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EWZS vs. FLN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWZS vs. FLN

Last updated Jun 4, 2026

EWZS (iShares MSCI Brazil Small-Cap ETF) and FLN (First Trust Latin America AlphaDEX Fund) are both Latin America Equities funds - EWZS tracks the MSCI Brazil Small Cap Index while FLN tracks the NASDAQ AlphaDEX Latin America Index. Both are passively managed. Over the past 10 years, EWZS returned 7.86%/yr vs 9.85%/yr for FLN. A 0.73 correlation means they provide meaningful diversification when combined. EWZS charges 0.59%/yr vs 0.80%/yr for FLN.

Performance

EWZS vs. FLN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Brazil Small-Cap ETF (EWZS) 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, EWZS achieves a 4.95% return, which is significantly lower than FLN's 11.67% return. Over the past 10 years, EWZS has underperformed FLN with an annualized return of 7.86%, while FLN has yielded a comparatively higher 9.85% annualized return.

EWZS

1D
-4.37%
1M
-8.19%
YTD
4.95%
6M
-2.70%
1Y
8.41%
3Y*
2.41%
5Y*
-4.16%
10Y*
7.86%

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)

EWZS vs. FLN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWZS
iShares MSCI Brazil Small-Cap ETF		4.95%45.18%-35.95%32.65%-11.20%-14.09%-20.86%50.60%-7.13%54.18%
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 EWZS and FLN is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.84

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

0.78

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

0.77

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

0.80

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

0.73

The correlation between EWZS and FLN shifts across timeframes, from 0.73 (all time) to 0.84 (1 year), reflecting how their relationship changes across market environments.

EWZS vs. FLN - Sectors Allocation Comparison

Sectors
EWZS
FLN

Basic Materials

16.5%
12.0%

Consumer Cyclical

15.5%
5.4%

Real Estate

13.4%
4.7%

Utilities

12.1%
16.9%

Consumer Defensive

10.9%
7.2%

Financial Services

10.4%
23.4%

Industrials

8.6%
12.4%

Energy

4.8%
10.2%

Healthcare

4.8%
0.6%

Technology

3.0%
2.1%

Communication Services

-

7.1%

Basic Materials

EWZS
16.5%
FLN
12.0%

Consumer Cyclical

EWZS
15.5%
FLN
5.4%

Real Estate

EWZS
13.4%
FLN
4.7%

Utilities

EWZS
12.1%
FLN
16.9%

Consumer Defensive

EWZS
10.9%
FLN
7.2%

Financial Services

EWZS
10.4%
FLN
23.4%

Industrials

EWZS
8.6%
FLN
12.4%

Energy

EWZS
4.8%
FLN
10.2%

Healthcare

EWZS
4.8%
FLN
0.6%

Technology

EWZS
3.0%
FLN
2.1%

Communication Services

EWZS

-

FLN
7.1%

Compare stocks, funds, or ETFs

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iShares MSCI Brazil Small-Cap ETF

First Trust Latin America AlphaDEX Fund

Often compared with EWZS:
EWZS vs. EWZEWZS vs. BRFEWZS vs. ECHEWZS vs. EIRLEWZS vs. EWUSEWZS vs. BTEKEWZS vs. BRZU
Often compared with FLN:
FLN vs. ILFFLN vs. BRFFLN vs. FLLAFLN vs. BRAZFLN vs. EWZFLN vs. CHILXFLN vs. flla

Return for Risk

EWZS vs. FLN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWZS
EWZS Risk / Return Rank: 1414
Overall Rank
EWZS Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
EWZS Sortino Ratio Rank: 1313
Sortino Ratio Rank
EWZS Omega Ratio Rank: 1313
Omega Ratio Rank
EWZS Calmar Ratio Rank: 1515
Calmar Ratio Rank
EWZS Martin Ratio Rank: 1515
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.

EWZS vs. FLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil Small-Cap ETF (EWZS) 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.

