MXE vs VXX: Correlation
Mexico Equity and Income Fund, Inc. (The) (MXE) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MXE and VXX?
On 3 years of weekly data the MXE/VXX correlation comes out at -0.42, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.43) sits close to the 3-year figure. The 5-year figure is -0.41, and annualized covariance runs at -504.0 %².
VXX is close to the least connected end of MXE's tracked universe, ranking #16 of 16. Correlation aside, the last 12 months split them widely, with MXE ahead by 72.9 points (+23.2% versus -49.7%). Note the risk asymmetry: VXX runs 3.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 VXX: side by side
| MXE (Mexico Equity and Income Fund, Inc. (The)) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +23.2% | -49.7% |
| 5-year return | +16.5% | -95.6% |
| Volatility (ann.) | 19.9% | 60.9% |
| Beta vs S&P 500 | 0.54 | -3.31 |
| Max drawdown (3Y) | -28.8% | -83.3% |
| 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 | VXX |
|---|---|---|
| 2022 | -1.6% | -23.8% |
| 2023 | +31.0% | -72.5% |
| 2024 | -25.7% | -26.2% |
| 2025 | +57.1% | -42.2% |
| 2026 | +8.4% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MXE and VXX good diversifiers for each other?
Yes. With a correlation of -0.42, MXE and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MXE and VXX?
As of 2026-08-27, the correlation of weekly returns between MXE and VXX is -0.42 over 3 years, -0.43 over 1 year and -0.41 over 5 years.
Is VXX a good diversifier for MXE?
Yes. With a correlation of -0.42, MXE and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.42 mean?
On the −1 to +1 scale, -0.42 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-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mxe-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MXE correlations · VXX correlations
