GEHC vs IEFA: Correlation
Measured on weekly returns over the past three years, GE HealthCare (GEHC) and iShares Core MSCI EAFE ETF (IEFA) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GEHC and IEFA?
Over the past 3 years, GEHC and IEFA moved with a correlation of 0.60, which is strong. Little has changed lately, as the 1-year reading of 0.52 lands near the 3-year figure. Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 290.8 %².
Within GEHC's tracked universe of 52 assets, IEFA comes in at #12 by 3-year correlation. The last year tells two different stories: IEFA led by 24.0 percentage points, -2.2% for GEHC against +21.8% for IEFA. This link changes with the market regime, having swung between 0.27 and 0.80 on a rolling one-year basis. Note the risk asymmetry: GEHC runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
GEHC vs IEFA: side by side
| GEHC (GE HealthCare) | IEFA (iShares Core MSCI EAFE ETF) | |
|---|---|---|
| 1-year return | -2.2% | +21.8% |
| 5-year return | n/a | +54.5% |
| Volatility (ann.) | 32.4% | 15.0% |
| Beta vs S&P 500 | 1.22 | 0.77 |
| Max drawdown (3Y) | -37.4% | -13.8% |
| Market cap | $32.7B | – |
| P/E (trailing) | 16.9 | – |
| Dividend yield | 0.19% | 3.35% |
| Expense ratio | – | 0.07% |
| Assets under management | – | $190.1B |
| Sector / category | Health Care | 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 | GEHC | IEFA |
|---|---|---|
| 2022 | – | -15.2% |
| 2023 | +32.6% | +18.0% |
| 2024 | +1.3% | +3.3% |
| 2025 | +5.1% | +32.1% |
| 2026 | -11.5% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GEHC and IEFA good diversifiers for each other?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between GEHC and IEFA?
Using weekly returns as of 2026-08-27: 0.60 over 3 years, with 0.52 over the last year and 0.58 over 5 years.
Is IEFA a good diversifier for GEHC?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.60 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/gehc-vs-iefa.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gehc-vs-iefa/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GEHC correlations · IEFA correlations
