ISHARES FUNDS B

Asset Allocation

Position	Category/Sector	Target Weight
AIA iShares Asia 50 ETF	Asia Pacific Equities	2.44%
DVYE iShares Emerging Markets Dividend ETF	Emerging Markets Equities, Dividend	2.44%
ECH iShares MSCI Chile ETF	Foreign Large Cap Equities	2.44%
ECNS iShares MSCI China Small-Cap ETF	Asia Pacific Equities, China Equities	2.44%
EIS iShares MSCI Israel ETF	Foreign Large Cap Equities	2.44%
EMIF iShares Emerging Markets Infrastructure ETF	Emerging Markets Equities	2.44%
EMXC iShares MSCI Emerging Markets ex China ETF	Emerging Markets Equities	2.44%
EPU iShares MSCI Peru ETF	Mid Cap Blend Equities	2.44%
EWD iShares MSCI Sweden ETF	Europe Equities	2.44%
EWI iShares MSCI Italy ETF	Europe Equities	2.44%
EWK iShares MSCI Belgium ETF	Europe Equities	2.44%
EWM iShares MSCI Malaysia ETF	Asia Pacific Equities	2.44%
EWN iShares MSCI Netherlands ETF	Europe Equities	2.44%
EWP iShares MSCI Spain ETF	Europe Equities	2.44%
EWQ iShares MSCI France ETF	Europe Equities	2.44%
EWW iShares MSCI Mexico ETF	Latin America Equities	2.44%
EWY iShares MSCI South Korea ETF	Asia Pacific Equities	2.44%
EWZ iShares MSCI Brazil ETF	Latin America Equities	2.44%
EWZS iShares MSCI Brazil Small-Cap ETF	Latin America Equities	2.44%
EZA iShares MSCI South Africa ETF	Emerging Markets Equities	2.44%
IAUM iShares Gold Trust Micro	Gold, Precious Metals	2.44%
IBAT iShares Energy Storage & Materials ETF	Alternative Energy Equities	2.44%
ICLN iShares Global Clean Energy ETF	Alternative Energy Equities	2.44%
ICOP Ishares Copper And Metals Mining ETF	Energy Equities	2.44%
IDEF iShares Defense Industrials Active ETF	Aerospace & Defense	2.44%
IDNA iShares Genomics Immunology and Healthcare ETF Genomics Immunology and Healthcare Fund	Health & Biotech Equities	2.44%
IEZ iShares U.S. Oil Equipment & Services ETF	Energy Equities	2.44%
IGE iShares North American Natural Resources ETF	Energy Equities	2.44%
ILF iShares Latin American 40 ETF	Latin America Equities	2.44%
IXC iShares Global Energy ETF	Energy Equities	2.44%
IYE iShares U.S. Energy ETF	Energy Equities	2.44%
IYM iShares U.S. Basic Materials ETF	Materials	2.44%
KWT iShares MSCI Kuwait ETF	Financials Equities	2.44%
MXI iShares Global Materials ETF	Materials	2.44%
PICK iShares MSCI Global Select Metals & Mining Producers ETF	Materials	2.44%
SLVP iShares MSCI Global Silver Miners ETF	Precious Metals	2.44%
SOXX iShares Semiconductor ETF	Semiconductors, Technology Equities	2.44%
TUR iShares MSCI Turkey ETF	Emerging Markets Equities	2.44%
UAE iShares MSCI UAE ETF	Emerging Markets Equities	2.44%
VEGI iShares MSCI Agriculture Producers ETF	Mid Cap Value Equities	2.44%
VLUE iShares Edge MSCI USA Value Factor ETF	Large Cap Value Equities	2.44%

Benchmark Against

Benchmark

S&P 500 Index

Rebalance

Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in ISHARES FUNDS B, 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.

