IEFA vs RACE: Correlation
Measured on weekly returns over the past three years, iShares Core MSCI EAFE ETF (IEFA) and Ferrari N.V. (RACE) carry a correlation of 0.53, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IEFA and RACE?
On 3 years of weekly data the IEFA/RACE correlation comes out at 0.53, moderate. Recent behaviour matches the longer record: 0.61 over 1 year against 0.53 over 3. The 5-year figure is 0.61, and annualized covariance runs at 262.5 %².
Within IEFA's tracked universe of 111 assets, RACE comes in at #83 by 3-year correlation. The last year tells two different stories: IEFA led by 32.6 percentage points, +21.8% for IEFA against -10.8% for RACE. Risk is not evenly split, since RACE carries 2.2 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 RACE: side by side
| IEFA (iShares Core MSCI EAFE ETF) | RACE (Ferrari N.V.) | |
|---|---|---|
| 1-year return | +21.8% | -10.8% |
| 5-year return | +54.5% | +98.0% |
| Volatility (ann.) | 15.0% | 32.9% |
| Beta vs S&P 500 | 0.77 | 0.99 |
| Max drawdown (3Y) | -13.8% | -39.2% |
| Market cap | – | $72.8B |
| P/E (trailing) | – | 38.2 |
| Dividend yield | 3.35% | 0.88% |
| Expense ratio | 0.07% | – |
| Assets under management | $190.1B | – |
| Sector / category | ETF · International | US Listed |
IEFA, iShares's Foreign Large Blend fund, carries $190.1B under management, 1620 holdings, a 0.07% expense ratio, a 3.35% trailing dividend yield.
Year-by-year returns
| Year | IEFA | RACE |
|---|---|---|
| 2022 | -15.2% | -16.7% |
| 2023 | +18.0% | +59.1% |
| 2024 | +3.3% | +26.3% |
| 2025 | +32.1% | -12.3% |
| 2026 | +14.5% | +13.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that IEFA holds RACE at a 0.19% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are IEFA and RACE good diversifiers for each other?
Only partially. A correlation of 0.53 means IEFA and RACE 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 RACE?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.61 over the last year and 0.61 over 5 years.
Is RACE a good diversifier for IEFA?
Only partially. A correlation of 0.53 means IEFA and RACE 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?
On the −1 to +1 scale, 0.53 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.
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Related comparisons
Hubs: IEFA correlations · RACE correlations
