MXE vs SPY: Correlation
Measured on weekly returns over the past three years, Mexico Equity and Income Fund, Inc. (The) (MXE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MXE and SPY?
On 3 years of weekly data the MXE/SPY correlation comes out at 0.39, moderate. Little has changed lately, as the 1-year reading of 0.39 lands near the 3-year figure. The 5-year figure is 0.43, and annualized covariance runs at 113.4 %².
Among the 16 assets we track against MXE, SPY ranks #9 by 3-year correlation. Their 12-month results are close: +23.2% for MXE against +20.6% for SPY.
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 SPY: side by side
| MXE (Mexico Equity and Income Fund, Inc. (The)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +23.2% | +20.6% |
| 5-year return | +16.5% | +82.4% |
| Volatility (ann.) | 19.9% | 14.5% |
| Beta vs S&P 500 | 0.54 | 1.00 |
| Max drawdown (3Y) | -28.8% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 2.7 | – |
| Dividend yield | 1.74% | 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 | MXE | SPY |
|---|---|---|
| 2022 | -1.6% | -18.2% |
| 2023 | +31.0% | +26.2% |
| 2024 | -25.7% | +24.9% |
| 2025 | +57.1% | +17.7% |
| 2026 | +8.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MXE and SPY good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MXE and SPY?
As of 2026-08-27, the correlation of weekly returns between MXE and SPY is 0.39 over 3 years, 0.39 over 1 year and 0.43 over 5 years.
Is SPY a good diversifier for MXE?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 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.
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Related comparisons
Hubs: MXE correlations · SPY correlations
