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Relative Intelligence · Convenience Stores

How Fomento Económico Mexicano, S.A.B. de C.V. (FMX) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on FMX alone. It places FMX (Fomento Económico Mexicano, S.A.B. de C.V.) against 16 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where FMX stands in the market, and of the alternatives worth a closer look.

Period covered: FMX's full trading record, from May 1998 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against FMX →Chart FMX vs. 16 alternatives →
On this page12 sections

Key findings

How much would $10,000 in FMX have grown?

This chart tracks a hypothetical $10,000 investment in FMX over the past 28 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of FMX over the same span and FMX's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 1998 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 258 of the 1,106 stocks and funds worth at least $500 million that traded the whole period ended ahead of FMX; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M$10M199820032008201320182023$10,000$100,000$1M$10M19982005201220192026
  • MNST$20M+201,256% total · +31.2% a year
  • AAPL$12M+116,713% total · +28.7% a year
  • COST$577,665+5,677% total · +15.6% a year
  • CASY$511,312+5,013% total · +15.1% a year
  • COKE$491,671+4,817% total · +14.9% a year
  • FMX$305,806+2,958% total · +13.0% a year
  • KOF$168,727+1,587% total · +10.6% a year
  • CCEP$137,447+1,274% total · +9.8% a year
  • SPY (S&P 500)$121,630+1,116% total · +9.3% a year
  • KO$63,060+531% total · +6.8% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,234 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of FMX; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000202120222023202420252026$0$20,000$40,000$60,000202120222023202420252026
  • COKE$50,300+403% total · +38.1% a year
  • CASY$33,203+232% total · +27.1% a year
  • KOF$23,968+140% total · +19.1% a year
  • WMT$23,813+138% total · +18.9% a year
  • PSMT$23,465+135% total · +18.6% a year
  • CCEP$21,567+116% total · +16.6% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • KO$18,994+89.9% total · +13.7% a year
  • FMX$16,809+68.1% total · +10.9% a year
  • MELI$10,293+2.9% total · +0.6% a year
Change the dates or add tickers to this chart in EasyCompare

FMX at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$44B
Industry
Beverages - Non-Alcoholic
Price history from
May 1998

Returns

Past 1 year
+44.0%total return
Past 3 years
+53.7%+15.4% a year
Past 5 years
+92.9%+14.0% a year
Past 10 years
+79.7%+6.0% a year
Best calendar year
+70.1%2023
Worst calendar year
−32.0%2024
Losing years
7 of 27full calendar years

Risk

Volatility
25.7%typical yearly swing, 5 years
Sharpe ratio
0.64return per unit of risk, 5 years
Worst decline ever
−61.0%Aug 2008 to Oct 2008
From its all-time high
At its highwithin 1%

FMX against the whole market

Where FMX ranks among every stock and fund, and what across the market has done better.

How does FMX rank among all stocks?

This section ranks FMX on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how FMX stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureFMXRankStanding
1-year return+44.0%650 of 3,287top 20%
3-year return+53.7%1,487 of 3,017top 49%
5-year return+92.9%723 of 2,893top 25%
10-year return+79.7%1,420 of 2,202bottom 37%
Volatility, 5 years25.7%384 of 2,893top 13%
Sharpe ratio, 5 years0.64580 of 2,893top 20%
Worst decline, past 10 years−45.5%303 of 2,187top 14%

