Recently, I was looking over how the Mexican market is doing in 2026, and honestly, I was quite surprised by what I found. While everyone is focused on the United States, the Bolsa Mexicana de Valores is putting on a completely different show.

First, something that probably not everyone knows: in Mexico, there are two stock exchanges operating. There’s the Bolsa Mexicana de Valores (BMV), the big one that everyone knows, and there’s also the Bolsa Institucional de Valores (BIVA). But when we talk about the serious Mexican market, it’s the BMV that moves the money; it’s the second-largest in all of Latin America.

Now, how many companies are actually listed? Only 145. Yes—145 companies in total, of which 140 are Mexican. Compared with other markets, that’s fairly concentrated. But here’s the interesting part: the main index, the S&P/BMV IPC, includes only 35 companies, and those 35 represent nearly 80% of the total market value. In other words, the whole market boils down to a handful of names.

The five biggest are the ones that really matter: Walmart de México, América Móvil, Grupo México, FEMSA, and Fresnillo. Together, these five companies account for almost 50% of the entire stock exchange’s market capitalization. Walmart de México is around 923 billion pesos, América Móvil is at 1.35 trillion, and Grupo México leads with 1.53 trillion. These are enormous numbers, but in a small market.

What caught my attention was the recent performance. Over the last 12 months through the end of April, the index gained 22%. For comparison, the S&P 500 barely reached 5% in the same period. That’s right—the Mexican market is beating Wall Street. And this is happening while Trump imposes tariffs and geopolitical uncertainty is all around.

The macroeconomic backdrop helps. The Mexican peso is performing well, trading between 17.30 and 17.80 per dollar, which means less pressure on imports for Mexican companies. Inflation is around 4.5–4.6% annually, above Banxico’s target, but domestic consumption is still holding up thanks to nearshoring and remittances.

In terms of sectors, the ones driving the momentum are mining, basic consumption, and telecommunications. In mining, Grupo México is pulling out copper at scale. América Móvil keeps dominating with its 323 million users across 23 countries. And FEMSA, as Coca-Cola’s bottler, maintains its position. Walmart de México reported sales close to 246 billion pesos in the first quarter.

What I find relevant is that if you’ve been entirely focused on U.S. stocks, 2026 is a good time to rethink things. A diversified portfolio could include selective exposure to these Mexican equities, especially in the sectors I mentioned. The Mexican market is demonstrating resilience and real opportunities that most investors still aren’t seeing. It’s a quiet move, but with numbers that speak for themselves.