EWW vs FLMX: Grades, Fees and Holdings Compared

iShares MSCI Mexico ETF

EWWANYSE Arca

Franklin FTSE Mexico ETF

FLMXBNYSE Arca

Overlap

92.7%by weight

Expense ratio

FLMX −0.31pt a year

EWW0.50%FLMX0.19%

Avg volume · 30D

EWW 113.8×the volume

EWW1.16MFLMX10.2K

5Y return · a year

EWW +0.2pt

EWW+12.7%FLMX+12.5%

EWW vs FLMX Performance

Oct 29, 2021 – Oct 30, 2026

+81.4%EWW+80.3%FLMX

Expense ratio: EWW 0.50%; FLMX 0.19%, better
Fund size: EWW $1.56B; FLMX $82M
1Y total return: EWW +15.8%; FLMX +16.3%, better
Yield (12M): EWW 3.31%; FLMX 3.91%, better
Holdings: EWW 42; FLMX 39
Avg volume (30D): EWW 1.16M sh, better; FLMX 10.2K sh
NAV per share: EWW $74.42; FLMX $36.31
52W range

ETF.net Grade

Pillar letters and Scores for EWW, FLMX, with each pillar’s weight
Pillar	EWW	FLMX
Cost30% weight	A88	A100Higher
Mission25% weight	B67Higher	B65
Risk15% weight	B55Higher	C54
Tradability15% weight	A100Higher	C48
Holdings10% weight	B61	B64Higher
Durability5% weight	A81Higher	D37

Rank among Emerging Markets Single Country funds

How we build Categories ›

Same Category. EWW and FLMX are both graded against the same 21 Emerging Markets Single Country funds, so their Grades compare head to head.

Emerging Markets Single Country⁠

Category · 21 funds

See all 21 ›

EWW ranks 1st and FLMX 2nd of 21 funds in the Emerging Markets Single Country Category.

Rank 1AEWWiShares MSCI Mexico ETFScore 76
Rank 2BFLMXFranklin FTSE Mexico ETFScore 69
Rank 3BEPOLiShares MSCI Poland ETFScore 64

Our read on each fund

ETF.net Research

EWWAiShares MSCI Mexico ETF

FLMXBFranklin FTSE Mexico ETF

In short

EWW Mexico in one ticker, doing that job since 1996. Roughly 40 of the country's biggest listed names, capped so no single company runs the show, for 0.50% a year.

FLMX Mexico exposure at a discount. Franklin's tracker charges 0.19%, a fraction of what single-country emerging-market funds usually cost, and holds a compact basket of the country's largest listed companies.

Stated mandate

EWW The fund seeks to track an index composed of Mexican equities and provides targeted exposure to companies in Mexico.

FLMX The Fund seeks to track the performance of the FTSE Mexico Capped Index before fees and expenses through an indexing strategy, investing at least 80% of assets in index components or related exposure.

Why people hold it

EWW 0.50% a year, below the typical single-country emerging-market fund. Cheap is not the pitch here, but you are not paying a premium for the exposure.
A billion-dollar-plus fund that trades actively, which is why it has long been the default way US investors get Mexico exposure in a brokerage account.
The 25/50 index rules keep any one issuer from swallowing the portfolio, a real safeguard in a market where a handful of giants dominate the exchange.ishares.com
Tracks its MSCI Mexico index tightly and ranks among the strongest builds in the single-country emerging-market group.

FLMX At 0.19%, one of the cheapest wrappers for Mexican equities: well under the roughly 0.59% median in its single-country EM cohort, and under EWW's 0.50%.
Plain, rules-based mandate: it tracks the FTSE Mexico Capped Index, keeping at least 80% of assets in index components or related exposure. No manager guesswork.
The index is a capped one, which limits how much of the portfolio any single Mexican mega-cap can occupy.
Live since 2017 and, on our review, one of the stronger implementations among single-country emerging-market funds.

Worth knowing

EWW About 40 stocks, one country, one currency. Peso moves and Mexican politics land straight in the return, with no diversification to soften them.
FLMX tracks Mexico for 0.19%. If cost is the deciding factor, that gap is the trade-off against EWW's deeper trading and longer track record.
Distributions come once or twice a year, not monthly. This is an equity exposure vehicle, not a steady income line.

FLMX Thinly traded. Spreads can run wider than at the category's busiest funds, which adds to the real cost of getting in and out beyond the headline fee.
One country, roughly 40 stocks. Concentration is the point, but it means Mexican policy, oil and peso moves all land straight in a dollar-based return.
Income arrives quarterly, not monthly.

Full EWW profile⁠

Full FLMX profile⁠

EWW vs FLMX Holdings

How EWW and FLMX differ

Overlap by weight

92.7%

Shared holdings make up 98.5% of FLMX and 96.5% of EWW.

Level by level

Holdings32 in both92.7%
Sector8 Sectors94.7%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in EWW and FLMX, widest gap first
Sector	More in EWWMore in FLMX	EWW	FLMX
Materials	EWW +4.4 points	26.1%	21.7%
Consumer Staples	FLMX +4.0 points	25.0%	29.0%
Real Estate	FLMX +0.8 points	8.1%	8.9%
Consumer Discretionary	FLMX +0.5 points	0.9%	1.4%
Health Care	EWW +0.4 points	0.4%	0.0%
Communication	EWW +0.4 points	9.2%	8.8%
Financials	EWW +0.1 points	18.2%	18.1%
Industrials	Same weight	12.0%	12.0%

Country, concentration and asset class

Country by domicile

Country weights in EWW and FLMX, widest gap first
Country	More in EWWMore in FLMX	EWW	FLMX
Mexico	Same weight	100.0%	100.0%

Outside the US: EWW 0% developed, 100% emerging. FLMX 0% developed, 100% emerging.

