FFA vs MCN: Correlation
How closely do First Trust Enhanced Equity Income Fund (FFA) and XAI Madison Equity Premium Income Fund (MCN) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FFA and MCN?
Over the past 3 years, FFA and MCN moved with a correlation of 0.58, which is moderate. Recent behaviour matches the longer record: 0.60 over 1 year against 0.58 over 3. Over 5 years the correlation is 0.61, and the annualized covariance of weekly returns is 119.5 %².
Within FFA's tracked universe of 20 assets, MCN comes in at #12 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FFA ahead by 15.5 points (+17.3% versus +1.8%).
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.
FFA vs MCN: side by side
| FFA (First Trust Enhanced Equity Income Fund) | MCN (XAI Madison Equity Premium Income Fund) | |
|---|---|---|
| 1-year return | +17.3% | +1.8% |
| 5-year return | +54.8% | +17.0% |
| Volatility (ann.) | 14.9% | 13.9% |
| Beta vs S&P 500 | 0.93 | 0.46 |
| Max drawdown (3Y) | -19.9% | -24.5% |
| Market cap | $0.5B | $0.1B |
| P/E (trailing) | 5.7 | 18.2 |
| Dividend yield | 6.39% | 12.74% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FFA | MCN |
|---|---|---|
| 2022 | -20.3% | +6.3% |
| 2023 | +24.7% | +7.0% |
| 2024 | +21.5% | -1.5% |
| 2025 | +14.2% | +0.7% |
| 2026 | +8.9% | +2.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FFA and MCN good diversifiers for each other?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FFA and MCN?
Using weekly returns as of 2026-08-27: 0.58 over 3 years, with 0.60 over the last year and 0.61 over 5 years.
Is MCN a good diversifier for FFA?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.58 mean?
A reading of 0.58 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/ffa-vs-mcn.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ffa-vs-mcn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FFA correlations · MCN correlations
