MXF vs SPY: Correlation
Measured on weekly returns over the past three years, Mexico Fund, Inc. (The) (MXF) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MXF and SPY?
Over the past 3 years, MXF and SPY moved with a correlation of 0.45, which is moderate. The relationship has been stable: the 1-year correlation (0.49) sits close to the 3-year figure. Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 139.7 %².
Among the 18 assets we track against MXF, SPY ranks #12 by 3-year correlation. On 12-month performance MXF holds a 8.9-point edge, +29.5% against +20.6%.
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.
MXF vs SPY: side by side
| MXF (Mexico Fund, Inc. (The)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +29.5% | +20.6% |
| 5-year return | +82.1% | +82.4% |
| Volatility (ann.) | 21.3% | 14.5% |
| Beta vs S&P 500 | 0.67 | 1.00 |
| Max drawdown (3Y) | -30.7% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 3.4 | – |
| Dividend yield | 5.43% | 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 | MXF | SPY |
|---|---|---|
| 2022 | -1.7% | -18.2% |
| 2023 | +35.8% | +26.2% |
| 2024 | -27.1% | +24.9% |
| 2025 | +61.9% | +17.7% |
| 2026 | +14.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MXF and SPY good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MXF and SPY?
As of 2026-08-27, the correlation of weekly returns between MXF and SPY is 0.45 over 3 years, 0.49 over 1 year and 0.49 over 5 years.
Is SPY a good diversifier for MXF?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 mean?
A reading of 0.45 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: MXF correlations · SPY correlations
