | 11.09% | 8.25% |
EWJ iShares MSCI Japan ETF | -0.48% | -6.06% | -3.29% | 0.76% | 7.51% | 4.35% |
EWZ | 10.13% | -6.28% | -8.83% | -10.93% | N/A | N/A |
EWI iShares MSCI Italy ETF | 16.10% | -4.07% | 10.05% | 21.63% | 19.19% | 6.93% |
EPU iShares MSCI Peru ETF | 9.44% | -1.75% | 3.04% | 16.83% | 16.53% | 7.19% |
EWP | 25.19% | 1.41% | 14.75% | 33.45% | N/A | N/A |
EWT | -13.08% | -11.28% | -18.27% | -3.07% | N/A | N/A |
TUR | -12.97% | -19.04% | -7.49% | -16.37% | N/A | N/A |
EWN | 3.98% | -5.99% | -2.26% | -2.23% | N/A | N/A |
EWD iShares MSCI Sweden ETF | 10.02% | -8.67% | 0.20% | 8.78% | 12.14% | 5.53% |
KSA | -1.47% | -2.16% | -2.39% | -4.36% | N/A | N/A |
EWQ | 8.58% | -6.53% | 1.22% | 1.72% | N/A | N/A |
EWL | 11.60% | -3.83% | 0.47% | 15.99% | N/A | N/A |
EWG iShares MSCI Germany ETF | 16.97% | -4.64% | 12.52% | 27.10% | 13.00% | 4.92% |
EWO | 20.13% | -5.51% | 16.68% | 26.22% | N/A | N/A |
UAE | 1.34% | -2.46% | 11.33% | 18.60% | N/A | N/A |
VNM | 0.17% | -9.87% | -6.81% | -7.33% | N/A | N/A |
EWC iShares MSCI Canada ETF | 1.32% | 0.34% | -1.18% | 14.05% | 14.31% | 5.75% |
EWU | 7.82% | -3.74% | 1.37% | 14.53% | N/A | N/A |
PGAL | 0.00% | 0.00% | 0.00% | 0.00% | N/A | N/A |
EIS iShares MSCI Israel ETF | -2.49% | -5.23% | 12.48% | 30.34% | 11.16% | 5.22% |
NORW | 8.42% | -6.66% | 2.57% | 9.77% | N/A | N/A |
EWA iShares MSCI-Australia ETF | -1.84% | -1.89% | -10.00% | 4.45% | 11.16% | 4.49% |
EWK iShares MSCI Belgium ETF | 10.14% | -1.90% | -0.08% | 15.28% | 8.74% | 4.20% |
EIDO iShares MSCI Indonesia ETF | -13.80% | -4.15% | -27.13% | -19.73% | 3.03% | -3.32% |
EWY | 6.23% | -6.57% | -11.96% | -9.69% | N/A | N/A |
EPHE iShares MSCI Philippines ETF | 0.88% | -2.88% | -11.76% | 3.73% | 2.08% | -3.89% |
QAT | -0.84% | -2.20% | -3.19% | 8.33% | N/A | N/A |
EWS | 3.52% | -4.36% | 6.08% | 32.57% | N/A | N/A |
EWM | -8.52% | -4.27% | -11.06% | 8.16% | N/A | N/A |
ENZL iShares MSCI New Zealand ETF | -4.76% | 0.61% | -9.73% | -0.06% | -0.48% | 3.57% |
ECH iShares MSCI Chile ETF | 17.53% | -4.17% | 12.31% | 17.78% | 8.79% | -0.55% |
EZA | 13.17% | -0.65% | 0.34% | 32.22% | N/A | N/A |
THD | -13.58% | -2.12% | -23.22% | -7.91% | N/A | N/A |
EWH iShares MSCI Hong Kong ETF | -1.92% | -11.15% | -7.76% | 16.14% | -2.34% | -0.38% |
NGE | 0.00% | 0.00% | 0.00% | 0.00% | N/A | N/A |
FXI | 6.50% | -15.90% | 3.97% | 39.46% | N/A | N/A |
*Annualized
Monthly Returns
The table below presents the monthly returns of Country ETFs, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 3.30% | 1.33% | 1.07% | -1.60% | 4.10% | ||||||||
| 2024 | -2.26% | 2.38% | 1.84% | -1.61% | 3.45% | -1.54% | 2.25% | 2.67% | 2.37% | -3.76% | -0.21% | -1.95% | 3.34% |
| 2023 | 1.10% | 1.10% |
Expense Ratio
Country ETFs has an expense ratio of 0.57%, placing it in the medium range. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.
EGPT: 0.98%
EPOL: 0.61%
ARGT: 0.60%
EIRL: 0.49%
EPU: 0.59%
EIS: 0.59%
EIDO: 0.59%
EPHE: 0.59%
EWD: 0.55%
EDEN: 0.53%
EWA: 0.50%
EWJ: 0.49%
EWI: 0.49%
EWG: 0.49%
ECH: 0.59%
EWC: 0.49%
ENZL: 0.50%
EWK: 0.49%
EWH: 0.49%
Risk-Adjusted Performance
Risk-Adjusted Performance Rank
The current rank of Country ETFs is 66, indicating average performance compared to other portfolios on our website. Here’s a breakdown of how it compares using common performance measures.
Overall Rank
Sharpe Ratio Rank
Sortino Ratio Rank
Omega Ratio Rank
Calmar Ratio Rank
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.
