EFA vs FER: Correlation
How closely do iShares MSCI EAFE ETF (EFA) and Ferrovial N.V. (FER) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EFA and FER?
Over the past 3 years, EFA and FER moved with a correlation of 0.53, which is moderate. The past 12 months show a tighter link (0.80) than the 3-year average (0.53). Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 224.6 %².
By 3-year correlation, FER places #80 of the 109 assets tracked against EFA. On 12-month performance EFA holds a 12.0-point edge, +21.9% against +9.9%. Risk is not evenly split, since FER carries 1.9 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.
EFA vs FER: side by side
| EFA (iShares MSCI EAFE ETF) | FER (Ferrovial N.V.) | |
|---|---|---|
| 1-year return | +21.9% | +9.9% |
| 5-year return | +56.7% | +129.1% |
| Volatility (ann.) | 14.9% | 28.5% |
| Beta vs S&P 500 | 0.77 | 0.65 |
| Max drawdown (3Y) | -14.1% | -20.2% |
| Market cap | – | $42.4B |
| P/E (trailing) | – | 61.9 |
| Dividend yield | 3.19% | 0.93% |
| Expense ratio | 0.32% | – |
| Assets under management | $78.0B | – |
| Sector / category | ETF · International | US Listed |
On the fund side, EFA sits in the Foreign Large Blend category at iShares, with $78.0B under management, 666 holdings, a 0.32% expense ratio, a 3.19% trailing dividend yield.
Year-by-year returns
| Year | EFA | FER |
|---|---|---|
| 2022 | -14.4% | -5.6% |
| 2023 | +18.4% | +44.1% |
| 2024 | +3.5% | +21.3% |
| 2025 | +31.5% | +56.4% |
| 2026 | +14.3% | -8.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
FER represents 0.12% of EFA's portfolio, so part of any move in EFA is FER itself, and the correlation between them is partly mechanical.
Are EFA and FER good diversifiers for each other?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EFA and FER?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.80 over the last year and 0.36 over 5 years.
Is FER a good diversifier for EFA?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.53 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-fer.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/efa-vs-fer/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EFA correlations · FER correlations
