CEE vs EFA: Correlation
The Central and Eastern Europe Fund, Inc. (The) (CEE) and iShares MSCI EAFE ETF (EFA) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEE and EFA?
On 3 years of weekly data the CEE/EFA correlation comes out at 0.56, moderate. The past 12 months show a tighter link (0.67) than the 3-year average (0.56). The 5-year figure is 0.45, and annualized covariance runs at 253.8 %².
Few assets follow CEE as closely as EFA, which ranks #1 of 12 tracked partners. Neither side won the trailing year by much: +20.8% against +21.9%. One caveat on sizing: CEE 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.
CEE vs EFA: side by side
| CEE (The Central and Eastern Europe Fund, Inc. (The)) | EFA (iShares MSCI EAFE ETF) | |
|---|---|---|
| 1-year return | +20.8% | +21.9% |
| 5-year return | -16.3% | +56.7% |
| Volatility (ann.) | 30.5% | 14.9% |
| Beta vs S&P 500 | 1.06 | 0.77 |
| Max drawdown (3Y) | -22.2% | -14.1% |
| Market cap | – | – |
| P/E (trailing) | 3.0 | – |
| Dividend yield | 1.92% | 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 | CEE | EFA |
|---|---|---|
| 2022 | -67.8% | -14.4% |
| 2023 | +22.6% | +18.4% |
| 2024 | +15.5% | +3.5% |
| 2025 | +65.6% | +31.5% |
| 2026 | +12.1% | +14.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEE and EFA good diversifiers for each other?
Only partially. A correlation of 0.56 means CEE 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 CEE and EFA?
The CEE/EFA correlation stands at 0.56 on a 3-year window (1 year: 0.67, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is EFA a good diversifier for CEE?
Only partially. A correlation of 0.56 means CEE 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 0.56 mean?
A reading of 0.56 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CEE correlations · EFA correlations
