EFA vs GOLD: Correlation
Measured on weekly returns over the past three years, iShares MSCI EAFE ETF (EFA) and Gold.com, Inc. (GOLD) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EFA and GOLD?
Over the past 3 years, EFA and GOLD moved with a correlation of 0.44, which is moderate. The past 12 months show a tighter link (0.60) than the 3-year average (0.44). Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 307.1 %².
By 3-year correlation, GOLD places #95 of the 109 assets tracked against EFA. Their recent paths diverged sharply: over the last 12 months GOLD outperformed by 82.1 percentage points (+21.9% for EFA against +104.0% for GOLD). One caveat on sizing: GOLD is 3.1 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 GOLD: side by side
| EFA (iShares MSCI EAFE ETF) | GOLD (Gold.com, Inc.) | |
|---|---|---|
| 1-year return | +21.9% | +104.0% |
| 5-year return | +56.7% | +128.6% |
| Volatility (ann.) | 14.9% | 46.9% |
| Beta vs S&P 500 | 0.77 | 0.85 |
| Max drawdown (3Y) | -14.1% | -57.1% |
| Market cap | – | $1.3B |
| P/E (trailing) | – | 14.8 |
| Dividend yield | 3.19% | 1.76% |
| 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 | GOLD |
|---|---|---|
| 2022 | -14.4% | +18.4% |
| 2023 | +18.4% | -8.4% |
| 2024 | +3.5% | -7.4% |
| 2025 | +31.5% | +28.4% |
| 2026 | +14.3% | +36.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EFA and GOLD good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between EFA and GOLD?
As of 2026-08-27, the correlation of weekly returns between EFA and GOLD is 0.44 over 3 years, 0.60 over 1 year and 0.41 over 5 years.
Is GOLD a good diversifier for EFA?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 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-gold.json
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[](https://www.pairbook.io/pair/efa-vs-gold/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EFA correlations · GOLD correlations
