FMX vs MXE: Correlation
How closely do Fomento Economico Mexicano S.A.B. de C.V. (FMX) and Mexico Equity and Income Fund, Inc. (The) (MXE) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMX and MXE?
Across a 3-year window, the weekly returns of FMX and MXE correlate at 0.55, moderate. The link has loosened recently: the 1-year correlation (0.38) runs below the 3-year figure (0.55). Stretching to 5 years gives 0.57, with an annualized covariance of 279.8 %².
Few assets follow FMX as closely as MXE, which ranks #2 of 10 tracked partners. Their recent paths diverged sharply: over the last 12 months FMX outperformed by 19.3 percentage points (+42.5% for FMX against +23.2% for MXE).
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.
FMX vs MXE: side by side
| FMX (Fomento Economico Mexicano S.A.B. de C.V.) | MXE (Mexico Equity and Income Fund, Inc. (The)) | |
|---|---|---|
| 1-year return | +42.5% | +23.2% |
| 5-year return | +63.2% | +16.5% |
| Volatility (ann.) | 25.5% | 19.9% |
| Beta vs S&P 500 | 0.35 | 0.54 |
| Max drawdown (3Y) | -41.3% | -28.8% |
| Market cap | $41.0B | $0.1B |
| P/E (trailing) | 23.8 | 2.7 |
| Dividend yield | 0.00% | 1.74% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FMX | MXE |
|---|---|---|
| 2022 | +2.9% | -1.6% |
| 2023 | +70.1% | +31.0% |
| 2024 | -32.6% | -25.7% |
| 2025 | +24.1% | +57.1% |
| 2026 | +22.6% | +8.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMX and MXE good diversifiers for each other?
Only partially. A correlation of 0.55 means FMX 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 FMX and MXE?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.38 over the last year and 0.57 over 5 years.
Is MXE a good diversifier for FMX?
Only partially. A correlation of 0.55 means FMX 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 0.55 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/fmx-vs-mxe.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fmx-vs-mxe/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FMX correlations · MXE correlations
