BRAZ vs. FLLA

Last updated Jun 4, 2026

BRAZ (Global X Brazil Active ETF) and FLLA (Franklin FTSE Latin America ETF) are both Latin America Equities funds - BRAZ tracks the Solactive Brazil Mid Cap Index while FLLA tracks the FTSE Latin America RIC Capped Index. Both are passively managed. Over the past year, BRAZ returned 32.60% vs 35.32% for FLLA. Their correlation of 0.91 suggests significant overlap in exposure. BRAZ charges 0.75%/yr vs 0.19%/yr for FLLA.

Performance

BRAZ vs. FLLA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Brazil Active ETF (BRAZ) and Franklin FTSE Latin America ETF (FLLA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BRAZ achieves a 9.24% return, which is significantly lower than FLLA's 12.62% return.

BRAZ

• 1D: -1.64%
• 1M: -10.10%
• YTD: 9.24%
• 6M: 4.93%
• 1Y: 32.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FLLA

• 1D: -2.69%
• 1M: -5.24%
• YTD: 12.62%
• 6M: 11.76%
• 1Y: 35.32%
• 3Y*: 14.00%
• 5Y*: 7.79%
• 10Y*: —

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

BRAZ vs. FLLA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BRAZ Global X Brazil Active ETF	9.24%	45.42%	-29.74%	17.56%
FLLA Franklin FTSE Latin America ETF	12.62%	51.81%	-26.89%	14.89%

Correlation

The correlation between BRAZ and FLLA is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (All Time) Calculated using the full available price history since Aug 21, 2023	0.91

The correlation between BRAZ and FLLA has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

BRAZ vs. FLLA - Sectors Allocation Comparison

Sectors	BRAZ	FLLA
Financial Services	38.2%	25.9%
Energy	18.3%	11.3%
Basic Materials	13.4%	19.3%
Utilities	10.1%	9.8%
Industrials	6.7%	9.2%
Consumer Cyclical	3.7%	2.8%
Real Estate	2.8%	3.0%
Healthcare	2.3%	1.6%
Consumer Defensive	1.5%	11.0%
Technology	0.9%	0.4%
Communication Services	-	3.9%

Return for Risk

BRAZ vs. FLLA — Risk / Return Rank

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

BRAZ

BRAZ Risk / Return Rank: 38
BRAZ Sharpe Ratio Rank: 38
BRAZ Sortino Ratio Rank: 35
BRAZ Omega Ratio Rank: 35
BRAZ Calmar Ratio Rank: 42
BRAZ Martin Ratio Rank: 40

FLLA

FLLA Risk / Return Rank: 50
FLLA Sharpe Ratio Rank: 47
FLLA Sortino Ratio Rank: 44
FLLA Omega Ratio Rank: 45
FLLA Calmar Ratio Rank: 62
FLLA Martin Ratio Rank: 51

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.

BRAZ vs. FLLA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Brazil Active ETF (BRAZ) and Franklin FTSE Latin America ETF (FLLA). 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.

	BRAZ	FLLA	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.66	-0.31
Sortino ratio: Return per unit of downside risk	1.85	2.24	-0.38
Omega ratio: Gain probability vs. loss probability	1.24	1.29	-0.05
Calmar ratio: Return relative to maximum drawdown	2.06	3.06	-1.00
Martin ratio: Return relative to average drawdown	6.33	8.72	-2.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BRAZ vs. FLLA - Sharpe Ratio Comparison

The current BRAZ Sharpe Ratio is 1.36, which is comparable to the FLLA Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of BRAZ and FLLA, 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

	BRAZ	FLLA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	1.66	-0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.23	+0.20

Drawdowns

BRAZ vs. FLLA - Drawdown Comparison

The maximum BRAZ drawdown since its inception was -31.02%, smaller than the maximum FLLA drawdown of -53.88%. Use the drawdown chart below to compare losses from any high point for BRAZ and FLLA.

Drawdown Indicators

	BRAZ	FLLA	Difference
Max Drawdown Largest peak-to-trough decline	-31.02%	-53.88%	+22.86%
Max Drawdown (1Y) Largest decline over 1 year	-15.91%	-11.59%	-4.32%
Max Drawdown (3Y) Largest decline over 3 years	—	-27.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-28.32%	—
Current Drawdown Current decline from peak	-15.91%	-10.96%	-4.95%
Average Drawdown Average peak-to-trough decline	-11.25%	-13.48%	+2.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.17%	4.06%	+1.11%

Volatility

BRAZ vs. FLLA - Volatility Comparison

Global X Brazil Active ETF (BRAZ) and Franklin FTSE Latin America ETF (FLLA) have volatilities of 6.95% and 6.72%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRAZ	FLLA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.95%	6.72%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	20.04%	18.23%	+1.81%
Volatility (1Y) Calculated over the trailing 1-year period	24.14%	21.33%	+2.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.58%	22.81%	+0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.58%	27.54%	-3.96%

BRAZ vs. FLLA - Expense Ratio Comparison

BRAZ has a 0.75% expense ratio, which is higher than FLLA's 0.19% expense ratio.

Dividends

BRAZ vs. FLLA - Dividend Comparison

BRAZ's dividend yield for the trailing twelve months is around 3.12%, less than FLLA's 5.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BRAZ Global X Brazil Active ETF	3.12%	3.41%	4.16%	1.88%	0.00%	0.00%	0.00%	0.00%	0.00%
FLLA Franklin FTSE Latin America ETF	5.38%	6.06%	7.04%	5.45%	9.55%	7.60%	2.12%	3.18%	0.48%

Frequently Asked Questions

Can I hold both BRAZ and FLLA in my portfolio?

With a correlation of 0.93, BRAZ and FLLA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BRAZ or FLLA?

BRAZ has higher volatility (6.95%) compared to FLLA (6.72%). In terms of maximum drawdown, BRAZ dropped -31.02% vs FLLA's -53.88%.

Which ETF is better, BRAZ or FLLA?

On 1-year performance, FLLA leads with 35.32% vs 32.60% for BRAZ. On fees, FLLA is cheaper at 0.19% per year. On volatility, FLLA has been the lower-risk option at 6.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BRAZ or FLLA?

Over the 1-year period, FLLA has performed better with a 35.32% return vs 32.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BRAZ or FLLA?

FLLA is cheaper with a 0.19% expense ratio, compared with 0.75% for BRAZ.

Which ETF pays a higher dividend yield, BRAZ or FLLA?

FLLA has the higher dividend yield at 5.38%, compared with 3.12% for BRAZ.

What is the main difference between BRAZ and FLLA?

BRAZ tracks Solactive Brazil Mid Cap Index, while FLLA tracks FTSE Latin America RIC Capped Index. They also come from different issuers: Global X and Franklin Templeton. Their fees differ too: 0.75% for BRAZ and 0.19% for FLLA.

Which has better risk-adjusted returns?

FLLA currently has the higher Sharpe Ratio (1.66 vs 1.36), 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.