IEFA vs MXE: Correlation
How closely do iShares Core MSCI EAFE ETF (IEFA) and Mexico Equity and Income Fund, Inc. (The) (MXE) trade together? Their weekly returns over three years give a correlation of 0.59, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IEFA and MXE?
On 3 years of weekly data the IEFA/MXE correlation comes out at 0.59, moderate. Recent behaviour matches the longer record: 0.64 over 1 year against 0.59 over 3. The 5-year figure is 0.62, and annualized covariance runs at 175.1 %².
By 3-year correlation, MXE places #71 of the 111 assets tracked against IEFA. Their 12-month results are close: +21.8% for IEFA 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.
IEFA vs MXE: side by side
| IEFA (iShares Core MSCI EAFE ETF) | MXE (Mexico Equity and Income Fund, Inc. (The)) | |
|---|---|---|
| 1-year return | +21.8% | +23.2% |
| 5-year return | +54.5% | +16.5% |
| Volatility (ann.) | 15.0% | 19.9% |
| Beta vs S&P 500 | 0.77 | 0.54 |
| Max drawdown (3Y) | -13.8% | -28.8% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | 2.7 |
| Dividend yield | 3.35% | 1.74% |
| Expense ratio | 0.07% | – |
| Assets under management | $190.1B | – |
| Sector / category | ETF · International | US Listed |
On the fund side, IEFA sits in the Foreign Large Blend category at iShares, with $190.1B under management, 1620 holdings, a 0.07% expense ratio, a 3.35% trailing dividend yield.
Year-by-year returns
| Year | IEFA | MXE |
|---|---|---|
| 2022 | -15.2% | -1.6% |
| 2023 | +18.0% | +31.0% |
| 2024 | +3.3% | -25.7% |
| 2025 | +32.1% | +57.1% |
| 2026 | +14.5% | +8.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IEFA and MXE good diversifiers for each other?
To a limited degree. At 0.59 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 IEFA and MXE?
The IEFA/MXE correlation stands at 0.59 on a 3-year window (1 year: 0.64, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is MXE a good diversifier for IEFA?
To a limited degree. At 0.59 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 0.59 mean?
A reading of 0.59 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/iefa-vs-mxe.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iefa-vs-mxe/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IEFA correlations · MXE correlations