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The earliest data available for this chart is May 21, 2025, corresponding to the inception date of IDEF

Returns By Period

	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	0.11%	-3.43%	-3.84%	-1.98%	16.08%	16.86%	10.37%	12.29%
Portfolio ISHARES FUNDS B	-0.39%	-1.44%	10.82%	18.27%	—	—	—	—
Portfolio components:
EWM iShares MSCI Malaysia ETF	-1.08%	-0.07%	3.58%	9.60%	26.11%	12.14%	4.90%	1.82%
EWK iShares MSCI Belgium ETF	0.45%	-2.32%	2.13%	5.16%	28.07%	12.20%	6.42%	6.04%
EWQ iShares MSCI France ETF	-0.23%	-2.93%	-2.76%	-1.78%	11.93%	7.63%	7.64%	9.09%
EWD iShares MSCI Sweden ETF	0.00%	-4.47%	0.65%	4.64%	20.40%	14.59%	5.19%	8.92%
EWN iShares MSCI Netherlands ETF	-0.79%	-2.61%	1.89%	1.38%	30.44%	14.42%	6.66%	11.47%
EWI iShares MSCI Italy ETF	-0.37%	0.78%	-0.04%	5.14%	31.25%	25.21%	15.28%	12.35%
EWP iShares MSCI Spain ETF	-0.15%	3.39%	1.76%	12.69%	45.24%	29.27%	18.33%	10.99%
EWY iShares MSCI South Korea ETF	-2.65%	-7.16%	26.38%	50.40%	129.96%	29.44%	8.51%	11.12%
EPU iShares MSCI Peru ETF	-1.33%	-6.84%	12.73%	33.53%	86.05%	44.41%	23.70%	15.94%
TUR iShares MSCI Turkey ETF	0.67%	0.44%	13.16%	14.23%	23.17%	8.97%	13.81%	1.62%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Monthly Returns

Based on dividend-adjusted daily data since May 22, 2025, ISHARES FUNDS B's average daily return is +0.16%, while the average monthly return is +2.99%. At this rate, your investment would double in approximately 2.0 years.

Historically, 83% of months were positive and 17% were negative. The best month was Jan 2026 with a return of +10.9%, while the worst month was Mar 2026 at -7.0%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 1 months.

On a daily basis, ISHARES FUNDS B closed higher 63% of trading days. The best single day was Mar 31, 2026 with a return of +3.6%, while the worst single day was Mar 3, 2026 at -4.1%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	10.87%	6.71%	-6.95%	0.66%									10.82%
2025					-0.04%	5.96%	0.06%	5.60%	5.80%	2.47%	1.76%	2.90%	27.07%

Benchmark Metrics

ISHARES FUNDS B has an annualized alpha of 30.63%, beta of 0.98, and R² of 0.56 versus S&P 500 Index. Calculated based on daily prices since May 22, 2025.

This portfolio captured 196.25% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -41.23%) — a profile typical of hedging or uncorrelated assets.
This portfolio generated an annualized alpha of 30.63% versus S&P 500 Index — delivering returns beyond what market exposure alone would predict.
With beta of 0.98 and R² of 0.56, this portfolio moves broadly in line with S&P 500 Index — much of its variation is explained by market exposure rather than independent behavior.

Alpha: 30.63%

Beta: 0.98

R²: 0.56

Upside Capture: 196.25%

Downside Capture: -41.23%

Expense Ratio

ISHARES FUNDS B has an expense ratio of 0.49%, 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.

Top 10 holdings

EMIF

iShares Emerging Markets Infrastructure ETF

KWT

iShares MSCI Kuwait ETF

EWY

iShares MSCI South Korea ETF

EPU

iShares MSCI Peru ETF

TUR

iShares MSCI Turkey ETF

EWZ

iShares MSCI Brazil ETF

EWZS

iShares MSCI Brazil Small-Cap ETF

ECH

iShares MSCI Chile ETF

EZA

iShares MSCI South Africa ETF

ECNS

iShares MSCI China Small-Cap ETF

Return for Risk

Return / Risk — by metrics

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

How much return does each position deliver for the risk it carries? Higher values mean better reward for the risk taken.

