I just reviewed how the Mexican Stock Exchange is moving in 2026, and there are interesting developments that many investors in the United States are probably overlooking. While the S&P 500 is up only about 5% annually, the Mexican index has gained more than 22% over the last 12 months. That’s not a coincidence.

The BMV has only 145 listed companies, so it’s a fairly concentrated market. The companies listed on the Mexican exchange that really move the needle number just a dozen or so, but they definitely carry weight. The S&P/BMV IPC, the main index, includes the 35 largest, and those account for about 80% of the total market value.

The five listed companies that dominate the show are Walmart de México, América Móvil, Grupo México, FEMSA, and Fresnillo. Together, they account for nearly 50% of market capitalization. It’s a very concentrated economy, but precisely that’s what makes it interesting to keep a close watch on these players.

Walmart de México is still a retail giant. In Q1 2026, it reported consolidated sales of 246 billion pesos, confirming previous estimates. Analysts see upside potential toward 65-66 MXN. América Móvil is the other heavyweight: a multinational with operations in 23 countries and more than 323 million users. Its Q1 results showed revenues of 237 billion pesos, up 2.1% year over year, and net profit jumped 25% versus the prior year. EBITDA rose 3.8%, with a margin close to 40%.

Grupo México is the conglomerate that operates in mining, transportation, and infrastructure. It is the world’s third-largest copper producer. Its latest available results (Q4 2025) showed revenue growing 11% and net profit rebounding by more than 50%. FEMSA, the beverage and retail giant, is the world’s largest Coca-Cola bottler. It has a presence in 18 countries. And Fresnillo, the silver and gold mining company, had an outstanding 2025, with revenue of $4.561 billion (+30.5% year over year).

Now, the macroeconomic backdrop is complex. The second Trump administration has been turbulent, with tariffs, but Mexico has shown surprising resilience. Domestic consumption remains strong, nearshoring continues to attract investment, and the Mexican peso is performing better than it has in years, trading in a range of 17.30-17.80 MXN per dollar in April. That reduces pressure on imports and dollar-denominated debt for Mexican companies.

Inflation is running at 4.5-4.6% annually, above Banxico’s 3% target, so the central bank has been cautious. It cut rates by 25 basis points in March but paused further adjustments. Still, the market has built up gains of 5-6% so far in 2026.

The sectors gaining momentum are mining (especially copper), basic consumption, and telecommunications—precisely where the largest companies listed on the Mexican exchange operate.

For investors concentrated in the United States, this raises an interesting question. A diversified portfolio could include selective exposure to Mexican stocks, especially in those mining, consumer, and telecom sectors, combined with exposure to U.S. assets and local bonds. It’s one way to capitalize on differences in performance, benefit from the relative “super peso,” and reduce geopolitical risks that are intensifying in 2026. The year’s surprise has come from Mexico, and it probably isn’t a bad idea to start paying more attention to what’s happening in the BMV.