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

> Source: EasyCompare research, https://easycompare.io/research/fmx
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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.

## Key findings

- **Right now:** Its convenience store peers split over the past 6 months: KOF (Coca-Cola FEMSA, S.A.B. de C.V.) rose 18.1%, while WMT (Walmart) fell 7.5%. Over the past 6 months, FMX rose 15.1% against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100.
- **Stock or market?:** FMX rose 0.8% over the past 3 months, 3.3 points behind the convenience stores ETF XLP (State Street Consumer Staples Select Sector SPDR ETF), which rose 4.1%. The S&P 500 rose 3.9%. That said, last month cut against the tape: FMX rose 9.3% while the S&P 500 fell 0.6%.
- **Past 1 to 3 years:** FMX has run far ahead of the market, rising 44.0% over the past year against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. On the flip side, it led its convenience store peers in 2023, then fell behind ABEV (Ambev) and KOF (Coca-Cola FEMSA, S.A.B. de C.V.) in 2025.
- **Long term:** FMX turned $10,000 into $18,000 over the past decade, against $42,100 in the S&P 500. On the flip side, the past 5 years have been the better stretch: FMX rose 92.9% against 81.7% for the S&P 500, after trailing over the decade.
- **In a crash:** FMX fell further than the S&P 500 in three of the last four sell-offs, including the Covid crash (39.6% against 33.7%). In the Covid crash, FMX fell 39.6%, against 33.7% for the S&P 500. That was more than WMT (Walmart, 13.1%) but less than ABEV (Ambev, 42.9%).
- **Diversification:** Against the S&P 500, FMX has a correlation of 0.27 over 5 years, less closely than 75% of stocks worth at least $300 million. Next to an index fund it is a real diversifier. That said, over 10 years FMX took more of the market's losses than of its gains: 50% of the S&P 500's gains in rising months and 63% of its losses in falling ones, with a beta of 0.72.
- **Better options**
  - **Popular alternatives:** CCEP (Coca-Cola Europacific Partners) and WMT (Walmart) 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%.
  - **Nearby categories and themes:** COST (Costco Wholesale, 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%.

## 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.

- $10,000 invested in FMX at the end of September 1998 would have grown to $305,806 by September 2026, more than the $121,630 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of FMX, and MNST finished highest, at $20,135,553.

## 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.

- 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.
- FMX is trading within 1% of its all-time high.
- Over 27 full calendar years, FMX's best was 2023, when it returned 70.1%, and its worst was 2024, when it lost 32.0%. It lost money in seven of those years.

- Type: Stock, Consumer Staples (Beverages - Non-Alcoholic)
- Trading since: May 11, 1998
- Market value: $44B
- Volatility (5 years): 25.7%; Sharpe ratio: 0.64
- Worst decline ever: −61.0%, from August 6, 2008 to October 27, 2008; back at its high by December 4, 2009

| Period | FMX total return |
| --- | --- |
| 1 month | +9.3% |
| 3 months | +0.8% |
| 6 months | +15.1% |
| year to date | +36.5% |
| 1 year | +44.0% |
| 3 years | +53.7% |
| 5 years | +92.9% |
| 10 years | +79.7% |

## 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.

- FMX is among the steadier stocks: its price swings rank in the top 13% of the 2,893 stocks worth at least $300 million, where the top is the calmest.

| Measure | FMX | Rank |
| --- | --- | --- |
| 1-year return | +44.0% | 650 of 3,287 (top 20%) |
| 3-year return | +53.7% | 1,487 of 3,017 (top 50%) |
| 5-year return | +92.9% | 723 of 2,893 (top 25%) |
| 10-year return | +79.7% | 1,420 of 2,202 (top 65%) |
| Volatility, 5 years | 25.7% | 384 of 2,893 (top 14%) |
| Sharpe ratio, 5 years | 0.64 | 580 of 2,893 (top 21%) |
| Worst decline, past 10 years | −45.5% | 303 of 2,187 (top 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).

- 37 stocks and 40 ETFs worth at least $500 million sit in the green region: each earned more than FMX over the past 5 years with smaller price swings. That is 2% of the 3,633 screened.
- Among those with at least half FMX's swings, DXJ has the best return for its risk: 26.6% a year at 19.1% volatility, 26% less than FMX's 25.7%, and a Sharpe ratio (return above cash per unit of volatility) of 1.34 against 0.64 for FMX.
- Among FMX's popular alternatives, WMT and CCEP are in the region. WMT earned 20.8% a year against 14.0% a year for FMX, at 22.6% volatility, 12% less than FMX's 25.7%.

