EFA vs FXI: Correlation & Overlap
iShares MSCI EAFE ETF (EFA) and iShares China Large-Cap ETF (FXI) show a moderate relationship: their 3-year correlation of weekly returns is 0.51. The two funds also share 0% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EFA and FXI?
Over the past 3 years, EFA and FXI moved with a correlation of 0.51, which is moderate. Little has changed lately, as the 1-year reading of 0.53 lands near the 3-year figure. Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 192.8 %².
By 3-year correlation, FXI places #86 of the 109 assets tracked against EFA. Correlation aside, the last 12 months split them widely, with EFA ahead by 28.0 points (+21.9% versus -6.1%). Across three years, the rolling one-year figure varied moderately, from 0.40 to 0.72. One caveat on sizing: FXI is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 FXI: side by side
| EFA (iShares MSCI EAFE ETF) | FXI (iShares China Large-Cap ETF) | |
|---|---|---|
| 1-year return | +21.9% | -6.1% |
| 5-year return | +56.7% | -1.4% |
| Volatility (ann.) | 14.9% | 25.3% |
| Beta vs S&P 500 | 0.77 | 0.68 |
| Max drawdown (3Y) | -14.1% | -23.2% |
| Dividend yield | 3.19% | 1.87% |
| Expense ratio | 0.32% | 0.73% |
| Assets under management | $78.0B | $4.3B |
| Sector / category | ETF · International | ETF · International |
EFA, iShares's Foreign Large Blend fund, carries $78.0B under management, 666 holdings, a 0.32% expense ratio, a 3.19% trailing dividend yield. FXI, iShares's Greater China Region fund, carries $4.3B under management, 50 holdings, a 0.73% expense ratio, a 1.87% trailing dividend yield.
Portfolio overlap between EFA and FXI
The two portfolios are largely distinct. Weighing the shared positions, 0% of the two funds is identical, spread across 0 common holdings. That shared book is a large part of why the returns line up.
Largest positions held only by EFA: ASML (2.99%), HSBA (1.57%), ROP (1.42%), SAN (1.38%), NOVN (1.28%). Only by FXI: 9988 (9.72%), 939 (9.09%), 700 (8.51%), 1398 (6.35%), 1810 (5.16%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26.
Year-by-year returns
| Year | EFA | FXI |
|---|---|---|
| 2022 | -14.4% | -20.7% |
| 2023 | +18.4% | -12.4% |
| 2024 | +3.5% | +29.0% |
| 2025 | +31.5% | +28.9% |
| 2026 | +14.3% | -7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EFA and FXI good diversifiers for each other?
To a limited degree. At 0.51 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 EFA and FXI?
The EFA/FXI correlation stands at 0.51 on a 3-year window (1 year: 0.53, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is FXI a good diversifier for EFA?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
How much do EFA and FXI overlap?
0% by weight, across 0 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/efa-vs-fxi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/efa-vs-fxi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EFA correlations · FXI correlations