Concentration

Weight in the 10 largest Holdings

EWW64.4%
FLMX65.6%

Securities held

EWW39
FLMX35

Asset class

EWW: Equity
FLMX: Equity

Holdings

Only in EWW7
In both32
Only in FLMX3

Only in EWW

7 securities, 2.8% of EWW by weight

Grupo Televisa0.57%
Bolsa Mexicana De Valores0.57%
Controladora Vuela Compania De Avi0.46%
Genomma Lab International0.45%
Fibra Danhos Reit0.39%
La Comer Ubc0.36%
Macquarie Mexico Real Estate Manag<0.01%

Only in FLMX

3 securities, 1.5% of FLMX by weight

Grupo Comercial Chedraui0.76%
El Puerto De LIVERPOOL-C10.55%
Becle Sab De Cv0.18%

Weight gaps

All 32 Holdings in both funds, largest gap first.

Holding weights in EWW and FLMX, widest gap first
Holding	More in EWWMore in FLMX	EWW	FLMX
Cemex Cpo	FLMX +2.23 points	4.56%	6.79%
Grupo Mexico B	EWW +1.37 points	14.89%	13.52%
Arca Continental	FLMX +1.10 points	2.83%	3.93%
Fibra Mty Sapi Reit	FLMX +0.60 points	1.40%	2.00%
Coca-Cola Femsa Class Ubl Units	FLMX +0.51 points	2.25%	2.76%
Indust Penoles	EWW +0.51 points	3.40%	2.89%
Megacable Holdings Cpo	FLMX +0.41 points	0.82%	1.23%
Grupo Aeroportuario Del Pacifico	EWW +0.31 points	3.84%	3.52%
Grupo Financiero Inbursa Sries O	EWW +0.31 points	1.80%	1.49%
Prologis Property Mexico Reit	FLMX +0.25 points	2.25%	2.50%
America Movil B	EWW +0.20 points	7.92%	7.72%
Alsea De Cv	EWW +0.18 points	0.88%	0.70%
Alfa A	EWW +0.16 points	1.87%	1.71%
Walmart De Mexico V	FLMX +0.17 points	4.37%	4.54%
Orbia Advance Corp SA De Cv	EWW +0.15 points	0.69%	0.54%
Gpo Finance Banorte	EWW +0.14 points	11.23%	11.09%
Kimberly-Clark De Mexico Class A	FLMX +0.11 points	1.47%	1.58%
Fibra Uno Administracion Reit	FLMX +0.11 points	2.50%	2.61%
Grupo Cementos	EWW +0.08 points	0.88%	0.80%
Alpek SA De Cv	FLMX +0.08 points	0.82%	0.90%
Grupo Carso Series A1	FLMX +0.08 points	2.31%	2.39%
Banco Del Bajio Institucion De Ban	FLMX +0.07 points	1.10%	1.17%
Qualitas Controladora	EWW +0.07 points	1.14%	1.07%
Gruma	EWW +0.06 points	1.03%	0.97%
Grupo Aeroportuario Del Centro Nor	FLMX +0.06 points	1.76%	1.82%
Grupo Aeroportuario Del Sureste B	EWW +0.04 points	2.09%	2.05%
Fomento Economico Mexicano	EWW +0.04 points	8.90%	8.86%
Regional Sab De Cv	EWW +0.04 points	1.08%	1.04%
Corporacion Inmobiliaria Vesta	EWW +0.02 points	1.63%	1.61%
Grupo Bimbo A	EWW +0.03 points	2.19%	2.16%
Promotora Y Operadora De Infraestr	EWW +0.02 points	1.48%	1.46%
Gentera Sab De Cv	FLMX +0.01 points	1.11%	1.12%

All 39 EWW holdings⁠All 42 FLMX holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

EWW vs FLMX Cost

Overpaying EWW vs FLMX

$6,027

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

EWW 0.50%
$9,979
FLMX 0.19%
$3,952

Amount$10,000

Years30 years

Cost over time

EWW 0.50%
FLMX 0.19%
Overpaying

Year by year

Year	EWW	FLMX	Overpaying
10	$900	$347	$553
20	$3,460	$1,351	$2,109
30	$9,979	$3,952	$6,027

Expense ratio

0.50%EWW
0.19%FLMX, cheaper

FLMX0.19%EWW0.50%

0.19%1.02%

Middle half of Emerging Markets Single Country funds
Median 0.59%

FLMX cheapest of 21 funds

EWW 3rd cheapest of 21 funds

EWW vs FLMX Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EWW 3.31%; FLMX 3.91%, better
Payout (12M): EWW $2.46; FLMX $1.42
Last payment: EWW $1.14; FLMX $0.72
Ex-dividend: EWW Jun 15, 2026; FLMX Jun 26, 2026
Paid on: EWW Jun 18, 2026; FLMX Jul 6, 2026
Frequency: EWW Twice a year; FLMX Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

EWWTwice a year · 20 paymentsAll EWW payments⁠

FLMXTwice a year · 20 paymentsAll FLMX payments⁠

EWW vs FLMX Risk

Fall from peak · 5 years

EWW
FLMX

Risk facts

VolatilityStd dev, 3 years: EWW 20.1%FLMX 20.0%, better
Return per unit of riskSharpe ratio, 3 years: EWW 0.56, betterFLMX 0.55
Worst fallMax drawdown, 5 years: EWW −31.2%, betterFLMX −31.7%
Market sensitivityBeta, 5 years: EWW 1.06FLMX 1.08; Market = 1

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