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VLRS vs. EWW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VLRS vs. EWW

Last updated Jun 23, 2026

VLRS (Controladora Vuela Compañía de Aviación, S.A.B. de C.V.) is a stock, while EWW (iShares MSCI Mexico ETF) is Latin America Equities fund tracking the MSCI Mexico IMI 25/50 Index. Over the past 10 years, VLRS returned -6.11%/yr vs 7.46%/yr for EWW. At a 0.45 correlation, their price movements are largely independent.

Performance

VLRS vs. EWW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) and iShares MSCI Mexico ETF (EWW). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VLRS achieves a 2.25% return, which is significantly lower than EWW's 9.37% return. Over the past 10 years, VLRS has underperformed EWW with an annualized return of -6.11%, while EWW has yielded a comparatively higher 7.46% annualized return.

VLRS

1D
1.23%
1M
32.36%
YTD
2.25%
6M
-3.30%
1Y
116.71%
3Y*
-13.36%
5Y*
-13.34%
10Y*
-6.11%

EWW

1D
-1.62%
1M
-2.48%
YTD
9.37%
6M
6.74%
1Y
33.39%
3Y*
10.45%
5Y*
12.72%
10Y*
7.46%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VLRS vs. EWW - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VLRS
Controladora Vuela Compañía de Aviación, S.A.B. de C.V.		2.25%19.35%-20.68%12.20%-53.48%44.69%19.19%94.77%-33.29%-46.68%
EWW
iShares MSCI Mexico ETF		9.37%53.65%-28.22%40.32%1.24%20.27%-3.06%12.64%-14.58%14.47%

Correlation

The correlation between VLRS and EWW is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.43

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

0.44

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

0.48

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

0.48

Correlation (All Time)
Calculated using the full available price history since Sep 18, 2013

0.45

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Controladora Vuela Compañía de Aviación, S.A.B. de C.V.

iShares MSCI Mexico ETF

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EWW vs. EWZEWW vs. FLMXEWW vs. ILFEWW vs. SPYEWW vs. VOOEWW vs. MEXXEWW vs. ECH

Return for Risk

VLRS vs. EWW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VLRS
VLRS Risk / Return Rank: 8585
Overall Rank
VLRS Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
VLRS Sortino Ratio Rank: 8787
Sortino Ratio Rank
VLRS Omega Ratio Rank: 8484
Omega Ratio Rank
VLRS Calmar Ratio Rank: 8282
Calmar Ratio Rank
VLRS Martin Ratio Rank: 8181
Martin Ratio Rank
EWW
EWW Risk / Return Rank: 4848
Overall Rank
EWW Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
EWW Sortino Ratio Rank: 4545
Sortino Ratio Rank
EWW Omega Ratio Rank: 4444
Omega Ratio Rank
EWW Calmar Ratio Rank: 5151
Calmar Ratio Rank
EWW Martin Ratio Rank: 5151
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.

VLRS vs. EWW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) and iShares MSCI Mexico ETF (EWW). 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.

VLRSEWWDifference
Sharpe ratioReturn per unit of total volatility
2.14
1.54

+0.61

Sortino ratioReturn per unit of downside risk
2.84
2.18

+0.66

Omega ratioGain probability vs. loss probability

1.33

1.27

+0.06

Calmar ratioReturn relative to maximum drawdown

2.79

2.40

+0.39

Martin ratioReturn relative to average drawdown

6.74

8.46

-1.71

VLRS vs. EWW - Sharpe Ratio Comparison

The current VLRS Sharpe Ratio is 2.14, which is higher than the EWW Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of VLRS and EWW, 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

VLRS vs. EWW - Drawdown Comparison

The maximum VLRS drawdown since its inception was -85.92%, which is greater than EWW's maximum drawdown of -64.94%. Use the drawdown chart below to compare losses from any high point for VLRS and EWW.

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Drawdown Indicators

VLRSEWWDifference

Max Drawdown

Largest peak-to-trough decline

-85.92%

-64.94%

-20.98%

Max Drawdown (1Y)

Largest decline over 1 year

-42.14%

-13.98%

-28.16%

Max Drawdown (3Y)

Largest decline over 3 years

-74.75%

-31.17%

-43.58%

Max Drawdown (5Y)

Largest decline over 5 years

-84.28%

-31.17%

-53.11%

Max Drawdown (10Y)

Largest decline over 10 years

-84.77%

-53.62%

-31.15%

Current Drawdown

Current decline from peak

-60.25%

-6.65%

-53.60%

Average Drawdown

Average peak-to-trough decline

-46.58%

-18.49%

-28.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

17.38%

3.96%

+13.42%

Volatility

VLRS vs. EWW - Volatility Comparison

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) has a higher volatility of 14.18% compared to iShares MSCI Mexico ETF (EWW) at 6.65%. This indicates that VLRS's price experiences larger fluctuations and is considered to be riskier than EWW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VLRSEWWDifference

Volatility (1M)

Calculated over the trailing 1-month period

14.18%

6.65%

+7.53%

Volatility (6M)

Calculated over the trailing 6-month period

41.71%

18.26%

+23.45%

Volatility (1Y)

Calculated over the trailing 1-year period

54.84%

21.79%

+33.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

52.88%

22.60%

+30.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

53.12%

25.31%

+27.81%

Dividends

VLRS vs. EWW - Dividend Comparison

VLRS has not paid dividends to shareholders, while EWW's dividend yield for the trailing twelve months is around 3.30%.

PositionTTM20252024202320222021202020192018201720162015
EWW
iShares MSCI Mexico ETF		3.30%3.48%4.39%2.19%3.64%2.06%1.43%2.92%2.30%2.22%1.77%2.34%
VLRS
Controladora Vuela Compañía de Aviación, S.A.B. de C.V.		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

VLRS and EWW have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VLRS has higher volatility (14.18%) compared to EWW (6.65%). In terms of maximum drawdown, VLRS dropped -85.92% vs EWW's -64.94%.

VLRS currently has the higher Sharpe Ratio (2.14 vs 1.54), 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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