They point out that, over the last 6 months, emerging market barometers like the iShares MSCI South Africa Index Fund (EZA), the BLDRS Emerging Markets 50 ADR Index Fund (ADRE) and the iShares MSCI Emerging Markets Index Fund (EEM) have
exceptionally high correlations (a.k.a relationships) with the S&P 500; they rang in at.74,.81 and.84 respectively.