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FLN vs. EZA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FLN vs. EZA

Last updated Jun 24, 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 9.42%/yr vs 7.74%/yr for EZA. A 0.53 correlation means they provide meaningful diversification when combined. 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.

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Returns By Period

In the year-to-date period, FLN achieves a 10.73% return, which is significantly higher than EZA's -5.04% return. Over the past 10 years, FLN has outperformed EZA with an annualized return of 9.42%, while EZA has yielded a comparatively lower 7.74% annualized return.

FLN

1D
-0.88%
1M
-3.24%
YTD
10.73%
6M
11.01%
1Y
33.80%
3Y*
13.56%
5Y*
8.70%
10Y*
9.42%

EZA

1D
-1.86%
1M
-2.94%
YTD
-5.04%
6M
-6.05%
1Y
31.63%
3Y*
24.47%
5Y*
10.32%
10Y*
7.74%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FLN vs. EZA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FLN
First Trust Latin America AlphaDEX Fund		10.73%55.05%-23.10%29.68%2.73%-6.94%-12.27%27.22%-8.31%21.54%
EZA
iShares MSCI South Africa ETF		-5.04%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 0.59, 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

0.59

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

0.54

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

0.52

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

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 0.52 to 0.59 - a consistent structural relationship.

FLN vs. EZA - Sectors Allocation Comparison

Sectors
FLN
EZA

Financial Services

23.6%
33.5%

Utilities

16.2%

-

Basic Materials

12.9%
39.0%

Industrials

12.5%
1.5%

Energy

9.4%

-

Consumer Defensive

7.8%
2.5%

Communication Services

6.6%
6.5%

Consumer Cyclical

5.4%
14.3%

Real Estate

5.1%
1.6%

Technology

2.1%

-

Healthcare

0.6%
1.1%

Financial Services

FLN
23.6%
EZA
33.5%

Utilities

FLN
16.2%
EZA

-

Basic Materials

FLN
12.9%
EZA
39.0%

Industrials

FLN
12.5%
EZA
1.5%

Energy

FLN
9.4%
EZA

-

Consumer Defensive

FLN
7.8%
EZA
2.5%

Communication Services

FLN
6.6%
EZA
6.5%

Consumer Cyclical

FLN
5.4%
EZA
14.3%

Real Estate

FLN
5.1%
EZA
1.6%

Technology

FLN
2.1%
EZA

-

Healthcare

FLN
0.6%
EZA
1.1%

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 South Africa ETF

Often compared with FLN:
FLN vs. ILFFLN vs. BRFFLN vs. FLLAFLN vs. BRAZFLN vs. EWZFLN vs. CHILXFLN vs. VOO
Often compared with EZA:
EZA vs. AFKEZA vs. KSAEZA vs. SPYEZA vs. PAF.LEZA vs. VTIEZA vs. INDAEZA vs. SCHD

Return for Risk

FLN vs. EZA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FLN
FLN Risk / Return Rank: 4949
Overall Rank
FLN Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
FLN Sortino Ratio Rank: 4646
Sortino Ratio Rank
FLN Omega Ratio Rank: 4646
Omega Ratio Rank
FLN Calmar Ratio Rank: 5656
Calmar Ratio Rank
FLN Martin Ratio Rank: 4646
Martin Ratio Rank
EZA
EZA Risk / Return Rank: 2828
Overall Rank
EZA Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
EZA Sortino Ratio Rank: 2828
Sortino Ratio Rank
EZA Omega Ratio Rank: 2828
Omega Ratio Rank
EZA Calmar Ratio Rank: 2828
Calmar Ratio Rank
EZA Martin Ratio Rank: 2727
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. 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.

FLNEZADifference
Sharpe ratioReturn per unit of total volatility
1.59
0.99

+0.60

Sortino ratioReturn per unit of downside risk
2.16
1.45

+0.71

Omega ratioGain probability vs. loss probability

1.28

1.19

+0.09

Calmar ratioReturn relative to maximum drawdown

2.59

1.36

+1.23

Martin ratioReturn relative to average drawdown

7.24

3.41

+3.83

FLN vs. EZA - Sharpe Ratio Comparison

The current FLN Sharpe Ratio is 1.59, which is higher than the EZA Sharpe Ratio of 0.99. 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.

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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.

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Drawdown Indicators

FLNEZADifference

Max Drawdown

Largest peak-to-trough decline

-57.95%

-64.64%

+6.69%

Max Drawdown (1Y)

Largest decline over 1 year

-13.10%

-23.31%

+10.21%

Max Drawdown (3Y)

Largest decline over 3 years

-25.23%

-23.31%

-1.92%

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

-10.75%

-19.94%

+9.19%

Average Drawdown

Average peak-to-trough decline

-18.87%

-16.92%

-1.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.68%

9.29%

-4.61%

Volatility

FLN vs. EZA - Volatility Comparison

The current volatility for First Trust Latin America AlphaDEX Fund (FLN) is 5.58%, while iShares MSCI South Africa ETF (EZA) has a volatility of 11.13%. 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.

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Volatility by Period

FLNEZADifference

Volatility (1M)

Calculated over the trailing 1-month period

5.58%

11.13%

-5.55%

Volatility (6M)

Calculated over the trailing 6-month period

17.90%

27.33%

-9.43%

Volatility (1Y)

Calculated over the trailing 1-year period

21.31%

32.07%

-10.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.65%

28.90%

-6.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.57%

31.27%

-3.70%

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 3.62%, less than EZA's 7.89% yield.

PositionTTM20252024202320222021202020192018201720162015
EZA
iShares MSCI South Africa ETF		7.89%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		3.62%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 EZA have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EZA has higher volatility (11.13%) compared to FLN (5.58%). In terms of maximum drawdown, FLN dropped -57.95% vs EZA's -64.64%.

On 10-year performance, FLN leads with 9.42% vs 7.74% for EZA. On fees, EZA is cheaper at 0.59% per year. On volatility, FLN has been the lower-risk option at 5.58%. 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 9.42% return vs 7.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EZA has the higher dividend yield at 7.89%, compared with 3.62% for FLN.

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.

FLN currently has the higher Sharpe Ratio (1.59 vs 0.99), 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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