FLN vs. BRF

Last updated Apr 2, 2026

Compare and contrast key facts about First Trust Latin America AlphaDEX Fund (FLN) and VanEck Vectors Brazil Small-Cap ETF (BRF).

FLN and BRF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FLN is a passively managed fund by First Trust that tracks the performance of the NASDAQ AlphaDEX Latin America Index. It was launched on Apr 18, 2011. BRF is a passively managed fund by VanEck that tracks the performance of the MVIS Brazil Small-Cap Index. It was launched on May 12, 2009. Both FLN and BRF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

FLN vs. BRF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLN First Trust Latin America AlphaDEX Fund	15.41%	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	14.99%	54.17%	-35.02%	37.21%	-14.38%	-20.40%	-21.07%	40.66%	-12.07%	54.63%

Returns By Period

The year-to-date returns for both stocks are quite close, with FLN having a 15.41% return and BRF slightly lower at 14.99%. Over the past 10 years, FLN has outperformed BRF with an annualized return of 9.88%, while BRF has yielded a comparatively lower 7.95% annualized return.

FLN

• 1D: 1.61%
• 1M: -1.03%
• YTD: 15.41%
• 6M: 24.91%
• 1Y: 52.82%
• 3Y*: 19.94%
• 5Y*: 13.04%
• 10Y*: 9.88%

BRF

• 1D: 0.76%
• 1M: -3.62%
• YTD: 14.99%
• 6M: 20.14%
• 1Y: 50.62%
• 3Y*: 16.76%
• 5Y*: 3.68%
• 10Y*: 7.95%

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

FLN vs. BRF - Expense Ratio Comparison

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

FLN

First Trust Latin America AlphaDEX Fund

BRF

VanEck Vectors Brazil Small-Cap ETF

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: 94
FLN Sharpe Ratio Rank: 94
FLN Sortino Ratio Rank: 92
FLN Omega Ratio Rank: 91
FLN Calmar Ratio Rank: 97
FLN Martin Ratio Rank: 94

BRF

BRF Risk / Return Rank: 84
BRF Sharpe Ratio Rank: 85
BRF Sortino Ratio Rank: 83
BRF Omega Ratio Rank: 78
BRF Calmar Ratio Rank: 91
BRF Martin Ratio Rank: 86

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.

	FLN	BRF	Difference
Sharpe ratio Return per unit of total volatility	2.32	1.76	+0.56
Sortino ratio Return per unit of downside risk	2.83	2.29	+0.54
Omega ratio Gain probability vs. loss probability	1.41	1.31	+0.10
Calmar ratio Return relative to maximum drawdown	4.91	3.28	+1.63
Martin ratio Return relative to average drawdown	15.32	10.80	+4.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLN vs. BRF - Sharpe Ratio Comparison

The current FLN Sharpe Ratio is 2.32, which is higher than the BRF Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of FLN and BRF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FLN	BRF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	1.76	+0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.12	+0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.23	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.07	+0.02

Correlation

The correlation between FLN and BRF is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FLN vs. BRF - Dividend Comparison

FLN's dividend yield for the trailing twelve months is around 3.47%, less than BRF's 4.82% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLN First Trust Latin America AlphaDEX Fund	3.47%	3.40%	6.26%	4.17%	5.57%	4.70%	1.64%	1.91%	3.08%	10.28%	1.06%	2.34%
BRF VanEck Vectors Brazil Small-Cap ETF	4.82%	5.54%	4.08%	5.02%	4.13%	2.96%	1.66%	2.54%	2.89%	4.53%	4.25%	3.84%

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	-11.42%	-16.11%	+4.69%
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	-4.22%	-43.94%	+39.72%
Average Drawdown Average peak-to-trough decline	-19.07%	-45.76%	+26.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.66%	4.89%	-1.23%

Volatility

FLN vs. BRF - Volatility Comparison

The current volatility for First Trust Latin America AlphaDEX Fund (FLN) is 10.17%, while VanEck Vectors Brazil Small-Cap ETF (BRF) has a volatility of 13.88%. 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	10.17%	13.88%	-3.71%
Volatility (6M) Calculated over the trailing 6-month period	17.25%	22.76%	-5.51%
Volatility (1Y) Calculated over the trailing 1-year period	23.00%	29.00%	-6.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.55%	31.52%	-8.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.73%	34.00%	-6.27%