Emerging markets are often viewed as a single story. Yet the countries within the MSCI Emerging Markets Index are becoming less correlated. Over the past five years, monthly return correlations across eight of the largest MSCI EM country indexes averaged 0.36, down from 0.53 over the previous five years. Some markets are anchored to the global technology cycle, while others are driven by commodities, energy or domestic demand. For investors, broad exposure to emerging markets may provide greater diversification than the label alone suggests.