	Risk / Return Rank	Sharpe ratio	Sortino ratio	Omega ratio	Calmar ratio	Martin ratio
EWM iShares MSCI Malaysia ETF	82	1.65	2.28	1.30	3.05	11.12
EWK iShares MSCI Belgium ETF	75	1.76	2.37	1.34	1.87	7.50
EWQ iShares MSCI France ETF	30	0.63	1.02	1.13	0.89	3.15
EWD iShares MSCI Sweden ETF	48	0.96	1.42	1.18	1.48	5.55
EWN iShares MSCI Netherlands ETF	74	1.41	2.11	1.27	2.34	8.81
EWI iShares MSCI Italy ETF	74	1.46	2.06	1.29	2.24	8.88
EWP iShares MSCI Spain ETF	91	2.12	2.69	1.40	3.86	14.58
EWY iShares MSCI South Korea ETF	97	3.59	3.80	1.54	5.59	21.99
EPU iShares MSCI Peru ETF	95	2.94	3.30	1.48	4.18	16.86
TUR iShares MSCI Turkey ETF	52	1.04	1.68	1.19	1.76	4.18

Sharpe Ratio

There isn't enough data available to calculate the Sharpe ratio for ISHARES FUNDS B. This metric is based on the past 12 months of trading data. Please check back later for updated information.

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Dividends

Dividend yield

ISHARES FUNDS B provided a 2.60% dividend yield over the last twelve months.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	2.60%	2.83%	3.40%	2.70%	3.44%	3.20%	1.82%	2.94%	2.63%	2.06%	2.17%	3.54%
Portfolio components:
EWM iShares MSCI Malaysia ETF	3.29%	3.41%	3.32%	3.47%	3.00%	6.48%	1.89%	2.91%	3.84%	5.58%	5.97%	37.54%
EWK iShares MSCI Belgium ETF	1.70%	1.73%	3.25%	2.09%	2.58%	3.64%	1.66%	2.77%	2.78%	2.91%	1.75%	2.06%
EWQ iShares MSCI France ETF	2.70%	2.63%	3.31%	2.73%	3.23%	3.79%	1.02%	2.44%	2.90%	1.90%	2.84%	2.25%
EWD iShares MSCI Sweden ETF	3.25%	3.27%	1.77%	2.41%	3.68%	5.46%	0.98%	4.15%	5.17%	3.23%	3.91%	4.08%
EWN iShares MSCI Netherlands ETF	4.94%	5.03%	2.18%	1.79%	1.98%	1.01%	0.78%	2.57%	2.40%	1.68%	2.71%	1.92%
EWI iShares MSCI Italy ETF	2.81%	2.80%	4.07%	3.40%	4.57%	2.63%	1.66%	3.80%	4.71%	2.19%	3.64%	2.31%
EWP iShares MSCI Spain ETF	2.23%	2.27%	4.35%	2.70%	3.07%	3.29%	2.56%	3.72%	3.69%	2.72%	4.65%	3.85%
EWY iShares MSCI South Korea ETF	1.66%	2.10%	2.55%	2.52%	1.23%	2.16%	0.73%	2.10%	1.34%	2.90%	1.21%	2.42%
EPU iShares MSCI Peru ETF	1.45%	1.63%	5.78%	4.17%	5.56%	3.13%	1.91%	2.67%	1.53%	3.30%	0.85%	1.90%
TUR iShares MSCI Turkey ETF	2.12%	2.40%	1.79%	4.43%	1.97%	4.22%	0.87%	3.29%	4.05%	2.64%	2.89%	3.04%

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.

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Worst Drawdowns

The table below displays the maximum drawdowns of the ISHARES FUNDS B. 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 ISHARES FUNDS B was 10.98%, occurring on Mar 20, 2026. The portfolio has not yet recovered.

The current ISHARES FUNDS B drawdown is 6.65%.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-10.98%	Feb 26, 2026	17	Mar 20, 2026	—	—	—
-4.88%	Nov 13, 2025	6	Nov 20, 2025	8	Dec 3, 2025	14
-3.58%	Jul 24, 2025	7	Aug 1, 2025	7	Aug 12, 2025	14
-3.5%	Oct 9, 2025	2	Oct 10, 2025	6	Oct 20, 2025	8
-3.35%	Jan 29, 2026	6	Feb 5, 2026	2	Feb 9, 2026	8

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.