### Is there a better investment than FMX?

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.

- 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%.
- Across the whole market, 77 of the 3,633 stocks and funds worth at least $500 million earned more than FMX with less volatility over the past 5 years, among them WMT, JPM and ABBV.

The 15 strongest of 77 investments that beat FMX over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with FMX | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FMX: Fomento Económico Mexicano, S.A.B. de C.V. (this page) |  | +14.0% | 25.7% | 0.64 | −45.5% | +79.7% |  |  |
| EWT: iShares MSCI Taiwan ETF | International Equity | +20.4% | 24.2% | 0.89 | −38.9% | +468% | 0.32 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| VLUE: iShares MSCI USA Value Factor ETF | US Large-Cap Value | +15.9% | 18.4% | 0.90 | −39.5% | +286% | 0.37 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | Gold | +17.7% | 18.9% | 0.96 | −26.4% | +213% | 0.27 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| FLTW: Franklin FTSE Taiwan ETF | Technology | +21.8% | 24.3% | 0.94 | −38.0% | — | 0.32 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [RY](https://easycompare.io/research/ry): Royal Bank of Canada | Banks | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.33 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [ABBV](https://easycompare.io/research/abbv): AbbVie Inc. | Pharmaceuticals | +26.1% | 23.4% | 1.11 | −45.1% | +603% | 0.29 | Higher return, lower volatility; Higher return in most periods |
| NI: NiSource Inc | Gas Utilities | +15.1% | 20.3% | 0.80 | −30.9% | +158% | 0.27 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| NXTG: First Trust Indxx NextG ETF | Technology | +16.2% | 19.1% | 0.89 | −33.6% | +330% | 0.34 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [PM](https://easycompare.io/research/pm): Philip Morris International Inc. | Tobacco | +21.0% | 23.4% | 0.94 | −42.9% | +242% | 0.38 | Higher return, lower volatility; Higher return in most periods |
| IOO: iShares Global 100 ETF | Global Equity | +15.7% | 17.2% | 0.94 | −31.4% | +361% | 0.25 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [TD](https://easycompare.io/research/td): The Toronto-Dominion Bank | Banks | +15.8% | 20.0% | 0.84 | −42.0% | +310% | 0.43 | Higher return, lower volatility; Higher return in most periods |
| [MO](https://easycompare.io/research/mo): Altria Group, Inc. | Tobacco | +17.8% | 21.4% | 0.88 | −53.7% | +140% | 0.28 | Higher return, lower volatility; Higher return in most periods |
| [TRV](https://easycompare.io/research/trv): The Travelers Companies, Inc. | Property & Casualty Insurance | +22.4% | 22.3% | 1.02 | −46.3% | +347% | 0.48 | Higher return, lower volatility; Higher return in most periods |
| DXJ: WisdomTree Japan Hedged Equity Fund | International Equity | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.34 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [MFC](https://easycompare.io/research/mfc): Manulife Financial Corporation | Life Insurance | +22.6% | 24.0% | 0.97 | −57.5% | +373% | 0.32 | Higher return, lower volatility; Higher return in most periods |

## 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.

- Four of the 16 popular alternatives, led by KOF, WMT and CCEP, were both more rewarding and calmer than FMX over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, FMX returned 14.1% a year, more than the S&P 500's 12.7%, with higher volatility (25.7% against 17.1%).

