CMXC.L vs. XMLA.L
CMXC.L (iShares MSCI Mexico Capped UCITS ETF USD (Acc)) and XMLA.L (Xtrackers MSCI EM Latin America ESG Swap UCITS ETF 1C) are both Latin America Equities funds - CMXC.L tracks the MSCI Mexico Capped Index (Net Return Index) while XMLA.L tracks the MSCI EM Latin America NR USD. Both are passively managed. Over the past 10 years, CMXC.L returned 6.68%/yr vs 4.29%/yr for XMLA.L. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.65% expense ratio.
Performance
CMXC.L vs. XMLA.L - Performance Comparison
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Different Trading Currencies
CMXC.L is traded in USD, while XMLA.L is traded in GBp. To make them comparable, the XMLA.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, CMXC.L achieves a 9.93% return, which is significantly lower than XMLA.L's 11.83% return. Over the past 10 years, CMXC.L has outperformed XMLA.L with an annualized return of 6.68%, while XMLA.L has yielded a comparatively lower 4.29% annualized return.
CMXC.L
- 1D
- -0.85%
- 1M
- -5.29%
- 6M
- 4.35%
- YTD
- 9.93%
- 1Y
- 33.06%
- 3Y*
- 10.57%
- 5Y*
- 12.66%
- 10Y*
- 6.68%
XMLA.L
- 1D
- -0.03%
- 1M
- 0.24%
- 6M
- 7.00%
- YTD
- 11.83%
- 1Y
- 34.88%
- 3Y*
- 9.66%
- 5Y*
- 5.42%
- 10Y*
- 4.29%
CMXC.L vs. XMLA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMXC.L iShares MSCI Mexico Capped UCITS ETF USD (Acc) | 9.93% | 57.29% | -28.08% | 37.82% | -1.14% | 19.07% | -0.08% | 9.79% | -13.57% | 12.59% |
XMLA.L Xtrackers MSCI EM Latin America ESG Swap UCITS ETF 1C | 11.83% | 58.38% | -29.33% | 25.59% | 3.20% | -18.67% | -13.94% | 16.58% | -4.07% | 18.34% |
Correlation
The correlation between CMXC.L and XMLA.L is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2010 | 0.67 |
The correlation between CMXC.L and XMLA.L has been stable across timeframes, ranging from 0.67 to 0.74 - a consistent structural relationship.
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Return for Risk
CMXC.L vs. XMLA.L — Risk / Return Rank
CMXC.L
XMLA.L
CMXC.L vs. XMLA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Mexico Capped UCITS ETF USD (Acc) (CMXC.L) and Xtrackers MSCI EM Latin America ESG Swap UCITS ETF 1C (XMLA.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.
| CMXC.L | XMLA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.29 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 2.28 | +0.06 |
| Martin ratioReturn relative to average drawdown | 7.77 | 6.16 | +1.61 |
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Drawdowns
CMXC.L vs. XMLA.L - Drawdown Comparison
The maximum CMXC.L drawdown since its inception was -60.38%, smaller than the maximum XMLA.L drawdown of -82.75%. Use the drawdown chart below to compare losses from any high point for CMXC.L and XMLA.L.
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Drawdown Indicators
| CMXC.L | XMLA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.38% | -82.75% | +22.37% |
Max Drawdown (1Y)Largest decline over 1 year | -13.65% | -15.24% | +1.59% |
Max Drawdown (3Y)Largest decline over 3 years | -30.66% | -29.97% | -0.69% |
Max Drawdown (5Y)Largest decline over 5 years | -30.66% | -31.15% | +0.49% |
Max Drawdown (10Y)Largest decline over 10 years | -52.90% | -54.74% | +1.84% |
Current DrawdownCurrent decline from peak | -6.88% | -59.00% | +52.12% |
Average DrawdownAverage peak-to-trough decline | -18.97% | -65.19% | +46.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.12% | 5.65% | -1.53% |
Volatility
CMXC.L vs. XMLA.L - Volatility Comparison
iShares MSCI Mexico Capped UCITS ETF USD (Acc) (CMXC.L) has a higher volatility of 6.19% compared to Xtrackers MSCI EM Latin America ESG Swap UCITS ETF 1C (XMLA.L) at 4.81%. This indicates that CMXC.L's price experiences larger fluctuations and is considered to be riskier than XMLA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMXC.L | XMLA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.19% | 4.81% | +1.38% |
Volatility (6M)Calculated over the trailing 6-month period | 19.01% | 16.97% | +2.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.22% | 20.28% | +1.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.36% | 23.00% | +0.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.64% | 26.17% | -0.53% |
CMXC.L vs. XMLA.L - Expense Ratio Comparison
Both CMXC.L and XMLA.L have an expense ratio of 0.65%.
Dividends
CMXC.L vs. XMLA.L - Dividend Comparison
Neither CMXC.L nor XMLA.L has paid dividends to shareholders.
Frequently Asked Questions
CMXC.L and XMLA.L have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.65% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
CMXC.L and XMLA.L have the same expense ratio: 0.65% per year.
CMXC.L tracks MSCI Mexico Capped Index (Net Return Index), while XMLA.L tracks MSCI EM Latin America NR USD. They also come from different issuers: iShares and Xtrackers.
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