ETG vs IEFA: Correlation
Eaton Vance Tax-Advantaged Global Dividend Income Fund (ETG) and iShares Core MSCI EAFE ETF (IEFA) show a very strong relationship: their 3-year correlation of weekly returns is 0.84.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETG and IEFA?
Across a 3-year window, the weekly returns of ETG and IEFA correlate at 0.84, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.82 lands near the 3-year figure. Stretching to 5 years gives 0.82, with an annualized covariance of 211.5 %².
By 3-year correlation, IEFA places #9 of the 27 assets tracked against ETG. Neither side won the trailing year by much: +25.2% against +21.8%.
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.
ETG vs IEFA: side by side
| ETG (Eaton Vance Tax-Advantaged Global Dividend Income Fund) | IEFA (iShares Core MSCI EAFE ETF) | |
|---|---|---|
| 1-year return | +25.2% | +21.8% |
| 5-year return | +60.6% | +54.5% |
| Volatility (ann.) | 16.9% | 15.0% |
| Beta vs S&P 500 | 1.04 | 0.77 |
| Max drawdown (3Y) | -17.0% | -13.8% |
| Market cap | $1.9B | – |
| P/E (trailing) | 3.8 | – |
| Dividend yield | 6.41% | 3.35% |
| Expense ratio | – | 0.07% |
| Assets under management | – | $190.1B |
| Sector / category | US Listed | ETF · International |
IEFA, iShares's Foreign Large Blend fund, carries $190.1B under management, 1620 holdings, a 0.07% expense ratio, a 3.35% trailing dividend yield.
Year-by-year returns
| Year | ETG | IEFA |
|---|---|---|
| 2022 | -27.6% | -15.2% |
| 2023 | +22.0% | +18.0% |
| 2024 | +15.4% | +3.3% |
| 2025 | +36.9% | +32.1% |
| 2026 | +9.8% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETG and IEFA good diversifiers for each other?
No. With a correlation of 0.84, ETG and IEFA move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between ETG and IEFA?
Using weekly returns as of 2026-08-27: 0.84 over 3 years, with 0.82 over the last year and 0.82 over 5 years.
Is IEFA a good diversifier for ETG?
No. With a correlation of 0.84, ETG and IEFA move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.84 mean?
On the −1 to +1 scale, 0.84 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/etg-vs-iefa.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/etg-vs-iefa/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ETG correlations · IEFA correlations
