ETF Research Center

iShares MSCI Mexico ETF

ALTAR
Score™

9.6%

Recommen-
dation

NEUTRAL

2025E 2026E
P/E ratio	10.6x	P/Sales ratio	1.0x
P/BV ratio	1.5x	Div. yield	3.6%

Description
Performance
Comps
Fundamentals
Valuation
Rating

The iShares MSCI Mexico Index fund seeks investment results that correspond to the price and yield performance of the MSCI Mexico Index. The index consists primarily of large cap stocks traded on the Mexican Stock Exchange.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Barclays Global Investors
Website	www.ishares.com
Inception date	Mar 12, 1996
Assets (mns)	$1,502
Currency	USD
Expense ratio	50 bp
Distributions	Semi-Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust
Weighting	Market Cap
Index replication	Optimized
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	42
Wgt avg mkt cap (mns)	$16,953
Large cap (>$10bn)	53.3%
Mid cap ($2-10bn)	38.0%
Small cap (<$2bn)	8.7%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	61.1 %
GRUPO FINANCIERO BANORTE-O	10.5 %
FOMENTO ECONOMICO MEXICANO SAB DE	9.4 %
GRUPO MEXICO S.A.B. DE C.V. CLASS	8.9 %
WALMART DE MEXICO-SER V	7.5 %
AMERICA MOVIL B	7.1 %
GRUPO AEROPORTUARIO DEL-B SH	4.4 %
CEMEX SAB-CPO	4.1 %
GRUPO AEROPORTUARIO DE SUR-B	3.3 %
EMBOTELLADORAS ARCA SAB-NOM	3.2 %
GRUPO FINANCIERO INBURSA-O	2.8 %

TOP COUNTRY EXPOSURE
	MEXICO	91.9 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru February 28)
Year-to-date	1 year	5 years	10 years	Since Incep.
7.9%	-21.9%	6.1%	0.4%	7.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.90	40%
MSCI EAFE	1.04	54%
MSCI Emg. Mkts.	0.70	25%

Technical Indicators
Recent close	$52.16
30d moving avg.	$51.65
Annualized volatility	24.4%
Short interest (ETF)	20.5%
Relative strength (RSI)	52

Liquidity measures
Avg. volume (thou.)	2,531
Turnover	8.8%
Bid/Ask (% of price)	0.02%
ADV underlying (mns)	$169

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 143 potential alternatives to the iShares MSCI Mexico ETF ETF based on the alternatives' overlap in portfolio holdings with EWW. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

EWW

Expense:

50 bp

ALTAR Score™:

