ICON vs MXC: Correlation
How closely do Icon Energy Corp. (ICON) and Mexco Energy Corporation (MXC) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICON and MXC?
Over the past 3 years, ICON and MXC moved with a correlation of 0.37, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.09 versus 0.37 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 2864.6 %².
Within ICON's tracked universe of 15 assets, MXC comes in at #4 by 3-year correlation. The last year tells two different stories: MXC led by 112.7 percentage points, -91.1% for ICON against +21.6% for MXC. Note the risk asymmetry: ICON 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.
ICON vs MXC: side by side
| ICON (Icon Energy Corp.) | MXC (Mexco Energy Corporation) | |
|---|---|---|
| 1-year return | -91.1% | +21.6% |
| 5-year return | n/a | +7.2% |
| Volatility (ann.) | 114.3% | 62.1% |
| Beta vs S&P 500 | 2.01 | -0.31 |
| Max drawdown (3Y) | -99.9% | -60.6% |
| Market cap | – | – |
| P/E (trailing) | – | 13.0 |
| Dividend yield | 0.00% | 1.02% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ICON | MXC |
|---|---|---|
| 2022 | – | +33.0% |
| 2023 | – | -26.2% |
| 2024 | – | +24.6% |
| 2025 | -99.2% | -10.8% |
| 2026 | -71.1% | -0.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICON and MXC good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ICON and MXC?
The ICON/MXC correlation stands at 0.37 on a 3-year window (1 year: 0.09, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is MXC a good diversifier for ICON?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 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/icon-vs-mxc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/icon-vs-mxc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ICON correlations · MXC correlations
