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FLMX vs. EWW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FLMX vs. EWW

Last updated Jun 24, 2026

FLMX (Franklin FTSE Mexico ETF) and EWW (iShares MSCI Mexico ETF) are both Latin America Equities funds - FLMX tracks the FTSE Mexico RIC Capped Index while EWW tracks the MSCI Mexico IMI 25/50 Index. Both are passively managed. Over the past 5 years, FLMX returned 12.58%/yr vs 12.72%/yr for EWW. Their correlation of 0.92 suggests significant overlap in exposure. FLMX charges 0.19%/yr vs 0.49%/yr for EWW.

Performance

FLMX vs. EWW - Performance Comparison

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

Loading charts...

Returns By Period

The year-to-date returns for both stocks are quite close, with FLMX having a 9.45% return and EWW slightly lower at 9.37%.

FLMX

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

EWW

1D
-1.62%
1M
-2.48%
YTD
9.37%
6M
6.74%
1Y
33.39%
3Y*
10.45%
5Y*
12.72%
10Y*
7.46%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FLMX vs. EWW - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
EWW
iShares MSCI Mexico ETF		9.37%53.65%-28.22%40.32%1.24%20.27%-3.06%12.64%-14.58%-0.68%

Correlation

The correlation between FLMX and EWW is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

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

0.99

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

0.99

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

0.99

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

0.92

The correlation between FLMX and EWW has been stable across timeframes, ranging from 0.92 to 0.99 - a consistent structural relationship.

FLMX vs. EWW - Sectors Allocation Comparison

Sectors
FLMX
EWW

Consumer Defensive

28.2%
23.9%

Basic Materials

24.4%
26.2%

Financial Services

18.6%
17.8%

Industrials

11.6%
12.7%

Communication Services

9.3%
9.8%

Real Estate

6.6%
7.7%

Consumer Cyclical

1.3%
1.4%

Energy

-

-

Healthcare

-

0.5%

Technology

-

-

Utilities

-

-

Consumer Defensive

FLMX
28.2%
EWW
23.9%

Basic Materials

FLMX
24.4%
EWW
26.2%

Financial Services

FLMX
18.6%
EWW
17.8%

Industrials

FLMX
11.6%
EWW
12.7%

Communication Services

FLMX
9.3%
EWW
9.8%

Real Estate

FLMX
6.6%
EWW
7.7%

Consumer Cyclical

FLMX
1.3%
EWW
1.4%

Energy

FLMX

-

EWW

-

Healthcare

FLMX

-

EWW
0.5%

Technology

FLMX

-

EWW

-

Utilities

FLMX

-

EWW

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Franklin FTSE Mexico ETF

iShares MSCI Mexico ETF

Often compared with FLMX:
FLMX vs. MEXXFLMX vs. AAAFLMX vs. VOOFLMX vs. QQQFLMX vs. SPYFLMX vs. SCHDFLMX vs. BRZU
Often compared with EWW:
EWW vs. EWZEWW vs. ILFEWW vs. SPYEWW vs. VOOEWW vs. MEXXEWW vs. ECHEWW vs. EIDO

Return for Risk

FLMX vs. EWW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FLMX
FLMX Risk / Return Rank: 4848
Overall Rank
FLMX Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
FLMX Sortino Ratio Rank: 4747
Sortino Ratio Rank
FLMX Omega Ratio Rank: 4444
Omega Ratio Rank
FLMX Calmar Ratio Rank: 5050
Calmar Ratio Rank
FLMX Martin Ratio Rank: 5050
Martin Ratio Rank
EWW
EWW Risk / Return Rank: 4848
Overall Rank
EWW Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
EWW Sortino Ratio Rank: 4545
Sortino Ratio Rank
EWW Omega Ratio Rank: 4444
Omega Ratio Rank
EWW Calmar Ratio Rank: 5151
Calmar Ratio Rank
EWW Martin Ratio Rank: 5151
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.

FLMX vs. EWW - Risk-Adjusted Trends Comparison

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

FLMXEWWDifference
Sharpe ratioReturn per unit of total volatility
1.55
1.54

+0.01

Sortino ratioReturn per unit of downside risk
2.19
2.18

+0.02

Omega ratioGain probability vs. loss probability

1.27

1.27

0.00

Calmar ratioReturn relative to maximum drawdown

2.35

2.40

-0.05

Martin ratioReturn relative to average drawdown

8.16

8.46

-0.29

FLMX vs. EWW - Sharpe Ratio Comparison

The current FLMX Sharpe Ratio is 1.55, which is comparable to the EWW Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of FLMX and EWW, 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. EWW - Drawdown Comparison

The maximum FLMX drawdown since its inception was -50.05%, smaller than the maximum EWW drawdown of -64.94%. Use the drawdown chart below to compare losses from any high point for FLMX and EWW.

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Drawdown Indicators

FLMXEWWDifference

Max Drawdown

Largest peak-to-trough decline

-50.05%

-64.94%

+14.89%

Max Drawdown (1Y)

Largest decline over 1 year

-14.18%

-13.98%

-0.20%

Max Drawdown (3Y)

Largest decline over 3 years

-31.72%

-31.17%

-0.55%

Max Drawdown (5Y)

Largest decline over 5 years

-31.72%

-31.17%

-0.55%

Max Drawdown (10Y)

Largest decline over 10 years

—

-53.62%

—

Current Drawdown

Current decline from peak

-6.97%

-6.65%

-0.32%

Average Drawdown

Average peak-to-trough decline

-12.00%

-18.49%

+6.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.08%

3.96%

+0.12%

Volatility

FLMX vs. EWW - Volatility Comparison

Franklin FTSE Mexico ETF (FLMX) and iShares MSCI Mexico ETF (EWW) have volatilities of 6.82% and 6.65%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FLMXEWWDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.82%

6.65%

+0.17%

Volatility (6M)

Calculated over the trailing 6-month period

18.06%

18.26%

-0.20%

Volatility (1Y)

Calculated over the trailing 1-year period

21.57%

21.79%

-0.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.08%

22.60%

-0.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.67%

25.31%

-0.64%

FLMX vs. EWW - Expense Ratio Comparison

FLMX has a 0.19% expense ratio, which is lower than EWW's 0.49% expense ratio.

Dividends

FLMX vs. EWW - Dividend Comparison

FLMX's dividend yield for the trailing twelve months is around 1.89%, less than EWW's 3.30% yield.

PositionTTM20252024202320222021202020192018201720162015
EWW
iShares MSCI Mexico ETF		3.30%3.48%4.39%2.19%3.64%2.06%1.43%2.92%2.30%2.22%1.77%2.34%
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%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.99, FLMX and EWW move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

FLMX has higher volatility (6.82%) compared to EWW (6.65%). In terms of maximum drawdown, FLMX dropped -50.05% vs EWW's -64.94%.

On 5-year performance, EWW leads with 12.72% vs 12.58% for FLMX. On fees, FLMX is cheaper at 0.19% per year. On volatility, EWW has been the lower-risk option at 6.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, EWW has performed better with a 12.72% return vs 12.58%. 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 0.49% for EWW.

EWW has the higher dividend yield at 3.30%, compared with 1.89% for FLMX.

FLMX tracks FTSE Mexico RIC Capped Index, while EWW tracks MSCI Mexico IMI 25/50 Index. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.19% for FLMX and 0.49% for EWW.

FLMX currently has the higher Sharpe Ratio (1.55 vs 1.54), 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

Find the right allocation for FLMX and EWW

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