MXE vs VXZ: Correlation
Measured on weekly returns over the past three years, Mexico Equity and Income Fund, Inc. (The) (MXE) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.38, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MXE and VXZ?
Across a 3-year window, the weekly returns of MXE and VXZ correlate at -0.38, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.42 lands near the 3-year figure. Stretching to 5 years gives -0.44, with an annualized covariance of -193.8 %².
Among the 16 assets we track against MXE, VXZ sits near the bottom by co-movement, at rank #15. Their recent paths diverged sharply: over the last 12 months MXE outperformed by 39.3 percentage points (+23.2% for MXE against -16.1% for VXZ).
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 VXZ: side by side
| MXE (Mexico Equity and Income Fund, Inc. (The)) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +23.2% | -16.1% |
| 5-year return | +16.5% | -53.1% |
| Volatility (ann.) | 19.9% | 25.6% |
| Beta vs S&P 500 | 0.54 | -1.31 |
| Max drawdown (3Y) | -28.8% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | 2.7 | – |
| Dividend yield | 1.74% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MXE | VXZ |
|---|---|---|
| 2022 | -1.6% | +0.5% |
| 2023 | +31.0% | -44.0% |
| 2024 | -25.7% | -12.7% |
| 2025 | +57.1% | +5.7% |
| 2026 | +8.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MXE and VXZ good diversifiers for each other?
Yes. With a correlation of -0.38, MXE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MXE and VXZ?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.42 over the last year and -0.44 over 5 years.
Is VXZ a good diversifier for MXE?
Yes. With a correlation of -0.38, MXE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 mean?
On the −1 to +1 scale, -0.38 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mxe-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MXE correlations · VXZ correlations
