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FLN vs. EWW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FLN vs. EWW

Last updated Jun 4, 2026

FLN (First Trust Latin America AlphaDEX Fund) and EWW (iShares MSCI Mexico ETF) are both Latin America Equities funds - FLN tracks the NASDAQ AlphaDEX Latin America Index while EWW tracks the MSCI Mexico IMI 25/50 Index. Both are passively managed. Over the past 10 years, FLN returned 9.85%/yr vs 7.35%/yr for EWW. A 0.59 correlation means they provide meaningful diversification when combined. FLN charges 0.80%/yr vs 0.49%/yr for EWW.

Performance

FLN vs. EWW - Performance Comparison

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

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Returns By Period

In the year-to-date period, FLN achieves a 11.67% return, which is significantly lower than EWW's 12.62% return. Over the past 10 years, FLN has outperformed EWW with an annualized return of 9.85%, while EWW has yielded a comparatively lower 7.35% annualized return.

FLN

1D
-2.00%
1M
-5.45%
YTD
11.67%
6M
11.54%
1Y
36.27%
3Y*
16.20%
5Y*
8.98%
10Y*
9.85%

EWW

1D
-1.26%
1M
3.21%
YTD
12.62%
6M
16.29%
1Y
34.15%
3Y*
12.42%
5Y*
13.49%
10Y*
7.35%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FLN vs. EWW - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FLN
First Trust Latin America AlphaDEX Fund		11.67%55.05%-23.10%29.68%2.73%-6.94%-12.27%27.22%-8.31%21.54%
EWW
iShares MSCI Mexico ETF		12.62%53.65%-28.22%40.32%1.24%20.27%-3.06%12.64%-14.58%14.47%

Correlation

The correlation between FLN and EWW is 0.67, 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

0.67

Correlation (3Y)
Calculated over the trailing 3-year period

0.68

Correlation (5Y)
Calculated over the trailing 5-year period

0.64

Correlation (10Y)
Calculated over the trailing 10-year period

0.64

Correlation (All Time)
Calculated using the full available price history since Apr 21, 2011

0.59

The correlation between FLN and EWW has been stable across timeframes, ranging from 0.59 to 0.68 - a consistent structural relationship.

FLN vs. EWW - Sectors Allocation Comparison

Sectors
FLN
EWW

Financial Services

23.4%
18.1%

Utilities

16.9%

-

Industrials

12.4%
13.1%

Basic Materials

12.0%
23.7%

Energy

10.2%

-

Consumer Defensive

7.2%
24.9%

Communication Services

7.1%
10.4%

Consumer Cyclical

5.4%
1.4%

Real Estate

4.7%
7.7%

Technology

2.1%

-

Healthcare

0.6%
0.5%

Financial Services

FLN
23.4%
EWW
18.1%

Utilities

FLN
16.9%
EWW

-

Industrials

FLN
12.4%
EWW
13.1%

Basic Materials

FLN
12.0%
EWW
23.7%

Energy

FLN
10.2%
EWW

-

Consumer Defensive

FLN
7.2%
EWW
24.9%

Communication Services

FLN
7.1%
EWW
10.4%

Consumer Cyclical

FLN
5.4%
EWW
1.4%

Real Estate

FLN
4.7%
EWW
7.7%

Technology

FLN
2.1%
EWW

-

Healthcare

FLN
0.6%
EWW
0.5%

Compare stocks, funds, or ETFs

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First Trust Latin America AlphaDEX Fund

iShares MSCI Mexico ETF

Often compared with FLN:
FLN vs. ILFFLN vs. BRFFLN vs. FLLAFLN vs. BRAZFLN vs. EWZFLN vs. CHILXFLN vs. flla
Often compared with EWW:
EWW vs. EWZEWW vs. FLMXEWW vs. ILFEWW vs. SPYEWW vs. VOOEWW vs. MEXXEWW vs. ECH

Return for Risk

FLN vs. EWW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FLN
FLN Risk / Return Rank: 5252
Overall Rank
FLN Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
FLN Sortino Ratio Rank: 4646
Sortino Ratio Rank
FLN Omega Ratio Rank: 4747
Omega Ratio Rank
FLN Calmar Ratio Rank: 6464
Calmar Ratio Rank
FLN Martin Ratio Rank: 5353
Martin Ratio Rank
EWW
EWW Risk / Return Rank: 4747
Overall Rank
EWW Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
EWW Sortino Ratio Rank: 4545
Sortino Ratio Rank
EWW Omega Ratio Rank: 4444
Omega Ratio Rank
EWW Calmar Ratio Rank: 4949
Calmar Ratio Rank
EWW Martin Ratio Rank: 5252
Martin Ratio Rank
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. EWW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Latin America AlphaDEX Fund (FLN) and iShares MSCI Mexico ETF (EWW). 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.

