AWX vs FMX: Correlation
How closely do Avalon Holdings Corporation (AWX) and Fomento Economico Mexicano S.A.B. de C.V. (FMX) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWX and FMX?
Over the past 3 years, AWX and FMX moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.19 lands near the 3-year figure. Over 5 years the correlation is -0.12, and the annualized covariance of weekly returns is -201.5 %².
FMX is close to the least connected end of AWX's tracked universe, ranking #10 of 12. Their recent paths diverged sharply: over the last 12 months FMX outperformed by 33.6 percentage points (+8.9% for AWX against +42.5% for FMX).
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.
AWX vs FMX: side by side
| AWX (Avalon Holdings Corporation) | FMX (Fomento Economico Mexicano S.A.B. de C.V.) | |
|---|---|---|
| 1-year return | +8.9% | +42.5% |
| 5-year return | -37.9% | +63.2% |
| Volatility (ann.) | 35.1% | 25.5% |
| Beta vs S&P 500 | 0.10 | 0.35 |
| Max drawdown (3Y) | -51.9% | -41.3% |
| Market cap | – | $41.0B |
| P/E (trailing) | 9.0 | 23.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AWX | FMX |
|---|---|---|
| 2022 | -23.8% | +2.9% |
| 2023 | -13.1% | +70.1% |
| 2024 | +61.9% | -32.6% |
| 2025 | -30.5% | +24.1% |
| 2026 | +0.4% | +22.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWX and FMX good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AWX and FMX?
As of 2026-08-27, the correlation of weekly returns between AWX and FMX is -0.23 over 3 years, -0.19 over 1 year and -0.12 over 5 years.
Is FMX a good diversifier for AWX?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 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: AWX correlations · FMX correlations
