EWW vs. ETFRX
EWW (iShares MSCI Mexico ETF) and ETFRX (North Square Tactical Defensive Fund) are both funds - EWW is a Latin America Equities fund tracking the MSCI Mexico IMI 25/50 Index, while ETFRX is a Tactical Allocation fund managed by Stadion Funds. Over the past 10 years, EWW returned 7.35%/yr vs 6.81%/yr for ETFRX. A 0.60 correlation means they provide meaningful diversification when combined. EWW charges 0.49%/yr vs 1.86%/yr for ETFRX.
Performance
EWW vs. ETFRX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, EWW achieves a 12.62% return, which is significantly higher than ETFRX's 7.91% return. Over the past 10 years, EWW has outperformed ETFRX with an annualized return of 7.35%, while ETFRX has yielded a comparatively lower 6.81% annualized return.
EWW
- 1D
- -1.26%
- 1M
- 3.21%
- YTD
- 12.62%
- 6M
- 16.29%
- 1Y
- 34.15%
- 3Y*
- 12.42%
- 5Y*
- 13.49%
- 10Y*
- 7.35%
ETFRX
- 1D
- 0.24%
- 1M
- 4.41%
- YTD
- 7.91%
- 6M
- 7.99%
- 1Y
- 19.81%
- 3Y*
- 10.09%
- 5Y*
- 5.52%
- 10Y*
- 6.81%
EWW vs. ETFRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWW iShares MSCI Mexico ETF | 12.62% | 53.65% | -28.22% | 40.32% | 1.24% | 20.27% | -3.06% | 12.64% | -14.58% | 14.47% |
ETFRX North Square Tactical Defensive Fund | 7.91% | 8.44% | 7.31% | 5.65% | -8.28% | 13.49% | 3.99% | 12.46% | -2.99% | 15.26% |
Correlation
The correlation between EWW and ETFRX is 0.50, 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 | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Sep 18, 2006 | 0.60 |
The correlation between EWW and ETFRX shifts across timeframes, from 0.45 (5 years) to 0.60 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
EWW vs. ETFRX — Risk / Return Rank
EWW
ETFRX
EWW vs. ETFRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Mexico ETF (EWW) and North Square Tactical Defensive Fund (ETFRX). 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.
| EWW | ETFRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.38 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.36 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | 3.37 | -0.92 |
| Martin ratioReturn relative to average drawdown | 9.08 | 10.34 | -1.27 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| EWW | ETFRX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.62 | 2.00 | -0.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.60 | 0.59 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.29 | 0.65 | -0.36 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | 0.40 | -0.10 |
Drawdowns
EWW vs. ETFRX - Drawdown Comparison
The maximum EWW drawdown since its inception was -64.94%, which is greater than ETFRX's maximum drawdown of -37.11%. Use the drawdown chart below to compare losses from any high point for EWW and ETFRX.
Loading charts...
Drawdown Indicators
| EWW | ETFRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.94% | -37.11% | -27.83% |
Max Drawdown (1Y)Largest decline over 1 year | -13.98% | -6.02% | -7.96% |
Max Drawdown (3Y)Largest decline over 3 years | -31.17% | -11.98% | -19.19% |
Max Drawdown (5Y)Largest decline over 5 years | -31.17% | -12.17% | -19.00% |
Max Drawdown (10Y)Largest decline over 10 years | -53.62% | -21.30% | -32.32% |
Current DrawdownCurrent decline from peak | -3.88% | 0.00% | -3.88% |
Average DrawdownAverage peak-to-trough decline | -18.52% | -6.67% | -11.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.77% | 1.96% | +1.81% |
Volatility
EWW vs. ETFRX - Volatility Comparison
iShares MSCI Mexico ETF (EWW) has a higher volatility of 5.79% compared to North Square Tactical Defensive Fund (ETFRX) at 2.71%. This indicates that EWW's price experiences larger fluctuations and is considered to be riskier than ETFRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| EWW | ETFRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.79% | 2.71% | +3.08% |
Volatility (6M)Calculated over the trailing 6-month period | 17.75% | 6.84% | +10.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.15% | 10.15% | +11.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.51% | 9.44% | +13.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.39% | 10.45% | +14.94% |
EWW vs. ETFRX - Expense Ratio Comparison
EWW has a 0.49% expense ratio, which is lower than ETFRX's 1.86% expense ratio.
Dividends
EWW vs. ETFRX - Dividend Comparison
EWW's dividend yield for the trailing twelve months is around 3.09%, more than ETFRX's 0.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ETFRX North Square Tactical Defensive Fund | 0.45% | 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 | 3.09% | 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
EWW and ETFRX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWW has higher volatility (5.79%) compared to ETFRX (2.71%). In terms of maximum drawdown, EWW dropped -64.94% vs ETFRX's -37.11%.
ETFRX currently has the higher Sharpe Ratio (2.00 vs 1.62), 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.
Find the right allocation for EWW and ETFRX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer