CX vs MXF: Correlation
How closely do Cemex, S.A.B. de C.V. Sponsored ADR (CX) and Mexico Fund, Inc. (The) (MXF) trade together? Their weekly returns over three years give a correlation of 0.66, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CX and MXF?
On 3 years of weekly data the CX/MXF correlation comes out at 0.66, strong. Recent behaviour matches the longer record: 0.67 over 1 year against 0.66 over 3. The 5-year figure is 0.67, and annualized covariance runs at 528.8 %².
Few assets follow CX as closely as MXF, which ranks #1 of 10 tracked partners. The trailing year gives MXF the advantage: +23.0% versus +29.5%, a 6.5-point spread. One caveat on sizing: CX is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 MXF: side by side
| CX (Cemex, S.A.B. de C.V. Sponsored ADR) | MXF (Mexico Fund, Inc. (The)) | |
|---|---|---|
| 1-year return | +23.0% | +29.5% |
| 5-year return | +37.2% | +82.1% |
| Volatility (ann.) | 37.4% | 21.3% |
| Beta vs S&P 500 | 1.14 | 0.67 |
| Max drawdown (3Y) | -44.4% | -30.7% |
| Market cap | – | $0.3B |
| P/E (trailing) | 31.2 | 3.4 |
| Dividend yield | 0.00% | 5.43% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CX | MXF |
|---|---|---|
| 2022 | -40.3% | -1.7% |
| 2023 | +91.4% | +35.8% |
| 2024 | -26.5% | -27.1% |
| 2025 | +105.1% | +61.9% |
| 2026 | -4.4% | +14.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CX and MXF good diversifiers for each other?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CX and MXF?
Using weekly returns as of 2026-08-27: 0.66 over 3 years, with 0.67 over the last year and 0.67 over 5 years.
Is MXF a good diversifier for CX?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.66 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cx-vs-mxf.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cx-vs-mxf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CX correlations · MXF correlations
