EFA vs HSBC: Correlation
iShares MSCI EAFE ETF (EFA) and HSBC Holdings, plc. (HSBC) show a strong relationship: their 3-year correlation of weekly returns is 0.65.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EFA and HSBC?
Over the past 3 years, EFA and HSBC moved with a correlation of 0.65, which is strong. Recent behaviour matches the longer record: 0.69 over 1 year against 0.65 over 3. Over 5 years the correlation is 0.64, and the annualized covariance of weekly returns is 215.0 %².
Within EFA's tracked universe of 109 assets, HSBC comes in at #50 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HSBC outperformed by 44.7 percentage points (+21.9% for EFA against +66.6% for HSBC).
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 HSBC: side by side
| EFA (iShares MSCI EAFE ETF) | HSBC (HSBC Holdings, plc.) | |
|---|---|---|
| 1-year return | +21.9% | +66.6% |
| 5-year return | +56.7% | +420.9% |
| Volatility (ann.) | 14.9% | 22.1% |
| Beta vs S&P 500 | 0.77 | 0.68 |
| Max drawdown (3Y) | -14.1% | -21.8% |
| Market cap | – | $352.5B |
| P/E (trailing) | – | 14.8 |
| Dividend yield | 3.19% | 0.72% |
| Expense ratio | 0.32% | – |
| Assets under management | $78.0B | – |
| Sector / category | ETF · International | US Listed |
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.
Year-by-year returns
| Year | EFA | HSBC |
|---|---|---|
| 2022 | -14.4% | +7.8% |
| 2023 | +18.4% | +39.4% |
| 2024 | +3.5% | +34.5% |
| 2025 | +31.5% | +67.9% |
| 2026 | +14.3% | +35.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EFA and HSBC good diversifiers for each other?
Only partially. A correlation of 0.65 means EFA and HSBC 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 HSBC?
The EFA/HSBC correlation stands at 0.65 on a 3-year window (1 year: 0.69, 5 years: 0.64), computed from weekly returns as of 2026-08-27.
Is HSBC a good diversifier for EFA?
Only partially. A correlation of 0.65 means EFA and HSBC 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?
On the −1 to +1 scale, 0.65 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/efa-vs-hsbc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/efa-vs-hsbc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EFA correlations · HSBC correlations
