GRMN vs IEFA: Correlation
Measured on weekly returns over the past three years, Garmin (GRMN) and iShares Core MSCI EAFE ETF (IEFA) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GRMN and IEFA?
Over the past 3 years, GRMN and IEFA moved with a correlation of 0.49, which is moderate. The relationship has been stable: the 1-year correlation (0.45) sits close to the 3-year figure. Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 252.8 %².
Within GRMN's tracked universe of 36 assets, IEFA comes in at #12 by 3-year correlation. Twelve-month performance is nearly a tie, at +25.1% for GRMN and +21.8% for IEFA. Across three years, the rolling one-year figure varied moderately, from 0.22 to 0.68. Risk is not evenly split, since GRMN carries 2.3 times the volatility of the other side.
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.
GRMN vs IEFA: side by side
| GRMN (Garmin) | IEFA (iShares Core MSCI EAFE ETF) | |
|---|---|---|
| 1-year return | +25.1% | +21.8% |
| 5-year return | +80.9% | +54.5% |
| Volatility (ann.) | 34.7% | 15.0% |
| Beta vs S&P 500 | 1.06 | 0.77 |
| Max drawdown (3Y) | -28.0% | -13.8% |
| Market cap | $55.9B | – |
| P/E (trailing) | 29.9 | – |
| Dividend yield | 1.45% | 3.35% |
| Expense ratio | – | 0.07% |
| Assets under management | – | $190.1B |
| Sector / category | Consumer Discretionary | 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 | GRMN | IEFA |
|---|---|---|
| 2022 | -30.2% | -15.2% |
| 2023 | +43.1% | +18.0% |
| 2024 | +63.3% | +3.3% |
| 2025 | -0.1% | +32.1% |
| 2026 | +44.1% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GRMN and IEFA good diversifiers for each other?
Reasonably. At 0.49, GRMN and IEFA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GRMN and IEFA?
The GRMN/IEFA correlation stands at 0.49 on a 3-year window (1 year: 0.45, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is IEFA a good diversifier for GRMN?
Reasonably. At 0.49, GRMN and IEFA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.49 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/grmn-vs-iefa.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/grmn-vs-iefa/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GRMN correlations · IEFA correlations
