EFA vs PPG: Correlation
How closely do iShares MSCI EAFE ETF (EFA) and PPG Industries (PPG) trade together? Their weekly returns over three years give a correlation of 0.67, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EFA and PPG?
On 3 years of weekly data the EFA/PPG correlation comes out at 0.67, strong. The relationship has been stable: the 1-year correlation (0.64) sits close to the 3-year figure. The 5-year figure is 0.73, and annualized covariance runs at 256.8 %².
Within EFA's tracked universe of 109 assets, PPG comes in at #43 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months EFA outperformed by 18.1 percentage points (+21.9% for EFA against +3.8% for PPG). The link looks structural: the rolling one-year correlation barely moved, holding between 0.63 and 0.78. Risk is not evenly split, since PPG carries 1.7 times the volatility of the other side.
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 PPG: side by side
| EFA (iShares MSCI EAFE ETF) | PPG (PPG Industries) | |
|---|---|---|
| 1-year return | +21.9% | +3.8% |
| 5-year return | +56.7% | -22.0% |
| Volatility (ann.) | 14.9% | 25.5% |
| Beta vs S&P 500 | 0.77 | 0.90 |
| Max drawdown (3Y) | -14.1% | -37.4% |
| Market cap | – | $25.2B |
| P/E (trailing) | – | 16.4 |
| Dividend yield | 3.19% | 2.48% |
| Expense ratio | 0.32% | – |
| Assets under management | $78.0B | – |
| Sector / category | ETF · International | Materials |
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 | PPG |
|---|---|---|
| 2022 | -14.4% | -25.7% |
| 2023 | +18.4% | +21.2% |
| 2024 | +3.5% | -18.5% |
| 2025 | +31.5% | -12.0% |
| 2026 | +14.3% | +12.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EFA and PPG good diversifiers for each other?
Only partially. A correlation of 0.67 means EFA and PPG 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 PPG?
Using weekly returns as of 2026-08-27: 0.67 over 3 years, with 0.64 over the last year and 0.73 over 5 years.
Is PPG a good diversifier for EFA?
Only partially. A correlation of 0.67 means EFA and PPG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.67 mean?
On the −1 to +1 scale, 0.67 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-ppg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/efa-vs-ppg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EFA correlations · PPG correlations
