EWW vs. FLLA

Last updated Jun 24, 2026

EWW (iShares MSCI Mexico ETF) and FLLA (Franklin FTSE Latin America ETF) are both Latin America Equities funds - EWW tracks the MSCI Mexico IMI 25/50 Index while FLLA tracks the FTSE Latin America RIC Capped Index. Both are passively managed. Over the past 5 years, EWW returned 12.72%/yr vs 7.11%/yr for FLLA. A 0.69 correlation means they provide meaningful diversification when combined. EWW charges 0.49%/yr vs 0.19%/yr for FLLA.

Performance

EWW vs. FLLA - Performance Comparison

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

Returns By Period

In the year-to-date period, EWW achieves a 9.37% return, which is significantly lower than FLLA's 11.00% return.

EWW

• 1D: -1.62%
• 1M: -2.48%
• YTD: 9.37%
• 6M: 6.74%
• 1Y: 33.39%
• 3Y*: 10.45%
• 5Y*: 12.72%
• 10Y*: 7.46%

FLLA

• 1D: -0.93%
• 1M: -3.75%
• YTD: 11.00%
• 6M: 11.02%
• 1Y: 32.83%
• 3Y*: 11.05%
• 5Y*: 7.11%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

EWW vs. FLLA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EWW iShares MSCI Mexico ETF	9.37%	53.65%	-28.22%	40.32%	1.24%	20.27%	-3.06%	12.64%	-14.57%
FLLA Franklin FTSE Latin America ETF	11.00%	51.81%	-26.89%	32.71%	7.78%	-8.93%	-15.08%	19.59%	-2.78%

Correlation

The correlation between EWW and FLLA is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Oct 11, 2018	0.69

The correlation between EWW and FLLA has been stable across timeframes, ranging from 0.69 to 0.75 - a consistent structural relationship.

EWW vs. FLLA - Sectors Allocation Comparison

Sectors	EWW	FLLA
Basic Materials	26.2%	20.1%
Consumer Defensive	23.9%	11.4%
Financial Services	17.8%	24.4%
Industrials	12.7%	11.4%
Communication Services	9.8%	3.9%
Real Estate	7.7%	3.1%
Consumer Cyclical	1.4%	2.9%
Healthcare	0.5%	1.6%
Energy	-	11.7%
Technology	-	0.4%
Utilities	-	9.0%

Return for Risk

EWW vs. FLLA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EWW

EWW Risk / Return Rank: 48
EWW Sharpe Ratio Rank: 46
EWW Sortino Ratio Rank: 45
EWW Omega Ratio Rank: 44
EWW Calmar Ratio Rank: 51
EWW Martin Ratio Rank: 51

FLLA

FLLA Risk / Return Rank: 45
FLLA Sharpe Ratio Rank: 46
FLLA Sortino Ratio Rank: 43
FLLA Omega Ratio Rank: 43
FLLA Calmar Ratio Rank: 51
FLLA Martin Ratio Rank: 44

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EWW vs. FLLA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Mexico ETF (EWW) and Franklin FTSE Latin America ETF (FLLA). 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.

	EWW	FLLA	Difference
Sharpe ratio: Return per unit of total volatility	1.54	1.52	+0.02
Sortino ratio: Return per unit of downside risk	2.18	2.08	+0.10
Omega ratio: Gain probability vs. loss probability	1.27	1.27	+0.01
Calmar ratio: Return relative to maximum drawdown	2.40	2.40	0.00
Martin ratio: Return relative to average drawdown	8.46	6.79	+1.66

EWW vs. FLLA - Sharpe Ratio Comparison

The current EWW Sharpe Ratio is 1.54, which is comparable to the FLLA Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of EWW and FLLA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EWW vs. FLLA - Drawdown Comparison

The maximum EWW drawdown since its inception was -64.94%, which is greater than FLLA's maximum drawdown of -53.88%. Use the drawdown chart below to compare losses from any high point for EWW and FLLA.

Drawdown Indicators

	EWW	FLLA	Difference
Max Drawdown Largest peak-to-trough decline	-64.94%	-53.88%	-11.06%
Max Drawdown (1Y) Largest decline over 1 year	-13.98%	-13.75%	-0.23%
Max Drawdown (3Y) Largest decline over 3 years	-31.17%	-27.76%	-3.41%
Max Drawdown (5Y) Largest decline over 5 years	-31.17%	-28.32%	-2.85%
Max Drawdown (10Y) Largest decline over 10 years	-53.62%	—	—
Current Drawdown Current decline from peak	-6.65%	-12.25%	+5.60%
Average Drawdown Average peak-to-trough decline	-18.49%	-13.46%	-5.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.96%	4.84%	-0.88%

Volatility

EWW vs. FLLA - Volatility Comparison

iShares MSCI Mexico ETF (EWW) has a higher volatility of 6.65% compared to Franklin FTSE Latin America ETF (FLLA) at 5.89%. This indicates that EWW's price experiences larger fluctuations and is considered to be riskier than FLLA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWW	FLLA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.65%	5.89%	+0.76%
Volatility (6M) Calculated over the trailing 6-month period	18.26%	17.85%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	21.79%	21.71%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.60%	22.87%	-0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.31%	27.49%	-2.18%

EWW vs. FLLA - Expense Ratio Comparison

EWW has a 0.49% expense ratio, which is higher than FLLA's 0.19% expense ratio.

Dividends

EWW vs. FLLA - Dividend Comparison

EWW's dividend yield for the trailing twelve months is around 3.30%, less than FLLA's 3.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWW iShares MSCI Mexico ETF	3.30%	3.48%	4.39%	2.19%	3.64%	2.06%	1.43%	2.92%	2.30%	2.22%	1.77%	2.34%
FLLA Franklin FTSE Latin America ETF	3.49%	6.06%	7.04%	5.45%	9.55%	7.60%	2.12%	3.18%	0.48%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EWW and FLLA in my portfolio?

EWW and FLLA have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWW or FLLA?

EWW has higher volatility (6.65%) compared to FLLA (5.89%). In terms of maximum drawdown, EWW dropped -64.94% vs FLLA's -53.88%.

Which ETF is better, EWW or FLLA?

On 5-year performance, EWW leads with 12.72% vs 7.11% for FLLA. On fees, FLLA is cheaper at 0.19% per year. On volatility, FLLA has been the lower-risk option at 5.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWW or FLLA?

Over the 5-year period, EWW has performed better with a 12.72% return vs 7.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWW or FLLA?

FLLA is cheaper with a 0.19% expense ratio, compared with 0.49% for EWW.

Which ETF pays a higher dividend yield, EWW or FLLA?

FLLA has the higher dividend yield at 3.49%, compared with 3.30% for EWW.

What is the main difference between EWW and FLLA?

EWW tracks MSCI Mexico IMI 25/50 Index, while FLLA tracks FTSE Latin America RIC Capped Index. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.49% for EWW and 0.19% for FLLA.

Which has better risk-adjusted returns?

EWW currently has the higher Sharpe Ratio (1.54 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.