BGY vs EFA: Correlation
Measured on weekly returns over the past three years, Blackrock Enhanced International Dividend Trust (BGY) and iShares MSCI EAFE ETF (EFA) carry a correlation of 0.84, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGY and EFA?
On 3 years of weekly data the BGY/EFA correlation comes out at 0.84, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.92) sits close to the 3-year figure. The 5-year figure is 0.86, and annualized covariance runs at 196.9 %².
In BGY's tracked universe of 13 assets, EFA sits right near the top at #2. Over the last 12 months EFA came out ahead by 10.0 percentage points (+11.9% against +21.9%).
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.
BGY vs EFA: side by side
| BGY (Blackrock Enhanced International Dividend Trust) | EFA (iShares MSCI EAFE ETF) | |
|---|---|---|
| 1-year return | +11.9% | +21.9% |
| 5-year return | +38.4% | +56.7% |
| Volatility (ann.) | 15.7% | 14.9% |
| Beta vs S&P 500 | 0.77 | 0.77 |
| Max drawdown (3Y) | -15.5% | -14.1% |
| Market cap | $0.5B | – |
| P/E (trailing) | 6.6 | – |
| Dividend yield | 8.63% | 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 | BGY | EFA |
|---|---|---|
| 2022 | -13.6% | -14.4% |
| 2023 | +13.4% | +18.4% |
| 2024 | +8.7% | +3.5% |
| 2025 | +21.3% | +31.5% |
| 2026 | +6.4% | +14.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGY and EFA good diversifiers for each other?
No: a correlation of 0.84 means BGY and EFA tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between BGY and EFA?
The BGY/EFA correlation stands at 0.84 on a 3-year window (1 year: 0.92, 5 years: 0.86), computed from weekly returns as of 2026-08-27.
Is EFA a good diversifier for BGY?
No: a correlation of 0.84 means BGY and EFA tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.84 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: BGY correlations · EFA correlations
