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FLMX vs. EPU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FLMX vs. EPU

Last updated Aug 4, 2026
Documentation

FLMX (Franklin FTSE Mexico ETF) and EPU (iShares MSCI Peru ETF) are both Latin America Equities funds - FLMX tracks the FTSE Mexico RIC Capped Index while EPU tracks the MSCI All Peru Capped Index. Both are passively managed. Over the past 5 years, FLMX returned 12.84%/yr vs 32.28%/yr for EPU. Their 0.50 correlation means they have sometimes moved together and sometimes differently. FLMX charges 0.19%/yr vs 0.59%/yr for EPU.

Performance

FLMX vs. EPU - Performance Comparison

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

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Returns By Period

In the year-to-date period, FLMX achieves a 12.37% return, which is significantly lower than EPU's 21.67% return.

FLMX

1D
-0.62%
1M
1.31%
6M
2.45%
YTD
12.37%
1Y
33.02%
3Y*
10.51%
5Y*
12.84%
10Y*
—
ALL TIME*
7.99%

EPU

1D
0.72%
1M
2.93%
6M
0.72%
YTD
21.67%
1Y
82.82%
3Y*
43.36%
5Y*
32.28%
10Y*
13.28%
ALL TIME*
10.69%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EPU

iShares MSCI Peru ETF
$4.58M$4.06M$5.78M

FLMX

Franklin FTSE Mexico ETF
$237.66K$216.97K$406.60K

FLMX vs. EPU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FLMX
Franklin FTSE Mexico ETF		12.37%53.62%-28.45%39.35%2.40%19.58%-3.50%12.13%-13.32%-0.96%
EPU
iShares MSCI Peru ETF		21.67%86.87%21.73%25.34%2.05%-11.81%-4.31%7.30%-12.17%-1.41%

Correlation

The correlation between FLMX and EPU is 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.57

Correlation (3Y)
Balances recent behavior with more history.

0.53

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.53

Correlation (All Time)
Calculated using the full available price history since Nov 6, 2017

0.50

The correlation between FLMX and EPU has been stable across timeframes, ranging from 0.50 to 0.57 - a consistent structural relationship.

FLMX vs. EPU - Sectors Allocation Comparison

Sectors
FLMX
EPU

Consumer Defensive

29.5%
3.3%

Financial Services

20.3%
31.6%

Basic Materials

18.8%
49.5%

Industrials

14.2%
2.9%

Communication Services

8.4%
1.4%

Real Estate

7.4%
3.0%

Consumer Cyclical

1.4%
4.5%

Energy

-

-

Healthcare

-

1.0%

Technology

-

-

Utilities

-

2.9%

Consumer Defensive

FLMX
29.5%
EPU
3.3%

Financial Services

FLMX
20.3%
EPU
31.6%

Basic Materials

FLMX
18.8%
EPU
49.5%

Industrials

FLMX
14.2%
EPU
2.9%

Communication Services

FLMX
8.4%
EPU
1.4%

Real Estate

FLMX
7.4%
EPU
3.0%

Consumer Cyclical

FLMX
1.4%
EPU
4.5%

Energy

FLMX

-

EPU

-

Healthcare

FLMX

-

EPU
1.0%

Technology

FLMX

-

EPU

-

Utilities

FLMX

-

EPU
2.9%

Compare stocks, funds, or ETFs

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Franklin FTSE Mexico ETF

iShares MSCI Peru ETF

Often compared with FLMX:
FLMX vs. EWWFLMX vs. MEXXFLMX vs. AAAFLMX vs. VOOFLMX vs. SCHDFLMX vs. QQQFLMX vs. SPY
Often compared with EPU:
EPU vs. ECHEPU vs. ILFEPU vs. ARGTEPU vs. EISEPU vs. EVXEPU vs. EPIEPU vs. EWS

Return for Risk

FLMX vs. EPU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
FLMX
FLMX Risk / Return Rank: 6262
Overall Rank
FLMX Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
FLMX Sortino Ratio Rank: 6262
Sortino Ratio Rank
FLMX Omega Ratio Rank: 6060
Omega Ratio Rank
FLMX Calmar Ratio Rank: 6464
Calmar Ratio Rank
FLMX Martin Ratio Rank: 6060
Martin Ratio Rank
EPU
EPU Risk / Return Rank: 8888
Overall Rank
EPU Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
EPU Sortino Ratio Rank: 8787
Sortino Ratio Rank
EPU Omega Ratio Rank: 8888
Omega Ratio Rank
EPU Calmar Ratio Rank: 9090
Calmar Ratio Rank
EPU Martin Ratio Rank: 8080
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FLMX vs. EPU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Mexico ETF (FLMX) and iShares MSCI Peru ETF (EPU). 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.

