BRZU vs. FLMX

Last updated Jun 24, 2026

BRZU (Direxion Daily Brazil Bull 2X Shares) and FLMX (Franklin FTSE Mexico ETF) are both exchange-traded funds - BRZU is a Leveraged Equities fund tracking the MSCI Brazil 25/50 Index, while FLMX is a Latin America Equities fund tracking the FTSE Mexico RIC Capped Index. Both are passively managed. Over the past 5 years, BRZU returned -5.19%/yr vs 12.58%/yr for FLMX. At a 0.49 correlation, their price movements are largely independent. BRZU charges 1.29%/yr vs 0.19%/yr for FLMX.

Performance

BRZU vs. FLMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Brazil Bull 2X Shares (BRZU) and Franklin FTSE Mexico ETF (FLMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with BRZU having a 9.75% return and FLMX slightly lower at 9.45%.

BRZU

• 1D: -1.27%
• 1M: -11.33%
• YTD: 9.75%
• 6M: 11.32%
• 1Y: 46.87%
• 3Y*: 2.53%
• 5Y*: -5.19%
• 10Y*: -16.81%

FLMX

• 1D: -1.54%
• 1M: -2.53%
• YTD: 9.45%
• 6M: 6.90%
• 1Y: 33.21%
• 3Y*: 10.20%
• 5Y*: 12.58%
• 10Y*: —

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

BRZU vs. FLMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRZU Direxion Daily Brazil Bull 2X Shares	9.75%	97.99%	-57.07%	55.48%	8.30%	-39.23%	-91.34%	57.02%	-37.21%	7.84%
FLMX Franklin FTSE Mexico ETF	9.45%	53.62%	-28.45%	39.35%	2.40%	19.58%	-3.50%	12.13%	-13.32%	-0.96%

Correlation

The correlation between BRZU and FLMX is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.49

The correlation between BRZU and FLMX has been stable across timeframes, ranging from 0.49 to 0.56 - a consistent structural relationship.

BRZU vs. FLMX - Sectors Allocation Comparison

Sectors	BRZU	FLMX
Financial Services	33.4%	18.6%
Energy	16.7%	-
Basic Materials	15.3%	24.4%
Utilities	12.8%	-
Industrials	11.0%	11.6%
Consumer Defensive	4.6%	28.2%
Healthcare	2.3%	-
Communication Services	2.1%	9.3%
Consumer Cyclical	1.4%	1.3%
Technology	0.4%	-
Real Estate	-	6.6%

Return for Risk

BRZU vs. FLMX — Risk / Return Rank

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

BRZU

BRZU Risk / Return Rank: 28
BRZU Sharpe Ratio Rank: 27
BRZU Sortino Ratio Rank: 28
BRZU Omega Ratio Rank: 28
BRZU Calmar Ratio Rank: 28
BRZU Martin Ratio Rank: 28

FLMX

FLMX Risk / Return Rank: 48
FLMX Sharpe Ratio Rank: 47
FLMX Sortino Ratio Rank: 47
FLMX Omega Ratio Rank: 44
FLMX Calmar Ratio Rank: 50
FLMX Martin Ratio Rank: 50

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.

BRZU vs. FLMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Brazil Bull 2X Shares (BRZU) and Franklin FTSE Mexico ETF (FLMX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BRZU	FLMX	Difference
Sharpe ratio: Return per unit of total volatility	0.94	1.55	-0.60
Sortino ratio: Return per unit of downside risk	1.47	2.19	-0.72
Omega ratio: Gain probability vs. loss probability	1.19	1.27	-0.09
Calmar ratio: Return relative to maximum drawdown	1.31	2.35	-1.04
Martin ratio: Return relative to average drawdown	3.59	8.16	-4.57

BRZU vs. FLMX - Sharpe Ratio Comparison

The current BRZU Sharpe Ratio is 0.94, which is lower than the FLMX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of BRZU and FLMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BRZU vs. FLMX - Drawdown Comparison

The maximum BRZU drawdown since its inception was -99.71%, which is greater than FLMX's maximum drawdown of -50.05%. Use the drawdown chart below to compare losses from any high point for BRZU and FLMX.

Drawdown Indicators

	BRZU	FLMX	Difference
Max Drawdown Largest peak-to-trough decline	-99.71%	-50.05%	-49.66%
Max Drawdown (1Y) Largest decline over 1 year	-35.97%	-14.18%	-21.79%
Max Drawdown (3Y) Largest decline over 3 years	-58.25%	-31.72%	-26.53%
Max Drawdown (5Y) Largest decline over 5 years	-63.60%	-31.72%	-31.88%
Max Drawdown (10Y) Largest decline over 10 years	-98.11%	—	—
Current Drawdown Current decline from peak	-99.21%	-6.97%	-92.24%
Average Drawdown Average peak-to-trough decline	-89.56%	-12.00%	-77.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.08%	4.08%	+9.00%

Volatility

BRZU vs. FLMX - Volatility Comparison

Direxion Daily Brazil Bull 2X Shares (BRZU) has a higher volatility of 12.29% compared to Franklin FTSE Mexico ETF (FLMX) at 6.82%. This indicates that BRZU's price experiences larger fluctuations and is considered to be riskier than FLMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRZU	FLMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.29%	6.82%	+5.47%
Volatility (6M) Calculated over the trailing 6-month period	39.48%	18.06%	+21.42%
Volatility (1Y) Calculated over the trailing 1-year period	49.99%	21.57%	+28.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.49%	22.08%	+33.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.70%	24.67%	+58.03%

BRZU vs. FLMX - Expense Ratio Comparison

BRZU has a 1.29% expense ratio, which is higher than FLMX's 0.19% expense ratio.

Dividends

BRZU vs. FLMX - Dividend Comparison

BRZU's dividend yield for the trailing twelve months is around 2.43%, more than FLMX's 1.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRZU Direxion Daily Brazil Bull 2X Shares	2.43%	2.39%	8.73%	3.24%	4.70%	6.29%	0.78%	0.95%	1.04%	0.74%
FLMX Franklin FTSE Mexico ETF	1.89%	3.99%	3.31%	2.90%	4.22%	3.15%	1.48%	2.95%	2.51%	0.31%

Frequently Asked Questions

Can I hold both BRZU and FLMX in my portfolio?

BRZU and FLMX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BRZU or FLMX?

BRZU has higher volatility (12.29%) compared to FLMX (6.82%). In terms of maximum drawdown, BRZU dropped -99.71% vs FLMX's -50.05%.

Which ETF is better, BRZU or FLMX?

On 5-year performance, FLMX leads with 12.58% vs -5.19% for BRZU. On fees, FLMX is cheaper at 0.19% per year. On volatility, FLMX has been the lower-risk option at 6.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BRZU or FLMX?

Over the 5-year period, FLMX has performed better with a 12.58% return vs -5.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BRZU or FLMX?

FLMX is cheaper with a 0.19% expense ratio, compared with 1.29% for BRZU.

Which ETF pays a higher dividend yield, BRZU or FLMX?

BRZU has the higher dividend yield at 2.43%, compared with 1.89% for FLMX.

What is the main difference between BRZU and FLMX?

BRZU is categorized as Leveraged Equities, while FLMX is Latin America Equities. BRZU tracks MSCI Brazil 25/50 Index, while FLMX tracks FTSE Mexico RIC Capped Index. They also come from different issuers: Direxion and Franklin Templeton. Their fees differ too: 1.29% for BRZU and 0.19% for FLMX.

Which has better risk-adjusted returns?

FLMX currently has the higher Sharpe Ratio (1.55 vs 0.94), 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.