### 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.

- Four of the 16 popular alternatives, led by COKE, CCEP and KO, outperformed FMX in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- COKE outperformed FMX in every long-term period and in all but one short-term period, the most consistent record in the group.
- CASY, WMT and KO earned more for the risk they took than FMX (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of FMX | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| FMX: Fomento Económico Mexicano, S.A.B. de C.V. (this page) | +44.0% | +53.7% | +92.9% | +79.7% |  |  | 0.64 |
| COKE: Coca-Cola Consolidated, Inc. | +61.7% | +255% | +461% | +1,569% | 4/5 short-term, 3/3 long-term | all-weather | 1.10 |
| [CCEP](https://easycompare.io/research/ccep): Coca-Cola Europacific Partners PLC | +28.3% | +116% | +146% | +292% | 3/5 short-term, 3/3 long-term | consistent | 0.90 |
| [KO](https://easycompare.io/research/ko): The Coca-Cola Company | +40.2% | +86.8% | +98.2% | +204% | 3/5 short-term, 3/3 long-term | consistent | 0.91 |
| KOF: Coca-Cola FEMSA, S.A.B. de C.V. | +46.7% | +96.0% | +174% | +119% | 3/5 short-term, 3/3 long-term | consistent | 0.94 |
| CASY: Casey's General Stores, Inc. | +21.7% | +165% | +270% | +537% | 1/5 short-term, 3/3 long-term |  | 1.04 |
| [WMT](https://easycompare.io/research/wmt): Walmart Inc. | +11.0% | +130% | +158% | +508% | 1/5 short-term, 3/3 long-term |  | 0.96 |
| PSMT: PriceSmart, Inc. | +43.2% | +153% | +135% | +124% | 1/5 short-term, 3/3 long-term |  | 0.75 |
| [MELI](https://easycompare.io/research/meli): MercadoLibre, Inc. | −10.6% | +60.7% | +17.2% | +1,002% | 1/5 short-term, 2/3 long-term |  | 0.31 |
| MUSA: Murphy USA Inc. | +45.2% | +50.9% | +218% | +706% | 0/5 short-term, 2/3 long-term |  | 0.90 |
| EWW: iShares MSCI Mexico ETF | +18.4% | +57.6% | +77.4% | +89.7% | 0/5 short-term, 2/3 long-term |  | 0.62 |
| [ABEV](https://easycompare.io/research/abev): Ambev S.A. | +53.0% | +62.0% | +60.4% | −21.1% | 3/5 short-term, 1/3 long-term |  | 0.46 |
| DG: Dollar General Corporation | +28.5% | +24.2% | −32.0% | +127% | 2/5 short-term, 1/3 long-term |  | -0.01 |
| [BUD](https://easycompare.io/research/bud): Anheuser-Busch InBev SA/NV | +36.7% | +66.6% | +58.7% | −20.0% | 1/5 short-term, 1/3 long-term |  | 0.50 |
| DLTR: Dollar Tree, Inc. | +26.2% | +13.1% | +23.3% | +64.7% | 2/5 short-term, 0/3 long-term |  | 0.31 |
| [PEP](https://easycompare.io/research/pep): PepsiCo, Inc. | −9.2% | −6.7% | −2.3% | +72.6% | 0/5 short-term, 0/3 long-term |  | 0.07 |
| CCU: Compañía Cervecerías Unidas S.A. | −12.1% | +7.9% | −15.1% | −19.6% | 0/5 short-term, 0/3 long-term |  | 0.03 |

### 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.

- Ranked against its popular alternatives each year, FMX finished in the top quarter in nine of 27 years and in the bottom quarter in six. In 2025, it ranked 9 of 17.
- FMX finished ahead of the S&P 500 in 16 of its 27 full calendar years.
- Among its popular alternatives, DG came out ahead of FMX most often, in 12 of the 16 years both traded.

| Year | FMX | SPY |
| --- | --- | --- |
| 2025 | +26.8% | +17.7% |
| 2024 | −32.0% | +24.9% |
| 2023 | +70.1% | +26.2% |
| 2022 | +2.9% | −18.2% |
| 2021 | +4.0% | +28.7% |
| 2020 | −17.8% | +18.3% |
| 2019 | +11.7% | +31.2% |
| 2018 | −6.9% | −4.6% |
| 2017 | +25.1% | +21.7% |
| 2016 | −16.2% | +12.0% |

## 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.

- In all five of FMX's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: FMX fell 51.6% from April 2013 to November 2020, while the S&P 500 rose 141%.
- The slowest recovery came after FMX fell 49.1% from March to December 2000; it did not regain that peak until April 2004, three years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −61.0% | August 6, 2008 | October 27, 2008 | December 4, 2009 | −34.5% | 2008 financial crisis |
| −56.6% | July 14, 1998 | September 10, 1998 | April 28, 1999 | −16.4% |  |
| −51.6% | April 12, 2013 | November 2, 2020 | June 8, 2023 | +141% | 2015 China and oil sell-off |
| −49.1% | March 9, 2000 | December 20, 2000 | April 2, 2004 | −9.4% | dot-com bust |
| −40.8% | February 14, 2024 | January 3, 2025 | May 12, 2026 | +20.3% |  |

### 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.

- Among its popular alternatives, KO held up best, falling less than FMX in nine of the ten crashes they both traded through.
- FMX fell further than the S&P 500 in six of the ten crashes it has traded through. The clearest case was the Covid crash, when FMX fell 39.6% and the S&P 500 fell 33.7%.

