GF vs IEFA: Correlation
New Germany Fund, Inc. (The) (GF) and iShares Core MSCI EAFE ETF (IEFA) show a strong relationship: their 3-year correlation of weekly returns is 0.75.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GF and IEFA?
Over the past 3 years, GF and IEFA moved with a correlation of 0.75, which is strong. The relationship has been stable: the 1-year correlation (0.69) sits close to the 3-year figure. Over 5 years the correlation is 0.82, and the annualized covariance of weekly returns is 235.4 %².
By 3-year correlation, IEFA places #4 of the 14 assets tracked against GF. Correlation aside, the last 12 months split them widely, with IEFA ahead by 19.0 points (+2.8% versus +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.
GF vs IEFA: side by side
| GF (New Germany Fund, Inc. (The)) | IEFA (iShares Core MSCI EAFE ETF) | |
|---|---|---|
| 1-year return | +2.8% | +21.8% |
| 5-year return | -16.5% | +54.5% |
| Volatility (ann.) | 20.9% | 15.0% |
| Beta vs S&P 500 | 0.76 | 0.77 |
| Max drawdown (3Y) | -18.1% | -13.8% |
| Market cap | – | – |
| P/E (trailing) | 3.4 | – |
| Dividend yield | 1.29% | 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 | GF | IEFA |
|---|---|---|
| 2022 | -42.2% | -15.2% |
| 2023 | +11.7% | +18.0% |
| 2024 | -10.0% | +3.3% |
| 2025 | +48.3% | +32.1% |
| 2026 | +3.9% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GF and IEFA good diversifiers for each other?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GF and IEFA?
Using weekly returns as of 2026-08-27: 0.75 over 3 years, with 0.69 over the last year and 0.82 over 5 years.
Is IEFA a good diversifier for GF?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.75 mean?
A reading of 0.75 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/gf-vs-iefa.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gf-vs-iefa/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GF correlations · IEFA correlations
