PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
EWW vs. MEXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWW vs. MEXX

Last updated Jun 23, 2026

EWW (iShares MSCI Mexico ETF) and MEXX (Direxion Daily MSCI Mexico Bull 3X Shares) are both exchange-traded funds - EWW is a Latin America Equities fund tracking the MSCI Mexico IMI 25/50 Index, while MEXX is a Leveraged Equities fund tracking the MSCI Mexico IMI 25-50 Net Total Return USD Index (300%). Both are passively managed. Over the past 5 years, EWW returned 13.50%/yr vs 15.22%/yr for MEXX. With a 0.98 correlation, they move nearly in lockstep. EWW charges 0.49%/yr vs 1.21%/yr for MEXX.

Performance

EWW vs. MEXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Mexico ETF (EWW) and Direxion Daily MSCI Mexico Bull 3X Shares (MEXX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, EWW achieves a 11.18% return, which is significantly lower than MEXX's 19.23% 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%

MEXX

1D
-4.71%
1M
-4.23%
YTD
19.23%
6M
16.43%
1Y
94.56%
3Y*
3.16%
5Y*
15.22%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWW vs. MEXX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWW
iShares MSCI Mexico ETF		11.18%53.65%-28.22%40.32%1.24%20.27%-3.06%12.64%-14.58%-3.86%
MEXX
Direxion Daily MSCI Mexico Bull 3X Shares		19.23%181.49%-73.13%115.60%-12.96%52.75%-53.63%21.41%-51.95%-15.26%

Correlation

The correlation between EWW and MEXX 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 May 3, 2017

0.98

The correlation between EWW and MEXX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

EWW vs. MEXX - Sectors Allocation Comparison

Sectors
EWW
MEXX

Basic Materials

26.2%
26.2%

Consumer Defensive

23.9%
23.9%

Financial Services

17.8%
17.8%

Industrials

12.7%
12.7%

Communication Services

9.8%
9.8%

Real Estate

7.7%
7.7%

Consumer Cyclical

1.4%
1.4%

Healthcare

0.5%
0.5%

Energy

-

-

Technology

-

-

Utilities

-

-

Basic Materials

EWW
26.2%
MEXX
26.2%

Consumer Defensive

EWW
23.9%
MEXX
23.9%

Financial Services

EWW
17.8%
MEXX
17.8%

Industrials

EWW
12.7%
MEXX
12.7%

Communication Services

EWW
9.8%
MEXX
9.8%

Real Estate

EWW
7.7%
MEXX
7.7%

Consumer Cyclical

EWW
1.4%
MEXX
1.4%

Healthcare

EWW
0.5%
MEXX
0.5%

Energy

EWW

-

MEXX

-

Technology

EWW

-

MEXX

-

Utilities

EWW

-

MEXX

-

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

Direxion Daily MSCI Mexico Bull 3X Shares

Often compared with EWW:
EWW vs. EWZEWW vs. FLMXEWW vs. ILFEWW vs. SPYEWW vs. VOOEWW vs. ECHEWW vs. EIDO
Often compared with MEXX:
MEXX vs. FLMXMEXX vs. QQQMEXX vs. QLDMEXX vs. SPYMEXX vs. TQQQMEXX vs. FZROXMEXX vs. PAVE

Return for Risk

EWW vs. MEXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWW
EWW Risk / Return Rank: 5050
Overall Rank
EWW Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
EWW Sortino Ratio Rank: 4747
Sortino Ratio Rank
EWW Omega Ratio Rank: 4646
Omega Ratio Rank
EWW Calmar Ratio Rank: 5252
Calmar Ratio Rank
EWW Martin Ratio Rank: 5454
Martin Ratio Rank
MEXX
MEXX Risk / Return Rank: 4444
Overall Rank
MEXX Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
MEXX Sortino Ratio Rank: 4242
Sortino Ratio Rank
MEXX Omega Ratio Rank: 4040
Omega Ratio Rank
MEXX Calmar Ratio Rank: 5151
Calmar Ratio Rank
MEXX Martin Ratio Rank: 4444
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. MEXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Mexico ETF (EWW) and Direxion Daily MSCI Mexico Bull 3X Shares (MEXX). 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.

