IEFA vs MFG: Correlation
iShares Core MSCI EAFE ETF (IEFA) and Mizuho Financial Group, Inc. Sponosred ADR (Japan) (MFG) show a moderate relationship: their 3-year correlation of weekly returns is 0.59.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IEFA and MFG?
On 3 years of weekly data the IEFA/MFG correlation comes out at 0.59, moderate. Little has changed lately, as the 1-year reading of 0.57 lands near the 3-year figure. The 5-year figure is 0.54, and annualized covariance runs at 298.0 %².
Within IEFA's tracked universe of 111 assets, MFG comes in at #70 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MFG outperformed by 37.3 percentage points (+21.8% for IEFA against +59.1% for MFG). Note the risk asymmetry: MFG runs 2.3 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 MFG: side by side
| IEFA (iShares Core MSCI EAFE ETF) | MFG (Mizuho Financial Group, Inc. Sponosred ADR (Japan)) | |
|---|---|---|
| 1-year return | +21.8% | +59.1% |
| 5-year return | +54.5% | +297.9% |
| Volatility (ann.) | 15.0% | 33.9% |
| Beta vs S&P 500 | 0.77 | 1.03 |
| Max drawdown (3Y) | -13.8% | -28.3% |
| Market cap | – | $126.8B |
| P/E (trailing) | – | 14.9 |
| Dividend yield | 3.35% | 1387.56% |
| Expense ratio | 0.07% | – |
| Assets under management | $190.1B | – |
| Sector / category | ETF · International | US Listed |
IEFA is a Foreign Large Blend fund from iShares: $190.1B under management, 1620 holdings, a 0.07% expense ratio, a 3.35% trailing dividend yield.
Year-by-year returns
| Year | IEFA | MFG |
|---|---|---|
| 2022 | -15.2% | +11.4% |
| 2023 | +18.0% | +21.1% |
| 2024 | +3.3% | +47.9% |
| 2025 | +32.1% | +52.5% |
| 2026 | +14.5% | +42.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IEFA and MFG good diversifiers for each other?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IEFA and MFG?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.57 over the last year and 0.54 over 5 years.
Is MFG a good diversifier for IEFA?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.59 mean?
A reading of 0.59 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-mfg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iefa-vs-mfg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IEFA correlations · MFG correlations