What has beaten FMX on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). FMX sits where the dashed lines cross. Anything in the green box above and to the left earned more than FMX with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to FMX; faint dots are 53 more of the 77 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than FMXABBV: +26.1% a year, volatility 23.4%NI: +15.1% a year, volatility 20.3%NXTG: +16.2% a year, volatility 19.1%PM: +21.0% a year, volatility 23.4%IOO: +15.7% a year, volatility 17.2%TD: +15.8% a year, volatility 20.0%MO: +17.8% a year, volatility 21.4%TRV: +22.4% a year, volatility 22.3%MFC: +22.6% a year, volatility 24.0%LVHI: +17.0% a year, volatility 11.1%CTAS: +16.5% a year, volatility 23.1%NVS: +17.1% a year, volatility 20.7%SDCI: +20.6% a year, volatility 18.4%COR: +24.2% a year, volatility 22.8%SPMO: +18.7% a year, volatility 20.8%IXC: +20.7% a year, volatility 23.2%ACT: +20.5% a year, volatility 24.3%CRAK: +19.8% a year, volatility 20.9%GSG: +15.3% a year, volatility 22.9%TDIV: +16.2% a year, volatility 21.3%GARP: +17.5% a year, volatility 22.5%CHCO: +15.9% a year, volatility 22.8%FFLC: +15.7% a year, volatility 16.8%JPM: +17.3% a year, volatility 24.3%DBJP: +20.9% a year, volatility 19.2%MPLX: +23.5% a year, volatility 18.8%WELL: +26.0% a year, volatility 23.8%RTX: +18.6% a year, volatility 24.3%TJX: +19.9% a year, volatility 22.3%BTI: +18.7% a year, volatility 22.0%CB: +15.7% a year, volatility 20.4%BNY: +22.7% a year, volatility 24.4%CM: +19.2% a year, volatility 21.6%AFL: +19.0% a year, volatility 20.8%ORLY: +15.9% a year, volatility 23.4%ETR: +19.2% a year, volatility 22.4%HIG: +15.6% a year, volatility 22.0%WRB: +18.9% a year, volatility 22.9%PVAL: +16.1% a year, volatility 15.1%AMLP: +16.1% a year, volatility 18.9%WMB: +24.6% a year, volatility 24.0%OHI: +16.4% a year, volatility 24.2%EPD: +16.4% a year, volatility 17.1%ORI: +17.0% a year, volatility 22.2%KMI: +18.7% a year, volatility 22.5%PPA: +16.3% a year, volatility 18.9%WTM: +15.4% a year, volatility 23.6%MLPX: +18.6% a year, volatility 19.7%EUFN: +18.5% a year, volatility 21.8%FRDM: +17.3% a year, volatility 22.8%BATRA: +15.3% a year, volatility 22.0%ATMP: +21.2% a year, volatility 21.5%NANR: +17.4% a year, volatility 22.6%FMX: +14.0% a year, volatility 25.7%SPY (S&P 500): +12.7% a year, volatility 17.1%KO: +14.7% a year, volatility 16.8%CCEP: +19.7% a year, volatility 23.2%WMT: +20.8% a year, volatility 22.6%KOF: +22.3% a year, volatility 24.7%CASY: +29.9% a year, volatility 29.3%COKE: +41.2% a year, volatility 38.0%COST: +17.4% a year, volatility 22.9%XOM: +27.1% a year, volatility 26.5%CVX: +19.5% a year, volatility 25.2%SHEL: +21.0% a year, volatility 24.8%MNST: +17.2% a year, volatility 24.9%KDP: +2.5% a year, volatility 22.1%AAPL: +18.5% a year, volatility 28.0%EWT: +20.4% a year, volatility 24.2%VLUE: +15.9% a year, volatility 18.4%GLD: +17.7% a year, volatility 18.9%FLTW: +21.8% a year, volatility 24.3%RY: +17.3% a year, volatility 18.2%MCK: +38.7% a year, volatility 25.0%BRK-B: +13.4% a year, volatility 17.1%DXJ: +26.6% a year, volatility 19.1%FMXSPY (S&P 500)KOCCEPWMTKOFCASYCOKECOSTXOMCVXMNSTKDPAAPLVLUEGLDFLTWMCKBRK-BDXJ0.0%10.0%20.0%30.0%40.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than FMXABBV: +26.1% a year, volatility 23.4%NI: +15.1% a year, volatility 20.3%NXTG: +16.2% a year, volatility 19.1%PM: +21.0% a year, volatility 23.4%IOO: +15.7% a year, volatility 17.2%TD: +15.8% a year, volatility 20.0%MO: +17.8% a year, volatility 21.4%TRV: +22.4% a year, volatility 22.3%MFC: +22.6% a year, volatility 24.0%LVHI: +17.0% a year, volatility 11.1%CTAS: +16.5% a year, volatility 23.1%NVS: +17.1% a year, volatility 20.7%SDCI: +20.6% a year, volatility 18.4%COR: +24.2% a year, volatility 22.8%SPMO: +18.7% a year, volatility 20.8%IXC: +20.7% a year, volatility 23.2%ACT: +20.5% a year, volatility 24.3%CRAK: +19.8% a year, volatility 20.9%GSG: +15.3% a year, volatility 22.9%TDIV: +16.2% a year, volatility 21.3%GARP: +17.5% a year, volatility 22.5%CHCO: +15.9% a year, volatility 22.8%FFLC: +15.7% a year, volatility 16.8%JPM: +17.3% a year, volatility 24.3%DBJP: +20.9% a year, volatility 19.2%MPLX: +23.5% a year, volatility 18.8%WELL: +26.0% a year, volatility 23.8%RTX: +18.6% a year, volatility 24.3%TJX: +19.9% a year, volatility 22.3%BTI: +18.7% a year, volatility 22.0%CB: +15.7% a year, volatility 20.4%BNY: +22.7% a year, volatility 24.4%CM: +19.2% a year, volatility 21.6%AFL: +19.0% a year, volatility 20.8%ORLY: +15.9% a year, volatility 23.4%ETR: +19.2% a year, volatility 22.4%HIG: +15.6% a year, volatility 22.0%WRB: +18.9% a year, volatility 22.9%PVAL: +16.1% a year, volatility 15.1%AMLP: +16.1% a year, volatility 18.9%WMB: +24.6% a year, volatility 24.0%OHI: +16.4% a year, volatility 24.2%EPD: +16.4% a year, volatility 17.1%ORI: +17.0% a year, volatility 22.2%KMI: +18.7% a year, volatility 22.5%PPA: +16.3% a year, volatility 18.9%WTM: +15.4% a year, volatility 23.6%MLPX: +18.6% a year, volatility 19.7%EUFN: +18.5% a year, volatility 21.8%FRDM: +17.3% a year, volatility 22.8%BATRA: +15.3% a year, volatility 22.0%ATMP: +21.2% a year, volatility 21.5%NANR: +17.4% a year, volatility 22.6%FMX: +14.0% a year, volatility 25.7%SPY (S&P 500): +12.7% a year, volatility 17.1%KO: +14.7% a year, volatility 16.8%CCEP: +19.7% a year, volatility 23.2%WMT: +20.8% a year, volatility 22.6%KOF: +22.3% a year, volatility 24.7%CASY: +29.9% a year, volatility 29.3%COKE: +41.2% a year, volatility 38.0%COST: +17.4% a year, volatility 22.9%XOM: +27.1% a year, volatility 26.5%CVX: +19.5% a year, volatility 25.2%SHEL: +21.0% a year, volatility 24.8%MNST: +17.2% a year, volatility 24.9%KDP: +2.5% a year, volatility 22.1%AAPL: +18.5% a year, volatility 28.0%EWT: +20.4% a year, volatility 24.2%VLUE: +15.9% a year, volatility 18.4%GLD: +17.7% a year, volatility 18.9%FLTW: +21.8% a year, volatility 24.3%RY: +17.3% a year, volatility 18.2%MCK: +38.7% a year, volatility 25.0%BRK-B: +13.4% a year, volatility 17.1%DXJ: +26.6% a year, volatility 19.1%FMXSPY (S&P 500)KOCCEPWMTKOFCASYCOKECOSTXOMMNSTKDPGLDMCKDXJ
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than FMX?

