Does overclocking the cpu affect the integrated gpu

So recently my gtx970 died. So now I'm stuck on integrated graphics on my i7 4700k. Right now my CPU is water cooled because I can't stand very much noise when I'm trying to work on a project. I'm not currently over clocking because I don't want to break my CPU. However I'm willing to overclock a little if it means making my graphics run faster. Does overclocking my CPU affect the graphics?