BCS vs EFA: Correlation
Measured on weekly returns over the past three years, Barclays PLC (BCS) and iShares MSCI EAFE ETF (EFA) carry a correlation of 0.69, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCS and EFA?
On 3 years of weekly data the BCS/EFA correlation comes out at 0.69, strong. Recent behaviour matches the longer record: 0.70 over 1 year against 0.69 over 3. The 5-year figure is 0.70, and annualized covariance runs at 320.5 %².
In BCS's tracked universe of 15 assets, EFA sits right near the top at #3. Over the last 12 months BCS came out ahead by 14.7 percentage points (+36.6% against +21.9%). One caveat on sizing: BCS is 2.1 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.
BCS vs EFA: side by side
| BCS (Barclays PLC) | EFA (iShares MSCI EAFE ETF) | |
|---|---|---|
| 1-year return | +36.6% | +21.9% |
| 5-year return | +214.7% | +56.7% |
| Volatility (ann.) | 30.9% | 14.9% |
| Beta vs S&P 500 | 1.27 | 0.77 |
| Max drawdown (3Y) | -26.2% | -14.1% |
| Market cap | $90.3B | – |
| P/E (trailing) | 10.3 | – |
| Dividend yield | 0.42% | 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 | BCS | EFA |
|---|---|---|
| 2022 | -21.9% | -14.4% |
| 2023 | +6.0% | +18.4% |
| 2024 | +76.3% | +3.5% |
| 2025 | +96.5% | +31.5% |
| 2026 | +8.0% | +14.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCS and EFA good diversifiers for each other?
Only partially. A correlation of 0.69 means BCS 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 BCS and EFA?
Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.70 over the last year and 0.70 over 5 years.
Is EFA a good diversifier for BCS?
Only partially. A correlation of 0.69 means BCS 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 0.69 mean?
On the −1 to +1 scale, 0.69 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.
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Related comparisons
Hubs: BCS correlations · EFA correlations
