The table below lists average equity returns denominated in USD, their volatilities, and their correlations with equity ret urns in four major markets: US, Japan, UK, and Germany, for several emerging market economies during the 1988-2015 period.

Average returns and volatilities in emerging markets, 1988-2015
Country	Average market return	Volatility	Correlation with U.S. returns	Correlation with Japanese returns	Correlation with U.K. returns	Correlation with German returns
Argentina	26.15	52.54	0.30	0.10	0.22	0.21
Brazil	25.50	49.58	0.41	0.29	0.38	0.34
Egypt	18.49	32.53	0.35	0.28	0.37	0.37
Jordan	4.34	18.54	0.18	0.13	0.18	0.14
Pakistan	13.89	36.00	0.14	0.04	0.19	0.14
Turkey	22.83	54.94	0.32	0.19	0.31	0.38
EMF	13.01	23.26	0.66	0.46	0.61	0.61