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Diversification

Diversification Metrics

Number of Effective Assets

The portfolio contains 41 assets, with an effective number of assets of 41.00, reflecting the diversification based on asset allocation. This number of effective assets suggests that the portfolio's investments are spread across a variety of assets, indicating a well-diversified allocation. However, true diversification also depends on the correlations between assets.

Asset Correlations Table

The table below displays the correlation coefficients between the individual components of the portfolio, the entire portfolio, and the chosen benchmark.

	Benchmark	IYE	IXC	TUR	KWT	IAUM	UAE	IEZ	VEGI	EIS	IGE	SLVP	IDNA	ECNS	IDEF	EWK	EWM	EMIF	EWY	EWW	SOXX	ICLN	EWP	ECH	EWI	EWZS	EWQ	EWD	VLUE	EWZ	EZA	EPU	AIA	EWN	IYM	IBAT	ICOP	ILF	PICK	DVYE	EMXC	MXI	Portfolio
Benchmark	1.00	0.05	0.05	0.28	0.36	0.12	0.49	0.32	0.30	0.58	0.28	0.33	0.55	0.48	0.63	0.50	0.54	0.47	0.54	0.44	0.73	0.58	0.63	0.48	0.65	0.54	0.63	0.64	0.77	0.52	0.50	0.50	0.65	0.73	0.59	0.67	0.53	0.57	0.57	0.55	0.69	0.60	0.75
IYE	0.05	1.00	0.96	-0.03	-0.06	0.12	-0.05	0.77	0.39	0.01	0.82	0.05	0.10	0.01	0.10	0.01	0.08	0.09	0.12	0.12	0.07	0.09	0.02	0.05	0.03	0.12	0.05	-0.01	0.22	0.19	-0.01	0.08	0.09	-0.02	0.27	0.15	0.15	0.21	0.16	0.20	0.09	0.19	0.22
IXC	0.05	0.96	1.00	-0.03	-0.04	0.18	-0.07	0.75	0.41	0.00	0.83	0.10	0.12	0.03	0.14	0.05	0.10	0.14	0.14	0.15	0.08	0.12	0.07	0.07	0.08	0.15	0.10	0.03	0.20	0.23	0.04	0.12	0.11	0.02	0.29	0.17	0.19	0.25	0.21	0.27	0.12	0.23	0.26
TUR	0.28	-0.03	-0.03	1.00	0.14	0.11	0.22	0.15	0.10	0.16	0.12	0.21	0.15	0.19	0.15	0.18	0.23	0.19	0.28	0.17	0.30	0.33	0.20	0.30	0.20	0.25	0.14	0.16	0.24	0.26	0.30	0.24	0.31	0.25	0.21	0.30	0.29	0.28	0.29	0.28	0.33	0.22	0.35
KWT	0.36	-0.06	-0.04	0.14	1.00	0.08	0.29	0.05	0.07	0.19	0.10	0.21	0.26	0.22	0.30	0.23	0.22	0.35	0.22	0.26	0.23	0.15	0.30	0.25	0.31	0.25	0.34	0.30	0.26	0.23	0.28	0.24	0.24	0.34	0.28	0.24	0.24	0.26	0.25	0.28	0.30	0.30	0.34
