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FLN vs. EWZS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FLN vs. EWZS

Last updated Jun 4, 2026

FLN (First Trust Latin America AlphaDEX Fund) and EWZS (iShares MSCI Brazil Small-Cap ETF) are both Latin America Equities funds - FLN tracks the NASDAQ AlphaDEX Latin America Index while EWZS tracks the MSCI Brazil Small Cap Index. Both are passively managed. Over the past 10 years, FLN returned 9.85%/yr vs 7.86%/yr for EWZS. A 0.73 correlation means they provide meaningful diversification when combined. FLN charges 0.80%/yr vs 0.59%/yr for EWZS.

Performance

FLN vs. EWZS - 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 Brazil Small-Cap ETF (EWZS). 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 higher than EWZS's 4.95% return. Over the past 10 years, FLN has outperformed EWZS with an annualized return of 9.85%, while EWZS has yielded a comparatively lower 7.86% 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%

EWZS

1D
-4.37%
1M
-8.19%
YTD
4.95%
6M
-2.70%
1Y
8.41%
3Y*
2.41%
5Y*
-4.16%
10Y*
7.86%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FLN vs. EWZS - 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%
EWZS
iShares MSCI Brazil Small-Cap ETF		4.95%45.18%-35.95%32.65%-11.20%-14.09%-20.86%50.60%-7.13%54.18%

Correlation

The correlation between FLN and EWZS is 0.84, 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

0.84

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

0.78

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 21, 2011

0.73

The correlation between FLN and EWZS shifts across timeframes, from 0.73 (all time) to 0.84 (1 year), reflecting how their relationship changes across market environments.

FLN vs. EWZS - Sectors Allocation Comparison

Sectors
FLN
EWZS

Financial Services

23.4%
10.4%

Utilities

16.9%
12.1%

Industrials

12.4%
8.6%

Basic Materials

12.0%
16.5%

Energy

10.2%
4.8%

Consumer Defensive

7.2%
10.9%

Communication Services

7.1%

-

Consumer Cyclical

5.4%
15.5%

Real Estate

4.7%
13.4%

Technology

2.1%
3.0%

Healthcare

0.6%
4.8%

Financial Services

FLN
23.4%
EWZS
10.4%

Utilities

FLN
16.9%
EWZS
12.1%

Industrials

FLN
12.4%
EWZS
8.6%

Basic Materials

FLN
12.0%
EWZS
16.5%

Energy

FLN
10.2%
EWZS
4.8%

Consumer Defensive

FLN
7.2%
EWZS
10.9%

Communication Services

FLN
7.1%
EWZS

-

Consumer Cyclical

FLN
5.4%
EWZS
15.5%

Real Estate

FLN
4.7%
EWZS
13.4%

Technology

FLN
2.1%
EWZS
3.0%

Healthcare

FLN
0.6%
EWZS
4.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

First Trust Latin America AlphaDEX Fund

iShares MSCI Brazil Small-Cap ETF

Often compared with FLN:
FLN vs. ILFFLN vs. BRFFLN vs. FLLAFLN vs. BRAZFLN vs. EWZFLN vs. CHILXFLN vs. flla
Often compared with EWZS:
EWZS vs. EWZEWZS vs. BRFEWZS vs. ECHEWZS vs. EIRLEWZS vs. EWUSEWZS vs. BTEKEWZS vs. BRZU

Return for Risk

FLN vs. EWZS — 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
EWZS
EWZS Risk / Return Rank: 1414
Overall Rank
EWZS Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
EWZS Sortino Ratio Rank: 1313
Sortino Ratio Rank
EWZS Omega Ratio Rank: 1313
Omega Ratio Rank
EWZS Calmar Ratio Rank: 1515
Calmar Ratio Rank
EWZS Martin Ratio Rank: 1515
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. EWZS - 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 Brazil Small-Cap ETF (EWZS). 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.

