BOE vs EFA: Correlation
Measured on weekly returns over the past three years, Blackrock Enhanced Global Dividend Trust (BOE) and iShares MSCI EAFE ETF (EFA) carry a correlation of 0.81, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOE and EFA?
Over the past 3 years, BOE and EFA moved with a correlation of 0.81, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.87 over 1 year against 0.81 over 3. Over 5 years the correlation is 0.83, and the annualized covariance of weekly returns is 166.3 %².
By 3-year correlation, EFA places #11 of the 27 assets tracked against BOE. Their 12-month results are close: +17.7% for BOE against +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.
BOE vs EFA: side by side
| BOE (Blackrock Enhanced Global Dividend Trust) | EFA (iShares MSCI EAFE ETF) | |
|---|---|---|
| 1-year return | +17.7% | +21.9% |
| 5-year return | +46.4% | +56.7% |
| Volatility (ann.) | 13.8% | 14.9% |
| Beta vs S&P 500 | 0.79 | 0.77 |
| Max drawdown (3Y) | -14.5% | -14.1% |
| Market cap | – | – |
| P/E (trailing) | 6.8 | – |
| Dividend yield | 7.95% | 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 | BOE | EFA |
|---|---|---|
| 2022 | -15.5% | -14.4% |
| 2023 | +12.0% | +18.4% |
| 2024 | +16.8% | +3.5% |
| 2025 | +18.8% | +31.5% |
| 2026 | +12.2% | +14.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOE and EFA good diversifiers for each other?
No: a correlation of 0.81 means BOE and EFA tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between BOE and EFA?
Using weekly returns as of 2026-08-27: 0.81 over 3 years, with 0.87 over the last year and 0.83 over 5 years.
Is EFA a good diversifier for BOE?
No: a correlation of 0.81 means BOE and EFA tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.81 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: BOE correlations · EFA correlations