Risk-Adjusted Performance Indicators
This table presents a comparison of risk-adjusted performance metrics for positions. Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Portfolio: 0.55
^GSPC: 0.22
Portfolio: 0.88
^GSPC: 0.44
Portfolio: 1.12
^GSPC: 1.06
Portfolio: 0.66
^GSPC: 0.22
Portfolio: 2.33
^GSPC: 1.02
Portfolio components
| Sharpe ratio | Sortino ratio | Omega ratio | Calmar ratio | Martin ratio | |
|---|---|---|---|---|---|
EGPT VanEck Vectors Egypt Index ETF | — | — | — | 0.00 | — |
PAK | — | — | — | 0.00 | — |
EPOL iShares MSCI Poland ETF | 0.91 | 1.44 | 1.18 | 1.57 | 3.33 |
GREK | 1.27 | 1.71 | 1.25 | 1.78 | 5.24 |
ARGT Global X MSCI Argentina ETF | 1.81 | 2.45 | 1.30 | 2.79 | 8.76 |
INDA | 0.03 | 0.14 | 1.02 | 0.03 | 0.05 |
EIRL iShares MSCI Ireland ETF | -0.47 | -0.55 | 0.93 | -0.39 | -0.89 |
GXG | 0.42 | 0.72 | 1.09 | 0.50 | 0.90 |
VTI | 0.24 | 0.48 | 1.07 | 0.24 | 1.10 |
EWW | -0.61 | -0.69 | 0.91 | -0.55 | -0.83 |
EDEN iShares MSCI Denmark ETF | -0.61 | -0.74 | 0.91 | -0.42 | -1.00 |
EWJ iShares MSCI Japan ETF | -0.03 | 0.11 | 1.01 | -0.04 | -0.13 |
EWZ | -0.53 | -0.59 | 0.93 | -0.42 | -0.97 |
EWI iShares MSCI Italy ETF | 0.97 | 1.45 | 1.20 | 1.23 | 4.58 |
EPU iShares MSCI Peru ETF | 0.70 | 1.09 | 1.14 | 1.10 | 2.70 |
EWP | 1.53 | 2.05 | 1.29 | 2.68 | 6.68 |
EWT | -0.20 | -0.10 | 0.99 | -0.19 | -0.66 |
TUR | -0.64 | -0.69 | 0.91 | -0.58 | -1.04 |
EWN | -0.08 | 0.04 | 1.01 | -0.09 | -0.21 |
EWD iShares MSCI Sweden ETF | 0.32 | 0.60 | 1.08 | 0.40 | 1.02 |
KSA | -0.39 | -0.48 | 0.94 | -0.45 | -1.42 |
EWQ | 0.07 | 0.25 | 1.03 | 0.09 | 0.18 |
EWL | 0.94 | 1.38 | 1.18 | 1.10 | 2.63 |
EWG iShares MSCI Germany ETF | 1.28 | 1.92 | 1.25 | 1.68 | 6.72 |
EWO | 1.20 | 1.72 | 1.25 | 1.56 | 4.86 |
UAE | 0.92 | 1.46 | 1.19 | 1.40 | 5.08 |
VNM | -0.32 | -0.29 | 0.96 | -0.31 | -1.12 |
EWC iShares MSCI Canada ETF | 0.78 | 1.18 | 1.15 | 1.02 | 3.98 |
EWU | 0.81 | 1.15 | 1.17 | 1.04 | 3.30 |
PGAL | — | — | — | 0.00 | — |
EIS iShares MSCI Israel ETF | 1.49 | 2.06 | 1.26 | 1.81 | 6.88 |
NORW | 0.40 | 0.69 | 1.10 | 0.57 | 1.86 |
EWA iShares MSCI-Australia ETF | 0.11 | 0.30 | 1.04 | 0.10 | 0.35 |
EWK iShares MSCI Belgium ETF | 0.80 | 1.19 | 1.17 | 1.07 | 2.40 |
EIDO iShares MSCI Indonesia ETF | -0.91 | -1.25 | 0.85 | -0.58 | -1.39 |
EWY | -0.43 | -0.48 | 0.95 | -0.41 | -0.83 |
EPHE iShares MSCI Philippines ETF | 0.08 | 0.25 | 1.03 | 0.07 | 0.14 |
QAT | 0.67 | 0.96 | 1.13 | 0.89 | 3.92 |
EWS | 1.61 | 2.28 | 1.36 | 1.96 | 10.91 |
EWM | 0.49 | 0.76 | 1.10 | 0.36 | 0.91 |
ENZL iShares MSCI New Zealand ETF | -0.04 | 0.08 | 1.01 | -0.04 | -0.11 |
ECH iShares MSCI Chile ETF | 0.74 | 1.14 | 1.15 | 1.01 | 1.89 |
EZA | 1.13 | 1.68 | 1.21 | 1.74 | 4.61 |
THD | -0.35 | -0.39 | 0.95 | -0.25 | -0.70 |
EWH iShares MSCI Hong Kong ETF | 0.56 | 0.93 | 1.12 | 0.59 | 1.12 |
NGE | — | — | — | 0.00 | — |
FXI | 1.08 | 1.68 | 1.22 | 1.64 | 3.39 |
Country ETFs
Benchmark (^GSPC)
Portfolio components
Dividends
Dividend yield
Country ETFs provided a 3.03% dividend yield over the last twelve months.
| TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 3.03% | 3.22% | 4.67% | 3.76% | 3.08% | 1.81% | 2.88% | 2.95% | 2.37% | 2.56% | 3.35% | 2.37% |
| Portfolio components: | ||||||||||||
EGPT VanEck Vectors Egypt Index ETF | 0.00% | 0.15% | 6.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PAK | 0.00% | 0.00% | 5.94% | 9.17% | 8.36% | 2.49% | 3.49% | 5.62% | 3.53% | 2.97% | 2.80% | 0.00% |
EPOL iShares MSCI Poland ETF | 4.54% | 6.04% | 2.87% | 2.65% | 1.33% | 1.44% | 2.51% | 1.44% | 1.88% | 2.15% | 2.53% | 3.44% |
GREK | 3.80% | 4.63% | 2.61% | 2.82% | 2.16% | 2.62% | 2.25% | 2.41% | 2.13% | 1.95% | 1.52% | 0.97% |
ARGT Global X MSCI Argentina ETF | 1.39% | 1.41% | 1.59% | 2.45% | 0.93% | 0.28% | 1.21% | 1.34% | 0.49% | 0.36% | 0.89% | 0.47% |
INDA | 0.78% | 0.76% | 0.16% | 0.00% | 6.44% | 0.27% | 1.00% | 0.94% | 1.09% | 0.91% | 1.19% | 0.63% |
EIRL iShares MSCI Ireland ETF | 2.56% | 2.56% | 1.00% | 1.13% | 0.81% | 0.50% | 2.11% | 1.52% | 1.44% | 1.34% | 1.70% | 2.26% |
GXG | 5.24% | 6.08% | 7.00% | 12.55% | 2.32% | 3.23% | 3.04% | 3.03% | 1.83% | 1.48% | 1.58% | 3.20% |
VTI | 1.45% | 1.27% | 1.44% | 1.67% | 1.21% | 1.42% | 1.78% | 2.04% | 1.71% | 1.92% | 1.98% | 1.76% |
EWW | 3.88% | 4.39% | 2.19% | 3.64% | 2.06% | 1.43% | 2.92% | 2.30% | 2.22% | 1.77% | 2.34% | 1.23% |
EDEN iShares MSCI Denmark ETF | 1.57% | 1.50% | 1.92% | 1.47% | 0.74% | 0.42% | 2.36% | 2.01% | 2.03% | 1.28% | 1.46% | 0.87% |
