EFA vs MFG: Correlation
How closely do iShares MSCI EAFE ETF (EFA) and Mizuho Financial Group, Inc. Sponosred ADR (Japan) (MFG) trade together? Their weekly returns over three years give a correlation of 0.59, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EFA and MFG?
Across a 3-year window, the weekly returns of EFA and MFG correlate at 0.59, moderate. The relationship has been stable: the 1-year correlation (0.57) sits close to the 3-year figure. Stretching to 5 years gives 0.54, with an annualized covariance of 296.8 %².
By 3-year correlation, MFG places #68 of the 109 assets tracked against EFA. Their recent paths diverged sharply: over the last 12 months MFG outperformed by 37.2 percentage points (+21.9% for EFA against +59.1% for MFG). One caveat on sizing: MFG is 2.3 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 MFG: side by side
| EFA (iShares MSCI EAFE ETF) | MFG (Mizuho Financial Group, Inc. Sponosred ADR (Japan)) | |
|---|---|---|
| 1-year return | +21.9% | +59.1% |
| 5-year return | +56.7% | +297.9% |
| Volatility (ann.) | 14.9% | 33.9% |
| Beta vs S&P 500 | 0.77 | 1.03 |
| Max drawdown (3Y) | -14.1% | -28.3% |
| Market cap | – | $126.8B |
| P/E (trailing) | – | 14.9 |
| Dividend yield | 3.19% | 1387.56% |
| 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 | MFG |
|---|---|---|
| 2022 | -14.4% | +11.4% |
| 2023 | +18.4% | +21.1% |
| 2024 | +3.5% | +47.9% |
| 2025 | +31.5% | +52.5% |
| 2026 | +14.3% | +42.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EFA and MFG good diversifiers for each other?
Only partially. A correlation of 0.59 means EFA and MFG 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 MFG?
The EFA/MFG correlation stands at 0.59 on a 3-year window (1 year: 0.57, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is MFG a good diversifier for EFA?
Only partially. A correlation of 0.59 means EFA and MFG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.59 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-mfg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/efa-vs-mfg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EFA correlations · MFG correlations