9.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EWW
Ticker	Fund Name	Overlap¹ vs EWW (%)	Expense ratio (bp)	Savings vs EWW (bp)	ALTAR Score™ (%)	ALTAR vs EWW (%)
FLMX	Franklin FTSE Mexico ETF	74.2	19	31	9.9	+0.3
FLLA	Franklin FTSE Latin America ETF	24.4	19	31	13.5	+3.9
ILF	iShares Latin America 40 ETF	21.6	48	2	13.5	+3.9
FLN	First Trust Latin America AlphaDEX Fund	18.3	80	-30	10.6	+0.9
EMDM	First Trust Bloomberg Emerging Market Democracies ETF	12.5	75	-25	10.3	+0.6
CRIT	Optica Rare Earths & Critical Materials ETF Optica Rare Eart	8.5	85	-35	8.0	-1.7
ICOP	iShares Copper and Metals Mining ETF	8.4	47	3	10.0	+0.3
FTHF	First Trust Emerging Markets Human Flourishing ETF	8.1	75	-25	9.8	+0.2
GMET	VanEck Green Metals ETF	6.5	63	-13	10.8	+1.2
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	6.1	44	6	11.0	+1.4
EDIV	SPDR S&P Emerging Markets Dividend ETF	5.0	49	1	11.6	+2.0
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	4.9	70	-20	15.8	+6.2
EDOG	ALPS Emerging Sector Dividend Dogs ETF	4.8	60	-10	11.0	+1.4
DGRE	WisdomTree Emerging Markets Quality Dividend Growth Fund	4.7	32	18	7.0	-2.6
RNEM	First Trust Emerging Markets Equity Select ETF	4.5	75	-25	1.0	-8.6
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	3.7	90	-40	8.4	-1.2
XCEM	Columbia EM Core ex-China ETF	3.6	16	34	8.5	-1.2
BINV	Brandes International ETF	3.6	70	-20	9.5	-0.1
BATT	Amplify Lithium & Battery Technology ETF	3.4	59	-9	3.8	-5.8
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	3.3	58	-8	10.1	+0.5
FEM	First Trust Emerging Markets AlphaDEX Fund	3.2	80	-30	13.8	+4.2
KEMX	KraneShares MSCI Emerging Markets EX China Index ETF	3.0	24	26	8.3	-1.3
DSTX	Distillate International Fundamental Stability & Value ETF	2.8	55	-5	8.4	-1.2
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	2.8	59	-9	13.7	+4.0
FEMS	First Trust Emerging Markets Small Cap AlphaDEX Fund	2.8	80	-30	13.6	+4.0
EMM	Global X Emerging Markets ex-China ETF	2.7	75	-25	5.0	-4.6
EYLD	Cambria Emerging Shareholder Yield ETF	2.7	66	-16	13.1	+3.5
STXE	Strive Emerging Markets Ex-China ETF	2.7	32	18	8.2	-1.5
GDXJ	VanEck Junior Gold Miners ETF	2.6	52	-2	4.9	-4.7
SIL	Global X Silver Miners ETF	2.6	65	-15	3.4	-6.2
SLVP	iShares MSCI Global Silver Miners ETF	2.6	39	11	5.8	-3.8
SILJ	ETFMG Prime Junior Silver Miners ETF	2.6	69	-19	2.7	-6.9
AGMI	Themes Silver Miners ETF	2.6	35	15	3.1	-6.6
EELV	Invesco S&P Emerging Markets Low Volatility ETF	2.6	29	21	8.7	-0.9
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	2.6	33	17	10.6	+1.0
XCNY	SPDR S&P Emerging Markets ex-China ETF	2.5	15	35	0.0	-9.6
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	2.5	60	-10	8.0	-1.7
EMXC	iShares MSCI Emerging Markets ex China ETF	2.5	25	25	8.0	-1.7
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	2.5	39	11	16.9	+7.3
XC	WisdomTree Emerging Markets Ex-China Fund	2.4	32	18	5.5	-4.1
LDEM	iShares ESG MSCI EM Leaders ETF	2.4	17	33	12.9	+3.2
RWX	SPDR Dow Jones International Real Estate ETF	2.2	59	-9	5.9	-3.8
DEM	WisdomTree Emerging Markets High Dividend Fund	2.1	63	-13	13.6	+4.0
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	2.0	32	18	9.6	-0.0
EMMF	WisdomTree Emerging Markets Multifactor Fund	1.9	48	2	7.8	-1.9
EMC	Global X Emerging Markets Great Consumer ETF	1.9	75	-25	8.5	-1.2
SCHE	Schwab Emerging Markets Equity ETF	1.9	11	39	11.6	+1.9
