IEFA vs MXF: Correlation
Measured on weekly returns over the past three years, iShares Core MSCI EAFE ETF (IEFA) and Mexico Fund, Inc. (The) (MXF) carry a correlation of 0.65, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IEFA and MXF?
Across a 3-year window, the weekly returns of IEFA and MXF correlate at 0.65, strong. The relationship has been stable: the 1-year correlation (0.75) sits close to the 3-year figure. Stretching to 5 years gives 0.67, with an annualized covariance of 206.7 %².
Within IEFA's tracked universe of 111 assets, MXF comes in at #50 by 3-year correlation. On 12-month performance MXF holds a 7.7-point edge, +21.8% against +29.5%.
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 MXF: side by side
| IEFA (iShares Core MSCI EAFE ETF) | MXF (Mexico Fund, Inc. (The)) | |
|---|---|---|
| 1-year return | +21.8% | +29.5% |
| 5-year return | +54.5% | +82.1% |
| Volatility (ann.) | 15.0% | 21.3% |
| Beta vs S&P 500 | 0.77 | 0.67 |
| Max drawdown (3Y) | -13.8% | -30.7% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 3.4 |
| Dividend yield | 3.35% | 5.43% |
| 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 | MXF |
|---|---|---|
| 2022 | -15.2% | -1.7% |
| 2023 | +18.0% | +35.8% |
| 2024 | +3.3% | -27.1% |
| 2025 | +32.1% | +61.9% |
| 2026 | +14.5% | +14.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IEFA and MXF good diversifiers for each other?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IEFA and MXF?
Using weekly returns as of 2026-08-27: 0.65 over 3 years, with 0.75 over the last year and 0.67 over 5 years.
Is MXF a good diversifier for IEFA?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.65 mean?
On the −1 to +1 scale, 0.65 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-mxf.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iefa-vs-mxf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IEFA correlations · MXF correlations
