EFA vs MDWD: Correlation
iShares MSCI EAFE ETF (EFA) and MediWound Ltd. (MDWD) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EFA and MDWD?
Over the past 3 years, EFA and MDWD moved with a correlation of 0.37, which is moderate. The link has loosened recently: the 1-year correlation (0.22) runs below the 3-year figure (0.37). Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 283.4 %².
By 3-year correlation, MDWD places #97 of the 109 assets tracked against EFA. The last year tells two different stories: EFA led by 44.0 percentage points, +21.9% for EFA against -22.1% for MDWD. One caveat on sizing: MDWD is 3.5 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 MDWD: side by side
| EFA (iShares MSCI EAFE ETF) | MDWD (MediWound Ltd.) | |
|---|---|---|
| 1-year return | +21.9% | -22.1% |
| 5-year return | +56.7% | -47.2% |
| Volatility (ann.) | 14.9% | 51.6% |
| Beta vs S&P 500 | 0.77 | 0.98 |
| Max drawdown (3Y) | -14.1% | -42.9% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | – |
| 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 | MDWD |
|---|---|---|
| 2022 | -14.4% | -18.3% |
| 2023 | +18.4% | -24.6% |
| 2024 | +3.5% | +75.0% |
| 2025 | +31.5% | +3.7% |
| 2026 | +14.3% | -28.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EFA and MDWD good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between EFA and MDWD?
As of 2026-08-27, the correlation of weekly returns between EFA and MDWD is 0.37 over 3 years, 0.22 over 1 year and 0.37 over 5 years.
Is MDWD a good diversifier for EFA?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 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-mdwd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/efa-vs-mdwd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EFA correlations · MDWD correlations
