EFA vs IBN: Correlation
iShares MSCI EAFE ETF (EFA) and ICICI Bank Limited (IBN) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EFA and IBN?
Across a 3-year window, the weekly returns of EFA and IBN correlate at 0.45, moderate. The link has tightened recently: the 1-year correlation (0.56) runs above the 3-year figure (0.45). Stretching to 5 years gives 0.54, with an annualized covariance of 134.6 %².
By 3-year correlation, IBN places #94 of the 109 assets tracked against EFA. Their recent paths diverged sharply: over the last 12 months EFA outperformed by 27.7 percentage points (+21.9% for EFA against -5.8% for IBN).
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 IBN: side by side
| EFA (iShares MSCI EAFE ETF) | IBN (ICICI Bank Limited) | |
|---|---|---|
| 1-year return | +21.9% | -5.8% |
| 5-year return | +56.7% | +60.9% |
| Volatility (ann.) | 14.9% | 20.2% |
| Beta vs S&P 500 | 0.77 | 0.46 |
| Max drawdown (3Y) | -14.1% | -26.2% |
| Market cap | – | $107.1B |
| P/E (trailing) | – | 18.7 |
| Dividend yield | 3.19% | 0.00% |
| 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 | IBN |
|---|---|---|
| 2022 | -14.4% | +11.3% |
| 2023 | +18.4% | +9.8% |
| 2024 | +3.5% | +26.3% |
| 2025 | +31.5% | +0.6% |
| 2026 | +14.3% | +1.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EFA and IBN good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EFA and IBN?
The EFA/IBN correlation stands at 0.45 on a 3-year window (1 year: 0.56, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is IBN a good diversifier for EFA?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 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-ibn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/efa-vs-ibn/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EFA correlations · IBN correlations
