iShares MSCI Mexico ETF
ALTAR
Score™		 13.6% info Recommen-
dation		 SPECULATIVE
2024E    2025E
P/E
ratio		 5.9x P/Sales
ratio		 0.3x
P/BV
ratio		 1.2x Div.
yield		 4.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium 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) $1,244
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) $14,787
Large cap (>$10bn) 50.3%
Mid cap ($2-10bn) 39.4%
Small cap (<$2bn) 10.3%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
GRUPO FINANCIERO BANORTE-O 9.9 %
FOMENTO ECONOMICO MEXICANO SAB DE 8.7 %
GRUPO MEXICO S.A.B. DE C.V. CLASS 7.9 %
AMERICA MOVIL B 7.5 %
WALMART DE MEXICO-SER V 7.4 %
GRUPO AEROPORTUARIO DEL-B SH 4.8 %
CEMEX SAB-CPO 4.2 %
EMBOTELLADORAS ARCA SAB-NOM 3.3 %
GRUPO AEROPORTUARIO DE SUR-B 3.2 %
GRUPO FINANCIERO INBURSA-O 2.8 %
Total 59.8 %

TOP COUNTRY EXPOSURE
MEXICO 91.7 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-27.4% -8.7% 4.3% -1.1% 7.6%

Market Correlations
versus... Beta R-squared
S&P500 0.95 42%
MSCI EAFE 1.05 54%
MSCI Emg. Mkts. 0.70 23%

Technical Indicators
Recent close $50.35
30d moving avg. $53.77
Annualized volatility 25.4%
Short interest (ETF) 29.0%
Relative strength (RSI) 43

Liquidity measures
Avg. volume (thou.) 2,601
Turnover 10.5%
Bid/Ask (% of price) 0.02%
ADV underlying (mns) $302

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 148 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™: 13.6%