IAUM	0.12	0.12	0.18	0.11	0.08	1.00	0.02	0.14	0.22	0.13	0.46	0.71	0.21	0.31	0.27	0.26	0.26	0.24	0.23	0.35	0.13	0.27	0.18	0.35	0.17	0.28	0.22	0.26	0.11	0.26	0.56	0.57	0.28	0.21	0.47	0.24	0.58	0.33	0.50	0.35	0.30	0.52	0.47
UAE	0.49	-0.05	-0.07	0.22	0.29	0.02	1.00	0.18	0.13	0.33	0.10	0.18	0.33	0.20	0.35	0.35	0.30	0.34	0.26	0.29	0.33	0.34	0.37	0.27	0.42	0.32	0.34	0.40	0.38	0.29	0.33	0.22	0.28	0.36	0.32	0.40	0.20	0.33	0.26	0.34	0.40	0.32	0.40
IEZ	0.32	0.77	0.75	0.15	0.05	0.14	0.18	1.00	0.47	0.16	0.76	0.22	0.31	0.16	0.25	0.22	0.28	0.28	0.28	0.29	0.32	0.30	0.23	0.32	0.25	0.33	0.25	0.23	0.46	0.38	0.21	0.30	0.29	0.28	0.44	0.39	0.34	0.43	0.37	0.42	0.35	0.40	0.49
VEGI	0.30	0.39	0.41	0.10	0.07	0.22	0.13	0.47	1.00	0.23	0.51	0.20	0.33	0.30	0.32	0.40	0.29	0.30	0.28	0.34	0.22	0.26	0.34	0.32	0.34	0.33	0.43	0.37	0.42	0.37	0.31	0.33	0.32	0.33	0.61	0.35	0.36	0.41	0.40	0.45	0.36	0.58	0.48
EIS	0.58	0.01	0.00	0.16	0.19	0.13	0.33	0.16	0.23	1.00	0.13	0.16	0.36	0.32	0.47	0.35	0.42	0.29	0.41	0.25	0.49	0.39	0.42	0.32	0.45	0.37	0.41	0.46	0.47	0.39	0.35	0.34	0.42	0.48	0.39	0.43	0.35	0.38	0.39	0.38	0.51	0.41	0.51
IGE	0.28	0.82	0.83	0.12	0.10	0.46	0.10	0.76	0.51	0.13	1.00	0.49	0.32	0.24	0.36	0.26	0.28	0.31	0.28	0.40	0.26	0.34	0.23	0.31	0.24	0.37	0.28	0.26	0.39	0.41	0.39	0.47	0.31	0.24	0.63	0.41	0.51	0.47	0.50	0.46	0.34	0.58	0.57
SLVP	0.33	0.05	0.10	0.21	0.21	0.71	0.18	0.22	0.20	0.16	0.49	1.00	0.27	0.37	0.39	0.35	0.33	0.36	0.33	0.48	0.29	0.37	0.28	0.41	0.31	0.37	0.31	0.40	0.25	0.36	0.66	0.74	0.38	0.37	0.59	0.40	0.70	0.46	0.61	0.45	0.42	0.64	0.62
IDNA	0.55	0.10	0.12	0.15	0.26	0.21	0.33	0.31	0.33	0.36	0.32	0.27	1.00	0.45	0.43	0.54	0.32	0.35	0.39	0.33	0.44	0.42	0.45	0.39	0.47	0.37	0.54	0.48	0.55	0.33	0.43	0.38	0.42	0.49	0.49	0.53	0.44	0.38	0.46	0.46	0.49	0.53	0.60
ECNS	0.48	0.01	0.03	0.19	0.22	0.31	0.20	0.16	0.30	0.32	0.24	0.37	0.45	1.00	0.42	0.46	0.41	0.46	0.51	0.39	0.47	0.47	0.38	0.40	0.38	0.37	0.42	0.46	0.40	0.35	0.48	0.45	0.65	0.52	0.44	0.59	0.50	0.40	0.52	0.51	0.55	0.51	0.61
IDEF	0.63	0.10	0.14	0.15	0.30	0.27	0.35	0.25	0.32	0.47	0.36	0.39	0.43	0.42	1.00	0.35	0.36	0.38	0.48	0.39	0.47	0.47	0.41	0.38	0.50	0.46	0.44	0.47	0.47	0.46	0.40	0.49	0.49	0.49	0.51	0.53	0.44	0.48	0.44	0.42	0.54	0.46	0.62
