FMX vs SPY: Correlation
Measured on weekly returns over the past three years, Fomento Economico Mexicano S.A.B. de C.V. (FMX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.20, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMX and SPY?
Over the past 3 years, FMX and SPY moved with a correlation of 0.20, which is weak. The link has loosened recently: the 1-year correlation (0.04) runs below the 3-year figure (0.20). Over 5 years the correlation is 0.22, and the annualized covariance of weekly returns is 72.9 %².
Among the 10 assets we track against FMX, SPY sits near the bottom by co-movement, at rank #6. Their recent paths diverged sharply: over the last 12 months FMX outperformed by 21.9 percentage points (+42.5% for FMX against +20.6% for SPY). Note the risk asymmetry: FMX runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 SPY: side by side
| FMX (Fomento Economico Mexicano S.A.B. de C.V.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +42.5% | +20.6% |
| 5-year return | +63.2% | +82.4% |
| Volatility (ann.) | 25.5% | 14.5% |
| Beta vs S&P 500 | 0.35 | 1.00 |
| Max drawdown (3Y) | -41.3% | -18.8% |
| Market cap | $41.0B | – |
| P/E (trailing) | 23.8 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | FMX | SPY |
|---|---|---|
| 2022 | +2.9% | -18.2% |
| 2023 | +70.1% | +26.2% |
| 2024 | -32.6% | +24.9% |
| 2025 | +24.1% | +17.7% |
| 2026 | +22.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMX and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.20 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FMX and SPY?
The FMX/SPY correlation stands at 0.20 on a 3-year window (1 year: 0.04, 5 years: 0.22), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for FMX?
Yes, to a useful degree: a correlation of 0.20 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.20 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-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fmx-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FMX correlations · SPY correlations
