EXG vs IEFA: Correlation
Measured on weekly returns over the past three years, Eaton Vance Tax-Managed Global Diversified Equity Income (EXG) and iShares Core MSCI EAFE ETF (IEFA) carry a correlation of 0.85, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXG and IEFA?
Across a 3-year window, the weekly returns of EXG and IEFA correlate at 0.85, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.85 lands near the 3-year figure. Stretching to 5 years gives 0.80, with an annualized covariance of 190.1 %².
Among the 32 assets we track against EXG, IEFA ranks #7 by 3-year correlation. Their 12-month results are close: +22.0% for EXG against +21.8% for IEFA.
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.
EXG vs IEFA: side by side
| EXG (Eaton Vance Tax-Managed Global Diversified Equity Income) | IEFA (iShares Core MSCI EAFE ETF) | |
|---|---|---|
| 1-year return | +22.0% | +21.8% |
| 5-year return | +45.8% | +54.5% |
| Volatility (ann.) | 15.0% | 15.0% |
| Beta vs S&P 500 | 0.91 | 0.77 |
| Max drawdown (3Y) | -15.1% | -13.8% |
| Market cap | – | – |
| P/E (trailing) | 4.5 | – |
| Dividend yield | 0.00% | 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 | EXG | IEFA |
|---|---|---|
| 2022 | -22.2% | -15.2% |
| 2023 | +11.4% | +18.0% |
| 2024 | +16.1% | +3.3% |
| 2025 | +27.8% | +32.1% |
| 2026 | +10.7% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXG and IEFA good diversifiers for each other?
No: a correlation of 0.85 means EXG and IEFA tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between EXG and IEFA?
As of 2026-08-27, the correlation of weekly returns between EXG and IEFA is 0.85 over 3 years, 0.85 over 1 year and 0.80 over 5 years.
Is IEFA a good diversifier for EXG?
No: a correlation of 0.85 means EXG and IEFA tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.85 mean?
A reading of 0.85 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/exg-vs-iefa.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/exg-vs-iefa/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EXG correlations · IEFA correlations
