Correlations are known to be fundamental for diversification. In order to invest in multiple stocks or ETFs an investors always needs to look at how correlated they are. If they are highly correlated, there is no poinnt investing in more than one ETF. This is also true for global ETFs.
The chart below shows the correlations for most global/foreign ETFs on the market, for the period October 1st to November 30 2009. A value close to 1 or -1 indicates high correlation. A value close to 0 indicates no correlation.
Please click to enlarge.
For your convenience, these are the names of the ETFs.