Investments that beat FMX over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat FMX over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks FMX's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than FMX follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than FMX's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× FMX's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than FMX's.

Screen the whole market against FMX for any period in BetterThanSPYOpen these 21 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with FMX?lower diversifies moreExpenseper year
FMXFomento Económico Mexicano, S.A.B. de C.V. · this page
+14.0%25.7%0.64−45.5%+79.7%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.270.09%
Popular alternativesbest 6 shownThe investments people most often weigh against FMX. 8 of 16 passed at least one test.
KOThe Coca-Cola Company · Food & Beverages
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+14.7%16.8%0.91−37.0%+204%0.29—
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Higher return, lower volatilityHigher return in most periods+19.7%23.2%0.90−48.8%+292%0.33—
WMTWalmart Inc. · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst decline+20.8%22.6%0.96−25.7%+508%0.14—
KOFCoca-Cola FEMSA, S.A.B. de C.V. · Food & Beverages
Higher return, similar volatilityHigher return in most periods+22.3%24.7%0.94−55.1%+119%0.56—
CASYCasey's General Stores, Inc. · Convenience Stores
Higher Sharpe, smaller worst declineSmaller losses in recent crashes+29.9%29.3%1.04−36.1%+537%0.24—
COKECoca-Cola Consolidated, Inc. · Food & Beverages
Higher return in most periods+41.2%38.0%1.10−51.7%+1,569%0.03—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Convenience Stores and the categories next to it (Discount Retail, Food & Beverages, Oil & Gas), plus FMX's specific themes. 35 of 109 passed at least one test.
COSTCostco Wholesale Corporation · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst decline+17.4%22.9%0.82−31.4%+685%0.12—
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Higher return, similar volatilityHigher return in most periods+27.1%26.5%1.04−61.0%+214%0.06—
CVXChevron Corporation · Integrated Oil & Gas
Higher return, similar volatilityHigher return in most periods+19.5%25.2%0.84−55.8%+238%0.03—
SHELShell plc · Integrated Oil & Gas
Higher return, similar volatilityHigher return in most periods+21.0%24.8%0.90−67.2%+233%0.15—
MNSTMonster Beverage Corporation · Food & Beverages
Higher return, similar volatilityHigher Sharpe, smaller worst decline+17.2%24.9%0.77−30.4%+285%0.38—
KDPKeurig Dr Pepper Inc. · Food & Beverages
Smaller losses in recent crashes+2.5%22.1%0.23−36.9%+281%0.15—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 434 of 3,508 passed at least one test.
AAPLApple Inc. · Computer Hardware
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+18.5%28.0%0.75−38.5%+1,168%0.08—
EWTiShares MSCI Taiwan ETF · International Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+20.4%24.2%0.89−38.9%+468%0.320.59%
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+15.9%18.4%0.90−39.5%+286%0.370.15%
GLDSPDR Gold Shares · Gold
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+17.7%18.9%0.96−26.4%+213%0.270.40%
FLTWFranklin FTSE Taiwan ETF · Technology
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+21.8%24.3%0.94−38.0%—0.320.19%
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+17.3%18.2%0.97−40.0%+352%0.33—
MCKMcKesson Corporation · Health Care Distribution
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+38.7%25.0%1.44−38.1%+586%0.24—
BRK-BBerkshire Hathaway Inc. · Insurance
Similar return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+13.4%17.1%0.82−29.6%+274%0.36—
What these numbers mean for FMX
Annual return
FMX returned 14.0% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $19,300. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
FMX's volatility over the past 5 years was 25.7%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, FMX's return lands within 25.7% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
FMX's Sharpe ratio over the past 5 years was 0.64, against 0.79 for the S&P 500, so FMX earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
FMX's worst fall from a peak to a low over the past 10 years was 45.5%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 45.5% fall takes a 83.3% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, FMX's monthly returns had a correlation of 0.27 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against FMX instead: the lower it is, the more that option would diversify a FMX holding. Guide: Correlation and diversification →
Show all 77 stocks and funds worth at least $500 million that earned more than FMX with less volatility

