IEFA vs MACI: Correlation
Measured on weekly returns over the past three years, iShares Core MSCI EAFE ETF (IEFA) and Melar Acquisition Corp. I - Class A (MACI) carry a correlation of -0.17, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IEFA and MACI?
On 3 years of weekly data the IEFA/MACI correlation comes out at -0.17, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.33 versus -0.17 over 3 years. The 5-year figure is n/a, and annualized covariance runs at -5.5 %².
By 3-year correlation, MACI places #102 of the 111 assets tracked against IEFA. Correlation aside, the last 12 months split them widely, with IEFA ahead by 17.4 points (+21.8% versus +4.4%). Risk is not evenly split, since IEFA carries 7.1 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.
IEFA vs MACI: side by side
| IEFA (iShares Core MSCI EAFE ETF) | MACI (Melar Acquisition Corp. I - Class A) | |
|---|---|---|
| 1-year return | +21.8% | +4.4% |
| 5-year return | +54.5% | n/a |
| Volatility (ann.) | 15.0% | 2.1% |
| Beta vs S&P 500 | 0.77 | -0.03 |
| Max drawdown (3Y) | -13.8% | -2.0% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | 60.9 |
| Dividend yield | 3.35% | 0.00% |
| Expense ratio | 0.07% | – |
| Assets under management | $190.1B | – |
| Sector / category | ETF · International | US Listed |
On the fund side, IEFA sits in the Foreign Large Blend category at iShares, with $190.1B under management, 1620 holdings, a 0.07% expense ratio, a 3.35% trailing dividend yield.
Year-by-year returns
| Year | IEFA | MACI |
|---|---|---|
| 2022 | -15.2% | – |
| 2023 | +18.0% | – |
| 2024 | +3.3% | – |
| 2025 | +32.1% | +5.7% |
| 2026 | +14.5% | +3.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IEFA and MACI good diversifiers for each other?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between IEFA and MACI?
Using weekly returns as of 2026-08-27: -0.17 over 3 years, with -0.33 over the last year and n/a over 5 years.
Is MACI a good diversifier for IEFA?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.17 mean?
On the −1 to +1 scale, -0.17 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/iefa-vs-maci.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iefa-vs-maci/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IEFA correlations · MACI correlations
