EWW vs. VLRS

Last updated Jun 4, 2026

EWW (iShares MSCI Mexico ETF) is Latin America Equities fund tracking the MSCI Mexico IMI 25/50 Index, while VLRS (Controladora Vuela Compañía de Aviación, S.A.B. de C.V.) is a stock. Over the past 10 years, EWW returned 7.35%/yr vs -7.81%/yr for VLRS. At a 0.45 correlation, their price movements are largely independent.

Performance

EWW vs. VLRS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Mexico ETF (EWW) and Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWW achieves a 12.62% return, which is significantly higher than VLRS's -10.70% return. Over the past 10 years, EWW has outperformed VLRS with an annualized return of 7.35%, while VLRS has yielded a comparatively lower -7.81% 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%

VLRS

• 1D: 1.54%
• 1M: 9.53%
• YTD: -10.70%
• 6M: -0.00%
• 1Y: 69.44%
• 3Y*: -17.69%
• 5Y*: -13.82%
• 10Y*: -7.81%

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

EWW vs. VLRS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
VLRS Controladora Vuela Compañía de Aviación, S.A.B. de C.V.	-10.70%	19.35%	-20.68%	12.20%	-53.48%	44.69%	19.19%	94.77%	-33.29%	-46.68%

Correlation

The correlation between EWW and VLRS is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Sep 19, 2013	0.45

Return for Risk

EWW vs. VLRS — Risk / Return Rank

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

EWW

EWW Risk / Return Rank: 47
EWW Sharpe Ratio Rank: 46
EWW Sortino Ratio Rank: 45
EWW Omega Ratio Rank: 44
EWW Calmar Ratio Rank: 49
EWW Martin Ratio Rank: 52

VLRS

VLRS Risk / Return Rank: 73
VLRS Sharpe Ratio Rank: 77
VLRS Sortino Ratio Rank: 76
VLRS Omega Ratio Rank: 71
VLRS Calmar Ratio Rank: 70
VLRS Martin Ratio Rank: 72

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. VLRS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Mexico ETF (EWW) and Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS). 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	VLRS	Difference
Sharpe ratio Return per unit of total volatility	1.62	1.29	+0.34
Sortino ratio Return per unit of downside risk	2.27	2.05	+0.22
Omega ratio Gain probability vs. loss probability	1.29	1.24	+0.05
Calmar ratio Return relative to maximum drawdown	2.45	1.66	+0.80
Martin ratio Return relative to average drawdown	9.08	4.17	+4.91
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. VLRS - Sharpe Ratio Comparison

The current EWW Sharpe Ratio is 1.62, which is comparable to the VLRS Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of EWW and VLRS, 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	VLRS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.62	1.29	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	-0.26	+0.87
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	-0.15	+0.44
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	-0.09	+0.39

Drawdowns

EWW vs. VLRS - Drawdown Comparison

The maximum EWW drawdown since its inception was -64.94%, smaller than the maximum VLRS drawdown of -85.92%. Use the drawdown chart below to compare losses from any high point for EWW and VLRS.

Drawdown Indicators

	EWW	VLRS	Difference
Max Drawdown Largest peak-to-trough decline	-64.94%	-85.92%	+20.98%
Max Drawdown (1Y) Largest decline over 1 year	-13.98%	-42.14%	+28.16%
Max Drawdown (3Y) Largest decline over 3 years	-31.17%	-76.05%	+44.88%
Max Drawdown (5Y) Largest decline over 5 years	-31.17%	-84.28%	+53.11%
Max Drawdown (10Y) Largest decline over 10 years	-53.62%	-84.77%	+31.15%
Current Drawdown Current decline from peak	-3.88%	-65.28%	+61.40%
Average Drawdown Average peak-to-trough decline	-18.52%	-46.52%	+28.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.77%	16.71%	-12.94%

Volatility

EWW vs. VLRS - Volatility Comparison

The current volatility for iShares MSCI Mexico ETF (EWW) is 5.79%, while Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) has a volatility of 17.12%. This indicates that EWW experiences smaller price fluctuations and is considered to be less risky than VLRS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWW	VLRS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.79%	17.12%	-11.33%
Volatility (6M) Calculated over the trailing 6-month period	17.75%	40.81%	-23.06%
Volatility (1Y) Calculated over the trailing 1-year period	21.15%	54.32%	-33.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.51%	52.64%	-30.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.39%	53.00%	-27.61%

Dividends

EWW vs. VLRS - Dividend Comparison

EWW's dividend yield for the trailing twelve months is around 3.09%, while VLRS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VLRS Controladora Vuela Compañía de Aviación, S.A.B. de C.V.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EWW and VLRS in my portfolio?

EWW and VLRS have a correlation of 0.42, 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 VLRS?

VLRS has higher volatility (17.12%) compared to EWW (5.79%). In terms of maximum drawdown, EWW dropped -64.94% vs VLRS's -85.92%.

Which has better risk-adjusted returns?

EWW currently has the higher Sharpe Ratio (1.62 vs 1.29), 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.