EEA vs GF: Correlation
The European Equity Fund, Inc. (EEA) and New Germany Fund, Inc. (The) (GF) show a strong relationship: their 3-year correlation of weekly returns is 0.77.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EEA and GF?
Over the past 3 years, EEA and GF moved with a correlation of 0.77, which is strong. Recent behaviour matches the longer record: 0.71 over 1 year against 0.77 over 3. Over 5 years the correlation is 0.81, and the annualized covariance of weekly returns is 246.9 %².
Among the 14 assets we track against EEA, GF ranks #4 by 3-year correlation. The trailing year gives EEA the advantage: +11.7% versus +2.8%, a 8.9-point spread.
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.
EEA vs GF: side by side
| EEA (The European Equity Fund, Inc.) | GF (New Germany Fund, Inc. (The)) | |
|---|---|---|
| 1-year return | +11.7% | +2.8% |
| 5-year return | +34.8% | -16.5% |
| Volatility (ann.) | 15.4% | 20.9% |
| Beta vs S&P 500 | 0.61 | 0.76 |
| Max drawdown (3Y) | -14.1% | -18.1% |
| Market cap | $0.1B | – |
| P/E (trailing) | 4.2 | 3.4 |
| Dividend yield | 6.92% | 1.29% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EEA | GF |
|---|---|---|
| 2022 | -19.0% | -42.2% |
| 2023 | +17.2% | +11.7% |
| 2024 | -3.5% | -10.0% |
| 2025 | +28.8% | +48.3% |
| 2026 | +13.6% | +3.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EEA and GF good diversifiers for each other?
To a limited degree. At 0.77 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between EEA and GF?
As of 2026-08-27, the correlation of weekly returns between EEA and GF is 0.77 over 3 years, 0.71 over 1 year and 0.81 over 5 years.
Is GF a good diversifier for EEA?
To a limited degree. At 0.77 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.77 mean?
On the −1 to +1 scale, 0.77 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/eea-vs-gf.json
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Related comparisons
Hubs: EEA correlations · GF correlations
