ECX vs MCN: Correlation
ECARX Holdings Inc. - Class A (ECX) and XAI Madison Equity Premium Income Fund (MCN) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ECX and MCN?
On 3 years of weekly data the ECX/MCN correlation comes out at 0.38, moderate. Recent behaviour matches the longer record: 0.33 over 1 year against 0.38 over 3. The 5-year figure is 0.18, and annualized covariance runs at 492.6 %².
In ECX's tracked universe of 12 assets, MCN sits right near the top at #1. Correlation aside, the last 12 months split them widely, with MCN ahead by 34.9 points (-33.1% versus +1.8%). One caveat on sizing: ECX is 6.7 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.
ECX vs MCN: side by side
| ECX (ECARX Holdings Inc. - Class A) | MCN (XAI Madison Equity Premium Income Fund) | |
|---|---|---|
| 1-year return | -33.1% | +1.8% |
| 5-year return | -88.9% | +17.0% |
| Volatility (ann.) | 93.0% | 13.9% |
| Beta vs S&P 500 | 1.61 | 0.46 |
| Max drawdown (3Y) | -82.6% | -24.5% |
| Market cap | $0.4B | $0.1B |
| P/E (trailing) | – | 18.2 |
| Dividend yield | 0.00% | 12.74% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ECX | MCN |
|---|---|---|
| 2022 | -18.1% | +6.3% |
| 2023 | -60.5% | +7.0% |
| 2024 | -33.2% | -1.5% |
| 2025 | -18.5% | +0.7% |
| 2026 | -37.8% | +2.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ECX and MCN good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ECX and MCN?
The ECX/MCN correlation stands at 0.38 on a 3-year window (1 year: 0.33, 5 years: 0.18), computed from weekly returns as of 2026-08-27.
Is MCN a good diversifier for ECX?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ecx-vs-mcn.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ecx-vs-mcn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ECX correlations · MCN correlations
