MXE vs VRAX: Correlation
How closely do Mexico Equity and Income Fund, Inc. (The) (MXE) and Virax Biolabs Group Limited (VRAX) trade together? Their weekly returns over three years give a correlation of -0.18, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MXE and VRAX?
Across a 3-year window, the weekly returns of MXE and VRAX correlate at -0.18, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.20 over 1 year against -0.18 over 3. Stretching to 5 years gives -0.14, with an annualized covariance of -563.8 %².
Out of 16 assets tracked against MXE, VRAX lands near the bottom at #13. The last year tells two different stories: MXE led by 103.4 percentage points, +23.2% for MXE against -80.2% for VRAX. Risk is not evenly split, since VRAX carries 7.9 times the volatility of the other side.
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 VRAX: side by side
| MXE (Mexico Equity and Income Fund, Inc. (The)) | VRAX (Virax Biolabs Group Limited) | |
|---|---|---|
| 1-year return | +23.2% | -80.2% |
| 5-year return | +16.5% | n/a |
| Volatility (ann.) | 19.9% | 158.1% |
| Beta vs S&P 500 | 0.54 | 2.55 |
| Max drawdown (3Y) | -28.8% | -98.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | 2.7 | – |
| Dividend yield | 1.74% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MXE | VRAX |
|---|---|---|
| 2022 | -1.6% | – |
| 2023 | +31.0% | -80.0% |
| 2024 | -25.7% | +54.1% |
| 2025 | +57.1% | -84.6% |
| 2026 | +8.4% | -66.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MXE and VRAX good diversifiers for each other?
Yes. With a correlation of -0.18, MXE and VRAX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MXE and VRAX?
The MXE/VRAX correlation stands at -0.18 on a 3-year window (1 year: -0.20, 5 years: -0.14), computed from weekly returns as of 2026-08-27.
Is VRAX a good diversifier for MXE?
Yes. With a correlation of -0.18, MXE and VRAX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.18 mean?
A reading of -0.18 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-vrax.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mxe-vs-vrax/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MXE correlations · VRAX correlations
