BUD vs FMX: Correlation
Measured on weekly returns over the past three years, Anheuser-Busch Inbev SA Sponsored ADR (Belgium) (BUD) and Fomento Economico Mexicano S.A.B. de C.V. (FMX) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BUD and FMX?
Across a 3-year window, the weekly returns of BUD and FMX correlate at 0.44, moderate. Recent behaviour matches the longer record: 0.47 over 1 year against 0.44 over 3. Stretching to 5 years gives 0.44, with an annualized covariance of 301.2 %².
By 3-year correlation, FMX places #8 of the 15 assets tracked against BUD. Over the last 12 months FMX came out ahead by 14.7 percentage points (+27.8% against +42.5%).
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.
BUD vs FMX: side by side
| BUD (Anheuser-Busch Inbev SA Sponsored ADR (Belgium)) | FMX (Fomento Economico Mexicano S.A.B. de C.V.) | |
|---|---|---|
| 1-year return | +27.8% | +42.5% |
| 5-year return | +39.0% | +63.2% |
| Volatility (ann.) | 26.7% | 25.5% |
| Beta vs S&P 500 | 0.38 | 0.35 |
| Max drawdown (3Y) | -31.5% | -41.3% |
| Market cap | $155.8B | $41.0B |
| P/E (trailing) | 16.9 | 23.8 |
| Dividend yield | 1.50% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BUD | FMX |
|---|---|---|
| 2022 | +0.1% | +2.9% |
| 2023 | +9.0% | +70.1% |
| 2024 | -21.4% | -32.6% |
| 2025 | +30.1% | +24.1% |
| 2026 | +25.4% | +22.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BUD and FMX good diversifiers for each other?
Reasonably. At 0.44, BUD and FMX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BUD and FMX?
The BUD/FMX correlation stands at 0.44 on a 3-year window (1 year: 0.47, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is FMX a good diversifier for BUD?
Reasonably. At 0.44, BUD and FMX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 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: BUD correlations · FMX correlations