FLNEWWDifference
Sharpe ratioReturn per unit of total volatility
1.74
1.62

+0.12

Sortino ratioReturn per unit of downside risk
2.31
2.27

+0.04

Omega ratioGain probability vs. loss probability

1.30

1.29

+0.01

Calmar ratioReturn relative to maximum drawdown

3.19

2.45

+0.74

Martin ratioReturn relative to average drawdown

9.06

9.08

-0.02

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. EWW - Sharpe Ratio Comparison

The current FLN Sharpe Ratio is 1.74, which is comparable to the EWW Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of FLN and EWW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

FLNEWWDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.74

1.62

+0.12

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.40

0.60

-0.20

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.36

0.29

+0.07

Sharpe Ratio (All Time)

Calculated using the full available price history

0.08

0.30

-0.22

Drawdowns

FLN vs. EWW - Drawdown Comparison

The maximum FLN drawdown since its inception was -57.95%, smaller than the maximum EWW drawdown of -64.94%. Use the drawdown chart below to compare losses from any high point for FLN and EWW.

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Drawdown Indicators

FLNEWWDifference

Max Drawdown

Largest peak-to-trough decline

-57.95%

-64.94%

+6.99%

Max Drawdown (1Y)

Largest decline over 1 year

-11.42%

-13.98%

+2.56%

Max Drawdown (3Y)

Largest decline over 3 years

-25.23%

-31.17%

+5.94%

Max Drawdown (5Y)

Largest decline over 5 years

-25.95%

-31.17%

+5.22%

Max Drawdown (10Y)

Largest decline over 10 years

-57.75%

-53.62%

-4.13%

Current Drawdown

Current decline from peak

-9.99%

-3.88%

-6.11%

Average Drawdown

Average peak-to-trough decline

-18.90%

-18.52%

-0.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.01%

3.77%

+0.24%

Volatility

FLN vs. EWW - Volatility Comparison

First Trust Latin America AlphaDEX Fund (FLN) has a higher volatility of 6.41% compared to iShares MSCI Mexico ETF (EWW) at 5.79%. This indicates that FLN's price experiences larger fluctuations and is considered to be riskier than EWW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FLNEWWDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.41%

5.79%

+0.62%

Volatility (6M)

Calculated over the trailing 6-month period

18.20%

17.75%

+0.45%

Volatility (1Y)

Calculated over the trailing 1-year period

20.96%

21.15%

-0.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.59%

22.51%

+0.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.64%

25.39%

+2.25%

FLN vs. EWW - Expense Ratio Comparison

FLN has a 0.80% expense ratio, which is higher than EWW's 0.49% expense ratio.

Dividends

FLN vs. EWW - Dividend Comparison

FLN's dividend yield for the trailing twelve months is around 3.59%, more than EWW's 3.09% yield.

PositionTTM20252024202320222021202020192018201720162015
EWW
iShares MSCI Mexico ETF		3.09%3.48%4.39%2.19%3.64%2.06%1.43%2.92%2.30%2.22%1.77%2.34%
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

FLN and EWW have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FLN has higher volatility (6.41%) compared to EWW (5.79%). In terms of maximum drawdown, FLN dropped -57.95% vs EWW's -64.94%.

On 10-year performance, FLN leads with 9.85% vs 7.35% for EWW. On fees, EWW is cheaper at 0.49% per year. On volatility, EWW has been the lower-risk option at 5.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FLN has performed better with a 9.85% return vs 7.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWW is cheaper with a 0.49% expense ratio, compared with 0.80% for FLN.

FLN has the higher dividend yield at 3.59%, compared with 3.09% for EWW.

FLN tracks NASDAQ AlphaDEX Latin America Index, while EWW tracks MSCI Mexico IMI 25/50 Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for FLN and 0.49% for EWW.

FLN currently has the higher Sharpe Ratio (1.74 vs 1.62), 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.

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