BBVA vs IEFA: Correlation
How closely do Banco Bilbao Vizcaya Argentaria S.A. (BBVA) and iShares Core MSCI EAFE ETF (IEFA) 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 IEFA?
Over the past 3 years, BBVA and IEFA moved with a correlation of 0.63, which is strong. Recent behaviour matches the longer record: 0.70 over 1 year against 0.63 over 3. Over 5 years the correlation is 0.68, and the annualized covariance of weekly returns is 281.2 %².
By 3-year correlation, IEFA places #4 of the 12 assets tracked against BBVA. Correlation aside, the last 12 months split them widely, with BBVA ahead by 46.0 points (+67.8% versus +21.8%). Risk is not evenly split, since BBVA carries 2.0 times the volatility of the other side.
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 IEFA: side by side
| BBVA (Banco Bilbao Vizcaya Argentaria S.A.) | IEFA (iShares Core MSCI EAFE ETF) | |
|---|---|---|
| 1-year return | +67.8% | +21.8% |
| 5-year return | +503.8% | +54.5% |
| Volatility (ann.) | 29.9% | 15.0% |
| Beta vs S&P 500 | 0.88 | 0.77 |
| Max drawdown (3Y) | -22.1% | -13.8% |
| Market cap | $158.3B | – |
| P/E (trailing) | 13.2 | – |
| Dividend yield | 2.07% | 3.35% |
| Expense ratio | – | 0.07% |
| Assets under management | – | $190.1B |
| Sector / category | US Listed | ETF · International |
IEFA, iShares's Foreign Large Blend fund, carries $190.1B under management, 1620 holdings, a 0.07% expense ratio, a 3.35% trailing dividend yield.
Year-by-year returns
| Year | BBVA | IEFA |
|---|---|---|
| 2022 | +10.1% | -15.2% |
| 2023 | +62.5% | +18.0% |
| 2024 | +14.2% | +3.3% |
| 2025 | +154.0% | +32.1% |
| 2026 | +26.9% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
BBVA represents 0.62% of IEFA's portfolio, so part of any move in IEFA is BBVA itself, and the correlation between them is partly mechanical.
Are BBVA and IEFA good diversifiers for each other?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BBVA and IEFA?
The BBVA/IEFA correlation stands at 0.63 on a 3-year window (1 year: 0.70, 5 years: 0.68), computed from weekly returns as of 2026-08-27.
Is IEFA a good diversifier for BBVA?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.63 mean?
A reading of 0.63 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bbva-vs-iefa.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bbva-vs-iefa/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BBVA correlations · IEFA correlations
