FLMX vs. MEXX

Last updated Jun 24, 2026

FLMX (Franklin FTSE Mexico ETF) and MEXX (Direxion Daily MSCI Mexico Bull 3X Shares) are both exchange-traded funds - FLMX is a Latin America Equities fund tracking the FTSE Mexico RIC Capped Index, while MEXX is a Leveraged Equities fund tracking the MSCI Mexico IMI 25-50 Net Total Return USD Index (300%). Both are passively managed. Over the past 5 years, FLMX returned 12.58%/yr vs 12.59%/yr for MEXX. Their correlation of 0.92 suggests significant overlap in exposure. FLMX charges 0.19%/yr vs 1.21%/yr for MEXX.

Performance

FLMX vs. MEXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Mexico ETF (FLMX) and Direxion Daily MSCI Mexico Bull 3X Shares (MEXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLMX achieves a 9.45% return, which is significantly lower than MEXX's 12.38% return.

FLMX

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

MEXX

• 1D: -5.75%
• 1M: -9.73%
• YTD: 12.38%
• 6M: 4.21%
• 1Y: 85.27%
• 3Y*: 1.14%
• 5Y*: 12.59%
• 10Y*: —

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

FLMX vs. MEXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
MEXX Direxion Daily MSCI Mexico Bull 3X Shares	12.38%	181.49%	-73.13%	115.60%	-12.96%	52.75%	-53.63%	21.41%	-51.95%	-1.56%

Correlation

The correlation between FLMX and MEXX 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	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.92

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

FLMX vs. MEXX - Sectors Allocation Comparison

Sectors	FLMX	MEXX
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	-	-

Return for Risk

FLMX vs. MEXX — Risk / Return Rank

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

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

MEXX

MEXX Risk / Return Rank: 41
MEXX Sharpe Ratio Rank: 39
MEXX Sortino Ratio Rank: 39
MEXX Omega Ratio Rank: 38
MEXX Calmar Ratio Rank: 47
MEXX Martin Ratio Rank: 41

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. MEXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Mexico ETF (FLMX) and Direxion Daily MSCI Mexico Bull 3X Shares (MEXX). 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.

	FLMX	MEXX	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.33	+0.22
Sortino ratio: Return per unit of downside risk	2.19	1.92	+0.28
Omega ratio: Gain probability vs. loss probability	1.27	1.24	+0.03
Calmar ratio: Return relative to maximum drawdown	2.35	2.21	+0.14
Martin ratio: Return relative to average drawdown	8.16	6.30	+1.87

FLMX vs. MEXX - Sharpe Ratio Comparison

The current FLMX Sharpe Ratio is 1.55, which is comparable to the MEXX Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of FLMX and MEXX, 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

FLMX vs. MEXX - Drawdown Comparison

The maximum FLMX drawdown since its inception was -50.05%, smaller than the maximum MEXX drawdown of -95.58%. Use the drawdown chart below to compare losses from any high point for FLMX and MEXX.

Drawdown Indicators

	FLMX	MEXX	Difference
Max Drawdown Largest peak-to-trough decline	-50.05%	-95.58%	+45.53%
Max Drawdown (1Y) Largest decline over 1 year	-14.18%	-38.77%	+24.59%
Max Drawdown (3Y) Largest decline over 3 years	-31.72%	-74.92%	+43.20%
Max Drawdown (5Y) Largest decline over 5 years	-31.72%	-74.92%	+43.20%
Current Drawdown Current decline from peak	-6.97%	-59.12%	+52.15%
Average Drawdown Average peak-to-trough decline	-12.00%	-65.46%	+53.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.08%	13.58%	-9.50%

Volatility

FLMX vs. MEXX - Volatility Comparison

The current volatility for Franklin FTSE Mexico ETF (FLMX) is 6.82%, while Direxion Daily MSCI Mexico Bull 3X Shares (MEXX) has a volatility of 19.40%. This indicates that FLMX experiences smaller price fluctuations and is considered to be less risky than MEXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLMX	MEXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.82%	19.40%	-12.58%
Volatility (6M) Calculated over the trailing 6-month period	18.06%	54.20%	-36.14%
Volatility (1Y) Calculated over the trailing 1-year period	21.57%	64.63%	-43.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.08%	67.11%	-45.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.67%	74.43%	-49.76%

FLMX vs. MEXX - Expense Ratio Comparison

FLMX has a 0.19% expense ratio, which is lower than MEXX's 1.21% expense ratio.

Dividends

FLMX vs. MEXX - Dividend Comparison

FLMX's dividend yield for the trailing twelve months is around 1.89%, more than MEXX's 1.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
MEXX Direxion Daily MSCI Mexico Bull 3X Shares	1.41%	1.60%	5.81%	1.66%	1.33%	0.63%	0.12%	1.60%	5.61%	0.27%

Frequently Asked Questions

Can I hold both FLMX and MEXX in my portfolio?

With a correlation of 0.99, FLMX and MEXX 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.

Which is riskier, FLMX or MEXX?

MEXX has higher volatility (19.40%) compared to FLMX (6.82%). In terms of maximum drawdown, FLMX dropped -50.05% vs MEXX's -95.58%.

Which ETF is better, FLMX or MEXX?

On 5-year performance, MEXX leads with 12.59% vs 12.58% for FLMX. On fees, FLMX is cheaper at 0.19% per year. On volatility, FLMX has been the lower-risk option at 6.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLMX or MEXX?

Over the 5-year period, MEXX has performed better with a 12.59% return vs 12.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLMX or MEXX?

FLMX is cheaper with a 0.19% expense ratio, compared with 1.21% for MEXX.

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

FLMX has the higher dividend yield at 1.89%, compared with 1.41% for MEXX.

What is the main difference between FLMX and MEXX?

FLMX is categorized as Latin America Equities, while MEXX is Leveraged Equities. FLMX tracks FTSE Mexico RIC Capped Index, while MEXX tracks MSCI Mexico IMI 25-50 Net Total Return USD Index (300%). They also come from different issuers: Franklin Templeton and Direxion. Their fees differ too: 0.19% for FLMX and 1.21% for MEXX.

Which has better risk-adjusted returns?

FLMX currently has the higher Sharpe Ratio (1.55 vs 1.33), 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.