EWW vs. ILF

Last updated Jun 23, 2026

EWW (iShares MSCI Mexico ETF) and ILF (iShares Latin American 40 ETF) are both Latin America Equities funds from iShares - EWW tracks the MSCI Mexico IMI 25/50 Index while ILF tracks the S&P Latin America 40 Index. Both are passively managed. Over the past 10 years, EWW returned 7.64%/yr vs 8.49%/yr for ILF. A 0.76 correlation means they provide meaningful diversification when combined. EWW charges 0.49%/yr vs 0.48%/yr for ILF.

Performance

EWW vs. ILF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Mexico ETF (EWW) and iShares Latin American 40 ETF (ILF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWW achieves a 11.18% return, which is significantly lower than ILF's 13.05% return. Over the past 10 years, EWW has underperformed ILF with an annualized return of 7.64%, while ILF has yielded a comparatively higher 8.49% annualized return.

EWW

• 1D: -1.77%
• 1M: -0.88%
• YTD: 11.18%
• 6M: 10.19%
• 1Y: 35.19%
• 3Y*: 11.06%
• 5Y*: 13.50%
• 10Y*: 7.64%

ILF

• 1D: 0.27%
• 1M: -1.45%
• YTD: 13.05%
• 6M: 14.29%
• 1Y: 40.46%
• 3Y*: 13.51%
• 5Y*: 9.00%
• 10Y*: 8.49%

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

EWW vs. ILF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWW iShares MSCI Mexico ETF	11.18%	53.65%	-28.22%	40.32%	1.24%	20.27%	-3.06%	12.64%	-14.58%	14.47%
ILF iShares Latin American 40 ETF	13.05%	52.65%	-23.11%	33.14%	9.81%	-13.59%	-11.71%	13.77%	-6.85%	26.33%

Correlation

The correlation between EWW and ILF 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	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Oct 26, 2001	0.76

The correlation between EWW and ILF has been stable across timeframes, ranging from 0.70 to 0.76 - a consistent structural relationship.

EWW vs. ILF - Sectors Allocation Comparison

Sectors	EWW	ILF
Basic Materials	26.2%	24.0%
Consumer Defensive	23.9%	9.5%
Financial Services	17.8%	33.3%
Industrials	12.7%	9.3%
Communication Services	9.8%	4.4%
Real Estate	7.7%	0.8%
Consumer Cyclical	1.4%	1.3%
Healthcare	0.5%	1.1%
Energy	-	12.0%
Technology	-	-
Utilities	-	4.4%

Return for Risk

EWW vs. ILF — 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: 49
EWW Sortino Ratio Rank: 47
EWW Omega Ratio Rank: 46
EWW Calmar Ratio Rank: 52
EWW Martin Ratio Rank: 54

ILF

ILF Risk / Return Rank: 54
ILF Sharpe Ratio Rank: 56
ILF Sortino Ratio Rank: 52
ILF Omega Ratio Rank: 51
ILF Calmar Ratio Rank: 61
ILF Martin Ratio Rank: 51

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. ILF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Mexico ETF (EWW) and iShares Latin American 40 ETF (ILF). 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	ILF	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.83	-0.20
Sortino ratio: Return per unit of downside risk	2.29	2.44	-0.16
Omega ratio: Gain probability vs. loss probability	1.29	1.31	-0.03
Calmar ratio: Return relative to maximum drawdown	2.53	2.92	-0.39
Martin ratio: Return relative to average drawdown	8.96	8.56	+0.41

EWW vs. ILF - Sharpe Ratio Comparison

The current EWW Sharpe Ratio is 1.63, which is comparable to the ILF Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of EWW and ILF, 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. ILF - Drawdown Comparison

The maximum EWW drawdown since its inception was -64.94%, roughly equal to the maximum ILF drawdown of -67.48%. Use the drawdown chart below to compare losses from any high point for EWW and ILF.

Drawdown Indicators

	EWW	ILF	Difference
Max Drawdown Largest peak-to-trough decline	-64.94%	-67.48%	+2.54%
Max Drawdown (1Y) Largest decline over 1 year	-13.98%	-13.94%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-31.17%	-23.97%	-7.20%
Max Drawdown (5Y) Largest decline over 5 years	-31.17%	-29.71%	-1.46%
Max Drawdown (10Y) Largest decline over 10 years	-53.62%	-57.79%	+4.17%
Current Drawdown Current decline from peak	-5.11%	-9.65%	+4.54%
Average Drawdown Average peak-to-trough decline	-18.50%	-23.91%	+5.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.94%	4.74%	-0.80%

Volatility

EWW vs. ILF - Volatility Comparison

iShares MSCI Mexico ETF (EWW) and iShares Latin American 40 ETF (ILF) have volatilities of 6.51% and 6.44%, 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	ILF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.51%	6.44%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	18.27%	18.33%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	21.76%	22.25%	-0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.59%	23.28%	-0.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.39%	28.40%	-3.01%

EWW vs. ILF - Expense Ratio Comparison

EWW has a 0.49% expense ratio, which is higher than ILF's 0.48% expense ratio.

Dividends

EWW vs. ILF - Dividend Comparison

EWW's dividend yield for the trailing twelve months is around 3.25%, less than ILF's 3.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWW iShares MSCI Mexico ETF	3.25%	3.48%	4.39%	2.19%	3.64%	2.06%	1.43%	2.92%	2.30%	2.22%	1.77%	2.34%
ILF iShares Latin American 40 ETF	3.47%	4.39%	7.44%	4.61%	12.72%	8.47%	1.88%	3.09%	3.12%	1.80%	1.59%	3.25%

Frequently Asked Questions

Can I hold both EWW and ILF in my portfolio?

EWW and ILF 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 ILF?

EWW has higher volatility (6.51%) compared to ILF (6.44%). In terms of maximum drawdown, EWW dropped -64.94% vs ILF's -67.48%.

Which ETF is better, EWW or ILF?

On 10-year performance, ILF leads with 8.49% vs 7.64% for EWW. On fees, ILF is cheaper at 0.48% 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 ILF?

Over the 10-year period, ILF has performed better with a 8.49% return vs 7.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWW or ILF?

ILF is cheaper with a 0.48% expense ratio, compared with 0.49% for EWW.

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

ILF has the higher dividend yield at 3.47%, compared with 3.25% for EWW.

What is the main difference between EWW and ILF?

EWW tracks MSCI Mexico IMI 25/50 Index, while ILF tracks S&P Latin America 40 Index. Their fees differ too: 0.49% for EWW and 0.48% for ILF.

Which has better risk-adjusted returns?

ILF currently has the higher Sharpe Ratio (1.83 vs 1.63), 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.