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	1.9	15	35	8.6	-1.0
VWO	Vanguard FTSE Emerging Markets ETF	1.8	8	42	10.9	+1.3
NUEM	Nuveen ESG Emerging Markets Equity ETF	1.8	36	14	8.1	-1.5
ECON	Columbia Emerging Markets Consumer ETF	1.8	49	1	12.9	+3.3
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	1.7	30	20	10.6	+0.9
EMXF	iShares ESG Advanced MSCI EM ETF	1.7	16	34	8.4	-1.2
EEM	iShares MSCI Emerging Markets ETF	1.7	69	-19	10.7	+1.1
JHEM	John Hancock Multifactor Emerging Markets ETF	1.7	49	1	10.5	+0.9
PICK	iShares MSCI Global Metals & Mining Producers ETF	1.7	39	11	14.1	+4.5
IEMG	iShares Core MSCI Emerging Markets ETF	1.7	9	41	10.9	+1.3
IQRA	IQ CBRE Real Assets ETF	1.7	65	-15	2.7	-7.0
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	1.7	67	-17	13.3	+3.7
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	1.6	66	-16	10.2	+0.5
ESGE	iShares ESG Aware MSCI EM ETF	1.6	25	25	10.7	+1.1
FDEM	Fidelity Emerging Markets Multifactor ETF	1.6	25	25	13.5	+3.9
AVES	Avantis Emerging Markets Value ETF	1.6	36	14	12.2	+2.6
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	1.6	15	35	10.8	+1.1
SPEM	SPDR Portfolio Emerging Markets ETF	1.6	7	43	10.9	+1.3
PXH	Invesco FTSE RAFI Emerging Markets ETF	1.5	49	1	16.7	+7.0
EVLU	iShares MSCI Emerging Markets Value Factor ETF	1.5	35	15	21.6	+11.9
BKEM	BNY Mellon Emerging Markets Equity ETF	1.5	11	39	11.8	+2.2
AVEM	Avantis Emerging Markets Equity ETF	1.5	33	17	9.7	+0.0
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	1.5	36	14	11.2	+1.6
VIDI	Vident International Equity Strategy ETF	1.4	61	-11	12.0	+2.4
FRDM	Freedom 100 Emerging Markets ETF	1.4	49	1	9.1	-0.5
EMGF	iShares Emerging Markets Equity Factor ETF	1.4	25	25	12.4	+2.8
CCNR	ALPS CoreCommodity Natural Resources ETF	1.3	39	11	11.0	+1.4
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	1.3	45	5	11.0	+1.4
EEMS	iShares MSCI Emerging Markets Small Cap ETF	1.3	70	-20	7.8	-1.8
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	1.3	30	20	9.3	-0.3
CGV	Conductor Global Equity Value ETF	1.2	130	-80	9.2	-0.5
DFEV	Dimensional Emerging Markets Value ETF	1.2	43	7	14.5	+4.8
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	1.2	10	40	7.5	-2.1
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	1.2	20	30	11.3	+1.7
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	1.2	41	9	9.4	-0.3
KXI	iShares Global Consumer Staples ETF	1.1	41	9	5.4	-4.2
MXI	iShares Global Materials ETF	1.1	41	9	8.1	-1.6
DFAE	Dimensional Emerging Core Equity Market ETF	1.1	35	15	10.2	+0.6
VNQI	Vanguard Global ex-U.S. Real Estate ETF	1.1	12	38	7.7	-2.0
ROAM	Hartford Multifactor Emerging Markets ETF	1.1	44	6	11.3	+1.7
WWJD	Inspire International ETF	1.0	80	-30	7.6	-2.1
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	1.0	50	0	11.6	+1.9
UEVM	VictoryShares Emerging Markets Value Momentum ETF	1.0	45	5	11.1	+1.4
SDG	iShares MSCI Global Sustainable Development Goals ETF	1.0	49	1	6.0	-3.7
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	1.0	38	12	9.9	+0.3
BLDG	Cambria Global Real Estate ETF	1.0	60	-10	4.2	-5.4
RAYE	Rayliant Quantamental Emerging Market ex-China Equity ETF	0.9	88	-38	10.3	+0.7
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	0.9	42	8	6.8	-2.9
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.8	47	3	5.7	-4.0
VYMI	Vanguard International High Dividend Yield ETF	0.8	22	28	10.0	+0.4
