EFA vs FCX: Correlation
Measured on weekly returns over the past three years, iShares MSCI EAFE ETF (EFA) and Freeport-McMoRan (FCX) carry a correlation of 0.65, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EFA and FCX?
On 3 years of weekly data the EFA/FCX correlation comes out at 0.65, strong. The relationship has been stable: the 1-year correlation (0.59) sits close to the 3-year figure. The 5-year figure is 0.62, and annualized covariance runs at 417.6 %².
Among the 109 assets we track against EFA, FCX ranks #49 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FCX ahead by 58.8 points (+21.9% versus +80.7%). On a rolling one-year basis the correlation drifted between 0.53 and 0.79, a moderate band. Note the risk asymmetry: FCX runs 2.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 FCX: side by side
| EFA (iShares MSCI EAFE ETF) | FCX (Freeport-McMoRan) | |
|---|---|---|
| 1-year return | +21.9% | +80.7% |
| 5-year return | +56.7% | +129.3% |
| Volatility (ann.) | 14.9% | 43.2% |
| Beta vs S&P 500 | 0.77 | 1.55 |
| Max drawdown (3Y) | -14.1% | -46.3% |
| Market cap | – | $112.6B |
| P/E (trailing) | – | 38.8 |
| Dividend yield | 3.19% | 0.76% |
| Expense ratio | 0.32% | – |
| Assets under management | $78.0B | – |
| Sector / category | ETF · International | Materials |
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 | FCX |
|---|---|---|
| 2022 | -14.4% | -7.3% |
| 2023 | +18.4% | +13.7% |
| 2024 | +3.5% | -9.4% |
| 2025 | +31.5% | +35.4% |
| 2026 | +14.3% | +55.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EFA and FCX good diversifiers for each other?
Only partially. A correlation of 0.65 means EFA and FCX 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 EFA and FCX?
Using weekly returns as of 2026-08-27: 0.65 over 3 years, with 0.59 over the last year and 0.62 over 5 years.
Is FCX a good diversifier for EFA?
Only partially. A correlation of 0.65 means EFA and FCX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.65 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/efa-vs-fcx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/efa-vs-fcx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EFA correlations · FCX correlations
