CEE vs IEFA: Correlation
Measured on weekly returns over the past three years, The Central and Eastern Europe Fund, Inc. (The) (CEE) and iShares Core MSCI EAFE ETF (IEFA) carry a correlation of 0.56, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEE and IEFA?
Across a 3-year window, the weekly returns of CEE and IEFA correlate at 0.56, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.68 versus 0.56 over 3 years. Stretching to 5 years gives 0.45, with an annualized covariance of 253.3 %².
Few assets follow CEE as closely as IEFA, which ranks #2 of 12 tracked partners. Neither side won the trailing year by much: +20.8% against +21.8%. Risk is not evenly split, since CEE 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.
CEE vs IEFA: side by side
| CEE (The Central and Eastern Europe Fund, Inc. (The)) | IEFA (iShares Core MSCI EAFE ETF) | |
|---|---|---|
| 1-year return | +20.8% | +21.8% |
| 5-year return | -16.3% | +54.5% |
| Volatility (ann.) | 30.5% | 15.0% |
| Beta vs S&P 500 | 1.06 | 0.77 |
| Max drawdown (3Y) | -22.2% | -13.8% |
| Market cap | – | – |
| P/E (trailing) | 3.0 | – |
| Dividend yield | 1.92% | 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 | CEE | IEFA |
|---|---|---|
| 2022 | -67.8% | -15.2% |
| 2023 | +22.6% | +18.0% |
| 2024 | +15.5% | +3.3% |
| 2025 | +65.6% | +32.1% |
| 2026 | +12.1% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEE and IEFA good diversifiers for each other?
Only partially. A correlation of 0.56 means CEE and IEFA 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 IEFA?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.68 over the last year and 0.45 over 5 years.
Is IEFA a good diversifier for CEE?
Only partially. A correlation of 0.56 means CEE and IEFA 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?
On the −1 to +1 scale, 0.56 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cee-vs-iefa.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cee-vs-iefa/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CEE correlations · IEFA correlations
