IEFA vs PPG: Correlation
iShares Core MSCI EAFE ETF (IEFA) and PPG Industries (PPG) show a strong relationship: their 3-year correlation of weekly returns is 0.67.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IEFA and PPG?
Across a 3-year window, the weekly returns of IEFA and PPG correlate at 0.67, strong. Little has changed lately, as the 1-year reading of 0.64 lands near the 3-year figure. Stretching to 5 years gives 0.73, with an annualized covariance of 257.2 %².
By 3-year correlation, PPG places #42 of the 111 assets tracked against IEFA. Correlation aside, the last 12 months split them widely, with IEFA ahead by 18.0 points (+21.8% versus +3.8%). The link looks structural: the rolling one-year correlation barely moved, holding between 0.65 and 0.78. One caveat on sizing: PPG is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 PPG: side by side
| IEFA (iShares Core MSCI EAFE ETF) | PPG (PPG Industries) | |
|---|---|---|
| 1-year return | +21.8% | +3.8% |
| 5-year return | +54.5% | -22.0% |
| Volatility (ann.) | 15.0% | 25.5% |
| Beta vs S&P 500 | 0.77 | 0.90 |
| Max drawdown (3Y) | -13.8% | -37.4% |
| Market cap | – | $25.2B |
| P/E (trailing) | – | 16.4 |
| Dividend yield | 3.35% | 2.48% |
| Expense ratio | 0.07% | – |
| Assets under management | $190.1B | – |
| Sector / category | ETF · International | Materials |
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 | PPG |
|---|---|---|
| 2022 | -15.2% | -25.7% |
| 2023 | +18.0% | +21.2% |
| 2024 | +3.3% | -18.5% |
| 2025 | +32.1% | -12.0% |
| 2026 | +14.5% | +12.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IEFA and PPG good diversifiers for each other?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IEFA and PPG?
The IEFA/PPG correlation stands at 0.67 on a 3-year window (1 year: 0.64, 5 years: 0.73), computed from weekly returns as of 2026-08-27.
Is PPG a good diversifier for IEFA?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.67 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-ppg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/iefa-vs-ppg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IEFA correlations · PPG correlations
