IBZL.L vs. CMXC.L
IBZL.L (iShares MSCI Brazil UCITS ETF (Dist)) and CMXC.L (iShares MSCI Mexico Capped UCITS ETF USD (Acc)) are both Latin America Equities funds from iShares - IBZL.L tracks the MSCI Brazil NR USD while CMXC.L tracks the MSCI Mexico Capped Index (Net Return Index). Both are passively managed. Over the past 10 years, IBZL.L returned 6.00%/yr vs 6.55%/yr for CMXC.L. At a 0.50 correlation, their price movements are largely independent. IBZL.L charges 0.74%/yr vs 0.65%/yr for CMXC.L.
Performance
IBZL.L vs. CMXC.L - Performance Comparison
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Different Trading Currencies
IBZL.L is traded in GBp, while CMXC.L is traded in USD. To make them comparable, the CMXC.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, IBZL.L achieves a 13.86% return, which is significantly higher than CMXC.L's 10.42% return. Over the past 10 years, IBZL.L has underperformed CMXC.L with an annualized return of 6.00%, while CMXC.L has yielded a comparatively higher 6.55% annualized return.
IBZL.L
- 1D
- -0.85%
- 1M
- 1.55%
- 6M
- 10.46%
- YTD
- 13.86%
- 1Y
- 35.79%
- 3Y*
- 8.04%
- 5Y*
- 6.82%
- 10Y*
- 6.00%
CMXC.L
- 1D
- 0.00%
- 1M
- -5.32%
- 6M
- 4.60%
- YTD
- 10.42%
- 1Y
- 32.77%
- 3Y*
- 9.63%
- 5Y*
- 13.24%
- 10Y*
- 6.55%
IBZL.L vs. CMXC.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IBZL.L iShares MSCI Brazil UCITS ETF (Dist) | 13.86% | 35.97% | -27.18% | 23.72% | 28.39% | -20.69% | -17.23% | 14.49% | 2.68% | 14.31% |
CMXC.L iShares MSCI Mexico Capped UCITS ETF USD (Acc) | 10.42% | 46.08% | -26.83% | 30.93% | 10.61% | 20.19% | -3.01% | 5.62% | -8.45% | 2.85% |
Correlation
The correlation between IBZL.L and CMXC.L is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2010 | 0.50 |
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Return for Risk
IBZL.L vs. CMXC.L — Risk / Return Rank
IBZL.L
CMXC.L
IBZL.L vs. CMXC.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil UCITS ETF (Dist) (IBZL.L) and iShares MSCI Mexico Capped UCITS ETF USD (Acc) (CMXC.L). 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.
| IBZL.L | CMXC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.26 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | 2.44 | -0.56 |
| Martin ratioReturn relative to average drawdown | 5.06 | 8.31 | -3.25 |
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Drawdowns
IBZL.L vs. CMXC.L - Drawdown Comparison
The maximum IBZL.L drawdown since its inception was -71.99%, which is greater than CMXC.L's maximum drawdown of -50.68%. Use the drawdown chart below to compare losses from any high point for IBZL.L and CMXC.L.
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Drawdown Indicators
| IBZL.L | CMXC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.99% | -50.68% | -21.31% |
Max Drawdown (1Y)Largest decline over 1 year | -18.97% | -13.15% | -5.82% |
Max Drawdown (3Y)Largest decline over 3 years | -28.80% | -29.79% | +0.99% |
Max Drawdown (5Y)Largest decline over 5 years | -28.80% | -29.79% | +0.99% |
Max Drawdown (10Y)Largest decline over 10 years | -52.07% | -50.68% | -1.39% |
Current DrawdownCurrent decline from peak | -13.07% | -6.96% | -6.11% |
Average DrawdownAverage peak-to-trough decline | -27.74% | -14.43% | -13.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.05% | 3.86% | +3.19% |
Volatility
IBZL.L vs. CMXC.L - Volatility Comparison
iShares MSCI Brazil UCITS ETF (Dist) (IBZL.L) and iShares MSCI Mexico Capped UCITS ETF USD (Acc) (CMXC.L) have volatilities of 5.61% and 5.62%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBZL.L | CMXC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.61% | 5.62% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 16.91% | 18.36% | -1.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.86% | 21.56% | +0.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.34% | 22.13% | +4.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.37% | 25.06% | +6.31% |
IBZL.L vs. CMXC.L - Expense Ratio Comparison
IBZL.L has a 0.74% expense ratio, which is higher than CMXC.L's 0.65% expense ratio.
Dividends
IBZL.L vs. CMXC.L - Dividend Comparison
IBZL.L's dividend yield for the trailing twelve months is around 3.72%, while CMXC.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMXC.L iShares MSCI Mexico Capped UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IBZL.L iShares MSCI Brazil UCITS ETF (Dist) | 3.72% | 4.32% | 6.46% | 5.44% | 13.60% | 6.32% | 1.92% | 2.53% | 2.45% | 1.46% | 1.64% | 3.54% |
Frequently Asked Questions
IBZL.L and CMXC.L have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CMXC.L is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CMXC.L is cheaper with a 0.65% expense ratio, compared with 0.74% for IBZL.L.
IBZL.L tracks MSCI Brazil NR USD, while CMXC.L tracks MSCI Mexico Capped Index (Net Return Index). Their fees differ too: 0.74% for IBZL.L and 0.65% for CMXC.L.
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