FLMX vs. EWZ

Last updated Jun 3, 2026

FLMX (Franklin FTSE Mexico ETF) and EWZ (iShares MSCI Brazil ETF) are both Latin America Equities funds - FLMX tracks the FTSE Mexico RIC Capped Index while EWZ tracks the MSCI Brazil 25/50 Index. Both are passively managed. Over the past 5 years, FLMX returned 13.65%/yr vs 5.41%/yr for EWZ. A 0.50 correlation means they provide meaningful diversification when combined. FLMX charges 0.19%/yr vs 0.59%/yr for EWZ.

Performance

FLMX vs. EWZ - Performance Comparison

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

Returns By Period

In the year-to-date period, FLMX achieves a 13.94% return, which is significantly higher than EWZ's 12.62% return.

FLMX

• 1D: 1.45%
• 1M: 3.06%
• YTD: 13.94%
• 6M: 17.02%
• 1Y: 35.08%
• 3Y*: 12.67%
• 5Y*: 13.65%
• 10Y*: —

EWZ

• 1D: 0.31%
• 1M: -9.26%
• YTD: 12.62%
• 6M: 8.83%
• 1Y: 38.34%
• 3Y*: 12.25%
• 5Y*: 5.41%
• 10Y*: 8.16%

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

FLMX vs. EWZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLMX Franklin FTSE Mexico ETF	13.94%	53.62%	-28.45%	39.35%	2.40%	19.58%	-3.50%	12.13%	-13.32%	-0.92%
EWZ iShares MSCI Brazil ETF	12.62%	48.81%	-30.41%	32.62%	12.09%	-17.32%	-20.35%	27.67%	-2.52%	1.29%

Correlation

The correlation between FLMX and EWZ 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	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since Nov 7, 2017	0.50

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

FLMX vs. EWZ - Sectors Allocation Comparison

Sectors	FLMX	EWZ
Consumer Defensive	28.5%	4.2%
Basic Materials	22.2%	13.7%
Financial Services	19.5%	32.7%
Industrials	12.0%	10.9%
Communication Services	9.9%	2.2%
Real Estate	6.6%	-
Consumer Cyclical	1.3%	1.5%
Energy	-	18.5%
Healthcare	-	2.4%
Technology	-	1.0%
Utilities	-	12.9%

Return for Risk

FLMX vs. EWZ — Risk / Return Rank

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

FLMX

FLMX Risk / Return Rank: 49
FLMX Sharpe Ratio Rank: 48
FLMX Sortino Ratio Rank: 48
FLMX Omega Ratio Rank: 46
FLMX Calmar Ratio Rank: 50
FLMX Martin Ratio Rank: 54

EWZ

EWZ Risk / Return Rank: 45
EWZ Sharpe Ratio Rank: 44
EWZ Sortino Ratio Rank: 41
EWZ Omega Ratio Rank: 42
EWZ Calmar Ratio Rank: 53
EWZ Martin Ratio Rank: 45

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. EWZ - Risk-Adjusted Trends Comparison

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

	FLMX	EWZ	Difference
Sharpe ratio Return per unit of total volatility	1.69	1.56	+0.14
Sortino ratio Return per unit of downside risk	2.37	2.10	+0.27
Omega ratio Gain probability vs. loss probability	1.30	1.27	+0.03
Calmar ratio Return relative to maximum drawdown	2.54	2.66	-0.12
Martin ratio Return relative to average drawdown	9.30	7.41	+1.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLMX vs. EWZ - Sharpe Ratio Comparison

The current FLMX Sharpe Ratio is 1.69, which is comparable to the EWZ Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of FLMX and EWZ, 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

	FLMX	EWZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	1.56	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.20	+0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.24	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.17	+0.17

Drawdowns

FLMX vs. EWZ - Drawdown Comparison

The maximum FLMX drawdown since its inception was -50.05%, smaller than the maximum EWZ drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for FLMX and EWZ.

Drawdown Indicators

	FLMX	EWZ	Difference
Max Drawdown Largest peak-to-trough decline	-50.05%	-77.25%	+27.20%
Max Drawdown (1Y) Largest decline over 1 year	-14.18%	-14.52%	+0.34%
Max Drawdown (3Y) Largest decline over 3 years	-31.72%	-31.36%	-0.36%
Max Drawdown (5Y) Largest decline over 5 years	-31.72%	-32.24%	+0.52%
Max Drawdown (10Y) Largest decline over 10 years	—	-56.99%	—
Current Drawdown Current decline from peak	-3.15%	-21.57%	+18.42%
Average Drawdown Average peak-to-trough decline	-12.05%	-35.95%	+23.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.88%	5.22%	-1.34%

Volatility

FLMX vs. EWZ - Volatility Comparison

The current volatility for Franklin FTSE Mexico ETF (FLMX) is 5.80%, while iShares MSCI Brazil ETF (EWZ) has a volatility of 7.35%. This indicates that FLMX experiences smaller price fluctuations and is considered to be less risky than EWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLMX	EWZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.80%	7.35%	-1.55%
Volatility (6M) Calculated over the trailing 6-month period	17.41%	20.53%	-3.12%
Volatility (1Y) Calculated over the trailing 1-year period	20.84%	24.75%	-3.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.97%	27.64%	-5.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.67%	34.09%	-9.42%

FLMX vs. EWZ - Expense Ratio Comparison

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

Dividends

FLMX vs. EWZ - Dividend Comparison

FLMX's dividend yield for the trailing twelve months is around 3.50%, less than EWZ's 4.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWZ iShares MSCI Brazil ETF	4.61%	5.19%	8.91%	5.66%	12.59%	9.87%	1.71%	2.54%	2.89%	1.71%	1.81%	4.08%
FLMX Franklin FTSE Mexico ETF	3.50%	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

Can I hold both FLMX and EWZ in my portfolio?

FLMX and EWZ 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, FLMX or EWZ?

EWZ has higher volatility (7.35%) compared to FLMX (5.80%). In terms of maximum drawdown, FLMX dropped -50.05% vs EWZ's -77.25%.

Which ETF is better, FLMX or EWZ?

On 5-year performance, FLMX leads with 13.65% vs 5.41% for EWZ. On fees, FLMX is cheaper at 0.19% per year. On volatility, FLMX has been the lower-risk option at 5.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLMX or EWZ?

Over the 5-year period, FLMX has performed better with a 13.65% return vs 5.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLMX or EWZ?

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

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

EWZ has the higher dividend yield at 4.61%, compared with 3.50% for FLMX.

What is the main difference between FLMX and EWZ?

FLMX tracks FTSE Mexico RIC Capped Index, while EWZ tracks MSCI Brazil 25/50 Index. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.19% for FLMX and 0.59% for EWZ.

Which has better risk-adjusted returns?

FLMX currently has the higher Sharpe Ratio (1.69 vs 1.56), 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.