FMX vs VXZ: Correlation
How closely do Fomento Economico Mexicano S.A.B. de C.V. (FMX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMX and VXZ?
Over the past 3 years, FMX and VXZ moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.27) sits close to the 3-year figure. Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -162.9 %².
Among the 10 assets we track against FMX, VXZ sits near the bottom by co-movement, at rank #10. The last year tells two different stories: FMX led by 58.6 percentage points, +42.5% for FMX against -16.1% for VXZ.
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 VXZ: side by side
| FMX (Fomento Economico Mexicano S.A.B. de C.V.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +42.5% | -16.1% |
| 5-year return | +63.2% | -53.1% |
| Volatility (ann.) | 25.5% | 25.6% |
| Beta vs S&P 500 | 0.35 | -1.31 |
| Max drawdown (3Y) | -41.3% | -36.4% |
| Market cap | $41.0B | – |
| P/E (trailing) | 23.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FMX | VXZ |
|---|---|---|
| 2022 | +2.9% | +0.5% |
| 2023 | +70.1% | -44.0% |
| 2024 | -32.6% | -12.7% |
| 2025 | +24.1% | +5.7% |
| 2026 | +22.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMX and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between FMX and VXZ?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.27 over the last year and -0.30 over 5 years.
Is VXZ a good diversifier for FMX?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 mean?
A reading of -0.25 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fmx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FMX correlations · VXZ correlations