Out of 3,633 tested over 5 years. The strongest 62 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with FMXExpense
1
EWTiShares MSCI Taiwan ETF · International Equity
Whole market+20.4%24.2%0.89−38.9%+468%0.320.59%
2
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+15.9%18.4%0.90−39.5%+286%0.370.15%
3
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.270.40%
4
FLTWFranklin FTSE Taiwan ETF · Technology
Whole market+21.8%24.3%0.94−38.0%—0.320.19%
5
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.33—
6
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.29—
7
NINiSource Inc · Gas Utilities
Whole market+15.1%20.3%0.80−30.9%+158%0.27—
8
NXTGFirst Trust Indxx NextG ETF · Technology
Whole market+16.2%19.1%0.89−33.6%+330%0.340.70%
9
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.38—
10
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.250.40%
11
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+310%0.43—
12
MOAltria Group, Inc. · Tobacco
Whole market+17.8%21.4%0.88−53.7%+140%0.28—
13
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.48—
14
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.340.48%
15
MFCManulife Financial Corporation · Life Insurance
Whole market+22.6%24.0%0.97−57.5%+373%0.32—
16
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.400.40%
17
CTASCintas Corporation · Business Services
Whole market+16.5%23.1%0.78−48.4%+808%0.26—
18
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.37—
19
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.050.80%
20
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.44—
21
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+499%0.200.13%
22
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Popular alternative+19.7%23.2%0.90−48.8%+292%0.33—
23
COSTCostco Wholesale Corporation · Discount Retail
Same or nearby category+17.4%22.9%0.82−31.4%+685%0.12—
24
IXCiShares Global Energy ETF · International
Whole market+20.7%23.2%0.93−64.2%+183%0.170.37%
25
WMTWalmart Inc. · Discount Retail
Popular alternative+20.8%22.6%0.96−25.7%+508%0.14—
26
ACTEnact Holdings Inc. · Insurance
Whole market+20.5%24.3%0.89−20.2%—0.31—
27
CRAKVanEck Oil Refiners ETF · Energy
Whole market+19.8%20.9%0.97−58.8%+336%0.280.61%
28
GSGiShares S&P GSCI Commodity-Indexed Trust · Commodities
Whole market+15.3%22.9%0.74−57.6%+144%0.020.75%
29
TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity
Whole market+16.2%21.3%0.81−32.0%+388%0.290.50%
30
GARPiShares MSCI USA Quality GARP ETF · Broad Market
Whole market+17.5%22.5%0.83−31.4%—0.190.15%
31
CHCOCity Holding Company · Banks - Regional
Whole market+15.9%22.8%0.77−32.3%+286%0.19—
32
FFLCFidelity Fundamental Large Cap Core ETF · Broad Market
Whole market+15.7%16.8%0.95−19.7%—0.360.38%
33
JPMJPMorgan Chase & Co. · Banks
Whole market+17.3%24.3%0.78−43.6%+537%0.35—
34
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.340.45%
35
MPLXMPLX Lp · Oil & Gas Midstream
Same or nearby category+23.5%18.8%1.22−75.2%+350%0.09—
36
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.27—
37
RTXRTX Corporation · Aerospace & Defense
Whole market+18.6%24.3%0.83−52.0%+317%0.28—
38
TJXThe TJX Companies, Inc. · Specialty Retail
Whole market+19.9%22.3%0.93−42.5%+361%0.22—
39
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+18.7%22.0%0.90−56.1%+98.2%0.12—
40
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+248%0.46—
41
BNYBank of New York Mellon Corp · Banks
Whole market+22.7%24.4%0.97−50.5%+341%0.28—
42
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.2%21.6%0.93−47.3%+395%0.37—
43
AFLAflac Incorporated · Life Insurance
Whole market+19.0%20.8%0.95−54.9%+335%0.34—
44
ORLYO'Reilly Automotive, Inc. · Specialty Retail
Whole market+15.9%23.4%0.75−42.0%+393%0.23—
45
ETREntergy Corporation · Electric Utilities
Whole market+19.2%22.4%0.90−42.0%+311%0.20—
46
HIGThe Hartford Insurance Group, Inc. · Property & Casualty Insurance
Whole market+15.6%22.0%0.77−57.6%+294%0.38—
47
WRBW. R. Berkley Corporation · Property & Casualty Insurance
Whole market+18.9%22.9%0.87−45.3%+443%0.40—
48
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+16.1%15.1%1.07−41.3%—0.380.56%
49
AMLPAlerian MLP ETF · Energy Equity
Whole market+16.1%18.9%0.89−72.9%+91.0%0.171.01%
50
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Same or nearby category+24.6%24.0%1.04−68.1%+288%0.27—
51
OHIOmega Healthcare Investors, Inc. · Healthcare REITs
Whole market+16.4%24.2%0.75−66.9%+202%0.10—
52
EPDEnterprise Products Partners L.P. · Oil & Gas Midstream
Same or nearby category+16.4%17.1%0.98−58.1%+178%0.05—
53
ORIOld Republic International Corporation · Property & Casualty Insurance
Whole market+17.0%22.2%0.82−47.8%+349%0.36—
54
KMIKinder Morgan, Inc. · Oil & Gas Midstream
Same or nearby category+18.7%22.5%0.88−55.1%+163%0.26—
55
PPAInvesco Aerospace & Defense ETF · Aerospace & Defense
Whole market+16.3%18.9%0.90−43.9%+344%0.400.58%
56
WTMWhite Mountains Insurance Group, Ltd. · Insurance
Whole market+15.4%23.6%0.73−40.2%+169%0.03—
57
MLPXGlobal X - MLP & Energy Infrastructure ETF · Energy
Whole market+18.6%19.7%0.97−64.6%+186%0.260.45%
58
EUFNiShares MSCI Europe Financials ETF · Financial Sector Equity
Whole market+18.5%21.8%0.89−53.2%+233%0.500.49%
59
FRDMFreedom 100 Emerging Markets ETF · International
Whole market+17.3%22.8%0.82−40.5%—0.420.49%
60
BATRAAtlanta Braves Holdings, Inc. · Entertainment
Whole market+15.3%22.0%0.76−54.2%+224%0.32—
61
ATMPBarclays ETN+ Select MLP ETN · Broad Market
Whole market+21.2%21.5%1.01−70.3%+172%0.210.95%
62
NANRState Street SPDR S&P North American Natural Resources ETF · Broad Market
Whole market+17.4%22.6%0.83−49.1%+241%0.260.35%

FMX against its popular alternatives

The investments people most often weigh against FMX, compared period by period and year by year.

How do FMX's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at FMX, which divides the map into what did better or worse on each measure.

