FLLA vs. FLMX

Last updated Jun 4, 2026

FLLA (Franklin FTSE Latin America ETF) and FLMX (Franklin FTSE Mexico ETF) are both Latin America Equities funds from Franklin Templeton - FLLA tracks the FTSE Latin America RIC Capped Index while FLMX tracks the FTSE Mexico RIC Capped Index. Both are passively managed. Over the past 5 years, FLLA returned 7.79%/yr vs 13.19%/yr for FLMX. A 0.70 correlation means they provide meaningful diversification when combined. Both charge a 0.19% expense ratio.

Performance

FLLA vs. FLMX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with FLLA having a 12.62% return and FLMX slightly lower at 12.58%.

FLLA

• 1D: -2.69%
• 1M: -5.24%
• YTD: 12.62%
• 6M: 11.76%
• 1Y: 35.32%
• 3Y*: 14.00%
• 5Y*: 7.79%
• 10Y*: —

FLMX

• 1D: -1.19%
• 1M: 3.10%
• YTD: 12.58%
• 6M: 15.98%
• 1Y: 33.82%
• 3Y*: 12.22%
• 5Y*: 13.19%
• 10Y*: —

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

FLLA vs. FLMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FLLA Franklin FTSE Latin America ETF	12.62%	51.81%	-26.89%	32.71%	7.78%	-8.93%	-15.08%	19.59%	-2.78%
FLMX Franklin FTSE Mexico ETF	12.58%	53.62%	-28.45%	39.35%	2.40%	19.58%	-3.50%	12.13%	-14.24%

Correlation

The correlation between FLLA and FLMX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since Oct 12, 2018	0.70

The correlation between FLLA and FLMX has been stable across timeframes, ranging from 0.70 to 0.74 - a consistent structural relationship.

FLLA vs. FLMX - Sectors Allocation Comparison

Sectors	FLLA	FLMX
Financial Services	25.9%	19.5%
Basic Materials	19.3%	22.2%
Energy	11.3%	-
Consumer Defensive	11.0%	28.5%
Utilities	9.8%	-
Industrials	9.2%	12.0%
Communication Services	3.9%	9.9%
Real Estate	3.0%	6.6%
Consumer Cyclical	2.8%	1.3%
Healthcare	1.6%	-
Technology	0.4%	-

Return for Risk

FLLA vs. FLMX — Risk / Return Rank

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

FLLA

FLLA Risk / Return Rank: 50
FLLA Sharpe Ratio Rank: 47
FLLA Sortino Ratio Rank: 44
FLLA Omega Ratio Rank: 45
FLLA Calmar Ratio Rank: 62
FLLA Martin Ratio Rank: 51

FLMX

FLMX Risk / Return Rank: 47
FLMX Sharpe Ratio Rank: 46
FLMX Sortino Ratio Rank: 46
FLMX Omega Ratio Rank: 44
FLMX Calmar Ratio Rank: 48
FLMX 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.

FLLA vs. FLMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Latin America ETF (FLLA) 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.

	FLLA	FLMX	Difference
Sharpe ratio Return per unit of total volatility	1.66	1.63	+0.04
Sortino ratio Return per unit of downside risk	2.24	2.29	-0.06
Omega ratio Gain probability vs. loss probability	1.29	1.29	0.00
Calmar ratio Return relative to maximum drawdown	3.06	2.40	+0.66
Martin ratio Return relative to average drawdown	8.72	8.73	-0.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLLA vs. FLMX - Sharpe Ratio Comparison

The current FLLA Sharpe Ratio is 1.66, which is comparable to the FLMX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of FLLA 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.

Sharpe Ratios by Period

	FLLA	FLMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.66	1.63	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.60	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.33	-0.10

Drawdowns

FLLA vs. FLMX - Drawdown Comparison

The maximum FLLA drawdown since its inception was -53.88%, which is greater than FLMX's maximum drawdown of -50.05%. Use the drawdown chart below to compare losses from any high point for FLLA and FLMX.

Drawdown Indicators

	FLLA	FLMX	Difference
Max Drawdown Largest peak-to-trough decline	-53.88%	-50.05%	-3.83%
Max Drawdown (1Y) Largest decline over 1 year	-11.59%	-14.18%	+2.59%
Max Drawdown (3Y) Largest decline over 3 years	-27.76%	-31.72%	+3.96%
Max Drawdown (5Y) Largest decline over 5 years	-28.32%	-31.72%	+3.40%
Current Drawdown Current decline from peak	-10.96%	-4.31%	-6.65%
Average Drawdown Average peak-to-trough decline	-13.48%	-12.05%	-1.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	3.89%	+0.17%

Volatility

FLLA vs. FLMX - Volatility Comparison

Franklin FTSE Latin America ETF (FLLA) has a higher volatility of 6.72% compared to Franklin FTSE Mexico ETF (FLMX) at 5.79%. This indicates that FLLA's price experiences larger fluctuations and is considered to be riskier than FLMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLLA	FLMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.72%	5.79%	+0.93%
Volatility (6M) Calculated over the trailing 6-month period	18.23%	17.46%	+0.77%
Volatility (1Y) Calculated over the trailing 1-year period	21.33%	20.87%	+0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.81%	21.97%	+0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.54%	24.67%	+2.87%

FLLA vs. FLMX - Expense Ratio Comparison

Both FLLA 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

FLLA vs. FLMX - Dividend Comparison

FLLA's dividend yield for the trailing twelve months is around 5.38%, more than FLMX's 3.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLLA Franklin FTSE Latin America ETF	5.38%	6.06%	7.04%	5.45%	9.55%	7.60%	2.12%	3.18%	0.48%	0.00%
FLMX Franklin FTSE Mexico ETF	3.54%	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 FLLA and FLMX in my portfolio?

FLLA and FLMX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLLA or FLMX?

FLLA has higher volatility (6.72%) compared to FLMX (5.79%). In terms of maximum drawdown, FLLA dropped -53.88% vs FLMX's -50.05%.

Which ETF is better, FLLA or FLMX?

On 5-year performance, FLMX leads with 13.19% vs 7.79% for FLLA. Both ETFs have the same 0.19% expense ratio. On volatility, FLMX has been the lower-risk option at 5.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLLA or FLMX?

Over the 5-year period, FLMX has performed better with a 13.19% return vs 7.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLLA or FLMX?

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

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

FLLA has the higher dividend yield at 5.38%, compared with 3.54% for FLMX.

What is the main difference between FLLA and FLMX?

FLLA tracks FTSE Latin America RIC Capped Index, while FLMX tracks FTSE Mexico RIC Capped Index.

Which has better risk-adjusted returns?

FLLA currently has the higher Sharpe Ratio (1.66 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.