FLMXEPUDifference
Sharpe ratioReturn per unit of total volatility
1.52
2.60

-1.08

Sortino ratioReturn per unit of downside risk
2.16
3.02

-0.86

Omega ratioGain probability vs. loss probability

1.27

1.40

-0.13

Calmar ratioReturn relative to maximum drawdown

2.34

3.99

-1.65

Martin ratioReturn relative to average drawdown

7.46

10.75

-3.30

FLMX vs. EPU - Sharpe Ratio Comparison

The current FLMX Sharpe Ratio is 1.52, which is lower than the EPU Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of FLMX and EPU, 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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Drawdowns

FLMX vs. EPU - Drawdown Comparison

The maximum FLMX drawdown since its inception was -50.05%, smaller than the maximum EPU drawdown of -60.62%. Use the drawdown chart below to compare losses from any high point for FLMX and EPU.

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Drawdown Indicators

FLMXEPUDifference

Max Drawdown

Largest peak-to-trough decline

-50.05%

-60.62%

+10.57%

Max Drawdown (1Y)

Largest decline over 1 year

-14.18%

-20.85%

+6.67%

Max Drawdown (3Y)

Largest decline over 3 years

-31.72%

-20.85%

-10.87%

Max Drawdown (5Y)

Largest decline over 5 years

-31.72%

-35.59%

+3.87%

Max Drawdown (10Y)

Largest decline over 10 years

—

-50.97%

—

Current Drawdown

Current decline from peak

-4.48%

-6.19%

+1.71%

Average Drawdown

Average peak-to-trough decline

-11.92%

-18.72%

+6.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.44%

7.73%

-3.29%

Volatility

FLMX vs. EPU - Volatility Comparison

The current volatility for Franklin FTSE Mexico ETF (FLMX) is 5.20%, while iShares MSCI Peru ETF (EPU) has a volatility of 8.89%. This indicates that FLMX experiences smaller price fluctuations and is considered to be less risky than EPU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FLMXEPUDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.20%

8.89%

-3.69%

Volatility (6M)

Calculated over the trailing 6-month period

17.93%

26.65%

-8.72%

Volatility (1Y)

Calculated over the trailing 1-year period

21.81%

32.07%

-10.26%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.07%

25.10%

-3.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.60%

23.72%

+0.88%

FLMX vs. EPU - Expense Ratio Comparison

FLMX has a 0.19% expense ratio, which is lower than EPU's 0.59% expense ratio.

Dividends

FLMX vs. EPU - Dividend Comparison

FLMX's dividend yield for the trailing twelve months is around 3.81%, more than EPU's 1.97% yield.

PositionTTM20252024202320222021202020192018201720162015
EPU
iShares MSCI Peru ETF		1.97%1.63%5.78%4.17%5.56%3.13%1.91%2.67%1.53%3.30%0.85%1.90%
FLMX
Franklin FTSE Mexico ETF		3.81%3.99%3.31%2.90%4.22%3.15%1.48%2.95%2.51%0.31%0.00%0.00%

Frequently Asked Questions

FLMX and EPU have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EPU has higher volatility (8.89%) compared to FLMX (5.20%). In terms of maximum drawdown, FLMX dropped -50.05% vs EPU's -60.62%.

On 5-year performance, EPU leads with 32.28% vs 12.84% for FLMX. On fees, FLMX is cheaper at 0.19% per year. On volatility, FLMX has been the lower-risk option at 5.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, EPU has performed better with a 32.28% return vs 12.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FLMX is cheaper with a 0.19% expense ratio, compared with 0.59% for EPU.

FLMX has the higher dividend yield at 3.81%, compared with 1.97% for EPU.

FLMX tracks FTSE Mexico RIC Capped Index, while EPU tracks MSCI All Peru Capped Index. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.19% for FLMX and 0.59% for EPU.

EPU currently has the higher Sharpe Ratio (2.60 vs 1.52), 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

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