IEFA vs OTIS: Correlation
How closely do iShares Core MSCI EAFE ETF (IEFA) and Otis Worldwide (OTIS) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IEFA and OTIS?
On 3 years of weekly data the IEFA/OTIS correlation comes out at 0.53, moderate. Little has changed lately, as the 1-year reading of 0.58 lands near the 3-year figure. The 5-year figure is 0.61, and annualized covariance runs at 153.1 %².
Within IEFA's tracked universe of 111 assets, OTIS comes in at #82 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months IEFA outperformed by 38.6 percentage points (+21.8% for IEFA against -16.8% for OTIS). The rolling one-year correlation moved between 0.43 and 0.75 over the past three years, a moderate range.
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 OTIS: side by side
| IEFA (iShares Core MSCI EAFE ETF) | OTIS (Otis Worldwide) | |
|---|---|---|
| 1-year return | +21.8% | -16.8% |
| 5-year return | +54.5% | -15.9% |
| Volatility (ann.) | 15.0% | 19.1% |
| Beta vs S&P 500 | 0.77 | 0.59 |
| Max drawdown (3Y) | -13.8% | -32.4% |
| Market cap | – | $27.2B |
| P/E (trailing) | – | 18.4 |
| Dividend yield | 3.35% | 2.35% |
| Expense ratio | 0.07% | – |
| Assets under management | $190.1B | – |
| Sector / category | ETF · International | Industrials |
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 | OTIS |
|---|---|---|
| 2022 | -15.2% | -8.8% |
| 2023 | +18.0% | +16.0% |
| 2024 | +3.3% | +5.2% |
| 2025 | +32.1% | -4.0% |
| 2026 | +14.5% | -16.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IEFA and OTIS good diversifiers for each other?
Only partially. A correlation of 0.53 means IEFA and OTIS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between IEFA and OTIS?
The IEFA/OTIS correlation stands at 0.53 on a 3-year window (1 year: 0.58, 5 years: 0.61), computed from weekly returns as of 2026-08-27.
Is OTIS a good diversifier for IEFA?
Only partially. A correlation of 0.53 means IEFA and OTIS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 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.
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Related comparisons
Hubs: IEFA correlations · OTIS correlations
