CAAP vs MXF: Correlation
Measured on weekly returns over the past three years, Corporacion America Airports SA (CAAP) and Mexico Fund, Inc. (The) (MXF) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAAP and MXF?
Over the past 3 years, CAAP and MXF moved with a correlation of 0.55, which is moderate. The relationship has been stable: the 1-year correlation (0.50) sits close to the 3-year figure. Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 398.7 %².
Within CAAP's tracked universe of 11 assets, MXF comes in at #4 by 3-year correlation. The trailing year gives MXF the advantage: +16.5% versus +29.5%, a 13.0-point spread. Note the risk asymmetry: CAAP runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CAAP vs MXF: side by side
| CAAP (Corporacion America Airports SA) | MXF (Mexico Fund, Inc. (The)) | |
|---|---|---|
| 1-year return | +16.5% | +29.5% |
| 5-year return | +323.5% | +82.1% |
| Volatility (ann.) | 33.9% | 21.3% |
| Beta vs S&P 500 | 0.91 | 0.67 |
| Max drawdown (3Y) | -26.6% | -30.7% |
| Market cap | $4.0B | $0.3B |
| P/E (trailing) | 14.0 | 3.4 |
| Dividend yield | 3.70% | 5.43% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAAP | MXF |
|---|---|---|
| 2022 | +51.3% | -1.7% |
| 2023 | +84.0% | +35.8% |
| 2024 | +16.2% | -27.1% |
| 2025 | +39.3% | +61.9% |
| 2026 | -7.0% | +14.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAAP and MXF good diversifiers for each other?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CAAP and MXF?
The CAAP/MXF correlation stands at 0.55 on a 3-year window (1 year: 0.50, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is MXF a good diversifier for CAAP?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.55 mean?
A reading of 0.55 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/caap-vs-mxf.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/caap-vs-mxf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CAAP correlations · MXF correlations