EWK	0.50	0.01	0.05	0.18	0.23	0.26	0.35	0.22	0.40	0.35	0.26	0.35	0.54	0.46	0.35	1.00	0.50	0.39	0.34	0.44	0.33	0.39	0.61	0.42	0.62	0.39	0.68	0.63	0.46	0.40	0.53	0.45	0.44	0.56	0.57	0.48	0.52	0.47	0.53	0.56	0.50	0.66	0.63
EWM	0.54	0.08	0.10	0.23	0.22	0.26	0.30	0.28	0.29	0.42	0.28	0.33	0.32	0.41	0.36	0.50	1.00	0.49	0.47	0.48	0.41	0.47	0.50	0.56	0.52	0.49	0.53	0.53	0.48	0.50	0.52	0.47	0.56	0.57	0.47	0.52	0.51	0.54	0.52	0.61	0.60	0.53	0.65
EMIF	0.47	0.09	0.14	0.19	0.35	0.24	0.34	0.28	0.30	0.29	0.31	0.36	0.35	0.46	0.38	0.39	0.49	1.00	0.45	0.66	0.40	0.50	0.45	0.49	0.43	0.66	0.46	0.47	0.44	0.71	0.46	0.45	0.51	0.48	0.40	0.54	0.44	0.74	0.43	0.68	0.61	0.45	0.65
EWY	0.54	0.12	0.14	0.28	0.22	0.23	0.26	0.28	0.28	0.41	0.28	0.33	0.39	0.51	0.48	0.34	0.47	0.45	1.00	0.40	0.65	0.47	0.37	0.43	0.43	0.47	0.46	0.45	0.53	0.50	0.50	0.42	0.79	0.54	0.36	0.60	0.50	0.51	0.53	0.55	0.82	0.44	0.67
EWW	0.44	0.12	0.15	0.17	0.26	0.35	0.29	0.29	0.34	0.25	0.40	0.48	0.33	0.39	0.39	0.44	0.48	0.66	0.40	1.00	0.37	0.44	0.46	0.48	0.47	0.55	0.49	0.53	0.41	0.59	0.52	0.57	0.48	0.48	0.49	0.48	0.58	0.77	0.54	0.59	0.59	0.59	0.68
SOXX	0.73	0.07	0.08	0.30	0.23	0.13	0.33	0.32	0.22	0.49	0.26	0.29	0.44	0.47	0.47	0.33	0.41	0.40	0.65	0.37	1.00	0.58	0.39	0.46	0.42	0.45	0.46	0.47	0.74	0.45	0.44	0.43	0.75	0.71	0.49	0.66	0.50	0.48	0.56	0.47	0.72	0.48	0.68
ICLN	0.58	0.09	0.12	0.33	0.15	0.27	0.34	0.30	0.26	0.39	0.34	0.37	0.42	0.47	0.47	0.39	0.47	0.50	0.47	0.44	0.58	1.00	0.42	0.50	0.43	0.55	0.39	0.41	0.56	0.56	0.46	0.50	0.58	0.54	0.49	0.81	0.49	0.59	0.53	0.57	0.64	0.50	0.69
EWP	0.63	0.02	0.07	0.20	0.30	0.18	0.37	0.23	0.34	0.42	0.23	0.28	0.45	0.38	0.41	0.61	0.50	0.45	0.37	0.46	0.39	0.42	1.00	0.50	0.87	0.47	0.78	0.62	0.50	0.49	0.55	0.48	0.44	0.66	0.48	0.48	0.51	0.56	0.53	0.60	0.53	0.59	0.65
ECH	0.48	0.05	0.07	0.30	0.25	0.35	0.27	0.32	0.32	0.32	0.31	0.41	0.39	0.40	0.38	0.42	0.56	0.49	0.43	0.48	0.46	0.50	0.50	1.00	0.48	0.58	0.49	0.49	0.48	0.59	0.52	0.63	0.52	0.52	0.49	0.55	0.61	0.66	0.60	0.62	0.60	0.56	0.70
