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EPU vs. FLMX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EPU vs. FLMX

Last updated Aug 2, 2026
Documentation

EPU (iShares MSCI Peru ETF) and FLMX (Franklin FTSE Mexico ETF) are both Latin America Equities funds - EPU tracks the MSCI All Peru Capped Index while FLMX tracks the FTSE Mexico RIC Capped Index. Both are passively managed. Over the past 5 years, EPU returned 31.75%/yr vs 13.03%/yr for FLMX. Their 0.50 correlation means they have sometimes moved together and sometimes differently. EPU charges 0.59%/yr vs 0.19%/yr for FLMX.

Performance

EPU vs. FLMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Peru ETF (EPU) and Franklin FTSE Mexico ETF (FLMX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, EPU achieves a 20.80% return, which is significantly higher than FLMX's 13.07% return.

EPU

1D
-0.99%
1M
2.20%
6M
0.92%
YTD
20.80%
1Y
81.51%
3Y*
42.19%
5Y*
31.75%
10Y*
13.22%
ALL TIME*
10.65%

FLMX

1D
0.10%
1M
1.95%
6M
3.59%
YTD
13.07%
1Y
33.85%
3Y*
10.18%
5Y*
13.03%
10Y*
—
ALL TIME*
8.07%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EPU

iShares MSCI Peru ETF
$5.01M$4.02M$5.98M

FLMX

Franklin FTSE Mexico ETF
$234.61K$237.08K$407.38K

EPU vs. FLMX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EPU
iShares MSCI Peru ETF		20.80%86.87%21.73%25.34%2.05%-11.81%-4.31%7.30%-12.17%-1.41%
FLMX
Franklin FTSE Mexico ETF		13.07%53.62%-28.45%39.35%2.40%19.58%-3.50%12.13%-13.32%-0.96%

Correlation

The correlation between EPU and FLMX is 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.57

Correlation (3Y)
Balances recent behavior with more history.

0.53

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.53

Correlation (All Time)
Calculated using the full available price history since Nov 6, 2017

0.50

The correlation between EPU and FLMX has been stable across timeframes, ranging from 0.50 to 0.57 - a consistent structural relationship.

EPU vs. FLMX - Sectors Allocation Comparison

Sectors
EPU
FLMX

Basic Materials

49.5%
18.8%

Financial Services

31.6%
20.3%

Consumer Cyclical

4.5%
1.4%

Consumer Defensive

3.3%
29.5%

Real Estate

3.0%
7.4%

Industrials

2.9%
14.2%

Utilities

2.9%

-

Communication Services

1.4%
8.4%

Healthcare

1.0%

-

Energy

-

-

Technology

-

-

Basic Materials

EPU
49.5%
FLMX
18.8%

Financial Services

EPU
31.6%
FLMX
20.3%

Consumer Cyclical

EPU
4.5%
FLMX
1.4%

Consumer Defensive

EPU
3.3%
FLMX
29.5%

Real Estate

EPU
3.0%
FLMX
7.4%

Industrials

EPU
2.9%
FLMX
14.2%

Utilities

EPU
2.9%
FLMX

-

Communication Services

EPU
1.4%
FLMX
8.4%

Healthcare

EPU
1.0%
FLMX

-

Energy

EPU

-

FLMX

-

Technology

EPU

-

FLMX

-

Compare stocks, funds, or ETFs

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iShares MSCI Peru ETF

Franklin FTSE Mexico ETF

Often compared with EPU:
EPU vs. ECHEPU vs. ILFEPU vs. ARGTEPU vs. EISEPU vs. EVXEPU vs. EPIEPU vs. EWS
Often compared with FLMX:
FLMX vs. EWWFLMX vs. MEXXFLMX vs. AAAFLMX vs. VOOFLMX vs. SCHDFLMX vs. QQQFLMX vs. SPY

Return for Risk

EPU vs. FLMX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EPU
EPU Risk / Return Rank: 8888
Overall Rank
EPU Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
EPU Sortino Ratio Rank: 8787
Sortino Ratio Rank
EPU Omega Ratio Rank: 8888
Omega Ratio Rank
EPU Calmar Ratio Rank: 9090
Calmar Ratio Rank
EPU Martin Ratio Rank: 8080
Martin Ratio Rank
FLMX
FLMX Risk / Return Rank: 6565
Overall Rank
FLMX Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
FLMX Sortino Ratio Rank: 6565
Sortino Ratio Rank
FLMX Omega Ratio Rank: 6363
Omega Ratio Rank
FLMX Calmar Ratio Rank: 6767
Calmar Ratio Rank
FLMX Martin Ratio Rank: 6262
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EPU vs. FLMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Peru ETF (EPU) 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.

