CWO.NEO vs. FLN
CWO.NEO (iShares Emerging Markets Fundamental Index ETF) and FLN (First Trust Latin America AlphaDEX Fund) are both exchange-traded funds - CWO.NEO is a Emerging Markets Equities fund tracking the FTSE RAFI Emerging Markets Index, while FLN is a Latin America Equities fund tracking the NASDAQ AlphaDEX Latin America Index. Both are passively managed. Over the past 10 years, CWO.NEO returned 11.43%/yr vs 10.65%/yr for FLN. At a 0.44 correlation, their price movements are largely independent. CWO.NEO charges 0.73%/yr vs 0.80%/yr for FLN.
Performance
CWO.NEO vs. FLN - Performance Comparison
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Different Trading Currencies
CWO.NEO is traded in CAD, while FLN is traded in USD. To make them comparable, the FLN values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, CWO.NEO achieves a 13.80% return, which is significantly higher than FLN's 13.09% return. Over the past 10 years, CWO.NEO has outperformed FLN with an annualized return of 11.43%, while FLN has yielded a comparatively lower 10.65% annualized return.
CWO.NEO
- 1D
- -1.42%
- 1M
- 4.14%
- YTD
- 13.80%
- 6M
- 13.05%
- 1Y
- 35.32%
- 3Y*
- 23.05%
- 5Y*
- 11.55%
- 10Y*
- 11.43%
FLN
- 1D
- -1.59%
- 1M
- -3.56%
- YTD
- 13.09%
- 6M
- 11.11%
- 1Y
- 38.03%
- 3Y*
- 17.56%
- 5Y*
- 12.09%
- 10Y*
- 10.65%
CWO.NEO vs. FLN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CWO.NEO iShares Emerging Markets Fundamental Index ETF | 13.80% | 26.34% | 22.33% | 9.56% | -9.03% | 7.13% | -3.12% | 10.86% | -0.29% | 17.16% |
FLN First Trust Latin America AlphaDEX Fund | 13.09% | 47.93% | -16.49% | 26.82% | 10.05% | -7.78% | -13.76% | 20.97% | -0.53% | 13.80% |
Correlation
The correlation between CWO.NEO and FLN is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Apr 21, 2011 | 0.44 |
The correlation between CWO.NEO and FLN shifts across timeframes, from 0.38 (5 years) to 0.54 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CWO.NEO vs. FLN — Risk / Return Rank
CWO.NEO
FLN
CWO.NEO vs. FLN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Emerging Markets Fundamental Index ETF (CWO.NEO) and First Trust Latin America AlphaDEX Fund (FLN). 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.
| CWO.NEO | FLN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | +0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.33 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.26 | 3.43 | -0.18 |
| Martin ratioReturn relative to average drawdown | 12.37 | 9.90 | +2.47 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CWO.NEO | FLN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.29 | 1.90 | +0.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | 0.59 | +0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.66 | 0.42 | +0.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.19 | +0.27 |
Drawdowns
CWO.NEO vs. FLN - Drawdown Comparison
The maximum CWO.NEO drawdown since its inception was -31.99%, smaller than the maximum FLN drawdown of -53.27%. Use the drawdown chart below to compare losses from any high point for CWO.NEO and FLN.
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Drawdown Indicators
| CWO.NEO | FLN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.99% | -53.27% | +21.28% |
Max Drawdown (1Y)Largest decline over 1 year | -10.90% | -11.12% | +0.22% |
Max Drawdown (3Y)Largest decline over 3 years | -17.12% | -20.43% | +3.31% |
Max Drawdown (5Y)Largest decline over 5 years | -24.80% | -22.18% | -2.62% |
Max Drawdown (10Y)Largest decline over 10 years | -31.97% | -53.27% | +21.30% |
Current DrawdownCurrent decline from peak | -1.42% | -9.30% | +7.88% |
Average DrawdownAverage peak-to-trough decline | -10.29% | -13.52% | +3.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.86% | 3.85% | -0.99% |
Volatility
CWO.NEO vs. FLN - Volatility Comparison
The current volatility for iShares Emerging Markets Fundamental Index ETF (CWO.NEO) is 5.40%, while First Trust Latin America AlphaDEX Fund (FLN) has a volatility of 6.23%. This indicates that CWO.NEO experiences smaller price fluctuations and is considered to be less risky than FLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWO.NEO | FLN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.40% | 6.23% | -0.83% |
Volatility (6M)Calculated over the trailing 6-month period | 12.46% | 17.63% | -5.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.50% | 20.07% | -4.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.65% | 20.50% | -3.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.52% | 25.32% | -7.80% |
CWO.NEO vs. FLN - Expense Ratio Comparison
CWO.NEO has a 0.73% expense ratio, which is lower than FLN's 0.80% expense ratio.
Dividends
CWO.NEO vs. FLN - Dividend Comparison
CWO.NEO's dividend yield for the trailing twelve months is around 2.45%, less than FLN's 3.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CWO.NEO iShares Emerging Markets Fundamental Index ETF | 2.45% | 2.79% | 3.50% | 4.14% | 5.03% | 4.61% | 2.64% | 3.01% | 3.22% | 2.60% | 2.57% | 3.23% |
FLN First Trust Latin America AlphaDEX Fund | 3.59% | 3.40% | 6.26% | 4.17% | 5.57% | 4.70% | 1.64% | 1.91% | 3.08% | 10.28% | 1.06% | 2.34% |
Frequently Asked Questions
CWO.NEO and FLN have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CWO.NEO is cheaper at 0.73% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CWO.NEO is cheaper with a 0.73% expense ratio, compared with 0.80% for FLN.
CWO.NEO is categorized as Emerging Markets Equities, while FLN is Latin America Equities. CWO.NEO tracks FTSE RAFI Emerging Markets Index, while FLN tracks NASDAQ AlphaDEX Latin America Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.73% for CWO.NEO and 0.80% for FLN.
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