EWW vs. FLMX

Last updated Jun 3, 2026

EWW (iShares MSCI Mexico ETF) and FLMX (Franklin FTSE Mexico ETF) are both Latin America Equities funds - EWW tracks the MSCI Mexico IMI 25/50 Index while FLMX tracks the FTSE Mexico RIC Capped Index. Both are passively managed. Over the past 5 years, EWW returned 13.96%/yr vs 13.65%/yr for FLMX. Their correlation of 0.92 suggests significant overlap in exposure. EWW charges 0.49%/yr vs 0.19%/yr for FLMX.

Performance

EWW vs. FLMX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with EWW having a 14.06% return and FLMX slightly lower at 13.94%.

EWW

• 1D: 1.55%
• 1M: 3.16%
• YTD: 14.06%
• 6M: 17.30%
• 1Y: 35.31%
• 3Y*: 12.90%
• 5Y*: 13.96%
• 10Y*: 7.49%

FLMX

• 1D: 1.45%
• 1M: 3.06%
• YTD: 13.94%
• 6M: 17.02%
• 1Y: 35.08%
• 3Y*: 12.67%
• 5Y*: 13.65%
• 10Y*: —

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

EWW vs. FLMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWW iShares MSCI Mexico ETF	14.06%	53.65%	-28.22%	40.32%	1.24%	20.27%	-3.06%	12.64%	-14.58%	-2.49%
FLMX Franklin FTSE Mexico ETF	13.94%	53.62%	-28.45%	39.35%	2.40%	19.58%	-3.50%	12.13%	-13.32%	-0.92%

Correlation

The correlation between EWW and FLMX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Nov 7, 2017	0.92

The correlation between EWW and FLMX has been stable across timeframes, ranging from 0.92 to 0.99 - a consistent structural relationship.

EWW vs. FLMX - Sectors Allocation Comparison

Sectors	EWW	FLMX
Consumer Defensive	24.9%	28.5%
Basic Materials	23.7%	22.2%
Financial Services	18.1%	19.5%
Industrials	13.1%	12.0%
Communication Services	10.4%	9.9%
Real Estate	7.7%	6.6%
Consumer Cyclical	1.4%	1.3%
Healthcare	0.5%	-
Energy	-	-
Technology	-	-
Utilities	-	-

Return for Risk

EWW vs. FLMX — Risk / Return Rank

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

EWW

EWW Risk / Return Rank: 50
EWW Sharpe Ratio Rank: 48
EWW Sortino Ratio Rank: 47
EWW Omega Ratio Rank: 46
EWW Calmar Ratio Rank: 52
EWW Martin Ratio Rank: 55

FLMX

FLMX Risk / Return Rank: 49
FLMX Sharpe Ratio Rank: 48
FLMX Sortino Ratio Rank: 48
FLMX Omega Ratio Rank: 46
FLMX Calmar Ratio Rank: 50
FLMX Martin Ratio Rank: 54

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. FLMX - Risk-Adjusted Trends Comparison

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

	EWW	FLMX	Difference
Sharpe ratio Return per unit of total volatility	1.68	1.69	-0.01
Sortino ratio Return per unit of downside risk	2.34	2.37	-0.03
Omega ratio Gain probability vs. loss probability	1.30	1.30	0.00
Calmar ratio Return relative to maximum drawdown	2.60	2.54	+0.06
Martin ratio Return relative to average drawdown	9.66	9.30	+0.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWW vs. FLMX - Sharpe Ratio Comparison

The current EWW Sharpe Ratio is 1.68, which is comparable to the FLMX Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of EWW 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.

Sharpe Ratios by Period

	EWW	FLMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.68	1.69	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.62	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.34	-0.03

Drawdowns

EWW vs. FLMX - Drawdown Comparison

The maximum EWW drawdown since its inception was -64.94%, which is greater than FLMX's maximum drawdown of -50.05%. Use the drawdown chart below to compare losses from any high point for EWW and FLMX.

Drawdown Indicators

	EWW	FLMX	Difference
Max Drawdown Largest peak-to-trough decline	-64.94%	-50.05%	-14.89%
Max Drawdown (1Y) Largest decline over 1 year	-13.98%	-14.18%	+0.20%
Max Drawdown (3Y) Largest decline over 3 years	-31.17%	-31.72%	+0.55%
Max Drawdown (5Y) Largest decline over 5 years	-31.17%	-31.72%	+0.55%
Max Drawdown (10Y) Largest decline over 10 years	-53.62%	—	—
Current Drawdown Current decline from peak	-2.65%	-3.15%	+0.50%
Average Drawdown Average peak-to-trough decline	-18.52%	-12.05%	-6.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.76%	3.88%	-0.12%

Volatility

EWW vs. FLMX - Volatility Comparison

iShares MSCI Mexico ETF (EWW) and Franklin FTSE Mexico ETF (FLMX) have volatilities of 5.80% and 5.80%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWW	FLMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.80%	5.80%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	17.70%	17.41%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	21.12%	20.84%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.52%	21.97%	+0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.39%	24.67%	+0.72%

EWW vs. FLMX - Expense Ratio Comparison

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

Dividends

EWW vs. FLMX - Dividend Comparison

EWW's dividend yield for the trailing twelve months is around 3.05%, less than FLMX's 3.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWW iShares MSCI Mexico ETF	3.05%	3.48%	4.39%	2.19%	3.64%	2.06%	1.43%	2.92%	2.30%	2.22%	1.77%	2.34%
FLMX Franklin FTSE Mexico ETF	3.50%	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

Can I hold both EWW and FLMX in my portfolio?

With a correlation of 0.99, EWW and FLMX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EWW or FLMX?

FLMX has higher volatility (5.80%) compared to EWW (5.80%). In terms of maximum drawdown, EWW dropped -64.94% vs FLMX's -50.05%.

Which ETF is better, EWW or FLMX?

On 5-year performance, EWW leads with 13.96% vs 13.65% for FLMX. On fees, FLMX is cheaper at 0.19% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWW or FLMX?

Over the 5-year period, EWW has performed better with a 13.96% return vs 13.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWW or FLMX?

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

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

FLMX has the higher dividend yield at 3.50%, compared with 3.05% for EWW.

What is the main difference between EWW and FLMX?

EWW tracks MSCI Mexico IMI 25/50 Index, while FLMX tracks FTSE Mexico 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 FLMX.

Which has better risk-adjusted returns?

FLMX currently has the higher Sharpe Ratio (1.69 vs 1.68), 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.