Green points earned more than FMX with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityFMX: 14.1% a year, volatility 25.7%SPY (S&P 500): 12.7% a year, volatility 17.1%CCEP: 19.7% a year, volatility 23.2%KO: 14.7% a year, volatility 16.8%KOF: 22.3% a year, volatility 24.7%WMT: 20.8% a year, volatility 22.6%MELI: 3.2% a year, volatility 49.5%ABEV: 9.9% a year, volatility 30.2%DG: −7.4% a year, volatility 37.0%DLTR: 4.3% a year, volatility 40.1%CCU: −3.2% a year, volatility 29.3%COKE: 41.2% a year, volatility 38.0%CASY: 29.9% a year, volatility 29.3%PSMT: 18.6% a year, volatility 28.2%MUSA: 26.1% a year, volatility 31.2%EWW: 12.1% a year, volatility 22.6%BUD: 9.7% a year, volatility 25.0%PEP: −0.5% a year, volatility 19.1%FMXSPY (S&P 500)CCEPKOKOFWMTMELIABEVDGDLTRCCUCOKECASYPSMTMUSAEWWBUDPEP10.0%20.0%30.0%40.0%50.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityFMX: 14.1% a year, volatility 25.7%SPY (S&P 500): 12.7% a year, volatility 17.1%CCEP: 19.7% a year, volatility 23.2%KO: 14.7% a year, volatility 16.8%KOF: 22.3% a year, volatility 24.7%WMT: 20.8% a year, volatility 22.6%MELI: 3.2% a year, volatility 49.5%ABEV: 9.9% a year, volatility 30.2%DG: −7.4% a year, volatility 37.0%DLTR: 4.3% a year, volatility 40.1%CCU: −3.2% a year, volatility 29.3%COKE: 41.2% a year, volatility 38.0%CASY: 29.9% a year, volatility 29.3%PSMT: 18.6% a year, volatility 28.2%MUSA: 26.1% a year, volatility 31.2%EWW: 12.1% a year, volatility 22.6%BUD: 9.7% a year, volatility 25.0%PEP: −0.5% a year, volatility 19.1%FMXSPY (S&P 500)CCEPKOKOFWMTMELIABEVDGDLTRCCUCOKECASYPSMTMUSABUDPEP
All figures
InvestmentAnnual returnVolatility
COKE Coca-Cola Consolidated, Inc.+41.2%38.0%
CASY Casey's General Stores, Inc.+29.9%29.3%
MUSA Murphy USA Inc.+26.1%31.2%
KOF Coca-Cola FEMSA, S.A.B. de C.V.+22.3%24.7%
WMT Walmart Inc.+20.8%22.6%
CCEP Coca-Cola Europacific Partners PLC+19.7%23.2%
PSMT PriceSmart, Inc.+18.6%28.2%
KO The Coca-Cola Company+14.7%16.8%
FMX This pageFomento Económico Mexicano, S.A.B. de C.V.+14.1%25.7%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
EWW iShares MSCI Mexico ETF+12.1%22.6%
ABEV Ambev S.A.+9.9%30.2%
BUD Anheuser-Busch InBev SA/NV+9.7%25.0%
DLTR Dollar Tree, Inc.+4.3%40.1%
MELI MercadoLibre, Inc.+3.2%49.5%
PEP PepsiCo, Inc.−0.5%19.1%
CCU Compañía Cervecerías Unidas S.A.−3.2%29.3%
DG Dollar General Corporation−7.4%37.0%
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Has FMX consistently beaten its popular alternatives?

This section compares FMX with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than FMX helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than FMX over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
FMX Fomento Económico Mexicano, S.A.B. de C.V. (this page)—+9.3%+0.8%+15.1%+36.5%+44.0%+53.7%+92.9%+79.7%25.7%0.64−45.5%—$44B—
COKE QualifiedCoca-Cola Consolidated, Inc.4/5 short3/3 longAll-weather+12.3%+17.3%+14.9%+42.9%+61.7%+255%+461%+1,569%38.0%1.10−51.7%—$14B—
CCEP QualifiedCoca-Cola Europacific Partners PLC3/5 short3/3 long+12.8%+6.8%+17.8%+29.9%+28.3%+116%+146%+292%23.2%0.90−48.8%—$50B—
KO QualifiedThe Coca-Cola Company3/5 short3/3 long+7.3%+14.5%+25.4%+37.9%+40.2%+86.8%+98.2%+204%16.8%0.91−37.0%—$402B—
KOF QualifiedCoca-Cola FEMSA, S.A.B. de C.V.3/5 short3/3 long+7.5%+15.1%+18.1%+28.7%+46.7%+96.0%+174%+119%24.7%0.94−55.1%—$25B—
CASY Specialty RetailCasey's General Stores, Inc.1/5 short3/3 long+16.9%−20.9%−10.8%+23.4%+21.7%+165%+270%+537%29.3%1.04−36.1%—$25B—
WMT Discount StoresWalmart Inc.1/5 short3/3 long+9.7%+5.3%−7.5%+5.2%+11.0%+130%+158%+508%22.6%0.96−25.7%—$938B—
PSMT Discount StoresPriceSmart, Inc.1/5 short3/3 long+1.6%−3.6%+9.3%+41.7%+43.2%+153%+135%+124%28.2%0.75−53.2%—$5.3B—
MELI Specialty RetailMercadoLibre, Inc.1/5 short2/3 long+3.2%+2.6%+0.5%−4.8%−10.6%+60.7%+17.2%+1,002%49.5%0.31−69.1%—$95B—
MUSA Specialty RetailMurphy USA Inc.0/5 short2/3 long+5.6%−13.6%+8.5%+33.2%+45.2%+50.9%+218%+706%31.2%0.90−35.5%—$9.9B—
EWW InternationaliShares MSCI Mexico ETF0/5 short2/3 long+2.4%+0.5%−4.1%+10.0%+18.4%+57.6%+77.4%+89.7%22.6%0.62−53.6%0.50%$1.5B—
ABEV Beverages - AlcoholicAmbev S.A.3/5 short1/3 long+11.8%+8.1%+8.9%+35.5%+53.0%+62.0%+60.4%−21.1%30.2%0.46−72.4%—$52B—
DG Discount StoresDollar General Corporation2/5 short1/3 long+10.6%+8.1%+7.2%0.0%+28.5%+24.2%−32.0%+127%37.0%-0.01−72.6%—$30B—
BUD Beverages - AlcoholicAnheuser-Busch InBev SA/NV1/5 short1/3 long+6.9%+3.1%+12.3%+32.7%+36.7%+66.6%+58.7%−20.0%25.0%0.50−69.8%—$166B—
DLTR Discount StoresDollar Tree, Inc.2/5 short0/3 long+11.2%−1.1%+16.5%−2.1%+26.2%+13.1%+23.3%+64.7%40.1%0.31−64.8%—$23B—
PEP Beverages - Non-AlcoholicPepsiCo, Inc.0/5 short0/3 long+3.4%0.0%−12.8%−2.9%−9.2%−6.7%−2.3%+72.6%19.1%0.07−30.3%—$183B—
CCU Beverages - AlcoholicCompañía Cervecerías Unidas S.A.0/5 short0/3 long−2.2%−3.4%−10.1%−13.5%−12.1%+7.9%−15.1%−19.6%29.3%0.03−61.8%—$2.0B—
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How did FMX do year by year?

