EFA vs EXG: Correlation
iShares MSCI EAFE ETF (EFA) and Eaton Vance Tax-Managed Global Diversified Equity Income (EXG) show a very strong relationship: their 3-year correlation of weekly returns is 0.84.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EFA and EXG?
On 3 years of weekly data the EFA/EXG correlation comes out at 0.84, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.84) sits close to the 3-year figure. The 5-year figure is 0.79, and annualized covariance runs at 189.3 %².
Within EFA's tracked universe of 109 assets, EXG comes in at #8 by 3-year correlation. Twelve-month performance is nearly a tie, at +21.9% for EFA and +22.0% for EXG.
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.
EFA vs EXG: side by side
| EFA (iShares MSCI EAFE ETF) | EXG (Eaton Vance Tax-Managed Global Diversified Equity Income) | |
|---|---|---|
| 1-year return | +21.9% | +22.0% |
| 5-year return | +56.7% | +45.8% |
| Volatility (ann.) | 14.9% | 15.0% |
| Beta vs S&P 500 | 0.77 | 0.91 |
| Max drawdown (3Y) | -14.1% | -15.1% |
| Market cap | – | – |
| P/E (trailing) | – | 4.5 |
| Dividend yield | 3.19% | 0.00% |
| Expense ratio | 0.32% | – |
| Assets under management | $78.0B | – |
| Sector / category | ETF · International | US Listed |
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 | EFA | EXG |
|---|---|---|
| 2022 | -14.4% | -22.2% |
| 2023 | +18.4% | +11.4% |
| 2024 | +3.5% | +16.1% |
| 2025 | +31.5% | +27.8% |
| 2026 | +14.3% | +10.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EFA and EXG good diversifiers for each other?
No: a correlation of 0.84 means EFA and EXG tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between EFA and EXG?
As of 2026-08-27, the correlation of weekly returns between EFA and EXG is 0.84 over 3 years, 0.84 over 1 year and 0.79 over 5 years.
Is EXG a good diversifier for EFA?
No: a correlation of 0.84 means EFA and EXG tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.84 mean?
A reading of 0.84 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/efa-vs-exg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/efa-vs-exg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EFA correlations · EXG correlations
