MXE vs MXF: Correlation
How closely do Mexico Equity and Income Fund, Inc. (The) (MXE) and Mexico Fund, Inc. (The) (MXF) trade together? Their weekly returns over three years give a correlation of 0.89, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MXE and MXF?
On 3 years of weekly data the MXE/MXF correlation comes out at 0.89, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.81 lands near the 3-year figure. The 5-year figure is 0.85, and annualized covariance runs at 379.0 %².
In MXE's tracked universe of 16 assets, MXF sits right near the top at #1. Over the last 12 months MXF came out ahead by 6.3 percentage points (+23.2% 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.
MXE vs MXF: side by side
| MXE (Mexico Equity and Income Fund, Inc. (The)) | MXF (Mexico Fund, Inc. (The)) | |
|---|---|---|
| 1-year return | +23.2% | +29.5% |
| 5-year return | +16.5% | +82.1% |
| Volatility (ann.) | 19.9% | 21.3% |
| Beta vs S&P 500 | 0.54 | 0.67 |
| Max drawdown (3Y) | -28.8% | -30.7% |
| Market cap | $0.1B | $0.3B |
| P/E (trailing) | 2.7 | 3.4 |
| Dividend yield | 1.74% | 5.43% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MXE | MXF |
|---|---|---|
| 2022 | -1.6% | -1.7% |
| 2023 | +31.0% | +35.8% |
| 2024 | -25.7% | -27.1% |
| 2025 | +57.1% | +61.9% |
| 2026 | +8.4% | +14.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MXE and MXF good diversifiers for each other?
Not really. At 0.89, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between MXE and MXF?
Using weekly returns as of 2026-08-27: 0.89 over 3 years, with 0.81 over the last year and 0.85 over 5 years.
Is MXF a good diversifier for MXE?
Not really. At 0.89, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.89 mean?
A reading of 0.89 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/mxe-vs-mxf.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mxe-vs-mxf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MXE correlations · MXF correlations
