EFA vs GF: Correlation
iShares MSCI EAFE ETF (EFA) and New Germany Fund, Inc. (The) (GF) show a strong relationship: their 3-year correlation of weekly returns is 0.75.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EFA and GF?
Across a 3-year window, the weekly returns of EFA and GF correlate at 0.75, strong. Recent behaviour matches the longer record: 0.68 over 1 year against 0.75 over 3. Stretching to 5 years gives 0.81, with an annualized covariance of 233.7 %².
Within EFA's tracked universe of 109 assets, GF comes in at #25 by 3-year correlation. Correlation aside, the last 12 months split them widely, with EFA ahead by 19.1 points (+21.9% versus +2.8%).
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 GF: side by side
| EFA (iShares MSCI EAFE ETF) | GF (New Germany Fund, Inc. (The)) | |
|---|---|---|
| 1-year return | +21.9% | +2.8% |
| 5-year return | +56.7% | -16.5% |
| Volatility (ann.) | 14.9% | 20.9% |
| Beta vs S&P 500 | 0.77 | 0.76 |
| Max drawdown (3Y) | -14.1% | -18.1% |
| Market cap | – | – |
| P/E (trailing) | – | 3.4 |
| Dividend yield | 3.19% | 1.29% |
| 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 | GF |
|---|---|---|
| 2022 | -14.4% | -42.2% |
| 2023 | +18.4% | +11.7% |
| 2024 | +3.5% | -10.0% |
| 2025 | +31.5% | +48.3% |
| 2026 | +14.3% | +3.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EFA and GF good diversifiers for each other?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EFA and GF?
The EFA/GF correlation stands at 0.75 on a 3-year window (1 year: 0.68, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is GF a good diversifier for EFA?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.75 mean?
A reading of 0.75 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
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Related comparisons
Hubs: EFA correlations · GF correlations