EWJ iShares MSCI Japan ETF | 2.36% | 2.34% | 2.03% | 1.23% | 2.08% | 1.04% | 2.03% | 1.71% | 1.25% | 1.95% | 1.27% | 1.32% |
EWZ | 8.09% | 8.91% | 5.66% | 12.59% | 9.87% | 1.71% | 2.54% | 2.89% | 1.71% | 1.81% | 4.08% | 3.78% |
EWI iShares MSCI Italy ETF | 3.51% | 4.07% | 3.40% | 4.57% | 2.63% | 1.65% | 3.80% | 4.70% | 2.19% | 3.64% | 2.31% | 2.51% |
EPU iShares MSCI Peru ETF | 5.28% | 5.78% | 4.17% | 5.56% | 3.13% | 1.91% | 2.67% | 1.53% | 3.30% | 0.85% | 1.91% | 1.66% |
EWP | 3.48% | 4.35% | 2.70% | 3.07% | 3.29% | 2.56% | 3.72% | 3.69% | 2.72% | 4.65% | 3.85% | 4.72% |
EWT | 3.82% | 3.32% | 12.01% | 18.82% | 2.64% | 1.83% | 2.49% | 3.16% | 2.81% | 2.39% | 3.12% | 1.93% |
TUR | 2.05% | 1.79% | 4.43% | 1.97% | 4.22% | 0.87% | 3.29% | 4.05% | 2.63% | 2.89% | 3.04% | 1.63% |
EWN | 2.10% | 2.18% | 1.79% | 1.98% | 1.02% | 0.78% | 2.58% | 2.40% | 1.68% | 2.71% | 1.92% | 2.30% |
EWD iShares MSCI Sweden ETF | 1.60% | 1.77% | 2.41% | 3.68% | 5.46% | 0.98% | 4.15% | 5.17% | 3.23% | 3.91% | 4.08% | 3.92% |
KSA | 3.49% | 3.44% | 2.44% | 1.93% | 1.58% | 1.76% | 2.15% | 2.51% | 2.30% | 3.06% | 0.04% | 0.00% |
EWQ | 3.05% | 3.31% | 2.73% | 3.23% | 3.79% | 1.02% | 2.44% | 2.90% | 1.90% | 2.84% | 2.25% | 3.38% |
EWL | 1.98% | 2.21% | 2.12% | 2.04% | 1.73% | 1.45% | 1.85% | 2.56% | 2.05% | 2.75% | 2.58% | 2.49% |
EWG iShares MSCI Germany ETF | 2.04% | 2.38% | 2.56% | 3.24% | 2.70% | 2.10% | 2.51% | 2.93% | 2.06% | 2.35% | 1.93% | 2.30% |
EWO | 6.16% | 7.40% | 5.65% | 4.75% | 2.42% | 0.98% | 3.11% | 4.04% | 2.03% | 1.99% | 1.51% | 3.93% |
UAE | 3.28% | 3.32% | 3.24% | 2.67% | 4.88% | 4.75% | 3.54% | 5.56% | 3.38% | 4.74% | 3.77% | 2.58% |
VNM | 0.00% | 0.00% | 5.22% | 0.96% | 0.48% | 0.40% | 0.76% | 0.83% | 0.99% | 2.44% | 3.69% | 2.65% |
EWC iShares MSCI Canada ETF | 2.20% | 2.23% | 2.27% | 2.34% | 1.85% | 2.09% | 2.16% | 2.65% | 1.97% | 1.75% | 2.34% | 2.15% |
EWU | 3.85% | 4.16% | 4.14% | 3.42% | 4.35% | 2.48% | 4.13% | 4.98% | 3.91% | 3.97% | 4.11% | 7.59% |
PGAL | 0.00% | 0.00% | 4.15% | 3.33% | 3.43% | 2.41% | 3.49% | 4.60% | 3.05% | 4.29% | 4.53% | 2.23% |
EIS iShares MSCI Israel ETF | 1.42% | 1.38% | 1.39% | 1.66% | 1.04% | 0.17% | 2.06% | 0.87% | 2.02% | 1.78% | 2.55% | 1.86% |
NORW | 5.56% | 6.03% | 5.27% | 4.01% | 2.42% | 1.13% | 2.47% | 3.54% | 3.64% | 3.78% | 2.95% | 3.85% |
EWA iShares MSCI-Australia ETF | 3.78% | 3.71% | 3.72% | 5.28% | 5.08% | 2.02% | 3.97% | 6.11% | 4.44% | 4.03% | 5.48% | 4.92% |
EWK iShares MSCI Belgium ETF | 2.95% | 3.25% | 2.09% | 2.58% | 3.63% | 1.66% | 2.77% | 2.77% | 2.91% | 1.75% | 2.06% | 1.85% |
EIDO iShares MSCI Indonesia ETF | 6.05% | 5.21% | 2.94% | 2.53% | 1.33% | 1.51% | 1.78% | 1.99% | 1.26% | 1.15% | 1.66% | 1.32% |
EWY | 2.40% | 2.55% | 2.52% | 1.23% | 2.16% | 0.73% | 2.10% | 1.34% | 2.90% | 1.21% | 2.42% | 1.20% |
EPHE iShares MSCI Philippines ETF | 2.30% | 2.32% | 2.01% | 1.73% | 1.05% | 0.72% | 0.78% | 0.45% | 0.36% | 0.71% | 1.03% | 0.97% |
QAT | 5.95% | 5.90% | 3.93% | 4.78% | 2.34% | 2.63% | 3.57% | 4.63% | 4.10% | 3.52% | 4.49% | 0.00% |
EWS | 4.13% | 4.28% | 6.49% | 2.56% | 6.00% | 2.68% | 4.70% | 4.21% | 3.46% | 3.96% | 4.20% | 3.35% |
EWM | 3.63% | 3.32% | 3.47% | 2.99% | 6.48% | 1.89% | 2.91% | 3.84% | 5.58% | 5.97% | 37.55% | 4.03% |
ENZL iShares MSCI New Zealand ETF | 2.24% | 2.13% | 3.00% | 1.62% | 2.46% | 1.66% | 3.35% | 3.60% | 3.69% | 4.78% | 4.29% | 5.15% |
ECH iShares MSCI Chile ETF | 2.66% | 3.12% | 4.76% | 6.73% | 5.49% | 2.16% | 2.47% | 2.37% | 1.42% | 1.85% | 2.13% | 1.74% |
EZA | 6.41% | 7.26% | 2.84% | 3.90% | 2.05% | 5.51% | 12.27% | 3.81% | 1.55% | 4.10% | 3.03% | 2.20% |
THD | 3.65% | 3.15% | 2.92% | 2.41% | 3.16% | 2.31% | 2.42% | 2.57% | 2.16% | 2.61% | 3.58% | 2.34% |
EWH iShares MSCI Hong Kong ETF | 4.26% | 4.18% | 4.28% | 2.91% | 2.78% | 2.56% | 2.70% | 2.94% | 4.35% | 3.07% | 2.62% | 3.52% |
NGE | 0.00% | 0.00% | 58.96% | 8.08% | 7.90% | 6.76% | 6.31% | 5.49% | 1.92% | 2.46% | 4.30% | 2.90% |
FXI | 1.65% | 1.76% | 3.17% | 2.61% | 1.60% | 2.19% | 2.74% | 2.69% | 2.31% | 2.69% | 2.90% | 2.51% |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
Country ETFs
Benchmark (^GSPC)
Portfolio components
Worst Drawdowns
The table below displays the maximum drawdowns of the Country ETFs. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Country ETFs was 12.52%, occurring on Apr 8, 2025. The portfolio has not yet recovered.