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 69.2 19 31 16.1 +2.5
FLLA Franklin FTSE Latin America ETF 24.3 19 31 13.2 -0.4
ILF iShares Latin America 40 ETF 20.2 48 2 10.6 -3.0
FLN First Trust Latin America AlphaDEX Fund 17.4 80 -30 8.3 -5.3
EMDM First Trust Bloomberg Emerging Market Democracies ETF 11.4 75 -25 7.9 -5.7
EDOG ALPS Emerging Sector Dividend Dogs ETF 8.7 60 -10 13.7 +0.2
FTHF First Trust Emerging Markets Human Flourishing ETF 7.9 75 -25 8.8 -4.8
ICOP iShares Copper and Metals Mining ETF 7.5 47 3 10.3 -3.3
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 6.3 44 6 10.5 -3.1
GMET VanEck Green Metals ETF 5.4 63 -13 10.8 -2.8
ECOW Pacer Emerging Markets Cash Cows 100 ETF 4.3 70 -20 9.1 -4.5
RNEM First Trust Emerging Markets Equity Select ETF 4.0 75 -25 7.2 -6.4
EDIV SPDR S&P Emerging Markets Dividend ETF 3.8 49 1 11.9 -1.7
DSTX Distillate International Fundamental Stability & Value ETF 3.6 55 -5 7.7 -5.8
UEVM VictoryShares Emerging Markets Value Momentum ETF 3.6 45 5 12.1 -1.5
XCEM Columbia EM Core ex-China ETF 3.6 16 34 7.6 -6.0
DEM WisdomTree Emerging Markets High Dividend Fund 3.6 63 -13 18.7 +5.2
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 3.3 32 18 6.6 -6.9
FEM First Trust Emerging Markets AlphaDEX Fund 3.3 80 -30 12.7 -0.8
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 3.2 60 -10 9.8 -3.8
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 3.1 24 26 9.1 -4.5
EYLD Cambria Emerging Shareholder Yield ETF 2.9 66 -16 13.1 -0.4
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 2.8 33 17 8.1 -5.4
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 2.8 58 -8 10.0 -3.6
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 2.7 80 -30 12.0 -1.6
SDEM Global X MSCI SuperDividend Emerging Markets ETF 2.7 67 -17 14.6 +1.1
EMMF WisdomTree Emerging Markets Multifactor Fund 2.6 48 2 8.6 -4.9
FDEM Fidelity Emerging Markets Multifactor ETF 2.5 25 25 12.3 -1.3
EMM Global X Emerging Markets ex-China ETF 2.3 75 -25 4.0 -9.6
STXE Strive Emerging Markets Ex-China ETF 2.3 32 18 6.8 -6.8
XC WisdomTree Emerging Markets Ex-China Fund 2.3 32 18 5.8 -7.7
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 2.3 59 -9 11.1 -2.4
XCNY SPDR S&P Emerging Markets ex-China ETF 2.3 15 35 6.1 -7.5
RWX SPDR Dow Jones International Real Estate ETF 2.2 59 -9 7.2 -6.3
EQLT iShares MSCI Emerging Markets Quality Factor ETF 2.2 35 15 7.2 -6.4
EMXC iShares MSCI Emerging Markets ex China ETF 2.2 25 25 6.5 -7.1
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 2.2 39 11 12.3 -1.3
LDEM iShares ESG MSCI EM Leaders ETF 2.2 17 33 7.3 -6.2
FEEM FlexShares ESG & Climate Emerging Markets Core Index ETF 2.1 18 32 7.0 -6.6
MEM Matthews Emerging Markets Equity Active ETF 2.1 79 -29 5.3 -8.2
GDXJ VanEck Junior Gold Miners ETF 2.1 52 -2 4.6 -8.9
SIL Global X Silver Miners ETF 2.1 65 -15 2.1 -11.5
SLVP iShares MSCI Global Silver Miners ETF 2.1 39 11 3.3 -10.3
SILJ ETFMG Prime Junior Silver Miners ETF 2.1 69 -19 1.0 -12.5
AGMI Themes Silver Miners ETF 2.1 35 15 4.6 -8.9
AVES Avantis Emerging Markets Value ETF 2.1 36 14 11.4 -2.2
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 2.0 15 35 10.2 -3.4
JHEM John Hancock Multifactor Emerging Markets ETF 2.0 49 1 8.0 -5.5
NUEM Nuveen ESG Emerging Markets Equity ETF 2.0 36 14 6.3 -7.2
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 1.9 32 18 6.1 -7.5
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 1.9 66 -16 9.9 -3.7
EMXF iShares ESG Advanced MSCI EM ETF 1.8 16 34 6.7 -6.9
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 1.8 30 20 7.2 -6.4
SCHE Schwab Emerging Markets Equity ETF 1.8 11 39 6.9 -6.6
EMC Global X Emerging Markets Great Consumer ETF 1.8 75 -25 4.6 -9.0
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 1.8 36 14 7.7 -5.8
BKEM BNY Mellon Emerging Markets Equity ETF 1.8 11 39 8.3 -5.3
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 1.7 20 30 6.7 -6.9
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 1.7 45 5 10.8 -2.8
ECON Columbia Emerging Markets Consumer ETF 1.7 49 1 7.2 -6.3
VWO Vanguard FTSE Emerging Markets ETF 1.7 8 42 6.9 -6.6
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 1.7 15 35 7.1 -6.4
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 1.7 88 -38 7.2 -6.3
HAUZ DBX ETF Trust - Xtrackers International Real Estate ETF 1.7 10 40 7.4 -6.1
EEM iShares MSCI Emerging Markets ETF 1.6 69 -19 6.7 -6.9
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 1.6 42 8 7.7 -5.8
IEMG iShares Core MSCI Emerging Markets ETF 1.6 9 41 7.3 -6.3
JIG JPMorgan International Growth ETF 1.6 55 -5 4.5 -9.1
