Table 1

Comparison of IFC and MSCI Emerging Market Global Indices

		Mean	Volatility	Tracking	Correlation	Correlation	Correlation	Correlation	Correlation
	Start	Difference	Difference	Error	IFC vs.	IFC vs.	MSCI vs.	IFC vs.	MSCI vs.
Country	Date	IFC-MSCI	IFC-MSCI	IFC-MSCI	MSCI	AC World	AC World	Composite	Composite
Argentina	Jan-88	-10.6%	-21.1%	61.9%	0.76	0.01	-0.06	0.19	0.04
Brazil	Jan-88	1.4%	2.3%	19.4%	0.96	0.22	0.23	0.28	0.34
Chile	Jan-88	1.7%	-0.8%	7.6%	0.96	0.08	0.05	0.32	0.36
Colombia	Jan-93	-4.5%	-2.0%	7.8%	0.96	-0.04	0.04	0.16	0.05
Greece	Jan-88	7.0%	0.8%	11.9%	0.96	0.18	0.13	0.05	-0.01
India	Jan-93	5.0%	-1.5%	6.6%	0.98	0.02	-0.13	0.38	0.16
Indonesia	Jan-90	-1.4%	2.2%	9.1%	0.96	0.11	0.15	0.37	0.45
Jordan	Jan-88	-4.2%	-0.1%	11.9%	0.75	0.09	0.22	0.16	0.14
Malaysia	Jan-88	0.6%	0.1%	4.8%	0.98	0.49	0.46	0.48	0.48
Mexico	Jan-88	1.4%	-1.3%	10.9%	0.96	0.28	0.26	0.45	0.48
Pakistan	Jan-93	0.1%	2.5%	4.5%	0.99	0.01	0.02	0.51	0.16
Peru	Jan-93	-0.1%	2.6%	7.0%	0.99	0.45	0.44	0.46	0.46
Philippines	Jan-88	2.3%	0.0%	9.7%	0.95	0.37	0.36	0.50	0.47
Poland	Jan-93	-7.3%	3.3%	15.1%	0.99	0.38	0.46	0.35	0.41
Portugal	Jan-88	-0.5%	0.4%	6.4%	0.96	0.48	0.49	0.12	0.14
South Africa	Jan-93	-1.4%	-0.2%	3.2%	0.99	0.35	0.35	0.48	0.53
South Korea	Jan-88	-0.2%	0.3%	6.7%	0.97	0.37	0.35	0.38	0.38
Sri Lanka	Jan-93	2.5%	-0.8%	5.1%	0.99	0.00	0.00	0.36	0.35
Taiwan	Jan-88	1.0%	-1.1%	7.2%	0.99	0.21	0.22	0.82	0.81
Thailand	Jan-88	0.4%	0.6%	5.3%	0.99	0.36	0.33	0.48	0.47
Turkey	Jan-88	2.8%	-2.5%	22.1%	0.94	0.02	0.01	0.20	0.24
Venezuela	Jan-93	-4.0%	-2.0%	9.1%	0.98	-0.03	-0.12	0.19	-0.15
Average		-0.4%	-0.8%	11.5%	0.95	0.20	0.19	0.35	0.31
-Composite: IFC Global Composite; AC World: MSCI All Country World Index.
-Source: IFC Global Indices, MSCI EM Indices. Monthly returns in US Dollars.

Last Updated: May 22, 1996

Analyst/Contact: Campbell R. Harvey