The current Country ETFs drawdown is 4.45%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -12.52% | Mar 18, 2025 | 16 | Apr 8, 2025 | — | — | — |
| -7.29% | Sep 27, 2024 | 73 | Jan 13, 2025 | 35 | Mar 5, 2025 | 108 |
| -6.73% | Jul 15, 2024 | 16 | Aug 5, 2024 | 10 | Aug 19, 2024 | 26 |
| -4.48% | Apr 10, 2024 | 6 | Apr 17, 2024 | 13 | May 6, 2024 | 19 |
| -4.47% | May 21, 2024 | 18 | Jun 14, 2024 | 18 | Jul 12, 2024 | 36 |
Volatility
Volatility Chart
The current Country ETFs volatility is 10.31%, representing the average percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.
Country ETFs
Benchmark (^GSPC)
Portfolio components
Diversification
Asset Correlations Table
The table below displays the correlation coefficients between the individual components of the portfolio, the entire portfolio, and the chosen benchmark.
| EGPT | PAK | NGE | PGAL | UAE | TUR | QAT | VNM | EIDO | EPHE | INDA | KSA | EWM | GXG | FXI | EWZ | ARGT | ENZL | EWH | THD | EIS | EWW | GREK | ECH | EDEN | EPOL | NORW | EWJ | EPU | EWL | EZA | EWY | EWT | VTI | EWP | EIRL | EWK | EWO | EWS | EWI | EWC | EWQ | EWN | EWU | EWA | EWD | EWG | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EGPT | 1.00 | 0.04 | -0.03 | 0.02 | 0.02 | 0.13 | 0.04 | 0.13 | 0.04 | -0.02 | 0.07 | -0.00 | 0.05 | 0.01 | -0.09 | -0.06 | -0.07 | -0.02 | -0.03 | 0.02 | 0.04 | 0.00 | 0.04 | 0.03 | -0.03 | 0.02 | -0.03 | 0.02 | 0.04 | 0.02 | 0.01 | 0.04 | 0.03 | 0.03 | 0.02 | 0.04 | -0.00 | -0.03 | 0.07 | -0.01 | 0.01 | 0.02 | 0.00 | 0.04 | -0.01 | 0.01 | 0.05 |
| PAK | 0.04 | 1.00 | 0.18 | 0.01 | 0.04 | -0.02 | 0.02 | -0.08 | -0.05 | 0.04 | -0.04 | -0.04 | -0.04 | -0.02 | 0.00 | -0.00 | -0.01 | 0.06 | 0.03 | 0.03 | 0.04 | 0.02 | -0.03 | -0.01 | -0.04 | -0.05 | -0.05 | -0.04 | -0.05 | -0.09 | 0.03 | 0.00 | -0.05 | -0.05 | -0.03 | -0.06 | -0.06 | -0.03 | 0.02 | -0.02 | -0.05 | -0.04 | -0.03 | -0.08 | -0.01 | -0.08 | -0.05 |
| NGE | -0.03 | 0.18 | 1.00 | 0.02 | 0.07 | 0.11 | 0.05 | -0.02 | 0.04 | 0.06 | 0.05 | 0.09 | 0.07 | 0.06 | 0.06 | 0.10 | 0.06 | 0.09 | 0.08 | 0.10 | 0.04 | 0.07 | 0.06 | 0.07 | 0.10 | -0.02 | 0.10 | 0.01 | 0.14 | 0.14 | 0.09 | -0.02 | 0.03 | -0.01 | 0.14 | -0.02 | 0.14 | 0.08 | 0.11 | 0.13 | 0.08 | 0.10 | 0.02 | 0.08 | 0.08 | 0.08 | 0.08 |
| PGAL | 0.02 | 0.01 | 0.02 | 1.00 | 0.05 | -0.01 | 0.06 | 0.07 | 0.15 | 0.03 | 0.15 | 0.08 | 0.06 | 0.06 | -0.02 | 0.03 | 0.06 | 0.06 | 0.02 | 0.13 | 0.09 | 0.10 | 0.02 | 0.08 | 0.04 | 0.09 | 0.10 | 0.09 | 0.10 | 0.11 | 0.04 | 0.08 | 0.10 | 0.13 | 0.18 | 0.09 | 0.14 | 0.16 | 0.09 | 0.14 | 0.15 | 0.11 | 0.08 | 0.10 | 0.11 | 0.13 | 0.15 |
| UAE | 0.02 | 0.04 | 0.07 | 0.05 | 1.00 | 0.22 | 0.32 | 0.16 | 0.15 | 0.19 | 0.23 | 0.40 | 0.23 | 0.11 | 0.20 | 0.17 | 0.22 | 0.20 | 0.18 | 0.18 | 0.24 | 0.14 | 0.17 | 0.17 | 0.15 | 0.18 | 0.21 | 0.25 | 0.16 | 0.18 | 0.17 | 0.24 | 0.22 | 0.33 | 0.17 | 0.21 | 0.20 | 0.21 | 0.26 | 0.17 | 0.28 | 0.18 | 0.26 | 0.23 | 0.24 | 0.21 | 0.21 |
| TUR | 0.13 | -0.02 | 0.11 | -0.01 | 0.22 | 1.00 | 0.17 | 0.14 | 0.20 | 0.21 | 0.19 | 0.22 | 0.16 | 0.22 | 0.16 | 0.17 | 0.25 | 0.19 | 0.21 | 0.15 | 0.25 | 0.24 | 0.29 | 0.18 | 0.16 | 0.26 | 0.16 | 0.26 | 0.24 | 0.23 | 0.26 | 0.20 | 0.26 | 0.30 | 0.16 | 0.20 | 0.21 | 0.25 | 0.20 | 0.21 | 0.25 | 0.26 | 0.32 | 0.28 | 0.28 | 0.28 | 0.30 |
| QAT | 0.04 | 0.02 | 0.05 | 0.06 | 0.32 | 0.17 | 1.00 | 0.23 | 0.24 | 0.23 | 0.28 | 0.39 | 0.18 | 0.20 | 0.18 | 0.20 | 0.21 | 0.16 | 0.20 | 0.22 | 0.33 | 0.17 | 0.22 | 0.24 | 0.27 | 0.26 | 0.26 | 0.28 | 0.17 | 0.29 | 0.26 | 0.29 | 0.27 | 0.36 | 0.24 | 0.29 | 0.23 | 0.27 | 0.34 | 0.26 | 0.35 | 0.27 | 0.29 | 0.30 | 0.35 | 0.30 | 0.31 |