This table shows each investment's total return in every full calendar year since 1999, along with where FMX ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with FMX and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of FMX; gray means the two finished within a fraction of a point. The rank row places FMX among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of FMX202520242023202220212020201920182017201620152014201320122011201020092008200720062005200420032002200120001999
FMX This pageFomento Económico Mexicano, S.A.B. de C.V.—+26.8%−32.0%+70.1%+2.9%+4.0%−17.8%+11.7%−6.9%+25.1%−16.2%+6.5%−10.1%+0.4%+46.8%+26.9%+18.3%+60.6%−20.2%0.0%+61.3%+39.4%+44.2%+2.3%+7.0%+17.1%−31.8%+68.9%
Rank among alternativesTop quarter in 9 of 279 of 1715 of 173 of 177 of 1712 of 1714 of 1714 of 178 of 179 of 1717 of 178 of 1712 of 1712 of 163 of 164 of 1612 of 164 of 145 of 1411 of 133 of 132 of 133 of 1310 of 133 of 132 of 1313 of 135 of 13
SPY S&P 500State Street SPDR S&P 500 ETF11 of 27+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%
COKE Coca-Cola Consolidated, Inc.11 of 27+22.6%+38.7%+82.9%−17.1%+133%−5.9%+60.7%−15.0%+23.2%−1.4%+109%+22.1%+11.9%+14.9%+7.4%+5.0%+20.0%−20.1%−12.4%+62.4%−23.2%+10.0%−16.1%+73.3%+2.8%−18.0%−16.0%
CCEP Coca-Cola Europacific Partners PLC15 of 27+21.2%+18.3%+24.5%+2.3%+15.6%+0.5%+13.8%+18.6%+30.0%−9.3%+14.0%+2.5%+42.0%+26.0%+5.0%+74.8%+79.5%−52.9%+28.7%+7.6%−7.4%−3.9%+1.8%+15.4%+0.2%−4.9%−43.3%
KO The Coca-Cola Company13 of 27+15.6%+8.9%−4.4%+10.6%+11.4%+2.5%+20.6%+6.8%+14.3%−0.3%+5.2%+5.3%+17.2%+6.5%+9.5%+19.0%+30.4%−24.0%+30.4%+23.2%−0.8%−16.2%+18.2%−5.5%−21.9%+6.1%−12.2%
KOF Coca-Cola FEMSA, S.A.B. de C.V.10 of 27+27.1%−13.8%+45.1%+29.8%+24.9%−19.8%+2.5%−10.1%+12.4%−8.2%−16.1%−27.5%−17.0%+59.5%+18.3%+27.5%+53.2%−10.9%+31.0%+42.4%+15.2%+13.2%+18.7%−9.5%−9.3%+28.5%+33.8%
CASY Casey's General Stores, Inc.15 of 27+40.1%+45.0%+23.3%+14.5%+11.2%+13.2%+25.1%+15.6%−5.2%−0.5%+34.5%+30.0%+33.7%+4.3%+22.7%+34.7%+41.8%−22.3%+26.9%−4.3%+37.8%+3.7%+45.7%−17.4%+0.3%+44.2%−19.5%
WMT Walmart Inc.12 of 27+24.5%+74.0%+12.9%−0.5%+1.9%+23.4%+30.1%−3.4%+46.6%+16.1%−26.6%+11.8%+18.2%+17.1%+13.8%+3.1%−2.5%+20.0%+4.9%+0.2%−10.2%+0.6%+5.6%−11.8%+8.9%−22.7%+70.5%
PSMT PriceSmart, Inc.12 of 27+34.8%+25.0%+26.2%−15.8%−19.1%+29.6%+21.6%−30.8%+3.5%+1.5%−8.3%−20.4%+50.6%+12.0%+85.5%+90.2%+1.8%−29.9%+69.4%+114%+10.5%+20.9%−72.7%−34.6%+6.5%−16.1%+124%
MELI MercadoLibre, Inc.10 of 18+18.4%+8.2%+85.7%−37.2%−19.5%+193%+95.3%−6.9%+102%+37.1%−10.1%+19.2%+38.0%−0.7%+19.9%+28.5%+216%−77.8%—————————
MUSA Murphy USA Inc.9 of 12−19.1%+41.3%+28.2%+41.0%+53.3%+12.1%+52.7%−4.6%+30.7%+1.2%−11.8%+65.7%———————————————
EWW iShares MSCI Mexico ETF13 of 27+53.6%−28.2%+40.3%+1.2%+20.3%−3.0%+12.7%−14.6%+14.5%−10.3%−14.3%−11.6%−1.6%+32.8%−12.0%+28.0%+53.9%−41.1%+11.4%+44.9%+43.8%+48.9%+39.0%−14.8%+15.4%−24.0%+77.2%
ABEV Ambev S.A.12 of 27+42.4%−30.1%+8.8%+2.3%−4.7%−32.8%+21.9%−37.7%+33.5%+14.1%−25.3%−11.1%−10.6%+49.9%+15.1%+57.3%+150%−43.8%+57.3%+37.6%−22.8%+155%+64.1%−21.7%−26.1%+123%+23.3%
DG Dollar General Corporation12 of 16+79.6%−43.1%−44.1%+5.6%+13.0%+35.9%+45.7%+17.6%+26.9%+4.3%+2.9%+17.2%+36.8%+7.1%+34.2%+36.7%———————————
BUD Anheuser-Busch InBev SA/NV8 of 16+30.5%−21.3%+9.0%+0.1%−12.7%−14.0%+27.7%−38.8%+9.6%−12.7%+14.9%+8.4%+25.6%+46.5%+8.8%+10.9%———————————
DLTR Dollar Tree, Inc.14 of 27+64.1%−47.2%+0.4%+0.7%+30.1%+14.9%+4.1%−15.8%+39.0%−0.1%+9.7%+24.7%+39.1%−2.4%+48.2%+74.2%+15.8%+60.9%−13.9%+25.7%−16.8%−4.3%+22.3%−20.5%+26.1%−24.1%+10.8%
PEP PepsiCo, Inc.13 of 27−1.8%−7.6%−3.3%+6.8%+20.5%+11.7%+27.4%−4.8%+17.8%+7.8%+8.8%+17.3%+24.6%+6.4%+4.8%+10.7%+14.6%−26.0%+23.8%+7.9%+15.3%+13.8%+12.1%−12.2%−0.6%+42.6%−12.4%
CCU Compañía Cervecerías Unidas S.A.9 of 27+15.9%−6.3%−2.2%−14.3%+26.0%−19.3%−20.8%−12.6%+44.0%−0.9%+19.5%−20.9%−21.2%+25.6%+8.1%+61.6%+51.7%−26.3%+20.9%+18.3%+0.4%+21.1%+59.7%−15.5%−13.2%−31.7%+73.6%
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Risk and diversification