| Crash | Dates | FMX fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −48.5% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −61.0% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −0.5% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −16.0% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −16.4% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −8.2% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −18.2% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −39.6% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −28.7% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −3.9% | −3.4% |

### 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.

- Over the past 10 years, FMX captured 50% of the S&P 500's gains in rising months and 63% of its losses in falling months, with a beta of 0.72. Its share of the market's losses was larger than its share of the gains.
- Ten of the 16 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than FMX's 0.80, led by MUSA, WMT and COKE.
- WMT took just 36% of the S&P 500's losses, against 63% for FMX, while still keeping 74% of its gains.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| FMX: Fomento Económico Mexicano, S.A.B. de C.V. (this page) | 50.0% | 63.0% | 0.72 |
| COKE: Coca-Cola Consolidated, Inc. | 123% | 60.0% | 0.81 |
| [CCEP](https://easycompare.io/research/ccep): Coca-Cola Europacific Partners PLC | 69.0% | 56.0% | 0.66 |
| [KO](https://easycompare.io/research/ko): The Coca-Cola Company | 57.0% | 44.0% | 0.47 |
| KOF: Coca-Cola FEMSA, S.A.B. de C.V. | 63.0% | 73.0% | 0.68 |
| CASY: Casey's General Stores, Inc. | 80.0% | 43.0% | 0.73 |
| [WMT](https://easycompare.io/research/wmt): Walmart Inc. | 74.0% | 36.0% | 0.53 |
| PSMT: PriceSmart, Inc. | 68.0% | 79.0% | 0.80 |
| [MELI](https://easycompare.io/research/meli): MercadoLibre, Inc. | 135% | 111% | 1.44 |
| MUSA: Murphy USA Inc. | 90.0% | 42.0% | 0.63 |
| EWW: iShares MSCI Mexico ETF | 71.0% | 96.0% | 0.88 |
| [ABEV](https://easycompare.io/research/abev): Ambev S.A. | 49.0% | 121% | 0.85 |
| DG: Dollar General Corporation | 46.0% | 46.0% | 0.37 |
| [BUD](https://easycompare.io/research/bud): Anheuser-Busch InBev SA/NV | 51.0% | 125% | 1.04 |
| DLTR: Dollar Tree, Inc. | 52.0% | 79.0% | 0.75 |
| [PEP](https://easycompare.io/research/pep): PepsiCo, Inc. | 48.0% | 65.0% | 0.48 |
| CCU: Compañía Cervecerías Unidas S.A. | 51.0% | 117% | 0.73 |

### 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).

- Moving a fifth of the money in FMX into LVHI would have cut the portfolio's volatility by 16% over the past 5 years and raised its annual return (+10.9% for FMX alone, +12.5% for the mix).
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of FMX over the past 5 years, with correlations of 0.40 or lower, and each still earned a positive 5-year return.
- FIX made money in four of the seven calendar years in which FMX lost money.

| Investment | Correlation with FMX | 5Y return | Volatility | Sharpe | Rose in FMX's 7 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.40 | +119% | 11.1% | 1.48 | 1 of 7 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.34 | +225% | 19.1% | 1.34 | 4 of 7 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.25 | +101% | 14.5% | 1.04 | 3 of 7 |
| HDV: iShares Core High Dividend ETF | 0.37 | +83.3% | 13.0% | 1.00 | 3 of 7 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.25 | +323% | 36.9% | 0.97 | 4 of 7 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.44 | +85.0% | 13.8% | 0.96 | 4 of 7 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.27 | +126% | 18.9% | 0.96 | 4 of 7 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.20 | +136% | 20.8% | 0.93 | 3 of 7 |

## 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.

## More research

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- [PepsiCo (PEP) Performance, Alternatives and Market Rank](https://easycompare.io/research/pep)
- [Schwab U.S. Dividend Equity ETF (SCHD) Performance, Alternatives and Market Rank](https://easycompare.io/research/schd)
- [NVIDIA (NVDA) Performance, Alternatives and Market Rank](https://easycompare.io/research/nvda)
- [Apple (AAPL) Performance, Alternatives and Market Rank](https://easycompare.io/research/aapl)
- [Alphabet (GOOG) Performance, Alternatives and Market Rank](https://easycompare.io/research/goog)
- [Microsoft (MSFT) Performance, Alternatives and Market Rank](https://easycompare.io/research/msft)

## Explore further

- Full page with charts: https://easycompare.io/research/fmx
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against FMX live: https://betterthanspy.com/?b=FMX&utm_source=easycompare&utm_medium=research