CMX1.L vs. IBZL.L
CMX1.L (iShares MSCI Mexico Capped UCITS ETF USD (Acc)) and IBZL.L (iShares MSCI Brazil UCITS ETF (Dist)) are both Latin America Equities funds from iShares - CMX1.L tracks the MSCI Mexico Capped Index (Net Return Index) while IBZL.L tracks the MSCI Brazil NR USD. Both are passively managed. Over the past 10 years, CMX1.L returned 6.56%/yr vs 6.00%/yr for IBZL.L. A 0.51 correlation means they provide meaningful diversification when combined. CMX1.L charges 0.65%/yr vs 0.74%/yr for IBZL.L.
Performance
CMX1.L vs. IBZL.L - Performance Comparison
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Returns By Period
In the year-to-date period, CMX1.L achieves a 10.08% return, which is significantly lower than IBZL.L's 13.86% return. Over the past 10 years, CMX1.L has outperformed IBZL.L with an annualized return of 6.56%, while IBZL.L has yielded a comparatively lower 6.00% annualized return.
CMX1.L
- 1D
- -0.10%
- 1M
- -5.39%
- 6M
- 4.32%
- YTD
- 10.08%
- 1Y
- 32.57%
- 3Y*
- 9.55%
- 5Y*
- 13.21%
- 10Y*
- 6.56%
IBZL.L
- 1D
- -0.85%
- 1M
- 1.55%
- 6M
- 10.46%
- YTD
- 13.86%
- 1Y
- 35.79%
- 3Y*
- 8.04%
- 5Y*
- 6.82%
- 10Y*
- 6.00%
CMX1.L vs. IBZL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMX1.L iShares MSCI Mexico Capped UCITS ETF USD (Acc) | 10.08% | 46.33% | -26.86% | 30.17% | 10.63% | 20.72% | -3.47% | 6.36% | -8.97% | 2.96% |
IBZL.L iShares MSCI Brazil UCITS ETF (Dist) | 13.86% | 35.97% | -27.18% | 23.72% | 28.39% | -20.69% | -17.23% | 14.49% | 2.68% | 14.31% |
Correlation
The correlation between CMX1.L and IBZL.L is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Aug 25, 2010 | 0.51 |
The correlation between CMX1.L and IBZL.L has been stable across timeframes, ranging from 0.44 to 0.51 - a consistent structural relationship.
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Return for Risk
CMX1.L vs. IBZL.L — Risk / Return Rank
CMX1.L
IBZL.L
CMX1.L vs. IBZL.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Mexico Capped UCITS ETF USD (Acc) (CMX1.L) and iShares MSCI Brazil UCITS ETF (Dist) (IBZL.L). 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.
| CMX1.L | IBZL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.28 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.47 | 1.88 | +0.59 |
| Martin ratioReturn relative to average drawdown | 8.66 | 5.06 | +3.60 |
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Drawdowns
CMX1.L vs. IBZL.L - Drawdown Comparison
The maximum CMX1.L drawdown since its inception was -98.52%, which is greater than IBZL.L's maximum drawdown of -71.99%. Use the drawdown chart below to compare losses from any high point for CMX1.L and IBZL.L.
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Drawdown Indicators
| CMX1.L | IBZL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.52% | -71.99% | -26.53% |
Max Drawdown (1Y)Largest decline over 1 year | -13.03% | -18.97% | +5.94% |
Max Drawdown (3Y)Largest decline over 3 years | -35.93% | -28.80% | -7.13% |
Max Drawdown (5Y)Largest decline over 5 years | -35.93% | -28.80% | -7.13% |
Max Drawdown (10Y)Largest decline over 10 years | -50.58% | -52.07% | +1.49% |
Current DrawdownCurrent decline from peak | -6.25% | -13.07% | +6.82% |
Average DrawdownAverage peak-to-trough decline | -15.85% | -27.74% | +11.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.72% | 7.05% | -3.33% |
Volatility
CMX1.L vs. IBZL.L - Volatility Comparison
iShares MSCI Mexico Capped UCITS ETF USD (Acc) (CMX1.L) has a higher volatility of 5.90% compared to iShares MSCI Brazil UCITS ETF (Dist) (IBZL.L) at 5.61%. This indicates that CMX1.L's price experiences larger fluctuations and is considered to be riskier than IBZL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMX1.L | IBZL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.90% | 5.61% | +0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 16.92% | 16.91% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.19% | 21.86% | -1.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.25% | 26.34% | -1.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.83% | 31.37% | -5.54% |
CMX1.L vs. IBZL.L - Expense Ratio Comparison
CMX1.L has a 0.65% expense ratio, which is lower than IBZL.L's 0.74% expense ratio.
Dividends
CMX1.L vs. IBZL.L - Dividend Comparison
CMX1.L has not paid dividends to shareholders, while IBZL.L's dividend yield for the trailing twelve months is around 3.72%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMX1.L iShares MSCI Mexico Capped UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IBZL.L iShares MSCI Brazil UCITS ETF (Dist) | 3.72% | 4.32% | 6.46% | 5.44% | 13.60% | 6.32% | 1.92% | 2.53% | 2.45% | 1.46% | 1.64% | 3.54% |
Frequently Asked Questions
CMX1.L and IBZL.L have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CMX1.L is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CMX1.L is cheaper with a 0.65% expense ratio, compared with 0.74% for IBZL.L.
CMX1.L tracks MSCI Mexico Capped Index (Net Return Index), while IBZL.L tracks MSCI Brazil NR USD. Their fees differ too: 0.65% for CMX1.L and 0.74% for IBZL.L.
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