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	0.8	47	3	9.0	-0.7
DEHP	Dimensional Emerging Markets High Profitability ETF	0.8	41	9	6.5	-3.1
IQDF	FlexShares International Quality Dividend Index Fund	0.8	47	3	9.5	-0.1
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.8	65	-15	8.1	-1.6
HAP	VanEck Natural Resources ETF	0.7	50	0	10.0	+0.4
MEM	Matthews Emerging Markets Equity Active ETF	0.6	79	-29	8.5	-1.1
RWO	SPDR Dow Jones Global Real Estate ETF	0.6	50	0	2.9	-6.8
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	0.6	46	4	10.4	+0.8
VSGX	Vanguard ESG International Stock ETF	0.6	12	38	8.2	-1.5
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	0.6	95	-45	13.1	+3.4
FTAG	First Trust Indxx Global Agriculture ETF	0.6	70	-20	8.1	-1.6
BLES	Inspire Global Hope ETF	0.5	61	-11	6.9	-2.8
DEW	WisdomTree Global High Dividend Fund	0.5	58	-8	7.7	-1.9
REET	iShares Global REIT ETF	0.5	14	36	3.3	-6.3
VEU	Vanguard FTSE All-World ex-US Index Fund	0.5	8	42	8.5	-1.2
JETS	U.S. Global Jets ETF	0.5	60	-10	4.2	-5.5
ACWX	iShares MSCI ACWI ex U.S. ETF	0.5	34	16	8.1	-1.5
IXUS	iShares Core MSCI Total International Stock ETF	0.5	7	43	8.3	-1.3
VXUS	Vanguard Total International Stock ETF	0.5	7	43	8.3	-1.3
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	0.5	18	32	8.1	-1.5
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	0.4	41	9	7.1	-2.5
CWI	SPDR MSCI ACWI ex-US ETF	0.4	30	20	8.2	-1.4
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.4	30	20	8.6	-1.0
DFGR	Dimensional Global Real Estate ETF	0.4	22	28	3.2	-6.5
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.4	12	38	5.2	-4.5
AVRE	Avantis Real Estate ETF	0.4	17	33	3.3	-6.3
VGSR	Vert Global Sustainable Real Estate ETF	0.4	47	3	2.8	-6.8
SCHY	Schwab International Dividend Equity ETF	0.3	14	36	9.8	+0.2
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.3	20	30	6.3	-3.3
CGGR	Capital Group Growth ETF	0.3	39	11	3.7	-6.0
CGW	Invesco S&P Global Water Index ETF	0.2	57	-7	4.8	-4.8
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.2	9	41	6.0	-3.7
FPAG	FPA Global Equity ETF	0.2	49	1	6.3	-3.3
VT	Vanguard Total World Stock ETF	0.2	7	43	6.4	-3.3
ACWI	iShares MSCI ACWI ETF	0.2	32	18	6.1	-3.6
IXG	iShares Global Financials ETF	0.2	42	8	8.1	-1.6
GLOF	iShares Global Equity Factor ETF	0.1	20	30	7.0	-2.7
IPKW	Invesco International BuyBack Achievers ETF	0.1	55	-5	15.3	+5.7
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.1	7	43	7.0	-2.6
JSTC	Adasina Social Justice All Cap Global ETF	0.1	89	-39	4.5	-5.2
KLMT	Invesco MSCI Global Climate 500 ETF	0.1	10	40	6.1	-3.6
EEMO	Invesco S&P Emerging Markets Momentum ETF	0.1	29	21	6.2	-3.4
EXI	iShares Global Industrials ETF	0.0	42	8	4.9	-4.8
VIGI	Vanguard International Dividend Appreciation ETF	0.0	15	35	6.2	-3.4
IGRO	iShares International Dividend Growth ETF	0.0	15	35	7.3	-2.3
PIO	Invesco Global Water ETF	0.0	75	-25	4.9	-4.7

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2020	2021	2022	2023	2024	2025E	2026E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	iShares MSCI Mexico ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	14.5	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	50	bp
Equals: ALTAR Score	9.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.62	CATEGORY AVERAGE	1.50

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.