FLN vs. EZA

Last updated Aug 2, 2026

FLN (First Trust Latin America AlphaDEX Fund) and EZA (iShares MSCI South Africa ETF) are both exchange-traded funds - FLN is a Latin America Equities fund tracking the NASDAQ AlphaDEX Latin America Index, while EZA is a Emerging Markets Equities fund tracking the MSCI South Africa Index. Both are passively managed. Over the past 10 years, FLN returned 8.57%/yr vs 6.23%/yr for EZA. Their 0.53 correlation means they have sometimes moved together and sometimes differently. FLN charges 0.80%/yr vs 0.59%/yr for EZA.

Performance

FLN vs. EZA - 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 South Africa ETF (EZA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLN achieves a 17.41% return, which is significantly higher than EZA's -5.50% return. Over the past 10 years, FLN has outperformed EZA with an annualized return of 8.57%, while EZA has yielded a comparatively lower 6.23% 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%

EZA

• 1D: -0.76%
• 1M: -0.59%
• 6M: -11.18%
• YTD: -5.50%
• 1Y: 28.34%
• 3Y*: 20.28%
• 5Y*: 10.58%
• 10Y*: 6.23%
• ALL TIME*: 9.13%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EZA iShares MSCI South Africa ETF	$13.83M	$11.34M	$14.61M
FLN First Trust Latin America AlphaDEX Fund	$475.23K	$413.66K	$369.03K

FLN vs. EZA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
EZA iShares MSCI South Africa ETF	-5.50%	75.20%	7.16%	1.51%	-5.18%	7.91%	-5.19%	9.83%	-25.24%	36.03%

Correlation

The correlation between FLN and EZA is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.61
Correlation (3Y) Balances recent behavior with more history.	0.55
Correlation (5Y) Shows whether the relationship held over a longer period.	0.53
Correlation (10Y) Provides a long-term view across more market conditions.	0.56
Correlation (All Time) Calculated using the full available price history since Apr 20, 2011	0.53

The correlation between FLN and EZA has been stable across timeframes, ranging from 0.53 to 0.61 - a consistent structural relationship.

FLN vs. EZA - Sectors Allocation Comparison

Sectors	FLN	EZA
Financial Services	24.6%	36.0%
Utilities	16.9%	-
Industrials	12.5%	1.6%
Basic Materials	11.9%	34.7%
Energy	8.6%	-
Consumer Defensive	7.8%	2.9%
Communication Services	6.8%	7.3%
Consumer Cyclical	5.4%	14.6%
Real Estate	5.0%	1.8%
Technology	2.1%	-
Healthcare	0.5%	1.1%

Return for Risk

FLN vs. EZA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FLN

FLN Risk / Return Rank: 81
FLN Sharpe Ratio Rank: 86
FLN Sortino Ratio Rank: 82
FLN Omega Ratio Rank: 83
FLN Calmar Ratio Rank: 85
FLN Martin Ratio Rank: 69

EZA

EZA Risk / Return Rank: 35
EZA Sharpe Ratio Rank: 37
EZA Sortino Ratio Rank: 36
EZA Omega Ratio Rank: 36
EZA Calmar Ratio Rank: 35
EZA Martin Ratio Rank: 29

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. EZA - 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 South Africa ETF (EZA). 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	EZA	Difference
Sharpe ratio: Return per unit of total volatility	2.05	0.91	+1.14
Sortino ratio: Return per unit of downside risk	2.67	1.35	+1.32
Omega ratio: Gain probability vs. loss probability	1.35	1.17	+0.18
Calmar ratio: Return relative to maximum drawdown	3.31	1.21	+2.11
Martin ratio: Return relative to average drawdown	8.47	2.53	+5.94

FLN vs. EZA - Sharpe Ratio Comparison

The current FLN Sharpe Ratio is 2.05, which is higher than the EZA Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of FLN and EZA, 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. EZA - Drawdown Comparison

The maximum FLN drawdown since its inception was -57.95%, smaller than the maximum EZA drawdown of -64.64%. Use the drawdown chart below to compare losses from any high point for FLN and EZA.

Drawdown Indicators

	FLN	EZA	Difference
Max Drawdown Largest peak-to-trough decline	-57.95%	-64.64%	+6.69%
Max Drawdown (1Y) Largest decline over 1 year	-13.10%	-24.32%	+11.22%
Max Drawdown (3Y) Largest decline over 3 years	-25.23%	-24.32%	-0.91%
Max Drawdown (5Y) Largest decline over 5 years	-25.95%	-34.94%	+8.99%
Max Drawdown (10Y) Largest decline over 10 years	-57.75%	-62.25%	+4.50%
Current Drawdown Current decline from peak	-5.37%	-20.33%	+14.96%
Average Drawdown Average peak-to-trough decline	-18.79%	-16.94%	-1.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.11%	11.59%	-6.48%

Volatility

FLN vs. EZA - Volatility Comparison

The current volatility for First Trust Latin America AlphaDEX Fund (FLN) is 4.97%, while iShares MSCI South Africa ETF (EZA) has a volatility of 7.44%. This indicates that FLN experiences smaller price fluctuations and is considered to be less risky than EZA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLN	EZA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.97%	7.44%	-2.47%
Volatility (6M) Calculated over the trailing 6-month period	17.32%	27.29%	-9.97%
Volatility (1Y) Calculated over the trailing 1-year period	21.23%	32.51%	-11.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.53%	28.87%	-6.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.45%	31.18%	-3.73%

FLN vs. EZA - Expense Ratio Comparison

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

Dividends

FLN vs. EZA - Dividend Comparison

FLN's dividend yield for the trailing twelve months is around 3.38%, less than EZA's 7.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EZA iShares MSCI South Africa ETF	7.93%	6.16%	7.26%	2.84%	3.90%	2.05%	5.51%	12.27%	3.81%	1.55%	4.10%	3.03%
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

Can I hold both FLN and EZA in my portfolio?

FLN and EZA have a correlation of 0.61, 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 EZA?

EZA has higher volatility (7.44%) compared to FLN (4.97%). In terms of maximum drawdown, FLN dropped -57.95% vs EZA's -64.64%.

Which ETF is better, FLN or EZA?

On 10-year performance, FLN leads with 8.57% vs 6.23% for EZA. On fees, EZA 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.

Which ETF has performed better, FLN or EZA?

Over the 10-year period, FLN has performed better with a 8.57% return vs 6.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLN or EZA?

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

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

EZA has the higher dividend yield at 7.93%, compared with 3.38% for FLN.

What is the main difference between FLN and EZA?

FLN is categorized as Latin America Equities, while EZA is Emerging Markets Equities. FLN tracks NASDAQ AlphaDEX Latin America Index, while EZA tracks MSCI South Africa Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for FLN and 0.59% for EZA.

Which has better risk-adjusted returns?

FLN currently has the higher Sharpe Ratio (2.05 vs 0.91), 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.