FLN vs. BRAZ

Last updated Jun 23, 2026

FLN (First Trust Latin America AlphaDEX Fund) and BRAZ (Global X Brazil Active ETF) are both Latin America Equities funds - FLN tracks the NASDAQ AlphaDEX Latin America Index while BRAZ tracks the Solactive Brazil Mid Cap Index. Both are passively managed. Over the past year, FLN returned 34.33% vs 28.02% for BRAZ. Their correlation of 0.82 suggests significant overlap in exposure. FLN charges 0.80%/yr vs 0.75%/yr for BRAZ.

Performance

FLN vs. BRAZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Latin America AlphaDEX Fund (FLN) and Global X Brazil Active ETF (BRAZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLN achieves a 11.71% return, which is significantly higher than BRAZ's 7.58% return.

FLN

• 1D: 0.58%
• 1M: -2.38%
• YTD: 11.71%
• 6M: 14.85%
• 1Y: 34.33%
• 3Y*: 13.90%
• 5Y*: 9.60%
• 10Y*: 9.52%

BRAZ

• 1D: 1.61%
• 1M: -4.45%
• YTD: 7.58%
• 6M: 10.31%
• 1Y: 28.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FLN vs. BRAZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FLN First Trust Latin America AlphaDEX Fund	11.71%	55.05%	-23.10%	11.92%
BRAZ Global X Brazil Active ETF	7.58%	45.42%	-29.74%	17.80%

Correlation

The correlation between FLN and BRAZ is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (All Time) Calculated using the full available price history since Aug 18, 2023	0.82

The correlation between FLN and BRAZ has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.

FLN vs. BRAZ - Sectors Allocation Comparison

Sectors	FLN	BRAZ
Financial Services	23.6%	34.4%
Utilities	16.2%	10.2%
Basic Materials	12.9%	14.0%
Industrials	12.5%	11.6%
Energy	9.4%	18.3%
Consumer Defensive	7.8%	1.4%
Communication Services	6.6%	-
Consumer Cyclical	5.4%	3.8%
Real Estate	5.1%	2.9%
Technology	2.1%	1.0%
Healthcare	0.6%	2.5%

Return for Risk

FLN vs. BRAZ — Risk / Return Rank

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

FLN

FLN Risk / Return Rank: 48
FLN Sharpe Ratio Rank: 48
FLN Sortino Ratio Rank: 45
FLN Omega Ratio Rank: 45
FLN Calmar Ratio Rank: 54
FLN Martin Ratio Rank: 46

BRAZ

BRAZ Risk / Return Rank: 31
BRAZ Sharpe Ratio Rank: 33
BRAZ Sortino Ratio Rank: 31
BRAZ Omega Ratio Rank: 31
BRAZ Calmar Ratio Rank: 30
BRAZ Martin Ratio Rank: 31

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.

FLN vs. BRAZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Latin America AlphaDEX Fund (FLN) and Global X Brazil Active ETF (BRAZ). 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.

	FLN	BRAZ	Difference
Sharpe ratio: Return per unit of total volatility	1.62	1.16	+0.46
Sortino ratio: Return per unit of downside risk	2.19	1.63	+0.57
Omega ratio: Gain probability vs. loss probability	1.28	1.21	+0.08
Calmar ratio: Return relative to maximum drawdown	2.63	1.43	+1.20
Martin ratio: Return relative to average drawdown	7.43	4.34	+3.09

FLN vs. BRAZ - Sharpe Ratio Comparison

The current FLN Sharpe Ratio is 1.62, which is higher than the BRAZ Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of FLN and BRAZ, 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

FLN vs. BRAZ - Drawdown Comparison

The maximum FLN drawdown since its inception was -57.95%, which is greater than BRAZ's maximum drawdown of -31.02%. Use the drawdown chart below to compare losses from any high point for FLN and BRAZ.

Drawdown Indicators

	FLN	BRAZ	Difference
Max Drawdown Largest peak-to-trough decline	-57.95%	-31.02%	-26.93%
Max Drawdown (1Y) Largest decline over 1 year	-13.10%	-19.65%	+6.55%
Max Drawdown (3Y) Largest decline over 3 years	-25.23%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.95%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-57.75%	—	—
Current Drawdown Current decline from peak	-9.96%	-17.18%	+7.22%
Average Drawdown Average peak-to-trough decline	-18.87%	-11.34%	-7.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.63%	6.47%	-1.84%

Volatility

FLN vs. BRAZ - Volatility Comparison

First Trust Latin America AlphaDEX Fund (FLN) and Global X Brazil Active ETF (BRAZ) have volatilities of 5.54% and 5.53%, 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.

Volatility by Period

	FLN	BRAZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.54%	5.53%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	17.91%	19.05%	-1.14%
Volatility (1Y) Calculated over the trailing 1-year period	21.33%	24.39%	-3.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.65%	23.54%	-0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.57%	23.54%	+4.03%

FLN vs. BRAZ - Expense Ratio Comparison

FLN has a 0.80% expense ratio, which is higher than BRAZ's 0.75% expense ratio.

Dividends

FLN vs. BRAZ - Dividend Comparison

FLN's dividend yield for the trailing twelve months is around 3.59%, more than BRAZ's 3.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRAZ Global X Brazil Active ETF	3.17%	3.41%	4.16%	1.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FLN First Trust Latin America AlphaDEX Fund	3.59%	3.40%	6.26%	4.17%	5.57%	4.70%	1.64%	1.91%	3.08%	10.28%	1.06%	2.34%

Frequently Asked Questions

Can I hold both FLN and BRAZ in my portfolio?

FLN and BRAZ have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLN or BRAZ?

FLN has higher volatility (5.54%) compared to BRAZ (5.53%). In terms of maximum drawdown, FLN dropped -57.95% vs BRAZ's -31.02%.

Which ETF is better, FLN or BRAZ?

On 1-year performance, FLN leads with 34.33% vs 28.02% for BRAZ. On fees, BRAZ is cheaper at 0.75% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLN or BRAZ?

Over the 1-year period, FLN has performed better with a 34.33% return vs 28.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLN or BRAZ?

BRAZ is cheaper with a 0.75% expense ratio, compared with 0.80% for FLN.

Which ETF pays a higher dividend yield, FLN or BRAZ?

FLN has the higher dividend yield at 3.59%, compared with 3.17% for BRAZ.

What is the main difference between FLN and BRAZ?

FLN tracks NASDAQ AlphaDEX Latin America Index, while BRAZ tracks Solactive Brazil Mid Cap Index. They also come from different issuers: First Trust and Global X. Their fees differ too: 0.80% for FLN and 0.75% for BRAZ.

Which has better risk-adjusted returns?

FLN currently has the higher Sharpe Ratio (1.62 vs 1.16), 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.