FLN vs. BRF

Last updated Jun 23, 2026

FLN (First Trust Latin America AlphaDEX Fund) and BRF (VanEck Vectors Brazil Small-Cap ETF) are both Latin America Equities funds - FLN tracks the NASDAQ AlphaDEX Latin America Index while BRF tracks the MVIS Brazil Small-Cap Index. Both are passively managed. Over the past 10 years, FLN returned 9.52%/yr vs 5.61%/yr for BRF. A 0.73 correlation means they provide meaningful diversification when combined. FLN charges 0.80%/yr vs 0.60%/yr for BRF.

Performance

FLN vs. BRF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Latin America AlphaDEX Fund (FLN) and VanEck Vectors Brazil Small-Cap ETF (BRF). 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 BRF's 1.65% return. Over the past 10 years, FLN has outperformed BRF with an annualized return of 9.52%, while BRF has yielded a comparatively lower 5.61% annualized 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%

BRF

• 1D: 0.81%
• 1M: -7.02%
• YTD: 1.65%
• 6M: 5.87%
• 1Y: 15.19%
• 3Y*: 0.99%
• 5Y*: -4.37%
• 10Y*: 5.61%

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

FLN vs. BRF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLN First Trust Latin America AlphaDEX Fund	11.71%	55.05%	-23.10%	29.68%	2.73%	-6.94%	-12.27%	27.22%	-8.31%	21.54%
BRF VanEck Vectors Brazil Small-Cap ETF	1.65%	54.17%	-35.02%	37.21%	-14.38%	-20.40%	-21.07%	40.66%	-12.07%	54.63%

Correlation

The correlation between FLN and BRF is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Apr 20, 2011	0.73

The correlation between FLN and BRF shifts across timeframes, from 0.73 (all time) to 0.85 (1 year), reflecting how their relationship changes across market environments.

FLN vs. BRF - Sectors Allocation Comparison

Sectors	FLN	BRF
Financial Services	23.6%	9.0%
Utilities	16.2%	9.5%
Basic Materials	12.9%	13.4%
Industrials	12.5%	13.2%
Energy	9.4%	5.4%
Consumer Defensive	7.8%	9.8%
Communication Services	6.6%	-
Consumer Cyclical	5.4%	13.9%
Real Estate	5.1%	14.6%
Technology	2.1%	4.4%
Healthcare	0.6%	5.7%

Return for Risk

FLN vs. BRF — 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

BRF

BRF Risk / Return Rank: 18
BRF Sharpe Ratio Rank: 17
BRF Sortino Ratio Rank: 17
BRF Omega Ratio Rank: 17
BRF Calmar Ratio Rank: 18
BRF Martin Ratio Rank: 20

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. BRF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Latin America AlphaDEX Fund (FLN) and VanEck Vectors Brazil Small-Cap ETF (BRF). 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	BRF	Difference
Sharpe ratio: Return per unit of total volatility	1.62	0.53	+1.09
Sortino ratio: Return per unit of downside risk	2.19	0.90	+1.29
Omega ratio: Gain probability vs. loss probability	1.28	1.11	+0.17
Calmar ratio: Return relative to maximum drawdown	2.63	0.79	+1.84
Martin ratio: Return relative to average drawdown	7.43	2.24	+5.19

FLN vs. BRF - Sharpe Ratio Comparison

The current FLN Sharpe Ratio is 1.62, which is higher than the BRF Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of FLN and BRF, 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. BRF - Drawdown Comparison

The maximum FLN drawdown since its inception was -57.95%, smaller than the maximum BRF drawdown of -82.26%. Use the drawdown chart below to compare losses from any high point for FLN and BRF.

Drawdown Indicators

	FLN	BRF	Difference
Max Drawdown Largest peak-to-trough decline	-57.95%	-82.26%	+24.31%
Max Drawdown (1Y) Largest decline over 1 year	-13.10%	-19.29%	+6.19%
Max Drawdown (3Y) Largest decline over 3 years	-25.23%	-37.81%	+12.58%
Max Drawdown (5Y) Largest decline over 5 years	-25.95%	-50.49%	+24.54%
Max Drawdown (10Y) Largest decline over 10 years	-57.75%	-60.43%	+2.68%
Current Drawdown Current decline from peak	-9.96%	-50.44%	+40.48%
Average Drawdown Average peak-to-trough decline	-18.87%	-45.74%	+26.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.63%	6.79%	-2.16%

Volatility

FLN vs. BRF - Volatility Comparison

The current volatility for First Trust Latin America AlphaDEX Fund (FLN) is 5.54%, while VanEck Vectors Brazil Small-Cap ETF (BRF) has a volatility of 8.03%. This indicates that FLN experiences smaller price fluctuations and is considered to be less risky than BRF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLN	BRF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.54%	8.03%	-2.49%
Volatility (6M) Calculated over the trailing 6-month period	17.91%	23.43%	-5.52%
Volatility (1Y) Calculated over the trailing 1-year period	21.33%	28.91%	-7.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.65%	31.72%	-9.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.57%	33.90%	-6.33%

FLN vs. BRF - Expense Ratio Comparison

FLN has a 0.80% expense ratio, which is higher than BRF's 0.60% expense ratio.

Dividends

FLN vs. BRF - Dividend Comparison

FLN's dividend yield for the trailing twelve months is around 3.59%, less than BRF's 5.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRF VanEck Vectors Brazil Small-Cap ETF	5.45%	5.54%	4.08%	5.02%	4.13%	2.96%	1.66%	2.54%	2.89%	4.53%	4.25%	3.84%
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 BRF in my portfolio?

FLN and BRF have a correlation of 0.85, 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 BRF?

BRF has higher volatility (8.03%) compared to FLN (5.54%). In terms of maximum drawdown, FLN dropped -57.95% vs BRF's -82.26%.

Which ETF is better, FLN or BRF?

On 10-year performance, FLN leads with 9.52% vs 5.61% for BRF. On fees, BRF is cheaper at 0.60% per year. On volatility, FLN has been the lower-risk option at 5.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLN or BRF?

Over the 10-year period, FLN has performed better with a 9.52% return vs 5.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLN or BRF?

BRF is cheaper with a 0.60% expense ratio, compared with 0.80% for FLN.

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

BRF has the higher dividend yield at 5.45%, compared with 3.59% for FLN.

What is the main difference between FLN and BRF?

FLN tracks NASDAQ AlphaDEX Latin America Index, while BRF tracks MVIS Brazil Small-Cap Index. They also come from different issuers: First Trust and VanEck. Their fees differ too: 0.80% for FLN and 0.60% for BRF.

Which has better risk-adjusted returns?

FLN currently has the higher Sharpe Ratio (1.62 vs 0.53), 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.