IEFA vs MDWD: Correlation
Measured on weekly returns over the past three years, iShares Core MSCI EAFE ETF (IEFA) and MediWound Ltd. (MDWD) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IEFA and MDWD?
Over the past 3 years, IEFA and MDWD moved with a correlation of 0.37, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.22 versus 0.37 over 3 years. Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 282.7 %².
Within IEFA's tracked universe of 111 assets, MDWD comes in at #99 by 3-year correlation. Correlation aside, the last 12 months split them widely, with IEFA ahead by 43.9 points (+21.8% versus -22.1%). Risk is not evenly split, since MDWD carries 3.4 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 MDWD: side by side
| IEFA (iShares Core MSCI EAFE ETF) | MDWD (MediWound Ltd.) | |
|---|---|---|
| 1-year return | +21.8% | -22.1% |
| 5-year return | +54.5% | -47.2% |
| Volatility (ann.) | 15.0% | 51.6% |
| Beta vs S&P 500 | 0.77 | 0.98 |
| Max drawdown (3Y) | -13.8% | -42.9% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 3.35% | 0.00% |
| Expense ratio | 0.07% | – |
| Assets under management | $190.1B | – |
| Sector / category | ETF · International | US Listed |
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 | MDWD |
|---|---|---|
| 2022 | -15.2% | -18.3% |
| 2023 | +18.0% | -24.6% |
| 2024 | +3.3% | +75.0% |
| 2025 | +32.1% | +3.7% |
| 2026 | +14.5% | -28.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IEFA and MDWD good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between IEFA and MDWD?
The IEFA/MDWD correlation stands at 0.37 on a 3-year window (1 year: 0.22, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is MDWD a good diversifier for IEFA?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 mean?
A reading of 0.37 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/iefa-vs-mdwd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iefa-vs-mdwd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IEFA correlations · MDWD correlations
