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FLN vs. EWZS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FLN vs. EWZS

Last updated Aug 2, 2026
Documentation

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 8.57%/yr vs 4.94%/yr for EWZS. Their 0.73 correlation means they have sometimes moved together and sometimes differently. 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 17.41% return, which is significantly higher than EWZS's 3.21% return. Over the past 10 years, FLN has outperformed EWZS with an annualized return of 8.57%, while EWZS has yielded a comparatively lower 4.94% annualized return.

FLN

1D
0.13%
1M
6.17%
6M
2.90%
YTD
17.41%
1Y
43.03%
3Y*
14.16%
5Y*
11.48%
10Y*
8.57%
ALL TIME*
2.72%

EWZS

1D
-0.23%
1M
1.77%
6M
-10.01%
YTD
3.21%
1Y
15.12%
3Y*
-1.60%
5Y*
-2.31%
10Y*
4.94%
ALL TIME*
-1.15%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWZS

iShares MSCI Brazil Small-Cap ETF
$1.16M$1.70M$5.15M

FLN

First Trust Latin America AlphaDEX Fund
$475.23K$413.66K$369.03K

FLN vs. EWZS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FLN
First Trust Latin America AlphaDEX Fund		17.41%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		3.21%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 0.85, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.85

Correlation (3Y)
Balances recent behavior with more history.

0.79

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.77

Correlation (10Y)
Provides a long-term view across more market conditions.

0.80

Correlation (All Time)
Calculated using the full available price history since Apr 20, 2011

0.73

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

FLN vs. EWZS - Sectors Allocation Comparison

Sectors
FLN
EWZS

Financial Services

24.6%
8.5%

Utilities

16.9%
13.8%

Industrials

12.5%
9.6%

Basic Materials

11.9%
11.2%

Energy

8.6%
5.3%

Consumer Defensive

7.8%
9.8%

Communication Services

6.8%

-

Consumer Cyclical

5.4%
11.3%

Real Estate

5.0%
14.7%

Technology

2.1%
5.7%

Healthcare

0.5%
5.9%

Financial Services

FLN
24.6%
EWZS
8.5%

Utilities

FLN
16.9%
EWZS
13.8%

Industrials

FLN
12.5%
EWZS
9.6%

Basic Materials

FLN
11.9%
EWZS
11.2%

Energy

FLN
8.6%
EWZS
5.3%

Consumer Defensive

FLN
7.8%
EWZS
9.8%

Communication Services

FLN
6.8%
EWZS

-

Consumer Cyclical

FLN
5.4%
EWZS
11.3%

Real Estate

FLN
5.0%
EWZS
14.7%

Technology

FLN
2.1%
EWZS
5.7%

Healthcare

FLN
0.5%
EWZS
5.9%

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. VOO
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 historical risk-adjusted metric ranks over the past 12 months.
FLN
FLN Risk / Return Rank: 8181
Overall Rank
FLN Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
FLN Sortino Ratio Rank: 8282
Sortino Ratio Rank
FLN Omega Ratio Rank: 8383
Omega Ratio Rank
FLN Calmar Ratio Rank: 8585
Calmar Ratio Rank
FLN Martin Ratio Rank: 6969
Martin Ratio Rank
EWZS
EWZS Risk / Return Rank: 2424
Overall Rank
EWZS Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
EWZS Sortino Ratio Rank: 2525
Sortino Ratio Rank
EWZS Omega Ratio Rank: 2525
Omega Ratio Rank
EWZS Calmar Ratio Rank: 2525
Calmar Ratio Rank
EWZS Martin Ratio Rank: 2323
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

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.

FLNEWZSDifference
Sharpe ratioReturn per unit of total volatility
2.05
0.52

+1.52

Sortino ratioReturn per unit of downside risk
2.67
0.92

+1.75

Omega ratioGain probability vs. loss probability

1.35

1.11

+0.24

Calmar ratioReturn relative to maximum drawdown

3.31

0.75

+2.56

Martin ratioReturn relative to average drawdown

8.47

1.67

+6.80

FLN vs. EWZS - Sharpe Ratio Comparison

The current FLN Sharpe Ratio is 2.05, which is higher than the EWZS Sharpe Ratio of 0.52. 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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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

-13.10%

-21.53%

+8.43%

Max Drawdown (3Y)

Largest decline over 3 years

-25.23%

-37.33%

+12.10%

Max Drawdown (5Y)

Largest decline over 5 years

-25.95%

-42.60%

+16.65%

Max Drawdown (10Y)

Largest decline over 10 years

-57.75%

-63.15%

+5.40%

Current Drawdown

Current decline from peak

-5.37%

-32.13%

+26.76%

Average Drawdown

Average peak-to-trough decline

-18.79%

-36.52%

+17.73%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.11%

9.67%

-4.56%

Volatility

FLN vs. EWZS - Volatility Comparison

The current volatility for First Trust Latin America AlphaDEX Fund (FLN) is 4.97%, while iShares MSCI Brazil Small-Cap ETF (EWZS) has a volatility of 8.00%. 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

4.97%

8.00%

-3.03%

Volatility (6M)

Calculated over the trailing 6-month period

17.32%

24.39%

-7.07%

Volatility (1Y)

Calculated over the trailing 1-year period

21.23%

30.89%

-9.66%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.53%

33.01%

-10.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.45%

36.69%

-9.24%

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 3.38%, less than EWZS's 3.87% yield.

PositionTTM20252024202320222021202020192018201720162015
EWZS
iShares MSCI Brazil Small-Cap ETF		3.87%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		3.38%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 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWZS has higher volatility (8.00%) compared to FLN (4.97%). In terms of maximum drawdown, FLN dropped -57.95% vs EWZS's -79.23%.

On 10-year performance, FLN leads with 8.57% vs 4.94% for EWZS. On fees, EWZS is cheaper at 0.59% per year. On volatility, FLN has been the lower-risk option at 4.97%. 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 8.57% return vs 4.94%. 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 3.87%, compared with 3.38% 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 (2.05 vs 0.52), 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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