ETFRX vs. EWW
ETFRX (North Square Tactical Defensive Fund) and EWW (iShares MSCI Mexico ETF) are both funds - ETFRX is a Tactical Allocation fund managed by Stadion Funds, while EWW is a Latin America Equities fund tracking the MSCI Mexico IMI 25/50 Index. Over the past 10 years, ETFRX returned 6.51%/yr vs 7.05%/yr for EWW. Their 0.60 correlation means they have sometimes moved together and sometimes differently. ETFRX charges 1.86%/yr vs 0.50%/yr for EWW.
Performance
ETFRX vs. EWW - Performance Comparison
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Returns By Period
In the year-to-date period, ETFRX achieves a 6.24% return, which is significantly lower than EWW's 12.04% return. Over the past 10 years, ETFRX has underperformed EWW with an annualized return of 6.51%, while EWW has yielded a comparatively higher 7.05% annualized return.
ETFRX
- 1D
- 0.15%
- 1M
- -0.30%
- 6M
- 3.74%
- YTD
- 6.24%
- 1Y
- 14.62%
- 3Y*
- 7.63%
- 5Y*
- 4.35%
- 10Y*
- 6.51%
- ALL TIME*
- 4.61%
EWW
- 1D
- -0.34%
- 1M
- 1.39%
- 6M
- 2.98%
- YTD
- 12.04%
- 1Y
- 32.83%
- 3Y*
- 10.69%
- 5Y*
- 12.92%
- 10Y*
- 7.05%
- ALL TIME*
- 8.92%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $81.87M | $77.20M | $92.45M |
ETFRX vs. EWW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ETFRX North Square Tactical Defensive Fund | 6.24% | 8.44% | 7.31% | 5.65% | -8.28% | 13.49% | 3.99% | 12.46% | -2.99% | 15.26% |
EWW iShares MSCI Mexico ETF | 12.04% | 53.65% | -28.22% | 40.32% | 1.24% | 20.27% | -3.06% | 12.64% | -14.58% | 14.47% |
Correlation
The correlation between ETFRX and EWW is 0.54, 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. | 0.54 |
Correlation (3Y) Balances recent behavior with more history. | 0.47 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.45 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.48 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2006 | 0.60 |
The correlation between ETFRX and EWW shifts across timeframes, from 0.45 (5 years) to 0.60 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ETFRX vs. EWW — Risk / Return Rank
ETFRX
EWW
ETFRX vs. EWW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for North Square Tactical Defensive Fund (ETFRX) and iShares MSCI Mexico ETF (EWW). 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.
| ETFRX | EWW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.26 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 2.36 | -0.19 |
| Martin ratioReturn relative to average drawdown | 6.32 | 7.62 | -1.31 |
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Drawdowns
ETFRX vs. EWW - Drawdown Comparison
The maximum ETFRX drawdown since its inception was -37.11%, smaller than the maximum EWW drawdown of -64.94%. Use the drawdown chart below to compare losses from any high point for ETFRX and EWW.
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Drawdown Indicators
| ETFRX | EWW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.11% | -64.94% | +27.83% |
Max Drawdown (1Y)Largest decline over 1 year | -6.02% | -13.98% | +7.96% |
Max Drawdown (3Y)Largest decline over 3 years | -11.98% | -31.17% | +19.19% |
Max Drawdown (5Y)Largest decline over 5 years | -12.17% | -31.17% | +19.00% |
Max Drawdown (10Y)Largest decline over 10 years | -21.30% | -53.62% | +32.32% |
Current DrawdownCurrent decline from peak | -1.55% | -4.37% | +2.82% |
Average DrawdownAverage peak-to-trough decline | -6.63% | -18.45% | +11.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.06% | 4.32% | -2.26% |
Volatility
ETFRX vs. EWW - Volatility Comparison
The current volatility for North Square Tactical Defensive Fund (ETFRX) is 2.66%, while iShares MSCI Mexico ETF (EWW) has a volatility of 5.26%. This indicates that ETFRX experiences smaller price fluctuations and is considered to be less risky than EWW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ETFRX | EWW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.66% | 5.26% | -2.60% |
Volatility (6M)Calculated over the trailing 6-month period | 7.93% | 18.05% | -10.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.94% | 22.07% | -11.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.53% | 22.57% | -13.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.47% | 25.25% | -14.78% |
ETFRX vs. EWW - Expense Ratio Comparison
ETFRX has a 1.86% expense ratio, which is higher than EWW's 0.50% expense ratio.
Dividends
ETFRX vs. EWW - Dividend Comparison
ETFRX's dividend yield for the trailing twelve months is around 0.46%, less than EWW's 3.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ETFRX North Square Tactical Defensive Fund | 0.46% | 0.48% | 0.93% | 0.00% | 0.00% | 0.00% | 0.00% | 0.38% | 0.00% | 2.25% | 0.00% | 3.02% |
EWW iShares MSCI Mexico ETF | 3.22% | 3.48% | 4.39% | 2.19% | 3.64% | 2.06% | 1.43% | 2.92% | 2.30% | 2.22% | 1.77% | 2.34% |
Frequently Asked Questions
ETFRX and EWW 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.
EWW has higher volatility (5.26%) compared to ETFRX (2.66%). In terms of maximum drawdown, ETFRX dropped -37.11% vs EWW's -64.94%.
EWW currently has the higher Sharpe Ratio (1.50 vs 1.19), 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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