EFA vs MT: Correlation
How closely do iShares MSCI EAFE ETF (EFA) and Arcelor Mittal NY Registry Shares NEW (MT) trade together? Their weekly returns over three years give a correlation of 0.69, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EFA and MT?
On 3 years of weekly data the EFA/MT correlation comes out at 0.69, strong. Little has changed lately, as the 1-year reading of 0.71 lands near the 3-year figure. The 5-year figure is 0.70, and annualized covariance runs at 386.3 %².
Among the 109 assets we track against EFA, MT ranks #42 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MT outperformed by 108.3 percentage points (+21.9% for EFA against +130.2% for MT). Note the risk asymmetry: MT runs 2.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 MT: side by side
| EFA (iShares MSCI EAFE ETF) | MT (Arcelor Mittal NY Registry Shares NEW) | |
|---|---|---|
| 1-year return | +21.9% | +130.2% |
| 5-year return | +56.7% | +134.6% |
| Volatility (ann.) | 14.9% | 37.2% |
| Beta vs S&P 500 | 0.77 | 1.19 |
| Max drawdown (3Y) | -14.1% | -30.8% |
| Market cap | – | $56.3B |
| P/E (trailing) | – | 31.4 |
| Dividend yield | 3.19% | 0.81% |
| 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 | MT |
|---|---|---|
| 2022 | -14.4% | -16.4% |
| 2023 | +18.4% | +10.3% |
| 2024 | +3.5% | -16.9% |
| 2025 | +31.5% | +100.1% |
| 2026 | +14.3% | +64.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
MT represents 0.14% of EFA's portfolio, so part of any move in EFA is MT itself, and the correlation between them is partly mechanical.
Are EFA and MT good diversifiers for each other?
Only partially. A correlation of 0.69 means EFA and MT 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 MT?
Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.71 over the last year and 0.70 over 5 years.
Is MT a good diversifier for EFA?
Only partially. A correlation of 0.69 means EFA and MT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.69 mean?
A reading of 0.69 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/efa-vs-mt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/efa-vs-mt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EFA correlations · MT correlations
