MXF vs. PRLAX

Last updated Jun 4, 2026

MXF (The Mexico Fund) and PRLAX (T. Rowe Price Latin America Fund) are both Latin America Equities funds. Over the past 10 years, MXF returned 8.01%/yr vs 7.62%/yr for PRLAX. A 0.67 correlation means they provide meaningful diversification when combined. MXF charges 0.01%/yr vs 1.46%/yr for PRLAX.

Performance

MXF vs. PRLAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Mexico Fund (MXF) and T. Rowe Price Latin America Fund (PRLAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MXF achieves a 13.61% return, which is significantly higher than PRLAX's 8.96% return. Both investments have delivered pretty close results over the past 10 years, with MXF having a 8.01% annualized return and PRLAX not far behind at 7.62%.

MXF

• 1D: -0.38%
• 1M: 5.75%
• YTD: 13.61%
• 6M: 17.10%
• 1Y: 40.43%
• 3Y*: 16.74%
• 5Y*: 13.54%
• 10Y*: 8.01%

PRLAX

• 1D: 0.37%
• 1M: -2.98%
• YTD: 8.96%
• 6M: 7.15%
• 1Y: 28.78%
• 3Y*: 12.22%
• 5Y*: 5.99%
• 10Y*: 7.62%

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

MXF vs. PRLAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MXF The Mexico Fund	13.61%	61.94%	-27.14%	35.83%	-1.66%	18.01%	3.29%	11.37%	-12.26%	15.71%
PRLAX T. Rowe Price Latin America Fund	8.96%	45.79%	-23.09%	34.73%	0.23%	-14.98%	-7.55%	27.23%	-8.27%	28.54%

Correlation

The correlation between MXF and PRLAX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Jan 4, 1994	0.67

The correlation between MXF and PRLAX has been stable across timeframes, ranging from 0.61 to 0.67 - a consistent structural relationship.

Return for Risk

MXF vs. PRLAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MXF

MXF Risk / Return Rank: 48
MXF Sharpe Ratio Rank: 48
MXF Sortino Ratio Rank: 42
MXF Omega Ratio Rank: 41
MXF Calmar Ratio Rank: 57
MXF Martin Ratio Rank: 53

PRLAX

PRLAX Risk / Return Rank: 26
PRLAX Sharpe Ratio Rank: 24
PRLAX Sortino Ratio Rank: 21
PRLAX Omega Ratio Rank: 22
PRLAX Calmar Ratio Rank: 33
PRLAX Martin Ratio Rank: 28

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.

MXF vs. PRLAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Mexico Fund (MXF) and T. Rowe Price Latin America Fund (PRLAX). 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.

	MXF	PRLAX	Difference
Sharpe ratio Return per unit of total volatility	2.04	1.38	+0.65
Sortino ratio Return per unit of downside risk	2.74	1.90	+0.84
Omega ratio Gain probability vs. loss probability	1.35	1.25	+0.10
Calmar ratio Return relative to maximum drawdown	2.90	2.17	+0.73
Martin ratio Return relative to average drawdown	10.85	6.63	+4.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MXF vs. PRLAX - Sharpe Ratio Comparison

The current MXF Sharpe Ratio is 2.04, which is higher than the PRLAX Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of MXF and PRLAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MXF	PRLAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	1.38	+0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.26	+0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	0.30	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.23	+0.09

Drawdowns

MXF vs. PRLAX - Drawdown Comparison

The maximum MXF drawdown since its inception was -80.25%, which is greater than PRLAX's maximum drawdown of -70.03%. Use the drawdown chart below to compare losses from any high point for MXF and PRLAX.

Drawdown Indicators

	MXF	PRLAX	Difference
Max Drawdown Largest peak-to-trough decline	-80.25%	-70.03%	-10.22%
Max Drawdown (1Y) Largest decline over 1 year	-14.03%	-13.65%	-0.38%
Max Drawdown (3Y) Largest decline over 3 years	-30.73%	-23.60%	-7.13%
Max Drawdown (5Y) Largest decline over 5 years	-30.73%	-30.74%	+0.01%
Max Drawdown (10Y) Largest decline over 10 years	-56.02%	-49.80%	-6.22%
Current Drawdown Current decline from peak	-1.32%	-8.99%	+7.67%
Average Drawdown Average peak-to-trough decline	-31.55%	-23.82%	-7.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.74%	4.46%	-0.72%

Volatility

MXF vs. PRLAX - Volatility Comparison

The current volatility for The Mexico Fund (MXF) is 4.50%, while T. Rowe Price Latin America Fund (PRLAX) has a volatility of 6.32%. This indicates that MXF experiences smaller price fluctuations and is considered to be less risky than PRLAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MXF	PRLAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	6.32%	-1.82%
Volatility (6M) Calculated over the trailing 6-month period	16.18%	18.26%	-2.08%
Volatility (1Y) Calculated over the trailing 1-year period	19.99%	21.39%	-1.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.77%	22.89%	-2.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.31%	25.69%	-2.38%

MXF vs. PRLAX - Expense Ratio Comparison

MXF has a 0.02% expense ratio, which is lower than PRLAX's 1.46% expense ratio.

Dividends

MXF vs. PRLAX - Dividend Comparison

MXF's dividend yield for the trailing twelve months is around 5.42%, less than PRLAX's 6.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MXF The Mexico Fund	5.42%	4.67%	6.67%	4.19%	4.88%	2.29%	3.15%	7.28%	5.13%	3.37%	5.03%	10.90%
PRLAX T. Rowe Price Latin America Fund	6.51%	7.09%	7.84%	2.44%	3.10%	9.92%	1.09%	10.55%	2.41%	1.30%	1.45%	6.65%

Frequently Asked Questions

Can I hold both MXF and PRLAX in my portfolio?

MXF and PRLAX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MXF or PRLAX?

PRLAX has higher volatility (6.32%) compared to MXF (4.50%). In terms of maximum drawdown, MXF dropped -80.25% vs PRLAX's -70.03%.

Which has better risk-adjusted returns?

MXF currently has the higher Sharpe Ratio (2.04 vs 1.38), 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.