MXE vs VEA: Correlation
Mexico Equity and Income Fund, Inc. (The) (MXE) and Vanguard FTSE Developed Markets ETF (VEA) show a strong relationship: their 3-year correlation of weekly returns is 0.60.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MXE and VEA?
Over the past 3 years, MXE and VEA moved with a correlation of 0.60, which is strong. Little has changed lately, as the 1-year reading of 0.63 lands near the 3-year figure. Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 179.8 %².
Among the 16 assets we track against MXE, VEA ranks #4 by 3-year correlation. Over the last 12 months VEA came out ahead by 5.3 percentage points (+23.2% against +28.5%).
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 VEA: side by side
| MXE (Mexico Equity and Income Fund, Inc. (The)) | VEA (Vanguard FTSE Developed Markets ETF) | |
|---|---|---|
| 1-year return | +23.2% | +28.5% |
| 5-year return | +16.5% | +63.5% |
| Volatility (ann.) | 19.9% | 15.1% |
| Beta vs S&P 500 | 0.54 | 0.79 |
| Max drawdown (3Y) | -28.8% | -13.5% |
| Market cap | $0.1B | – |
| P/E (trailing) | 2.7 | – |
| Dividend yield | 1.74% | 2.56% |
| Expense ratio | – | 0.03% |
| Assets under management | – | $314.9B |
| Sector / category | US Listed | ETF · International |
VEA is a Foreign Large Blend fund from Vanguard: $314.9B under management, 3769 holdings, a 0.03% expense ratio, a 2.56% trailing dividend yield.
Year-by-year returns
| Year | MXE | VEA |
|---|---|---|
| 2022 | -1.6% | -15.3% |
| 2023 | +31.0% | +17.9% |
| 2024 | -25.7% | +3.1% |
| 2025 | +57.1% | +35.2% |
| 2026 | +8.4% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MXE and VEA good diversifiers for each other?
Only partially. A correlation of 0.60 means MXE and VEA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between MXE and VEA?
The MXE/VEA correlation stands at 0.60 on a 3-year window (1 year: 0.63, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is VEA a good diversifier for MXE?
Only partially. A correlation of 0.60 means MXE and VEA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.60 mean?
On the −1 to +1 scale, 0.60 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mxe-vs-vea.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mxe-vs-vea/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MXE correlations · VEA correlations
