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EWW vs. FLN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWW vs. FLN

Last updated Jun 4, 2026

EWW (iShares MSCI Mexico ETF) and FLN (First Trust Latin America AlphaDEX Fund) are both Latin America Equities funds - EWW tracks the MSCI Mexico IMI 25/50 Index while FLN tracks the NASDAQ AlphaDEX Latin America Index. Both are passively managed. Over the past 10 years, EWW returned 7.35%/yr vs 9.85%/yr for FLN. A 0.59 correlation means they provide meaningful diversification when combined. EWW charges 0.49%/yr vs 0.80%/yr for FLN.

Performance

EWW vs. FLN - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWW achieves a 12.62% return, which is significantly higher than FLN's 11.67% return. Over the past 10 years, EWW has underperformed FLN with an annualized return of 7.35%, while FLN has yielded a comparatively higher 9.85% 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%

FLN

1D
-2.00%
1M
-5.45%
YTD
11.67%
6M
11.54%
1Y
36.27%
3Y*
16.20%
5Y*
8.98%
10Y*
9.85%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWW vs. FLN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
FLN
First Trust Latin America AlphaDEX Fund		11.67%55.05%-23.10%29.68%2.73%-6.94%-12.27%27.22%-8.31%21.54%

Correlation

The correlation between EWW and FLN is 0.67, 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

0.67

Correlation (3Y)
Calculated over the trailing 3-year period

0.68

Correlation (5Y)
Calculated over the trailing 5-year period

0.64

Correlation (10Y)
Calculated over the trailing 10-year period

0.64

Correlation (All Time)
Calculated using the full available price history since Apr 21, 2011

0.59

The correlation between EWW and FLN has been stable across timeframes, ranging from 0.59 to 0.68 - a consistent structural relationship.

EWW vs. FLN - Sectors Allocation Comparison

Sectors
EWW
FLN

Consumer Defensive

24.9%
7.2%

Basic Materials

23.7%
12.0%

Financial Services

18.1%
23.4%

Industrials

13.1%
12.4%

Communication Services

10.4%
7.1%

Real Estate

7.7%
4.7%

Consumer Cyclical

1.4%
5.4%

Healthcare

0.5%
0.6%

Energy

-

10.2%

Technology

-

2.1%

Utilities

-

16.9%

Consumer Defensive

EWW
24.9%
FLN
7.2%

Basic Materials

EWW
23.7%
FLN
12.0%

Financial Services

EWW
18.1%
FLN
23.4%

Industrials

EWW
13.1%
FLN
12.4%

Communication Services

EWW
10.4%
FLN
7.1%

Real Estate

EWW
7.7%
FLN
4.7%

Consumer Cyclical

EWW
1.4%
FLN
5.4%

Healthcare

EWW
0.5%
FLN
0.6%

Energy

EWW

-

FLN
10.2%

Technology

EWW

-

FLN
2.1%

Utilities

EWW

-

FLN
16.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Mexico ETF

First Trust Latin America AlphaDEX Fund

Often compared with EWW:
EWW vs. EWZEWW vs. FLMXEWW vs. ILFEWW vs. SPYEWW vs. VOOEWW vs. MEXXEWW vs. ECH
Often compared with FLN:
FLN vs. ILFFLN vs. BRFFLN vs. FLLAFLN vs. BRAZFLN vs. EWZFLN vs. CHILXFLN vs. flla

Return for Risk

EWW vs. FLN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWW
EWW Risk / Return Rank: 4747
Overall Rank
EWW Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
EWW Sortino Ratio Rank: 4545
Sortino Ratio Rank
EWW Omega Ratio Rank: 4444
Omega Ratio Rank
EWW Calmar Ratio Rank: 4949
Calmar Ratio Rank
EWW Martin Ratio Rank: 5252
Martin Ratio Rank
FLN
FLN Risk / Return Rank: 5252
Overall Rank
FLN Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
FLN Sortino Ratio Rank: 4646
Sortino Ratio Rank
FLN Omega Ratio Rank: 4747
Omega Ratio Rank
FLN Calmar Ratio Rank: 6464
Calmar Ratio Rank
FLN Martin Ratio Rank: 5353
Martin Ratio Rank
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. FLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Mexico ETF (EWW) and First Trust Latin America AlphaDEX Fund (FLN). 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.

