IEFA vs MT: Correlation
Measured on weekly returns over the past three years, iShares Core MSCI EAFE ETF (IEFA) and Arcelor Mittal NY Registry Shares NEW (MT) carry a correlation of 0.70, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IEFA and MT?
On 3 years of weekly data the IEFA/MT correlation comes out at 0.70, strong. Recent behaviour matches the longer record: 0.71 over 1 year against 0.70 over 3. The 5-year figure is 0.71, and annualized covariance runs at 389.9 %².
By 3-year correlation, MT places #38 of the 111 assets tracked against IEFA. The last year tells two different stories: MT led by 108.4 percentage points, +21.8% for IEFA against +130.2% for MT. Risk is not evenly split, since MT carries 2.5 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 MT: side by side
| IEFA (iShares Core MSCI EAFE ETF) | MT (Arcelor Mittal NY Registry Shares NEW) | |
|---|---|---|
| 1-year return | +21.8% | +130.2% |
| 5-year return | +54.5% | +134.6% |
| Volatility (ann.) | 15.0% | 37.2% |
| Beta vs S&P 500 | 0.77 | 1.19 |
| Max drawdown (3Y) | -13.8% | -30.8% |
| Market cap | – | $56.3B |
| P/E (trailing) | – | 31.4 |
| Dividend yield | 3.35% | 0.81% |
| 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 | MT |
|---|---|---|
| 2022 | -15.2% | -16.4% |
| 2023 | +18.0% | +10.3% |
| 2024 | +3.3% | -16.9% |
| 2025 | +32.1% | +100.1% |
| 2026 | +14.5% | +64.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.12% of IEFA is MT itself, so the fund partly moves with the stock by construction.
Are IEFA and MT good diversifiers for each other?
To a limited degree. At 0.70 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between IEFA and MT?
As of 2026-08-27, the correlation of weekly returns between IEFA and MT is 0.70 over 3 years, 0.71 over 1 year and 0.71 over 5 years.
Is MT a good diversifier for IEFA?
To a limited degree. At 0.70 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.70 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-mt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iefa-vs-mt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IEFA correlations · MT correlations