| VNM | 0.13 | -0.08 | -0.02 | 0.07 | 0.16 | 0.14 | 0.23 | 1.00 | 0.26 | 0.25 | 0.32 | 0.29 | 0.27 | 0.28 | 0.20 | 0.23 | 0.28 | 0.27 | 0.27 | 0.27 | 0.30 | 0.20 | 0.30 | 0.31 | 0.24 | 0.32 | 0.28 | 0.33 | 0.25 | 0.27 | 0.26 | 0.39 | 0.31 | 0.43 | 0.26 | 0.32 | 0.26 | 0.27 | 0.31 | 0.26 | 0.35 | 0.27 | 0.35 | 0.32 | 0.35 | 0.31 | 0.31 |
| EIDO | 0.04 | -0.05 | 0.04 | 0.15 | 0.15 | 0.20 | 0.24 | 0.26 | 1.00 | 0.45 | 0.30 | 0.36 | 0.39 | 0.30 | 0.22 | 0.31 | 0.24 | 0.39 | 0.26 | 0.48 | 0.29 | 0.32 | 0.34 | 0.25 | 0.27 | 0.31 | 0.36 | 0.35 | 0.28 | 0.32 | 0.37 | 0.38 | 0.36 | 0.32 | 0.32 | 0.30 | 0.32 | 0.29 | 0.43 | 0.35 | 0.36 | 0.32 | 0.33 | 0.34 | 0.41 | 0.41 | 0.36 |
| EPHE | -0.02 | 0.04 | 0.06 | 0.03 | 0.19 | 0.21 | 0.23 | 0.25 | 0.45 | 1.00 | 0.42 | 0.36 | 0.37 | 0.26 | 0.33 | 0.28 | 0.28 | 0.31 | 0.39 | 0.38 | 0.36 | 0.28 | 0.36 | 0.31 | 0.33 | 0.34 | 0.31 | 0.40 | 0.38 | 0.29 | 0.42 | 0.48 | 0.45 | 0.43 | 0.36 | 0.40 | 0.39 | 0.32 | 0.37 | 0.32 | 0.42 | 0.35 | 0.38 | 0.39 | 0.45 | 0.39 | 0.38 |
| INDA | 0.07 | -0.04 | 0.05 | 0.15 | 0.23 | 0.19 | 0.28 | 0.32 | 0.30 | 0.42 | 1.00 | 0.40 | 0.31 | 0.31 | 0.22 | 0.29 | 0.35 | 0.33 | 0.21 | 0.38 | 0.35 | 0.26 | 0.35 | 0.30 | 0.35 | 0.40 | 0.33 | 0.47 | 0.34 | 0.31 | 0.39 | 0.45 | 0.40 | 0.47 | 0.33 | 0.38 | 0.35 | 0.32 | 0.40 | 0.34 | 0.45 | 0.35 | 0.44 | 0.40 | 0.45 | 0.42 | 0.40 |
| KSA | -0.00 | -0.04 | 0.09 | 0.08 | 0.40 | 0.22 | 0.39 | 0.29 | 0.36 | 0.36 | 0.40 | 1.00 | 0.31 | 0.37 | 0.28 | 0.37 | 0.31 | 0.33 | 0.29 | 0.36 | 0.41 | 0.32 | 0.35 | 0.34 | 0.26 | 0.34 | 0.37 | 0.38 | 0.37 | 0.33 | 0.42 | 0.41 | 0.40 | 0.47 | 0.29 | 0.40 | 0.35 | 0.31 | 0.37 | 0.32 | 0.45 | 0.31 | 0.36 | 0.39 | 0.46 | 0.41 | 0.34 |
| EWM | 0.05 | -0.04 | 0.07 | 0.06 | 0.23 | 0.16 | 0.18 | 0.27 | 0.39 | 0.37 | 0.31 | 0.31 | 1.00 | 0.33 | 0.35 | 0.37 | 0.32 | 0.38 | 0.38 | 0.45 | 0.29 | 0.29 | 0.31 | 0.40 | 0.30 | 0.40 | 0.34 | 0.34 | 0.39 | 0.39 | 0.39 | 0.44 | 0.41 | 0.38 | 0.40 | 0.40 | 0.38 | 0.34 | 0.45 | 0.34 | 0.39 | 0.42 | 0.37 | 0.42 | 0.42 | 0.43 | 0.40 |
| GXG | 0.01 | -0.02 | 0.06 | 0.06 | 0.11 | 0.22 | 0.20 | 0.28 | 0.30 | 0.26 | 0.31 | 0.37 | 0.33 | 1.00 | 0.30 | 0.44 | 0.45 | 0.39 | 0.33 | 0.37 | 0.36 | 0.49 | 0.34 | 0.46 | 0.37 | 0.35 | 0.47 | 0.38 | 0.52 | 0.33 | 0.48 | 0.39 | 0.36 | 0.36 | 0.40 | 0.38 | 0.37 | 0.40 | 0.38 | 0.40 | 0.51 | 0.38 | 0.41 | 0.44 | 0.47 | 0.40 | 0.43 |
| FXI | -0.09 | 0.00 | 0.06 | -0.02 | 0.20 | 0.16 | 0.18 | 0.20 | 0.22 | 0.33 | 0.22 | 0.28 | 0.35 | 0.30 | 1.00 | 0.40 | 0.24 | 0.35 | 0.83 | 0.40 | 0.26 | 0.43 | 0.34 | 0.49 | 0.30 | 0.46 | 0.45 | 0.34 | 0.46 | 0.37 | 0.57 | 0.44 | 0.40 | 0.31 | 0.36 | 0.36 | 0.37 | 0.46 | 0.47 | 0.42 | 0.39 | 0.47 | 0.46 | 0.46 | 0.46 | 0.44 | 0.41 |
| EWZ | -0.06 | -0.00 | 0.10 | 0.03 | 0.17 | 0.17 | 0.20 | 0.23 | 0.31 | 0.28 | 0.29 | 0.37 | 0.37 | 0.44 | 0.40 | 1.00 | 0.41 | 0.35 | 0.37 | 0.33 | 0.36 | 0.50 | 0.35 | 0.47 | 0.31 | 0.41 | 0.47 | 0.40 | 0.44 | 0.37 | 0.48 | 0.42 | 0.37 | 0.35 | 0.42 | 0.38 | 0.39 | 0.44 | 0.44 | 0.44 | 0.47 | 0.45 | 0.39 | 0.48 | 0.49 | 0.42 | 0.45 |
| ARGT | -0.07 | -0.01 | 0.06 | 0.06 | 0.22 | 0.25 | 0.21 | 0.28 | 0.24 | 0.28 | 0.35 | 0.31 | 0.32 | 0.45 | 0.24 | 0.41 | 1.00 | 0.42 | 0.30 | 0.37 | 0.49 | 0.46 | 0.37 | 0.40 | 0.39 | 0.38 | 0.44 | 0.49 | 0.53 | 0.34 | 0.43 | 0.46 | 0.48 | 0.54 | 0.35 | 0.41 | 0.38 | 0.35 | 0.45 | 0.38 | 0.56 | 0.38 | 0.53 | 0.44 | 0.52 | 0.42 | 0.43 |
