FMX vs MXF: Correlation
Measured on weekly returns over the past three years, Fomento Economico Mexicano S.A.B. de C.V. (FMX) and Mexico Fund, Inc. (The) (MXF) carry a correlation of 0.61, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMX and MXF?
Over the past 3 years, FMX and MXF moved with a correlation of 0.61, which is strong. The link has loosened recently: the 1-year correlation (0.50) runs below the 3-year figure (0.61). Over 5 years the correlation is 0.61, and the annualized covariance of weekly returns is 333.8 %².
Few assets follow FMX as closely as MXF, which ranks #1 of 10 tracked partners. Over the last 12 months FMX came out ahead by 13.0 percentage points (+42.5% against +29.5%).
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 MXF: side by side
| FMX (Fomento Economico Mexicano S.A.B. de C.V.) | MXF (Mexico Fund, Inc. (The)) | |
|---|---|---|
| 1-year return | +42.5% | +29.5% |
| 5-year return | +63.2% | +82.1% |
| Volatility (ann.) | 25.5% | 21.3% |
| Beta vs S&P 500 | 0.35 | 0.67 |
| Max drawdown (3Y) | -41.3% | -30.7% |
| Market cap | $41.0B | $0.3B |
| P/E (trailing) | 23.8 | 3.4 |
| Dividend yield | 0.00% | 5.43% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FMX | MXF |
|---|---|---|
| 2022 | +2.9% | -1.7% |
| 2023 | +70.1% | +35.8% |
| 2024 | -32.6% | -27.1% |
| 2025 | +24.1% | +61.9% |
| 2026 | +22.6% | +14.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMX and MXF good diversifiers for each other?
To a limited degree. At 0.61 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 FMX and MXF?
Using weekly returns as of 2026-08-27: 0.61 over 3 years, with 0.50 over the last year and 0.61 over 5 years.
Is MXF a good diversifier for FMX?
To a limited degree. At 0.61 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 0.61 mean?
A reading of 0.61 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/fmx-vs-mxf.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fmx-vs-mxf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FMX correlations · MXF correlations