EWI	0.65	0.03	0.08	0.20	0.31	0.17	0.42	0.25	0.34	0.45	0.24	0.31	0.47	0.38	0.50	0.62	0.52	0.43	0.43	0.47	0.42	0.43	0.87	0.48	1.00	0.50	0.83	0.69	0.55	0.51	0.53	0.47	0.47	0.67	0.51	0.53	0.52	0.57	0.55	0.59	0.57	0.61	0.69
EWZS	0.54	0.12	0.15	0.25	0.25	0.28	0.32	0.33	0.33	0.37	0.37	0.37	0.37	0.37	0.46	0.39	0.49	0.66	0.47	0.55	0.45	0.55	0.47	0.58	0.50	1.00	0.50	0.52	0.49	0.92	0.49	0.55	0.54	0.52	0.46	0.55	0.51	0.85	0.51	0.70	0.65	0.54	0.72
EWQ	0.63	0.05	0.10	0.14	0.34	0.22	0.34	0.25	0.43	0.41	0.28	0.31	0.54	0.42	0.44	0.68	0.53	0.46	0.46	0.49	0.46	0.39	0.78	0.49	0.83	0.50	1.00	0.75	0.58	0.47	0.54	0.43	0.50	0.73	0.59	0.51	0.53	0.55	0.57	0.59	0.59	0.69	0.70
EWD	0.64	-0.01	0.03	0.16	0.30	0.26	0.40	0.23	0.37	0.46	0.26	0.40	0.48	0.46	0.47	0.63	0.53	0.47	0.45	0.53	0.47	0.41	0.62	0.49	0.69	0.52	0.75	1.00	0.57	0.50	0.54	0.52	0.54	0.70	0.57	0.52	0.57	0.55	0.61	0.56	0.64	0.70	0.71
VLUE	0.77	0.22	0.20	0.24	0.26	0.11	0.38	0.46	0.42	0.47	0.39	0.25	0.55	0.40	0.47	0.46	0.48	0.44	0.53	0.41	0.74	0.56	0.50	0.48	0.55	0.49	0.58	0.57	1.00	0.47	0.45	0.41	0.61	0.67	0.63	0.64	0.50	0.52	0.56	0.51	0.64	0.62	0.71
EWZ	0.52	0.19	0.23	0.26	0.23	0.26	0.29	0.38	0.37	0.39	0.41	0.36	0.33	0.35	0.46	0.40	0.50	0.71	0.50	0.59	0.45	0.56	0.49	0.59	0.51	0.92	0.47	0.50	0.47	1.00	0.50	0.55	0.55	0.51	0.45	0.57	0.53	0.94	0.53	0.78	0.69	0.52	0.74
EZA	0.50	-0.01	0.04	0.30	0.28	0.56	0.33	0.21	0.31	0.35	0.39	0.66	0.43	0.48	0.40	0.53	0.52	0.46	0.50	0.52	0.44	0.46	0.55	0.52	0.53	0.49	0.54	0.54	0.45	0.50	1.00	0.69	0.60	0.56	0.65	0.54	0.75	0.57	0.71	0.64	0.66	0.72	0.76
EPU	0.50	0.08	0.12	0.24	0.24	0.57	0.22	0.30	0.33	0.34	0.47	0.74	0.38	0.45	0.49	0.45	0.47	0.45	0.42	0.57	0.43	0.50	0.48	0.63	0.47	0.55	0.43	0.52	0.41	0.55	0.69	1.00	0.56	0.52	0.63	0.57	0.87	0.65	0.79	0.62	0.59	0.73	0.77
AIA	0.65	0.09	0.11	0.31	0.24	0.28	0.28	0.29	0.32	0.42	0.31	0.38	0.42	0.65	0.49	0.44	0.56	0.51	0.79	0.48	0.75	0.58	0.44	0.52	0.47	0.54	0.50	0.54	0.61	0.55	0.60	0.56	1.00	0.69	0.49	0.68	0.62	0.58	0.67	0.63	0.88	0.57	0.77
EWN	0.73	-0.02	0.02	0.25	0.34	0.21	0.36	0.28	0.33	0.48	0.24	0.37	0.49	0.52	0.49	0.56	0.57	0.48	0.54	0.48	0.71	0.54	0.66	0.52	0.67	0.52	0.73	0.70	0.67	0.51	0.56	0.52	0.69	1.00	0.54	0.64	0.58	0.56	0.63	0.58	0.69	0.64	0.75
