EFA vs RACE: Correlation
How closely do iShares MSCI EAFE ETF (EFA) and Ferrari N.V. (RACE) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EFA and RACE?
Over the past 3 years, EFA and RACE moved with a correlation of 0.54, which is moderate. Recent behaviour matches the longer record: 0.61 over 1 year against 0.54 over 3. Over 5 years the correlation is 0.61, and the annualized covariance of weekly returns is 264.4 %².
Within EFA's tracked universe of 109 assets, RACE comes in at #77 by 3-year correlation. Correlation aside, the last 12 months split them widely, with EFA ahead by 32.7 points (+21.9% versus -10.8%). One caveat on sizing: RACE is 2.2 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 RACE: side by side
| EFA (iShares MSCI EAFE ETF) | RACE (Ferrari N.V.) | |
|---|---|---|
| 1-year return | +21.9% | -10.8% |
| 5-year return | +56.7% | +98.0% |
| Volatility (ann.) | 14.9% | 32.9% |
| Beta vs S&P 500 | 0.77 | 0.99 |
| Max drawdown (3Y) | -14.1% | -39.2% |
| Market cap | – | $72.8B |
| P/E (trailing) | – | 38.2 |
| Dividend yield | 3.19% | 0.88% |
| 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 | RACE |
|---|---|---|
| 2022 | -14.4% | -16.7% |
| 2023 | +18.4% | +59.1% |
| 2024 | +3.5% | +26.3% |
| 2025 | +31.5% | -12.3% |
| 2026 | +14.3% | +13.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that EFA holds RACE at a 0.23% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are EFA and RACE good diversifiers for each other?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EFA and RACE?
The EFA/RACE correlation stands at 0.54 on a 3-year window (1 year: 0.61, 5 years: 0.61), computed from weekly returns as of 2026-08-27.
Is RACE a good diversifier for EFA?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.54 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.
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Related comparisons
Hubs: EFA correlations · RACE correlations
