FLBR vs. FLMX

Last updated Jun 24, 2026

FLBR (Franklin FTSE Brazil ETF) and FLMX (Franklin FTSE Mexico ETF) are both Latin America Equities funds from Franklin Templeton - FLBR tracks the FTSE Brazil RIC Capped Index while FLMX tracks the FTSE Mexico RIC Capped Index. Both are passively managed. Over the past 5 years, FLBR returned 4.58%/yr vs 12.58%/yr for FLMX. A 0.50 correlation means they provide meaningful diversification when combined. Both charge a 0.19% expense ratio.

Performance

FLBR vs. FLMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Brazil ETF (FLBR) and Franklin FTSE Mexico ETF (FLMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLBR achieves a 12.86% return, which is significantly higher than FLMX's 9.45% return.

FLBR

• 1D: -0.32%
• 1M: -5.91%
• YTD: 12.86%
• 6M: 14.02%
• 1Y: 30.42%
• 3Y*: 9.76%
• 5Y*: 4.58%
• 10Y*: —

FLMX

• 1D: -1.54%
• 1M: -2.53%
• YTD: 9.45%
• 6M: 6.90%
• 1Y: 33.21%
• 3Y*: 10.20%
• 5Y*: 12.58%
• 10Y*: —

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

FLBR vs. FLMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLBR Franklin FTSE Brazil ETF	12.86%	45.57%	-27.58%	33.19%	10.44%	-16.78%	-20.13%	28.47%	-2.13%	2.27%
FLMX Franklin FTSE Mexico ETF	9.45%	53.62%	-28.45%	39.35%	2.40%	19.58%	-3.50%	12.13%	-13.32%	-0.96%

Correlation

The correlation between FLBR and FLMX is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.50

The correlation between FLBR and FLMX has been stable across timeframes, ranging from 0.50 to 0.55 - a consistent structural relationship.

FLBR vs. FLMX - Sectors Allocation Comparison

Sectors	FLBR	FLMX
Financial Services	25.6%	18.6%
Energy	19.3%	-
Basic Materials	16.5%	24.4%
Utilities	13.7%	-
Industrials	11.6%	11.6%
Consumer Defensive	4.6%	28.2%
Healthcare	2.8%	-
Consumer Cyclical	2.6%	1.3%
Communication Services	1.9%	9.3%
Real Estate	0.8%	6.6%
Technology	0.8%	-

Return for Risk

FLBR vs. FLMX — Risk / Return Rank

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

FLBR

FLBR Risk / Return Rank: 34
FLBR Sharpe Ratio Rank: 36
FLBR Sortino Ratio Rank: 34
FLBR Omega Ratio Rank: 34
FLBR Calmar Ratio Rank: 35
FLBR Martin Ratio Rank: 33

FLMX

FLMX Risk / Return Rank: 48
FLMX Sharpe Ratio Rank: 47
FLMX Sortino Ratio Rank: 47
FLMX Omega Ratio Rank: 44
FLMX Calmar Ratio Rank: 50
FLMX Martin Ratio Rank: 50

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.

FLBR vs. FLMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Brazil ETF (FLBR) and Franklin FTSE Mexico ETF (FLMX). 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.

	FLBR	FLMX	Difference
Sharpe ratio: Return per unit of total volatility	1.21	1.55	-0.34
Sortino ratio: Return per unit of downside risk	1.71	2.19	-0.49
Omega ratio: Gain probability vs. loss probability	1.22	1.27	-0.05
Calmar ratio: Return relative to maximum drawdown	1.66	2.35	-0.69
Martin ratio: Return relative to average drawdown	4.78	8.16	-3.39

FLBR vs. FLMX - Sharpe Ratio Comparison

The current FLBR Sharpe Ratio is 1.21, which is comparable to the FLMX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of FLBR and FLMX, 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

FLBR vs. FLMX - Drawdown Comparison

The maximum FLBR drawdown since its inception was -57.42%, which is greater than FLMX's maximum drawdown of -50.05%. Use the drawdown chart below to compare losses from any high point for FLBR and FLMX.

Drawdown Indicators

	FLBR	FLMX	Difference
Max Drawdown Largest peak-to-trough decline	-57.42%	-50.05%	-7.37%
Max Drawdown (1Y) Largest decline over 1 year	-18.38%	-14.18%	-4.20%
Max Drawdown (3Y) Largest decline over 3 years	-28.97%	-31.72%	+2.75%
Max Drawdown (5Y) Largest decline over 5 years	-32.31%	-31.72%	-0.59%
Current Drawdown Current decline from peak	-17.50%	-6.97%	-10.53%
Average Drawdown Average peak-to-trough decline	-18.60%	-12.00%	-6.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.38%	4.08%	+2.30%

Volatility

FLBR vs. FLMX - Volatility Comparison

The current volatility for Franklin FTSE Brazil ETF (FLBR) is 6.35%, while Franklin FTSE Mexico ETF (FLMX) has a volatility of 6.82%. This indicates that FLBR experiences smaller price fluctuations and is considered to be less risky than FLMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLBR	FLMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.35%	6.82%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	20.04%	18.06%	+1.98%
Volatility (1Y) Calculated over the trailing 1-year period	25.32%	21.57%	+3.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.73%	22.08%	+5.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.02%	24.67%	+8.35%

FLBR vs. FLMX - Expense Ratio Comparison

Both FLBR and FLMX have an expense ratio of 0.19%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FLBR vs. FLMX - Dividend Comparison

FLBR's dividend yield for the trailing twelve months is around 4.80%, more than FLMX's 1.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLBR Franklin FTSE Brazil ETF	4.80%	7.71%	7.68%	8.84%	11.99%	8.71%	2.32%	3.42%	3.72%	0.42%
FLMX Franklin FTSE Mexico ETF	1.89%	3.99%	3.31%	2.90%	4.22%	3.15%	1.48%	2.95%	2.51%	0.31%

Frequently Asked Questions

Can I hold both FLBR and FLMX in my portfolio?

FLBR and FLMX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLBR or FLMX?

FLMX has higher volatility (6.82%) compared to FLBR (6.35%). In terms of maximum drawdown, FLBR dropped -57.42% vs FLMX's -50.05%.

Which ETF is better, FLBR or FLMX?

On 5-year performance, FLMX leads with 12.58% vs 4.58% for FLBR. Both ETFs have the same 0.19% expense ratio. On volatility, FLBR has been the lower-risk option at 6.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLBR or FLMX?

Over the 5-year period, FLMX has performed better with a 12.58% return vs 4.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLBR or FLMX?

FLBR and FLMX have the same expense ratio: 0.19% per year.

Which ETF pays a higher dividend yield, FLBR or FLMX?

FLBR has the higher dividend yield at 4.80%, compared with 1.89% for FLMX.

What is the main difference between FLBR and FLMX?

FLBR tracks FTSE Brazil RIC Capped Index, while FLMX tracks FTSE Mexico RIC Capped Index.

Which has better risk-adjusted returns?

FLMX currently has the higher Sharpe Ratio (1.55 vs 1.21), 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.