As Carl Delfeld at ETF XRAY and Tom Lydon at ETF Trends have recently discussed, the pound has appreciated considerably in recent months as a result of persisting inflation in the British economy.  Although the results of such currency appreciation can be mixed depending on trade deficit in an economy, the general consensus has been that this should provide an overall boost to the ETF's holdings despite a trade deficit of approximately 4.3 billion pounds.  In order to better determine the historical relation between the Pound and the iShares MCSI UK Index, I have analyzed the return correlation of a number of relevant variables.