EWWFLNDifference
Sharpe ratioReturn per unit of total volatility
1.62
1.74

-0.12

Sortino ratioReturn per unit of downside risk
2.27
2.31

-0.04

Omega ratioGain probability vs. loss probability

1.29

1.30

-0.01

Calmar ratioReturn relative to maximum drawdown

2.45

3.19

-0.74

Martin ratioReturn relative to average drawdown

9.08

9.06

+0.02

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. FLN - Sharpe Ratio Comparison

The current EWW Sharpe Ratio is 1.62, which is comparable to the FLN Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of EWW and FLN, 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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Sharpe Ratios by Period

EWWFLNDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.62

1.74

-0.12

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.60

0.40

+0.20

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.29

0.36

-0.07

Sharpe Ratio (All Time)

Calculated using the full available price history

0.30

0.08

+0.22

Drawdowns

EWW vs. FLN - Drawdown Comparison

The maximum EWW drawdown since its inception was -64.94%, which is greater than FLN's maximum drawdown of -57.95%. Use the drawdown chart below to compare losses from any high point for EWW and FLN.

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Drawdown Indicators

EWWFLNDifference

Max Drawdown

Largest peak-to-trough decline

-64.94%

-57.95%

-6.99%

Max Drawdown (1Y)

Largest decline over 1 year

-13.98%

-11.42%

-2.56%

Max Drawdown (3Y)

Largest decline over 3 years

-31.17%

-25.23%

-5.94%

Max Drawdown (5Y)

Largest decline over 5 years

-31.17%

-25.95%

-5.22%

Max Drawdown (10Y)

Largest decline over 10 years

-53.62%

-57.75%

+4.13%

Current Drawdown

Current decline from peak

-3.88%

-9.99%

+6.11%

Average Drawdown

Average peak-to-trough decline

-18.52%

-18.90%

+0.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.77%

4.01%

-0.24%

Volatility

EWW vs. FLN - Volatility Comparison

The current volatility for iShares MSCI Mexico ETF (EWW) is 5.79%, while First Trust Latin America AlphaDEX Fund (FLN) has a volatility of 6.41%. This indicates that EWW experiences smaller price fluctuations and is considered to be less risky than FLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWWFLNDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.79%

6.41%

-0.62%

Volatility (6M)

Calculated over the trailing 6-month period

17.75%

18.20%

-0.45%

Volatility (1Y)

Calculated over the trailing 1-year period

21.15%

20.96%

+0.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.51%

22.59%

-0.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.39%

27.64%

-2.25%

EWW vs. FLN - Expense Ratio Comparison

EWW has a 0.49% expense ratio, which is lower than FLN's 0.80% expense ratio.

Dividends

EWW vs. FLN - Dividend Comparison

EWW's dividend yield for the trailing twelve months is around 3.09%, less than FLN's 3.59% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
FLN
First Trust Latin America AlphaDEX Fund		3.59%3.40%6.26%4.17%5.57%4.70%1.64%1.91%3.08%10.28%1.06%2.34%

Frequently Asked Questions

EWW and FLN have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FLN has higher volatility (6.41%) compared to EWW (5.79%). In terms of maximum drawdown, EWW dropped -64.94% vs FLN's -57.95%.

On 10-year performance, FLN leads with 9.85% vs 7.35% for EWW. On fees, EWW is cheaper at 0.49% per year. On volatility, EWW has been the lower-risk option at 5.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FLN has performed better with a 9.85% return vs 7.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWW is cheaper with a 0.49% expense ratio, compared with 0.80% for FLN.

FLN has the higher dividend yield at 3.59%, compared with 3.09% for EWW.

EWW tracks MSCI Mexico IMI 25/50 Index, while FLN tracks NASDAQ AlphaDEX Latin America Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.49% for EWW and 0.80% for FLN.

FLN currently has the higher Sharpe Ratio (1.74 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.

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