CX vs. TIGO

Last updated Jun 4, 2026

CX (CEMEX, S.A.B. de C.V.) and TIGO (Millicom International Cellular S.A.) are both stocks. CX operates in Building Materials (Basic Materials), while TIGO operates in Telecom Services (Communication Services). Over the past 10 years, CX returned 8.18%/yr vs 7.41%/yr for TIGO. At a 0.29 correlation, their price movements are largely independent.

Performance

CX vs. TIGO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CEMEX, S.A.B. de C.V. (CX) and Millicom International Cellular S.A. (TIGO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CX achieves a 12.51% return, which is significantly lower than TIGO's 61.53% return. Over the past 10 years, CX has outperformed TIGO with an annualized return of 8.18%, while TIGO has yielded a comparatively lower 7.41% annualized return.

CX

• 1D: -1.23%
• 1M: 8.49%
• YTD: 12.51%
• 6M: 19.05%
• 1Y: 90.98%
• 3Y*: 27.50%
• 5Y*: 9.92%
• 10Y*: 8.18%

TIGO

• 1D: -3.16%
• 1M: 3.02%
• YTD: 61.53%
• 6M: 71.04%
• 1Y: 159.36%
• 3Y*: 80.49%
• 5Y*: 18.49%
• 10Y*: 7.41%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CX vs. TIGO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CX CEMEX, S.A.B. de C.V.	12.51%	105.97%	-26.48%	91.36%	-40.27%	31.14%	36.77%	-19.55%	-35.73%	-2.86%
TIGO Millicom International Cellular S.A.	61.53%	152.35%	38.94%	42.52%	-55.61%	-26.64%	-19.59%	-20.28%	-1.32%	66.94%

Correlation

The correlation between CX and TIGO is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Jun 1, 2011	0.29

The correlation between CX and TIGO shifts across timeframes, from 0.18 (1 year) to 0.32 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap CX : $1.89B TIGO : $14.42B
EPS CX : $0.57 TIGO : $7.34
PE Ratio CX : 22.81 TIGO : 11.72
PEG Ratio CX : 0.07 TIGO : 0.04
PS Ratio CX : 0.63 TIGO : 2.25
PB Ratio CX : 0.17 TIGO : 4.60
Total Revenue (TTM) CX : $16.57B TIGO : $6.43B
Gross Profit (TTM) CX : $5.51B TIGO : $4.49B
EBITDA (TTM) CX : $1.63B TIGO : $3.52B

Return for Risk

CX vs. TIGO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CX

CX Risk / Return Rank: 90
CX Sharpe Ratio Rank: 92
CX Sortino Ratio Rank: 91
CX Omega Ratio Rank: 88
CX Calmar Ratio Rank: 86
CX Martin Ratio Rank: 91

TIGO

TIGO Risk / Return Rank: 97
TIGO Sharpe Ratio Rank: 98
TIGO Sortino Ratio Rank: 96
TIGO Omega Ratio Rank: 96
TIGO Calmar Ratio Rank: 99
TIGO Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CX vs. TIGO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CEMEX, S.A.B. de C.V. (CX) and Millicom International Cellular S.A. (TIGO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	CX	TIGO	Difference
Sharpe ratio Return per unit of total volatility	2.60	4.49	-1.89
Sortino ratio Return per unit of downside risk	3.36	4.42	-1.06
Omega ratio Gain probability vs. loss probability	1.42	1.61	-0.19
Calmar ratio Return relative to maximum drawdown	3.81	14.51	-10.69
Martin ratio Return relative to average drawdown	13.80	41.07	-27.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CX vs. TIGO - Sharpe Ratio Comparison

The current CX Sharpe Ratio is 2.60, which is lower than the TIGO Sharpe Ratio of 4.49. The chart below compares the historical Sharpe Ratios of CX and TIGO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CX	TIGO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.60	4.49	-1.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.47	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	0.19	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.03	+0.11

Drawdowns

CX vs. TIGO - Drawdown Comparison

The maximum CX drawdown since its inception was -92.37%, roughly equal to the maximum TIGO drawdown of -88.26%. Use the drawdown chart below to compare losses from any high point for CX and TIGO.

Drawdown Indicators

	CX	TIGO	Difference
Max Drawdown Largest peak-to-trough decline	-92.37%	-88.26%	-4.11%
Max Drawdown (1Y) Largest decline over 1 year	-23.99%	-11.05%	-12.94%
Max Drawdown (3Y) Largest decline over 3 years	-44.38%	-17.69%	-26.69%
Max Drawdown (5Y) Largest decline over 5 years	-63.05%	-75.92%	+12.87%
Max Drawdown (10Y) Largest decline over 10 years	-83.70%	-84.51%	+0.81%
Current Drawdown Current decline from peak	-38.17%	-3.16%	-35.01%
Average Drawdown Average peak-to-trough decline	-51.18%	-45.76%	-5.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.62%	3.90%	+2.72%

Volatility

CX vs. TIGO - Volatility Comparison

CEMEX, S.A.B. de C.V. (CX) has a higher volatility of 13.21% compared to Millicom International Cellular S.A. (TIGO) at 11.38%. This indicates that CX's price experiences larger fluctuations and is considered to be riskier than TIGO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CX	TIGO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.21%	11.38%	+1.83%
Volatility (6M) Calculated over the trailing 6-month period	28.69%	27.26%	+1.43%
Volatility (1Y) Calculated over the trailing 1-year period	35.12%	35.76%	-0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.79%	39.64%	+0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.53%	38.33%	+5.20%

Dividends

CX vs. TIGO - Dividend Comparison

CX's dividend yield for the trailing twelve months is around 0.69%, less than TIGO's 6.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CX CEMEX, S.A.B. de C.V.	0.69%	0.76%	1.10%	0.00%	0.00%	0.00%	0.00%	2.64%	0.00%	0.00%	0.00%
TIGO Millicom International Cellular S.A.	6.39%	8.12%	0.00%	0.00%	0.00%	0.00%	0.00%	5.47%	4.15%	3.92%	6.23%

Financials

CX vs. TIGO - Profitability Comparison

The chart below illustrates the profitability comparison between CEMEX, S.A.B. de C.V. and Millicom International Cellular S.A. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

CX - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, CEMEX, S.A.B. de C.V. reported a gross profit of 1.32B and revenue of 4.02B. Therefore, the gross margin over that period was 32.9%.

TIGO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Millicom International Cellular S.A. reported a gross profit of 1.04B and revenue of 1.98B. Therefore, the gross margin over that period was 52.3%.

CX - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, CEMEX, S.A.B. de C.V. reported an operating income of 452.69M and revenue of 4.02B, resulting in an operating margin of 11.3%.

TIGO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Millicom International Cellular S.A. reported an operating income of 389.00M and revenue of 1.98B, resulting in an operating margin of 19.6%.

CX - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, CEMEX, S.A.B. de C.V. reported a net income of 227.66M and revenue of 4.02B, resulting in a net margin of 5.7%.

TIGO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Millicom International Cellular S.A. reported a net income of 109.00M and revenue of 1.98B, resulting in a net margin of 5.5%.

Frequently Asked Questions

Can I hold both CX and TIGO in my portfolio?

CX and TIGO have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CX or TIGO?

CX has higher volatility (13.21%) compared to TIGO (11.38%). In terms of maximum drawdown, CX dropped -92.37% vs TIGO's -88.26%.

Which has better risk-adjusted returns?

TIGO currently has the higher Sharpe Ratio (4.49 vs 2.60), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.