EWWMEXXDifference
Sharpe ratioReturn per unit of total volatility
1.63
1.48

+0.15

Sortino ratioReturn per unit of downside risk
2.29
2.04

+0.24

Omega ratioGain probability vs. loss probability

1.29

1.26

+0.03

Calmar ratioReturn relative to maximum drawdown

2.53

2.45

+0.08

Martin ratioReturn relative to average drawdown

8.96

7.04

+1.92

EWW vs. MEXX - Sharpe Ratio Comparison

The current EWW Sharpe Ratio is 1.63, which is comparable to the MEXX Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of EWW and MEXX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

EWW vs. MEXX - Drawdown Comparison

The maximum EWW drawdown since its inception was -64.94%, smaller than the maximum MEXX drawdown of -95.58%. Use the drawdown chart below to compare losses from any high point for EWW and MEXX.

Loading charts...

Drawdown Indicators

EWWMEXXDifference

Max Drawdown

Largest peak-to-trough decline

-64.94%

-95.58%

+30.64%

Max Drawdown (1Y)

Largest decline over 1 year

-13.98%

-38.77%

+24.79%

Max Drawdown (3Y)

Largest decline over 3 years

-31.17%

-74.92%

+43.75%

Max Drawdown (5Y)

Largest decline over 5 years

-31.17%

-74.92%

+43.75%

Max Drawdown (10Y)

Largest decline over 10 years

-53.62%

—

—

Current Drawdown

Current decline from peak

-5.11%

-56.63%

+51.52%

Average Drawdown

Average peak-to-trough decline

-18.50%

-65.46%

+46.96%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.94%

13.47%

-9.53%

Volatility

EWW vs. MEXX - Volatility Comparison

The current volatility for iShares MSCI Mexico ETF (EWW) is 6.51%, while Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) has a volatility of 18.68%. This indicates that EWW experiences smaller price fluctuations and is considered to be less risky than MEXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

EWWMEXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.51%

18.68%

-12.17%

Volatility (6M)

Calculated over the trailing 6-month period

18.27%

54.12%

-35.85%

Volatility (1Y)

Calculated over the trailing 1-year period

21.76%

64.47%

-42.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.59%

67.06%

-44.47%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.39%

74.42%

-49.03%

EWW vs. MEXX - Expense Ratio Comparison

EWW has a 0.49% expense ratio, which is lower than MEXX's 1.21% expense ratio.

Dividends

EWW vs. MEXX - Dividend Comparison

EWW's dividend yield for the trailing twelve months is around 3.25%, more than MEXX's 1.33% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
MEXX
Direxion Daily MSCI Mexico Bull 3X Shares		1.33%1.60%5.81%1.66%1.33%0.63%0.12%1.60%5.61%0.27%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.99, EWW and MEXX 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.

MEXX has higher volatility (18.68%) compared to EWW (6.51%). In terms of maximum drawdown, EWW dropped -64.94% vs MEXX's -95.58%.

On 5-year performance, MEXX leads with 15.22% vs 13.50% for EWW. On fees, EWW is cheaper at 0.49% per year. On volatility, EWW has been the lower-risk option at 6.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, MEXX has performed better with a 15.22% return vs 13.50%. 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 1.21% for MEXX.

EWW has the higher dividend yield at 3.25%, compared with 1.33% for MEXX.

EWW is categorized as Latin America Equities, while MEXX is Leveraged Equities. EWW tracks MSCI Mexico IMI 25/50 Index, while MEXX tracks MSCI Mexico IMI 25-50 Net Total Return USD Index (300%). They also come from different issuers: iShares and Direxion. Their fees differ too: 0.49% for EWW and 1.21% for MEXX.

EWW currently has the higher Sharpe Ratio (1.63 vs 1.48), 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.

Portfolio Optimizer

Find the right allocation for EWW and MEXX

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