FLNEWZSDifference
Sharpe ratioReturn per unit of total volatility
1.74
0.28

+1.46

Sortino ratioReturn per unit of downside risk
2.31
0.60

+1.72

Omega ratioGain probability vs. loss probability

1.30

1.07

+0.23

Calmar ratioReturn relative to maximum drawdown

3.19

0.50

+2.70

Martin ratioReturn relative to average drawdown

9.06

1.24

+7.82

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. EWZS - Sharpe Ratio Comparison

The current FLN Sharpe Ratio is 1.74, which is higher than the EWZS Sharpe Ratio of 0.28. The chart below compares the historical Sharpe Ratios of FLN and EWZS, 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

FLNEWZSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.74

0.28

+1.46

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.40

-0.13

+0.53

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.36

0.21

+0.14

Sharpe Ratio (All Time)

Calculated using the full available price history

0.08

-0.03

+0.11

Drawdowns

FLN vs. EWZS - Drawdown Comparison

The maximum FLN drawdown since its inception was -57.95%, smaller than the maximum EWZS drawdown of -79.23%. Use the drawdown chart below to compare losses from any high point for FLN and EWZS.

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Drawdown Indicators

FLNEWZSDifference

Max Drawdown

Largest peak-to-trough decline

-57.95%

-79.23%

+21.28%

Max Drawdown (1Y)

Largest decline over 1 year

-11.42%

-17.05%

+5.63%

Max Drawdown (3Y)

Largest decline over 3 years

-25.23%

-37.55%

+12.32%

Max Drawdown (5Y)

Largest decline over 5 years

-25.95%

-48.78%

+22.83%

Max Drawdown (10Y)

Largest decline over 10 years

-57.75%

-63.15%

+5.40%

Current Drawdown

Current decline from peak

-9.99%

-30.99%

+21.00%

Average Drawdown

Average peak-to-trough decline

-18.90%

-36.57%

+17.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.01%

6.79%

-2.78%

Volatility

FLN vs. EWZS - Volatility Comparison

The current volatility for First Trust Latin America AlphaDEX Fund (FLN) is 6.41%, while iShares MSCI Brazil Small-Cap ETF (EWZS) has a volatility of 11.03%. This indicates that FLN experiences smaller price fluctuations and is considered to be less risky than EWZS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FLNEWZSDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.41%

11.03%

-4.62%

Volatility (6M)

Calculated over the trailing 6-month period

18.20%

25.56%

-7.36%

Volatility (1Y)

Calculated over the trailing 1-year period

20.96%

30.44%

-9.48%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.59%

33.12%

-10.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.64%

36.79%

-9.15%

FLN vs. EWZS - Expense Ratio Comparison

FLN has a 0.80% expense ratio, which is higher than EWZS's 0.59% expense ratio.

Dividends

FLN vs. EWZS - Dividend Comparison

FLN's dividend yield for the trailing twelve months is around 3.59%, less than EWZS's 3.69% yield.

PositionTTM20252024202320222021202020192018201720162015
EWZS
iShares MSCI Brazil Small-Cap ETF		3.69%3.88%4.93%2.75%4.61%4.51%1.15%1.77%4.35%3.41%3.62%4.35%
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 EWZS have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWZS has higher volatility (11.03%) compared to FLN (6.41%). In terms of maximum drawdown, FLN dropped -57.95% vs EWZS's -79.23%.

On 10-year performance, FLN leads with 9.85% vs 7.86% for EWZS. On fees, EWZS is cheaper at 0.59% per year. On volatility, FLN has been the lower-risk option at 6.41%. 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 7.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWZS is cheaper with a 0.59% expense ratio, compared with 0.80% for FLN.

EWZS has the higher dividend yield at 3.69%, compared with 3.59% for FLN.

FLN tracks NASDAQ AlphaDEX Latin America Index, while EWZS tracks MSCI Brazil Small Cap Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for FLN and 0.59% for EWZS.

FLN currently has the higher Sharpe Ratio (1.74 vs 0.28), 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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