BBVA vs EFA: Correlation
How closely do Banco Bilbao Vizcaya Argentaria S.A. (BBVA) and iShares MSCI EAFE ETF (EFA) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BBVA and EFA?
Across a 3-year window, the weekly returns of BBVA and EFA correlate at 0.63, strong. The relationship has been stable: the 1-year correlation (0.70) sits close to the 3-year figure. Stretching to 5 years gives 0.68, with an annualized covariance of 282.6 %².
EFA is one of the assets that tracks BBVA most closely: it ranks #3 out of the 12 assets we track against BBVA. Correlation aside, the last 12 months split them widely, with BBVA ahead by 45.9 points (+67.8% versus +21.9%). One caveat on sizing: BBVA is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BBVA vs EFA: side by side
| BBVA (Banco Bilbao Vizcaya Argentaria S.A.) | EFA (iShares MSCI EAFE ETF) | |
|---|---|---|
| 1-year return | +67.8% | +21.9% |
| 5-year return | +503.8% | +56.7% |
| Volatility (ann.) | 29.9% | 14.9% |
| Beta vs S&P 500 | 0.88 | 0.77 |
| Max drawdown (3Y) | -22.1% | -14.1% |
| Market cap | $158.3B | – |
| P/E (trailing) | 13.2 | – |
| Dividend yield | 2.07% | 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 | BBVA | EFA |
|---|---|---|
| 2022 | +10.1% | -14.4% |
| 2023 | +62.5% | +18.4% |
| 2024 | +14.2% | +3.5% |
| 2025 | +154.0% | +31.5% |
| 2026 | +26.9% | +14.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
BBVA represents 0.72% of EFA's portfolio, so part of any move in EFA is BBVA itself, and the correlation between them is partly mechanical.
Are BBVA and EFA good diversifiers for each other?
Only partially. A correlation of 0.63 means BBVA 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 BBVA and EFA?
As of 2026-08-27, the correlation of weekly returns between BBVA and EFA is 0.63 over 3 years, 0.70 over 1 year and 0.68 over 5 years.
Is EFA a good diversifier for BBVA?
Only partially. A correlation of 0.63 means BBVA 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 0.63 mean?
On the −1 to +1 scale, 0.63 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
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Related comparisons
Hubs: BBVA correlations · EFA correlations
