AER vs EFA: Correlation
How closely do AerCap Holdings N.V. (AER) and iShares MSCI EAFE ETF (EFA) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AER and EFA?
Across a 3-year window, the weekly returns of AER and EFA correlate at 0.62, strong. Little has changed lately, as the 1-year reading of 0.60 lands near the 3-year figure. Stretching to 5 years gives 0.66, with an annualized covariance of 202.2 %².
EFA is one of the assets that tracks AER most closely: it ranks #2 out of the 11 assets we track against AER. Twelve-month performance is nearly a tie, at +21.4% for AER and +21.9% for EFA.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AER vs EFA: side by side
| AER (AerCap Holdings N.V.) | EFA (iShares MSCI EAFE ETF) | |
|---|---|---|
| 1-year return | +21.4% | +21.9% |
| 5-year return | +178.9% | +56.7% |
| Volatility (ann.) | 22.0% | 14.9% |
| Beta vs S&P 500 | 0.79 | 0.77 |
| Max drawdown (3Y) | -15.7% | -14.1% |
| Market cap | $23.3B | – |
| P/E (trailing) | 7.4 | – |
| Dividend yield | 0.98% | 3.19% |
| Expense ratio | – | 0.32% |
| Assets under management | – | $78.0B |
| Sector / category | US Listed | ETF · International |
EFA is a Foreign Large Blend fund from iShares: $78.0B under management, 666 holdings, a 0.32% expense ratio, a 3.19% trailing dividend yield.
Year-by-year returns
| Year | AER | EFA |
|---|---|---|
| 2022 | -10.9% | -14.4% |
| 2023 | +27.4% | +18.4% |
| 2024 | +29.8% | +3.5% |
| 2025 | +51.4% | +31.5% |
| 2026 | +3.8% | +14.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
AER represents 0.11% of EFA's portfolio, so part of any move in EFA is AER itself, and the correlation between them is partly mechanical.
Are AER and EFA good diversifiers for each other?
Only partially. A correlation of 0.62 means AER and EFA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AER and EFA?
The AER/EFA correlation stands at 0.62 on a 3-year window (1 year: 0.60, 5 years: 0.66), computed from weekly returns as of 2026-08-27.
Is EFA a good diversifier for AER?
Only partially. A correlation of 0.62 means AER and EFA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 mean?
On the −1 to +1 scale, 0.62 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aer-vs-efa.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aer-vs-efa/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AER correlations · EFA correlations