How FMX has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were FMX's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents FMX's five deepest drawdowns since it began trading in 1998, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means FMX fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringFMX fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−61.0%−34.5%Aug 2008Oct 20082 monthsDec 200914 months
No named crash−56.6%−16.4%Jul 1998Sep 19982 monthsApr 19997 months
2015 China and oil sell-off−51.6%+141%Apr 2013Nov 20207.6 yearsJun 20232.6 years
Dot-com bust−49.1%−9.4%Mar 2000Dec 20009 monthsApr 20043.3 years
No named crash−40.8%+20.3%Feb 2024Jan 202511 monthsMay 202616 months

How did FMX do in stock market crashes?

This section measures how far FMX, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than FMX.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
FMX This pageFomento Económico Mexicano, S.A.B. de C.V.—−3.9%−28.7%−39.6%−18.2%−8.2%−16.4%−16.0%−0.5%−61.0%−48.5%
SPY S&P 500State Street SPDR S&P 500 ETF6 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
COKE Coca-Cola Consolidated, Inc.3 of 10−4.5%−35.5%−30.4%−21.3%−8.5%−28.4%−21.5%−1.8%−48.4%−37.8%
CCEP Coca-Cola Europacific Partners PLC6 of 10−1.5%−28.2%−47.6%−7.4%−2.9%−13.8%−20.4%−0.6%−71.0%−40.3%
KO The Coca-Cola Company9 of 10−1.4%−16.7%−37.0%−8.8%−7.8%−8.8%−8.3%0.0%−40.6%−31.3%
KOF Coca-Cola FEMSA, S.A.B. de C.V.6 of 10−4.9%−12.4%−40.1%−10.3%−7.0%−19.3%−14.2%−0.4%−57.7%−35.1%
CASY Casey's General Stores, Inc.8 of 10−3.4%−15.7%−32.1%−11.2%−4.5%−12.8%−14.4%−1.2%−40.6%−34.7%
WMT Walmart Inc.7 of 10−0.8%−25.7%−13.1%−18.3%−4.9%−22.3%−10.5%−1.5%−26.2%−31.8%
PSMT PriceSmart, Inc.3 of 10−2.6%−34.1%−29.7%−34.1%−4.4%−27.9%−22.1%−2.6%−66.5%−60.0%
MELI MercadoLibre, Inc.1 of 9−7.2%−51.6%−39.1%−30.3%−8.8%−31.9%−39.5%0.0%−89.5%—
MUSA Murphy USA Inc.2 of 6−6.0%−16.0%−27.1%−18.7%−8.5%−16.7%————
EWW iShares MSCI Mexico ETF4 of 10−6.5%−19.7%−47.2%−26.9%−6.3%−21.2%−23.6%0.0%−64.6%−38.8%
ABEV Ambev S.A.5 of 10−2.7%−25.8%−42.9%−18.8%−4.4%−30.4%−17.6%0.0%−60.4%−52.7%
DG Dollar General Corporation6 of 8−0.7%−27.6%−18.4%−15.9%−4.4%−25.2%−8.4%−2.6%——
BUD Anheuser-Busch InBev SA/NV2 of 8−1.3%−33.1%−52.2%−28.1%−7.7%−14.8%−16.2%−2.2%——
DLTR Dollar Tree, Inc.7 of 10−1.5%−26.5%−30.2%−7.2%−6.7%−24.1%−11.3%−1.9%−49.1%−67.1%
PEP PepsiCo, Inc.9 of 10−0.8%−11.9%−28.3%−12.3%−7.2%−10.2%−8.3%−0.2%−40.4%−33.0%
CCU Compañía Cervecerías Unidas S.A.4 of 10−5.7%−44.2%−30.3%−13.1%−5.4%−24.8%−19.1%−2.0%−46.0%−53.7%
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How closely does FMX move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares FMX with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than FMX's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
FMX This pageFomento Económico Mexicano, S.A.B. de C.V.50%63%0.800.72
MUSA Murphy USA Inc.90%42%2.150.63
WMT Walmart Inc.74%36%2.080.53
COKE Coca-Cola Consolidated, Inc.123%60%2.050.81
CASY Casey's General Stores, Inc.80%43%1.870.73
KO The Coca-Cola Company57%44%1.290.47
CCEP Coca-Cola Europacific Partners PLC69%56%1.250.66
MELI MercadoLibre, Inc.135%111%1.211.44
DG Dollar General Corporation46%46%1.000.37
KOF Coca-Cola FEMSA, S.A.B. de C.V.63%73%0.860.68
PSMT PriceSmart, Inc.68%79%0.860.80
PEP PepsiCo, Inc.48%65%0.750.48
EWW iShares MSCI Mexico ETF71%96%0.740.88
DLTR Dollar Tree, Inc.52%79%0.660.75
CCU Compañía Cervecerías Unidas S.A.51%117%0.440.73
ABEV Ambev S.A.49%121%0.410.85
BUD Anheuser-Busch InBev SA/NV51%125%0.401.04
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What diversifies FMX?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with FMX's. Because such investments tend not to fall at the same time, pairing FMX with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which FMX lost money. The last two columns show a portfolio that is 80% FMX and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202420202018201620142008200080/20 mix volatility80/20 mix annual return
FMX Fomento Económico Mexicano, S.A.B. de C.V. (this page)1.00+92.9%0.64−32.0%−17.8%−6.9%−16.2%−10.1%−20.2%−31.8%23.3%+10.9%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.40+119%1.48+15.9%−9.0%−5.2%————19.5%+12.5%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.34+225%1.34+29.8%+3.9%−19.8%+1.1%+8.1%−20.8%—19.7%+14.4%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.25+101%1.04+33.4%−13.4%−8.7%+29.8%+23.8%——19.6%+12.3%
HDV Dividend & IncomeiShares Core High Dividend ETF0.37+83.3%1.00+14.1%−6.5%−3.0%+15.9%+12.6%——19.9%+11.6%
SMH TechnologyVanEck Semiconductor ETF0.25+323%0.97+39.1%+55.5%−9.1%+35.6%+30.2%−44.7%—21.5%+17.0%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.44+85.0%0.96+13.4%+2.1%−9.5%+6.3%+3.4%——19.7%+11.9%
GLD CommoditiesSPDR Gold Shares0.27+126%0.96+26.7%+24.8%−1.9%+8.0%−2.2%+4.9%—19.9%+12.9%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.20+136%0.93+45.8%+28.2%−0.9%+7.4%———19.9%+13.7%