EWZSFLNDifference
Sharpe ratioReturn per unit of total volatility
0.28
1.74

-1.46

Sortino ratioReturn per unit of downside risk
0.60
2.31

-1.72

Omega ratioGain probability vs. loss probability

1.07

1.30

-0.23

Calmar ratioReturn relative to maximum drawdown

0.50

3.19

-2.70

Martin ratioReturn relative to average drawdown

1.24

9.06

-7.82

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWZS vs. FLN - Sharpe Ratio Comparison

The current EWZS Sharpe Ratio is 0.28, which is lower than the FLN Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of EWZS 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

EWZSFLNDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.28

1.74

-1.46

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.13

0.40

-0.53

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.21

0.36

-0.14

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.03

0.08

-0.11

Drawdowns

EWZS vs. FLN - Drawdown Comparison

The maximum EWZS drawdown since its inception was -79.23%, which is greater than FLN's maximum drawdown of -57.95%. Use the drawdown chart below to compare losses from any high point for EWZS and FLN.

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Drawdown Indicators

EWZSFLNDifference

Max Drawdown

Largest peak-to-trough decline

-79.23%

-57.95%

-21.28%

Max Drawdown (1Y)

Largest decline over 1 year

-17.05%

-11.42%

-5.63%

Max Drawdown (3Y)

Largest decline over 3 years

-37.55%

-25.23%

-12.32%

Max Drawdown (5Y)

Largest decline over 5 years

-48.78%

-25.95%

-22.83%

Max Drawdown (10Y)

Largest decline over 10 years

-63.15%

-57.75%

-5.40%

Current Drawdown

Current decline from peak

-30.99%

-9.99%

-21.00%

Average Drawdown

Average peak-to-trough decline

-36.57%

-18.90%

-17.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.79%

4.01%

+2.78%

Volatility

EWZS vs. FLN - Volatility Comparison

iShares MSCI Brazil Small-Cap ETF (EWZS) has a higher volatility of 11.03% compared to First Trust Latin America AlphaDEX Fund (FLN) at 6.41%. This indicates that EWZS's price experiences larger fluctuations and is considered to be riskier 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

EWZSFLNDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.03%

6.41%

+4.62%

Volatility (6M)

Calculated over the trailing 6-month period

25.56%

18.20%

+7.36%

Volatility (1Y)

Calculated over the trailing 1-year period

30.44%

20.96%

+9.48%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

33.12%

22.59%

+10.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

36.79%

27.64%

+9.15%

EWZS vs. FLN - Expense Ratio Comparison

EWZS has a 0.59% expense ratio, which is lower than FLN's 0.80% expense ratio.

Dividends

EWZS vs. FLN - Dividend Comparison

EWZS's dividend yield for the trailing twelve months is around 3.69%, more than FLN's 3.59% yield.

PositionTTM20252024202320222021202020192018201720162015
EWZS
iShares MSCI Brazil Small-Cap ETF		3.69%3.88%4.93%2.75%4.61%4.51%1.15%1.77%4.35%3.41%3.62%4.35%
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

EWZS and FLN have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWZS has higher volatility (11.03%) compared to FLN (6.41%). In terms of maximum drawdown, EWZS dropped -79.23% vs FLN's -57.95%.

On 10-year performance, FLN leads with 9.85% vs 7.86% for EWZS. On fees, EWZS is cheaper at 0.59% per year. On volatility, FLN has been the lower-risk option at 6.41%. 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 7.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWZS is cheaper with a 0.59% expense ratio, compared with 0.80% for FLN.

EWZS has the higher dividend yield at 3.69%, compared with 3.59% for FLN.

EWZS tracks MSCI Brazil Small Cap Index, while FLN tracks NASDAQ AlphaDEX Latin America Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.59% for EWZS and 0.80% for FLN.

FLN currently has the higher Sharpe Ratio (1.74 vs 0.28), 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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