EFA vs SAN: Correlation
iShares MSCI EAFE ETF (EFA) and Banco Santander, S.A. Sponsored ADR (Spain) (SAN) show a strong relationship: their 3-year correlation of weekly returns is 0.72.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EFA and SAN?
On 3 years of weekly data the EFA/SAN correlation comes out at 0.72, strong. The relationship has been stable: the 1-year correlation (0.74) sits close to the 3-year figure. The 5-year figure is 0.71, and annualized covariance runs at 313.9 %².
By 3-year correlation, SAN places #37 of the 109 assets tracked against EFA. Their recent paths diverged sharply: over the last 12 months SAN outperformed by 35.3 percentage points (+21.9% for EFA against +57.2% for SAN). One caveat on sizing: SAN is 2.0 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 SAN: side by side
| EFA (iShares MSCI EAFE ETF) | SAN (Banco Santander, S.A. Sponsored ADR (Spain)) | |
|---|---|---|
| 1-year return | +21.9% | +57.2% |
| 5-year return | +56.7% | +366.8% |
| Volatility (ann.) | 14.9% | 29.2% |
| Beta vs S&P 500 | 0.77 | 1.01 |
| Max drawdown (3Y) | -14.1% | -20.3% |
| Market cap | – | $211.5B |
| P/E (trailing) | – | 14.1 |
| Dividend yield | 3.19% | 0.85% |
| 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 | SAN |
|---|---|---|
| 2022 | -14.4% | -6.6% |
| 2023 | +18.4% | +46.2% |
| 2024 | +3.5% | +15.1% |
| 2025 | +31.5% | +161.6% |
| 2026 | +14.3% | +25.6% |
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 SAN at a 1.38% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are EFA and SAN good diversifiers for each other?
Only partially. A correlation of 0.72 means EFA and SAN 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 SAN?
As of 2026-08-27, the correlation of weekly returns between EFA and SAN is 0.72 over 3 years, 0.74 over 1 year and 0.71 over 5 years.
Is SAN a good diversifier for EFA?
Only partially. A correlation of 0.72 means EFA and SAN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.72 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-san.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/efa-vs-san/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EFA correlations · SAN correlations
