Emerging-Market Fear Gauge Fails to Signal Equity Outlook: Chart

What works in developed economies may not always work in emerging markets. While U.S. stocks often move in the opposite direction to the VIX Index, thus maintaining a negative correlation with the so-called fear gauge, a similar relationship in developing nations has faded. The MSCI Emerging Markets Index and the CBOE Emerging Markets ETF Volatility Index have paused moving against each other this week, erasing the negative correlation for the first time since 2013.

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