| ENZL | -0.02 | 0.06 | 0.09 | 0.06 | 0.20 | 0.19 | 0.16 | 0.27 | 0.39 | 0.31 | 0.33 | 0.33 | 0.38 | 0.39 | 0.35 | 0.35 | 0.42 | 1.00 | 0.39 | 0.40 | 0.38 | 0.43 | 0.35 | 0.39 | 0.32 | 0.30 | 0.47 | 0.42 | 0.43 | 0.46 | 0.47 | 0.39 | 0.43 | 0.45 | 0.38 | 0.40 | 0.46 | 0.41 | 0.50 | 0.40 | 0.52 | 0.46 | 0.47 | 0.49 | 0.61 | 0.47 | 0.46 |
| EWH | -0.03 | 0.03 | 0.08 | 0.02 | 0.18 | 0.21 | 0.20 | 0.27 | 0.26 | 0.39 | 0.21 | 0.29 | 0.38 | 0.33 | 0.83 | 0.37 | 0.30 | 0.39 | 1.00 | 0.45 | 0.30 | 0.44 | 0.35 | 0.50 | 0.30 | 0.42 | 0.47 | 0.35 | 0.51 | 0.40 | 0.58 | 0.45 | 0.42 | 0.36 | 0.39 | 0.41 | 0.45 | 0.47 | 0.51 | 0.43 | 0.46 | 0.48 | 0.49 | 0.51 | 0.51 | 0.48 | 0.46 |
| THD | 0.02 | 0.03 | 0.10 | 0.13 | 0.18 | 0.15 | 0.22 | 0.27 | 0.48 | 0.38 | 0.38 | 0.36 | 0.45 | 0.37 | 0.40 | 0.33 | 0.37 | 0.40 | 0.45 | 1.00 | 0.33 | 0.39 | 0.34 | 0.37 | 0.36 | 0.42 | 0.46 | 0.44 | 0.40 | 0.39 | 0.49 | 0.45 | 0.48 | 0.42 | 0.41 | 0.41 | 0.44 | 0.42 | 0.51 | 0.44 | 0.46 | 0.47 | 0.45 | 0.46 | 0.53 | 0.47 | 0.46 |
| EIS | 0.04 | 0.04 | 0.04 | 0.09 | 0.24 | 0.25 | 0.33 | 0.30 | 0.29 | 0.36 | 0.35 | 0.41 | 0.29 | 0.36 | 0.26 | 0.36 | 0.49 | 0.38 | 0.30 | 0.33 | 1.00 | 0.36 | 0.42 | 0.35 | 0.37 | 0.36 | 0.36 | 0.52 | 0.43 | 0.37 | 0.42 | 0.48 | 0.51 | 0.67 | 0.35 | 0.47 | 0.37 | 0.37 | 0.44 | 0.42 | 0.55 | 0.44 | 0.58 | 0.47 | 0.55 | 0.53 | 0.55 |
| EWW | 0.00 | 0.02 | 0.07 | 0.10 | 0.14 | 0.24 | 0.17 | 0.20 | 0.32 | 0.28 | 0.26 | 0.32 | 0.29 | 0.49 | 0.43 | 0.50 | 0.46 | 0.43 | 0.44 | 0.39 | 0.36 | 1.00 | 0.40 | 0.52 | 0.34 | 0.47 | 0.45 | 0.39 | 0.51 | 0.39 | 0.52 | 0.44 | 0.45 | 0.42 | 0.42 | 0.43 | 0.41 | 0.43 | 0.49 | 0.45 | 0.55 | 0.49 | 0.48 | 0.47 | 0.50 | 0.48 | 0.50 |
| GREK | 0.04 | -0.03 | 0.06 | 0.02 | 0.17 | 0.29 | 0.22 | 0.30 | 0.34 | 0.36 | 0.35 | 0.35 | 0.31 | 0.34 | 0.34 | 0.35 | 0.37 | 0.35 | 0.35 | 0.34 | 0.42 | 0.40 | 1.00 | 0.41 | 0.47 | 0.59 | 0.40 | 0.47 | 0.45 | 0.47 | 0.48 | 0.45 | 0.47 | 0.45 | 0.53 | 0.50 | 0.51 | 0.57 | 0.45 | 0.61 | 0.49 | 0.59 | 0.59 | 0.56 | 0.50 | 0.60 | 0.60 |
| ECH | 0.03 | -0.01 | 0.07 | 0.08 | 0.17 | 0.18 | 0.24 | 0.31 | 0.25 | 0.31 | 0.30 | 0.34 | 0.40 | 0.46 | 0.49 | 0.47 | 0.40 | 0.39 | 0.50 | 0.37 | 0.35 | 0.52 | 0.41 | 1.00 | 0.36 | 0.46 | 0.50 | 0.41 | 0.65 | 0.48 | 0.55 | 0.49 | 0.50 | 0.40 | 0.46 | 0.41 | 0.42 | 0.50 | 0.53 | 0.46 | 0.50 | 0.52 | 0.51 | 0.51 | 0.56 | 0.54 | 0.54 |
| EDEN | -0.03 | -0.04 | 0.10 | 0.04 | 0.15 | 0.16 | 0.27 | 0.24 | 0.27 | 0.33 | 0.35 | 0.26 | 0.30 | 0.37 | 0.30 | 0.31 | 0.39 | 0.32 | 0.30 | 0.36 | 0.37 | 0.34 | 0.47 | 0.36 | 1.00 | 0.47 | 0.49 | 0.50 | 0.42 | 0.54 | 0.42 | 0.49 | 0.47 | 0.50 | 0.58 | 0.60 | 0.60 | 0.57 | 0.42 | 0.66 | 0.51 | 0.62 | 0.66 | 0.62 | 0.57 | 0.65 | 0.66 |
| EPOL | 0.02 | -0.05 | -0.02 | 0.09 | 0.18 | 0.26 | 0.26 | 0.32 | 0.31 | 0.34 | 0.40 | 0.34 | 0.40 | 0.35 | 0.46 | 0.41 | 0.38 | 0.30 | 0.42 | 0.42 | 0.36 | 0.47 | 0.59 | 0.46 | 0.47 | 1.00 | 0.42 | 0.47 | 0.46 | 0.48 | 0.51 | 0.55 | 0.47 | 0.47 | 0.56 | 0.52 | 0.56 | 0.61 | 0.54 | 0.61 | 0.54 | 0.62 | 0.59 | 0.62 | 0.54 | 0.65 | 0.67 |
| NORW | -0.03 | -0.05 | 0.10 | 0.10 | 0.21 | 0.16 | 0.26 | 0.28 | 0.36 | 0.31 | 0.33 | 0.37 | 0.34 | 0.47 | 0.45 | 0.47 | 0.44 | 0.47 | 0.47 | 0.46 | 0.36 | 0.45 | 0.40 | 0.50 | 0.49 | 0.42 | 1.00 | 0.47 | 0.57 | 0.48 | 0.59 | 0.49 | 0.51 | 0.46 | 0.51 | 0.47 | 0.49 | 0.62 | 0.52 | 0.56 | 0.61 | 0.56 | 0.57 | 0.64 | 0.61 | 0.59 | 0.58 |
