CX vs MXE: Correlation
Measured on weekly returns over the past three years, Cemex, S.A.B. de C.V. Sponsored ADR (CX) and Mexico Equity and Income Fund, Inc. (The) (MXE) carry a correlation of 0.63, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CX and MXE?
Across a 3-year window, the weekly returns of CX and MXE correlate at 0.63, strong. The past 12 months show a weaker link (0.50) than the 3-year average (0.63). Stretching to 5 years gives 0.64, with an annualized covariance of 468.5 %².
MXE is one of the assets that tracks CX most closely: it ranks #2 out of the 10 assets we track against CX. Twelve-month performance is nearly a tie, at +23.0% for CX and +23.2% for MXE. Risk is not evenly split, since CX carries 1.9 times the volatility of the other side.
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.
CX vs MXE: side by side
| CX (Cemex, S.A.B. de C.V. Sponsored ADR) | MXE (Mexico Equity and Income Fund, Inc. (The)) | |
|---|---|---|
| 1-year return | +23.0% | +23.2% |
| 5-year return | +37.2% | +16.5% |
| Volatility (ann.) | 37.4% | 19.9% |
| Beta vs S&P 500 | 1.14 | 0.54 |
| Max drawdown (3Y) | -44.4% | -28.8% |
| Market cap | – | $0.1B |
| P/E (trailing) | 31.2 | 2.7 |
| Dividend yield | 0.00% | 1.74% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CX | MXE |
|---|---|---|
| 2022 | -40.3% | -1.6% |
| 2023 | +91.4% | +31.0% |
| 2024 | -26.5% | -25.7% |
| 2025 | +105.1% | +57.1% |
| 2026 | -4.4% | +8.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CX and MXE good diversifiers for each other?
Only partially. A correlation of 0.63 means CX and MXE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CX and MXE?
As of 2026-08-27, the correlation of weekly returns between CX and MXE is 0.63 over 3 years, 0.50 over 1 year and 0.64 over 5 years.
Is MXE a good diversifier for CX?
Only partially. A correlation of 0.63 means CX and MXE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 mean?
A reading of 0.63 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/cx-vs-mxe.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cx-vs-mxe/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CX correlations · MXE correlations