IYM	0.59	0.27	0.29	0.21	0.28	0.47	0.32	0.44	0.61	0.39	0.63	0.59	0.49	0.44	0.51	0.57	0.47	0.40	0.36	0.49	0.49	0.49	0.48	0.49	0.51	0.46	0.59	0.57	0.63	0.45	0.65	0.63	0.49	0.54	1.00	0.58	0.70	0.55	0.74	0.60	0.53	0.92	0.78
IBAT	0.67	0.15	0.17	0.30	0.24	0.24	0.40	0.39	0.35	0.43	0.41	0.40	0.53	0.59	0.53	0.48	0.52	0.54	0.60	0.48	0.66	0.81	0.48	0.55	0.53	0.55	0.51	0.52	0.64	0.57	0.54	0.57	0.68	0.64	0.58	1.00	0.56	0.63	0.62	0.63	0.72	0.62	0.78
ICOP	0.53	0.15	0.19	0.29	0.24	0.58	0.20	0.34	0.36	0.35	0.51	0.70	0.44	0.50	0.44	0.52	0.51	0.44	0.50	0.58	0.50	0.49	0.51	0.61	0.52	0.51	0.53	0.57	0.50	0.53	0.75	0.87	0.62	0.58	0.70	0.56	1.00	0.64	0.93	0.66	0.64	0.82	0.83
ILF	0.57	0.21	0.25	0.28	0.26	0.33	0.33	0.43	0.41	0.38	0.47	0.46	0.38	0.40	0.48	0.47	0.54	0.74	0.51	0.77	0.48	0.59	0.56	0.66	0.57	0.85	0.55	0.55	0.52	0.94	0.57	0.65	0.58	0.56	0.55	0.63	0.64	1.00	0.62	0.81	0.72	0.63	0.82
PICK	0.57	0.16	0.21	0.29	0.25	0.50	0.26	0.37	0.40	0.39	0.50	0.61	0.46	0.52	0.44	0.53	0.52	0.43	0.53	0.54	0.56	0.53	0.53	0.60	0.55	0.51	0.57	0.61	0.56	0.53	0.71	0.79	0.67	0.63	0.74	0.62	0.93	0.62	1.00	0.70	0.68	0.84	0.84
DVYE	0.55	0.20	0.27	0.28	0.28	0.35	0.34	0.42	0.45	0.38	0.46	0.45	0.46	0.51	0.42	0.56	0.61	0.68	0.55	0.59	0.47	0.57	0.60	0.62	0.59	0.70	0.59	0.56	0.51	0.78	0.64	0.62	0.63	0.58	0.60	0.63	0.66	0.81	0.70	1.00	0.72	0.69	0.82
EMXC	0.69	0.09	0.12	0.33	0.30	0.30	0.40	0.35	0.36	0.51	0.34	0.42	0.49	0.55	0.54	0.50	0.60	0.61	0.82	0.59	0.72	0.64	0.53	0.60	0.57	0.65	0.59	0.64	0.64	0.69	0.66	0.59	0.88	0.69	0.53	0.72	0.64	0.72	0.68	0.72	1.00	0.62	0.85
MXI	0.60	0.19	0.23	0.22	0.30	0.52	0.32	0.40	0.58	0.41	0.58	0.64	0.53	0.51	0.46	0.66	0.53	0.45	0.44	0.59	0.48	0.50	0.59	0.56	0.61	0.54	0.69	0.70	0.62	0.52	0.72	0.73	0.57	0.64	0.92	0.62	0.82	0.63	0.84	0.69	0.62	1.00	0.85
Portfolio	0.75	0.22	0.26	0.35	0.34	0.47	0.40	0.49	0.48	0.51	0.57	0.62	0.60	0.61	0.62	0.63	0.65	0.65	0.67	0.68	0.68	0.69	0.65	0.70	0.69	0.72	0.70	0.71	0.71	0.74	0.76	0.77	0.77	0.75	0.78	0.78	0.83	0.82	0.84	0.82	0.85	0.85	1.00

The correlation results are calculated based on daily price changes starting from May 22, 2025