| EWJ | 0.02 | -0.04 | 0.01 | 0.09 | 0.25 | 0.26 | 0.28 | 0.33 | 0.35 | 0.40 | 0.47 | 0.38 | 0.34 | 0.38 | 0.34 | 0.40 | 0.49 | 0.42 | 0.35 | 0.44 | 0.52 | 0.39 | 0.47 | 0.41 | 0.50 | 0.47 | 0.47 | 1.00 | 0.49 | 0.48 | 0.46 | 0.55 | 0.56 | 0.64 | 0.49 | 0.53 | 0.50 | 0.50 | 0.51 | 0.56 | 0.60 | 0.52 | 0.62 | 0.59 | 0.62 | 0.64 | 0.62 |
| EPU | 0.04 | -0.05 | 0.14 | 0.10 | 0.16 | 0.24 | 0.17 | 0.25 | 0.28 | 0.38 | 0.34 | 0.37 | 0.39 | 0.52 | 0.46 | 0.44 | 0.53 | 0.43 | 0.51 | 0.40 | 0.43 | 0.51 | 0.45 | 0.65 | 0.42 | 0.46 | 0.57 | 0.49 | 1.00 | 0.45 | 0.62 | 0.52 | 0.55 | 0.48 | 0.49 | 0.46 | 0.47 | 0.49 | 0.53 | 0.50 | 0.66 | 0.54 | 0.53 | 0.60 | 0.62 | 0.58 | 0.53 |
| EWL | 0.02 | -0.09 | 0.14 | 0.11 | 0.18 | 0.23 | 0.29 | 0.27 | 0.32 | 0.29 | 0.31 | 0.33 | 0.39 | 0.33 | 0.37 | 0.37 | 0.34 | 0.46 | 0.40 | 0.39 | 0.37 | 0.39 | 0.47 | 0.48 | 0.54 | 0.48 | 0.48 | 0.48 | 0.45 | 1.00 | 0.45 | 0.47 | 0.46 | 0.44 | 0.63 | 0.60 | 0.69 | 0.57 | 0.52 | 0.68 | 0.54 | 0.75 | 0.60 | 0.75 | 0.62 | 0.70 | 0.71 |
| EZA | 0.01 | 0.03 | 0.09 | 0.04 | 0.17 | 0.26 | 0.26 | 0.26 | 0.37 | 0.42 | 0.39 | 0.42 | 0.39 | 0.48 | 0.57 | 0.48 | 0.43 | 0.47 | 0.58 | 0.49 | 0.42 | 0.52 | 0.48 | 0.55 | 0.42 | 0.51 | 0.59 | 0.46 | 0.62 | 0.45 | 1.00 | 0.58 | 0.57 | 0.47 | 0.48 | 0.45 | 0.44 | 0.55 | 0.56 | 0.51 | 0.56 | 0.54 | 0.57 | 0.60 | 0.62 | 0.58 | 0.57 |
| EWY | 0.04 | 0.00 | -0.02 | 0.08 | 0.24 | 0.20 | 0.29 | 0.39 | 0.38 | 0.48 | 0.45 | 0.41 | 0.44 | 0.39 | 0.44 | 0.42 | 0.46 | 0.39 | 0.45 | 0.45 | 0.48 | 0.44 | 0.45 | 0.49 | 0.49 | 0.55 | 0.49 | 0.55 | 0.52 | 0.47 | 0.58 | 1.00 | 0.70 | 0.64 | 0.49 | 0.51 | 0.50 | 0.52 | 0.59 | 0.53 | 0.55 | 0.55 | 0.63 | 0.54 | 0.61 | 0.62 | 0.60 |
| EWT | 0.03 | -0.05 | 0.03 | 0.10 | 0.22 | 0.26 | 0.27 | 0.31 | 0.36 | 0.45 | 0.40 | 0.40 | 0.41 | 0.36 | 0.40 | 0.37 | 0.48 | 0.43 | 0.42 | 0.48 | 0.51 | 0.45 | 0.47 | 0.50 | 0.47 | 0.47 | 0.51 | 0.56 | 0.55 | 0.46 | 0.57 | 0.70 | 1.00 | 0.67 | 0.47 | 0.56 | 0.51 | 0.47 | 0.57 | 0.52 | 0.60 | 0.55 | 0.71 | 0.58 | 0.64 | 0.62 | 0.60 |
| VTI | 0.03 | -0.05 | -0.01 | 0.13 | 0.33 | 0.30 | 0.36 | 0.43 | 0.32 | 0.43 | 0.47 | 0.47 | 0.38 | 0.36 | 0.31 | 0.35 | 0.54 | 0.45 | 0.36 | 0.42 | 0.67 | 0.42 | 0.45 | 0.40 | 0.50 | 0.47 | 0.46 | 0.64 | 0.48 | 0.44 | 0.47 | 0.64 | 0.67 | 1.00 | 0.41 | 0.61 | 0.46 | 0.43 | 0.54 | 0.50 | 0.74 | 0.54 | 0.70 | 0.57 | 0.67 | 0.61 | 0.62 |
| EWP | 0.02 | -0.03 | 0.14 | 0.18 | 0.17 | 0.16 | 0.24 | 0.26 | 0.32 | 0.36 | 0.33 | 0.29 | 0.40 | 0.40 | 0.36 | 0.42 | 0.35 | 0.38 | 0.39 | 0.41 | 0.35 | 0.42 | 0.53 | 0.46 | 0.58 | 0.56 | 0.51 | 0.49 | 0.49 | 0.63 | 0.48 | 0.49 | 0.47 | 0.41 | 1.00 | 0.62 | 0.72 | 0.71 | 0.55 | 0.82 | 0.54 | 0.75 | 0.62 | 0.70 | 0.59 | 0.71 | 0.79 |
| EIRL | 0.04 | -0.06 | -0.02 | 0.09 | 0.21 | 0.20 | 0.29 | 0.32 | 0.30 | 0.40 | 0.38 | 0.40 | 0.40 | 0.38 | 0.36 | 0.38 | 0.41 | 0.40 | 0.41 | 0.41 | 0.47 | 0.43 | 0.50 | 0.41 | 0.60 | 0.52 | 0.47 | 0.53 | 0.46 | 0.60 | 0.45 | 0.51 | 0.56 | 0.61 | 0.62 | 1.00 | 0.65 | 0.57 | 0.52 | 0.69 | 0.64 | 0.70 | 0.69 | 0.68 | 0.63 | 0.65 | 0.72 |
| EWK | -0.00 | -0.06 | 0.14 | 0.14 | 0.20 | 0.21 | 0.23 | 0.26 | 0.32 | 0.39 | 0.35 | 0.35 | 0.38 | 0.37 | 0.37 | 0.39 | 0.38 | 0.46 | 0.45 | 0.44 | 0.37 | 0.41 | 0.51 | 0.42 | 0.60 | 0.56 | 0.49 | 0.50 | 0.47 | 0.69 | 0.44 | 0.50 | 0.51 | 0.46 | 0.72 | 0.65 | 1.00 | 0.67 | 0.55 | 0.72 | 0.58 | 0.72 | 0.67 | 0.73 | 0.64 | 0.69 | 0.75 |