EPUFLMXDifference
Sharpe ratioReturn per unit of total volatility
2.52
1.52

+1.01

Sortino ratioReturn per unit of downside risk
2.96
2.16

+0.80

Omega ratioGain probability vs. loss probability

1.39

1.27

+0.13

Calmar ratioReturn relative to maximum drawdown

3.88

2.33

+1.55

Martin ratioReturn relative to average drawdown

10.45

7.44

+3.01

EPU vs. FLMX - Sharpe Ratio Comparison

The current EPU Sharpe Ratio is 2.52, which is higher than the FLMX Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of EPU 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.

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Drawdowns

EPU vs. FLMX - Drawdown Comparison

The maximum EPU drawdown since its inception was -60.62%, which is greater than FLMX's maximum drawdown of -50.05%. Use the drawdown chart below to compare losses from any high point for EPU and FLMX.

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Drawdown Indicators

EPUFLMXDifference

Max Drawdown

Largest peak-to-trough decline

-60.62%

-50.05%

-10.57%

Max Drawdown (1Y)

Largest decline over 1 year

-20.85%

-14.18%

-6.67%

Max Drawdown (3Y)

Largest decline over 3 years

-20.85%

-31.72%

+10.87%

Max Drawdown (5Y)

Largest decline over 5 years

-35.59%

-31.72%

-3.87%

Max Drawdown (10Y)

Largest decline over 10 years

-50.97%

—

—

Current Drawdown

Current decline from peak

-6.86%

-3.89%

-2.97%

Average Drawdown

Average peak-to-trough decline

-18.72%

-11.92%

-6.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.72%

4.43%

+3.29%

Volatility

EPU vs. FLMX - Volatility Comparison

iShares MSCI Peru ETF (EPU) has a higher volatility of 9.00% compared to Franklin FTSE Mexico ETF (FLMX) at 5.16%. This indicates that EPU'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.

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Volatility by Period

EPUFLMXDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.00%

5.16%

+3.84%

Volatility (6M)

Calculated over the trailing 6-month period

27.47%

18.37%

+9.10%

Volatility (1Y)

Calculated over the trailing 1-year period

32.03%

21.77%

+10.26%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

25.09%

22.08%

+3.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.71%

24.60%

-0.89%

EPU vs. FLMX - Expense Ratio Comparison

EPU has a 0.59% expense ratio, which is higher than FLMX's 0.19% expense ratio.

Dividends

EPU vs. FLMX - Dividend Comparison

EPU's dividend yield for the trailing twelve months is around 1.98%, less than FLMX's 3.78% yield.

PositionTTM20252024202320222021202020192018201720162015
EPU
iShares MSCI Peru ETF		1.98%1.63%5.78%4.17%5.56%3.13%1.91%2.67%1.53%3.30%0.85%1.90%
FLMX
Franklin FTSE Mexico ETF		3.78%3.99%3.31%2.90%4.22%3.15%1.48%2.95%2.51%0.31%0.00%0.00%

Frequently Asked Questions

EPU and FLMX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EPU has higher volatility (9.00%) compared to FLMX (5.16%). In terms of maximum drawdown, EPU dropped -60.62% vs FLMX's -50.05%.

On 5-year performance, EPU leads with 31.75% vs 13.03% for FLMX. On fees, FLMX is cheaper at 0.19% per year. On volatility, FLMX has been the lower-risk option at 5.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, EPU has performed better with a 31.75% return vs 13.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FLMX is cheaper with a 0.19% expense ratio, compared with 0.59% for EPU.

FLMX has the higher dividend yield at 3.78%, compared with 1.98% for EPU.

EPU tracks MSCI All Peru Capped Index, while FLMX tracks FTSE Mexico RIC Capped Index. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.59% for EPU and 0.19% for FLMX.

EPU currently has the higher Sharpe Ratio (2.52 vs 1.52), 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.

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