Stocks

InvestmentCorrelation5Y returnSharpe202420202018201620142008200080/20 mix volatility80/20 mix annual return
FMX Fomento Económico Mexicano, S.A.B. de C.V. (this page)1.00+92.9%0.64−32.0%−17.8%−6.9%−16.2%−10.1%−20.2%−31.8%23.3%+10.9%
CAH Medical - DistributionCardinal Health, Inc.0.33+479%1.55+19.0%+10.1%−24.5%−17.5%+23.0%−39.6%+108%21.0%+16.6%
CLS Hardware, Equipment & PartsCelestica Inc.0.04+3,143%1.47+215%−2.4%−16.3%+7.4%+12.9%−20.5%−2.3%22.4%+29.8%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.06+1,636%1.46+107%+6.7%+0.8%+18.3%−10.4%−15.2%−71.1%21.2%+25.7%
MCK Medical - DistributionMcKesson Corporation0.24+413%1.44+23.7%+27.1%−28.4%−28.3%+29.3%−40.4%+61.2%20.5%+16.1%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.21+690%1.41−4.0%−27.4%−8.2%+0.7%+0.4%——21.0%+18.8%
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Common questions

What was FMX's worst drawdown?

FMX's deepest decline since it began trading in 1998 was 61.0%, from August to October 2008. It took 14 months from the low to climb back to its old high.

What were FMX's best and worst years?

Over 27 full calendar years, FMX's best year was 2023, when it returned 70.1%. Its worst was 2024, with a return of -32.0%.

Is there a better investment than FMX?

Among FMX's popular alternatives, CCEP and WMT earned more than FMX with less volatility over the past 5 years. CCEP returned 19.7% a year at 23.2% volatility, against 14.0% a year at 25.7%. Looking beyond its popular alternatives, COST (discount retail) earned more than FMX with less volatility over the past 5 years: 17.4% a year at 22.9% volatility, against 14.0% a year at 25.7%.

Is FMX more volatile than the S&P 500?

Yes. FMX's volatility over the past 5 years was 25.7%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, FMX's return lands within 25.7% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is FMX's Sharpe ratio?

FMX's Sharpe ratio over the past 5 years was 0.64, against 0.79 for the S&P 500, so FMX earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is FMX with the S&P 500?

Over the past 5 years, FMX's monthly returns had a correlation of 0.27 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against FMX instead: the lower it is, the more that option would diversify a FMX holding.

What are the best alternatives to FMX?

Of the 16 popular alternatives we compared, four outperformed FMX in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: COKE, CCEP and KO.

Did FMX outperform the S&P 500?

FMX finished ahead of the S&P 500 (SPY) in 16 of 27 full calendar years. In 2025, it returned +26.8%, against +17.7% for the index.

How did FMX do in stock market crashes?

FMX fell less than the S&P 500 (SPY) in three of the ten major crashes it has traded through, and further in six. The clearest case was the Covid crash, when FMX fell 39.6% and the S&P 500 fell 33.7%.

What diversifies FMX?

These had a low correlation with FMX over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.40), DXJ (correlation 0.34) and EMLP (correlation 0.25); among large stocks, CAH (correlation 0.33), CLS (correlation 0.04) and FIX (correlation 0.06). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to FMX

Other stocks and ETFs