FER vs IEFA: Correlation
Measured on weekly returns over the past three years, Ferrovial N.V. (FER) and iShares Core MSCI EAFE ETF (IEFA) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FER and IEFA?
On 3 years of weekly data the FER/IEFA correlation comes out at 0.52, moderate. The past 12 months show a tighter link (0.79) than the 3-year average (0.52). The 5-year figure is 0.36, and annualized covariance runs at 222.4 %².
In FER's tracked universe of 11 assets, IEFA sits right near the top at #2. Over the last 12 months IEFA came out ahead by 11.9 percentage points (+9.9% against +21.8%). One caveat on sizing: FER is 1.9 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.
FER vs IEFA: side by side
| FER (Ferrovial N.V.) | IEFA (iShares Core MSCI EAFE ETF) | |
|---|---|---|
| 1-year return | +9.9% | +21.8% |
| 5-year return | +129.1% | +54.5% |
| Volatility (ann.) | 28.5% | 15.0% |
| Beta vs S&P 500 | 0.65 | 0.77 |
| Max drawdown (3Y) | -20.2% | -13.8% |
| Market cap | $42.4B | – |
| P/E (trailing) | 61.9 | – |
| Dividend yield | 0.93% | 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 | FER | IEFA |
|---|---|---|
| 2022 | -5.6% | -15.2% |
| 2023 | +44.1% | +18.0% |
| 2024 | +21.3% | +3.3% |
| 2025 | +56.4% | +32.1% |
| 2026 | -8.1% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.11% of IEFA is FER itself, so the fund partly moves with the stock by construction.
Are FER and IEFA good diversifiers for each other?
Only partially. A correlation of 0.52 means FER and IEFA 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 FER and IEFA?
Using weekly returns as of 2026-08-27: 0.52 over 3 years, with 0.79 over the last year and 0.36 over 5 years.
Is IEFA a good diversifier for FER?
Only partially. A correlation of 0.52 means FER and IEFA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 mean?
On the −1 to +1 scale, 0.52 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/fer-vs-iefa.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fer-vs-iefa/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FER correlations · IEFA correlations
