IEFA vs IFF: Correlation
iShares Core MSCI EAFE ETF (IEFA) and International Flavors & Fragrances (IFF) show a moderate relationship: their 3-year correlation of weekly returns is 0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IEFA and IFF?
Over the past 3 years, IEFA and IFF moved with a correlation of 0.51, which is moderate. The past 12 months show a tighter link (0.64) than the 3-year average (0.51). Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 226.0 %².
By 3-year correlation, IFF places #89 of the 111 assets tracked against IEFA. Over the last 12 months IFF came out ahead by 11.4 percentage points (+21.8% against +33.2%). The link looks structural: the rolling one-year correlation barely moved, holding between 0.40 and 0.64. Note the risk asymmetry: IFF runs 2.0 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.
IEFA vs IFF: side by side
| IEFA (iShares Core MSCI EAFE ETF) | IFF (International Flavors & Fragrances) | |
|---|---|---|
| 1-year return | +21.8% | +33.2% |
| 5-year return | +54.5% | -34.3% |
| Volatility (ann.) | 15.0% | 29.5% |
| Beta vs S&P 500 | 0.77 | 0.69 |
| Max drawdown (3Y) | -13.8% | -42.6% |
| Market cap | – | $22.2B |
| P/E (trailing) | – | – |
| Dividend yield | 3.35% | 1.84% |
| Expense ratio | 0.07% | – |
| Assets under management | $190.1B | – |
| Sector / category | ETF · International | Materials |
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 | IEFA | IFF |
|---|---|---|
| 2022 | -15.2% | -28.3% |
| 2023 | +18.0% | -19.5% |
| 2024 | +3.3% | +6.3% |
| 2025 | +32.1% | -18.4% |
| 2026 | +14.5% | +30.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IEFA and IFF good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IEFA and IFF?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.64 over the last year and 0.57 over 5 years.
Is IFF a good diversifier for IEFA?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.51 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/iefa-vs-iff.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iefa-vs-iff/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IEFA correlations · IFF correlations