| EWO | -0.03 | -0.03 | 0.08 | 0.16 | 0.21 | 0.25 | 0.27 | 0.27 | 0.29 | 0.32 | 0.32 | 0.31 | 0.34 | 0.40 | 0.46 | 0.44 | 0.35 | 0.41 | 0.47 | 0.42 | 0.37 | 0.43 | 0.57 | 0.50 | 0.57 | 0.61 | 0.62 | 0.50 | 0.49 | 0.57 | 0.55 | 0.52 | 0.47 | 0.43 | 0.71 | 0.57 | 0.67 | 1.00 | 0.54 | 0.76 | 0.55 | 0.75 | 0.69 | 0.68 | 0.60 | 0.69 | 0.78 |
| EWS | 0.07 | 0.02 | 0.11 | 0.09 | 0.26 | 0.20 | 0.34 | 0.31 | 0.43 | 0.37 | 0.40 | 0.37 | 0.45 | 0.38 | 0.47 | 0.44 | 0.45 | 0.50 | 0.51 | 0.51 | 0.44 | 0.49 | 0.45 | 0.53 | 0.42 | 0.54 | 0.52 | 0.51 | 0.53 | 0.52 | 0.56 | 0.59 | 0.57 | 0.54 | 0.55 | 0.52 | 0.55 | 0.54 | 1.00 | 0.58 | 0.68 | 0.58 | 0.59 | 0.64 | 0.68 | 0.63 | 0.61 |
| EWI | -0.01 | -0.02 | 0.13 | 0.14 | 0.17 | 0.21 | 0.26 | 0.26 | 0.35 | 0.32 | 0.34 | 0.32 | 0.34 | 0.40 | 0.42 | 0.44 | 0.38 | 0.40 | 0.43 | 0.44 | 0.42 | 0.45 | 0.61 | 0.46 | 0.66 | 0.61 | 0.56 | 0.56 | 0.50 | 0.68 | 0.51 | 0.53 | 0.52 | 0.50 | 0.82 | 0.69 | 0.72 | 0.76 | 0.58 | 1.00 | 0.62 | 0.86 | 0.72 | 0.75 | 0.64 | 0.78 | 0.86 |
| EWC | 0.01 | -0.05 | 0.08 | 0.15 | 0.28 | 0.25 | 0.35 | 0.35 | 0.36 | 0.42 | 0.45 | 0.45 | 0.39 | 0.51 | 0.39 | 0.47 | 0.56 | 0.52 | 0.46 | 0.46 | 0.55 | 0.55 | 0.49 | 0.50 | 0.51 | 0.54 | 0.61 | 0.60 | 0.66 | 0.54 | 0.56 | 0.55 | 0.60 | 0.74 | 0.54 | 0.64 | 0.58 | 0.55 | 0.68 | 0.62 | 1.00 | 0.62 | 0.65 | 0.74 | 0.78 | 0.68 | 0.66 |
| EWQ | 0.02 | -0.04 | 0.10 | 0.11 | 0.18 | 0.26 | 0.27 | 0.27 | 0.32 | 0.35 | 0.35 | 0.31 | 0.42 | 0.38 | 0.47 | 0.45 | 0.38 | 0.46 | 0.48 | 0.47 | 0.44 | 0.49 | 0.59 | 0.52 | 0.62 | 0.62 | 0.56 | 0.52 | 0.54 | 0.75 | 0.54 | 0.55 | 0.55 | 0.54 | 0.75 | 0.70 | 0.72 | 0.75 | 0.58 | 0.86 | 0.62 | 1.00 | 0.77 | 0.77 | 0.68 | 0.79 | 0.85 |
| EWN | 0.00 | -0.03 | 0.02 | 0.08 | 0.26 | 0.32 | 0.29 | 0.35 | 0.33 | 0.38 | 0.44 | 0.36 | 0.37 | 0.41 | 0.46 | 0.39 | 0.53 | 0.47 | 0.49 | 0.45 | 0.58 | 0.48 | 0.59 | 0.51 | 0.66 | 0.59 | 0.57 | 0.62 | 0.53 | 0.60 | 0.57 | 0.63 | 0.71 | 0.70 | 0.62 | 0.69 | 0.67 | 0.69 | 0.59 | 0.72 | 0.65 | 0.77 | 1.00 | 0.71 | 0.71 | 0.79 | 0.82 |
| EWU | 0.04 | -0.08 | 0.08 | 0.10 | 0.23 | 0.28 | 0.30 | 0.32 | 0.34 | 0.39 | 0.40 | 0.39 | 0.42 | 0.44 | 0.46 | 0.48 | 0.44 | 0.49 | 0.51 | 0.46 | 0.47 | 0.47 | 0.56 | 0.51 | 0.62 | 0.62 | 0.64 | 0.59 | 0.60 | 0.75 | 0.60 | 0.54 | 0.58 | 0.57 | 0.70 | 0.68 | 0.73 | 0.68 | 0.64 | 0.75 | 0.74 | 0.77 | 0.71 | 1.00 | 0.76 | 0.75 | 0.78 |
| EWA | -0.01 | -0.01 | 0.08 | 0.11 | 0.24 | 0.28 | 0.35 | 0.35 | 0.41 | 0.45 | 0.45 | 0.46 | 0.42 | 0.47 | 0.46 | 0.49 | 0.52 | 0.61 | 0.51 | 0.53 | 0.55 | 0.50 | 0.50 | 0.56 | 0.57 | 0.54 | 0.61 | 0.62 | 0.62 | 0.62 | 0.62 | 0.61 | 0.64 | 0.67 | 0.59 | 0.63 | 0.64 | 0.60 | 0.68 | 0.64 | 0.78 | 0.68 | 0.71 | 0.76 | 1.00 | 0.72 | 0.71 |
| EWD | 0.01 | -0.08 | 0.08 | 0.13 | 0.21 | 0.28 | 0.30 | 0.31 | 0.41 | 0.39 | 0.42 | 0.41 | 0.43 | 0.40 | 0.44 | 0.42 | 0.42 | 0.47 | 0.48 | 0.47 | 0.53 | 0.48 | 0.60 | 0.54 | 0.65 | 0.65 | 0.59 | 0.64 | 0.58 | 0.70 | 0.58 | 0.62 | 0.62 | 0.61 | 0.71 | 0.65 | 0.69 | 0.69 | 0.63 | 0.78 | 0.68 | 0.79 | 0.79 | 0.75 | 0.72 | 1.00 | 0.84 |
| EWG | 0.05 | -0.05 | 0.08 | 0.15 | 0.21 | 0.30 | 0.31 | 0.31 | 0.36 | 0.38 | 0.40 | 0.34 | 0.40 | 0.43 | 0.41 | 0.45 | 0.43 | 0.46 | 0.46 | 0.46 | 0.55 | 0.50 | 0.60 | 0.54 | 0.66 | 0.67 | 0.58 | 0.62 | 0.53 | 0.71 | 0.57 | 0.60 | 0.60 | 0.62 | 0.79 | 0.72 | 0.75 | 0.78 | 0.61 | 0.86 | 0.66 | 0.85 | 0.82 | 0.78 | 0.71 | 0.84 | 1.00 |
The correlation results are calculated based on daily price changes starting from Dec 22, 2023