BINV Brandes International ETF 1.6 70 -20 8.2 -5.3
PICK iShares MSCI Global Metals & Mining Producers ETF 1.5 39 11 12.7 -0.9
PXH Invesco FTSE RAFI Emerging Markets ETF 1.5 49 1 12.0 -1.6
EELV Invesco S&P Emerging Markets Low Volatility ETF 1.5 29 21 8.7 -4.9
IQRA IQ CBRE Real Assets ETF 1.5 65 -15 5.1 -8.5
SPEM SPDR Portfolio Emerging Markets ETF 1.5 7 43 7.2 -6.3
AVEM Avantis Emerging Markets Equity ETF 1.5 33 17 8.7 -4.8
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 1.4 90 -40 5.9 -7.7
IQDF FlexShares International Quality Dividend Index Fund 1.3 47 3 12.6 -1.0
EMGF iShares Emerging Markets Equity Factor ETF 1.3 25 25 8.3 -5.3
DFEV Dimensional Emerging Markets Value ETF 1.3 43 7 10.5 -3.0
ESGE iShares ESG Aware MSCI EM ETF 1.3 25 25 6.9 -6.6
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 1.2 30 20 8.0 -5.5
EEMS iShares MSCI Emerging Markets Small Cap ETF 1.2 70 -20 7.4 -6.1
ROAM Hartford Multifactor Emerging Markets ETF 1.1 44 6 15.4 +1.9
DFAE Dimensional Emerging Core Equity Market ETF 1.1 35 15 7.1 -6.4
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 1.1 41 9 7.2 -6.3
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 1.1 50 0 12.8 -0.8
VNQI Vanguard Global ex-U.S. Real Estate ETF 1.1 12 38 8.1 -5.5
BLDG Cambria Global Real Estate ETF 1.1 60 -10 14.4 +0.8
EVLU iShares MSCI Emerging Markets Value Factor ETF 1.1 35 15 12.3 -1.3
VIDI Vident International Equity Strategy ETF 1.1 61 -11 10.1 -3.4
CCNR ALPS CoreCommodity Natural Resources ETF 1.0 39 11 10.3 -3.2
MXI iShares Global Materials ETF 1.0 41 9 6.9 -6.7
WWJD Inspire International ETF 1.0 80 -30 7.1 -6.5
KXI iShares Global Consumer Staples ETF 1.0 41 9 5.6 -8.0
CGV Conductor Global Equity Value ETF 1.0 130 -80 10.6 -2.9
DFEM Dimensional Emerging Markets Core Equity 2 ETF 1.0 38 12 7.7 -5.9
FRDM Freedom 100 Emerging Markets ETF 1.0 49 1 7.1 -6.4
JETS U.S. Global Jets ETF 0.8 60 -10 -15.5 -29.1
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 0.8 46 4 9.2 -4.3
VYMI Vanguard International High Dividend Yield ETF 0.8 22 28 9.7 -3.9
DEHP Dimensional Emerging Markets High Profitability ETF 0.8 41 9 4.9 -8.6
EWX SPDR S&P Emerging Markets Small Cap ETF 0.8 65 -15 7.9 -5.7
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 0.7 47 3 5.3 -8.2
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.7 47 3 9.1 -4.5
HAP VanEck Natural Resources ETF 0.7 50 0 9.8 -3.7
SDG iShares MSCI Global Sustainable Development Goals ETF 0.6 49 1 5.5 -8.1
DEW WisdomTree Global High Dividend Fund 0.6 58 -8 8.4 -5.2
RWO SPDR Dow Jones Global Real Estate ETF 0.6 50 0 6.0 -7.6
FTAG First Trust Indxx Global Agriculture ETF 0.6 70 -20 9.2 -4.4
JGLO JPMorgan Global Select Equity ETF 0.6 33 17 4.4 -9.1
VSGX Vanguard ESG International Stock ETF 0.6 12 38 6.6 -7.0
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 0.5 95 -45 10.1 -3.5
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.5 41 9 7.3 -6.3
AVRE Avantis Real Estate ETF 0.5 17 33 5.8 -7.8
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.5 18 32 6.8 -6.7
ACWX iShares MSCI ACWI ex U.S. ETF 0.5 34 16 6.8 -6.8
VEU Vanguard FTSE All-World ex-US Index Fund 0.5 8 42 7.1 -6.5
BLES Inspire Global Hope ETF 0.5 61 -11 6.2 -7.4
IXUS iShares Core MSCI Total International Stock ETF 0.5 7 43 7.0 -6.6
VXUS Vanguard Total International Stock ETF 0.5 7 43 7.1 -6.5
REET iShares Global REIT ETF 0.5 14 36 6.2 -7.4
CWI SPDR MSCI ACWI ex-US ETF 0.4 30 20 6.8 -6.8
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.4 30 20 7.8 -5.8
VGSR Vert Global Sustainable Real Estate ETF 0.4 47 3 5.5 -8.1
DFGR Dimensional Global Real Estate ETF 0.4 22 28 6.1 -7.4
CGGR Capital Group Growth ETF 0.4 39 11 3.2 -10.4
SCHY Schwab International Dividend Equity ETF 0.3 14 36 9.1 -4.4
RODE Hartford Multifactor Diversified International ETF 0.3 29 21 11.6 -1.9
BIGFX Baron International Growth Retail 0.3 75 -25 3.2 -10.4
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 0.3 25 25 6.4 -7.1
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.3 12 38 4.7 -8.9
JSTC Adasina Social Justice All Cap Global ETF 0.2 89 -39 4.7 -8.8
CGW Invesco S&P Global Water Index ETF 0.2 57 -7 4.3 -9.3
KLMT Invesco MSCI Global Climate 500 ETF 0.2 10 40 5.3 -8.2
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 0.2 40 10 8.1 -5.4
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.2 20 30 5.0 -8.5
GLOF iShares Global Equity Factor ETF 0.2 20 30 5.9 -7.7
IGRO iShares International Dividend Growth ETF 0.2 15 35 7.4 -6.2
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.2 9 41 5.3 -8.3
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.2 7 43 6.4 -7.2
VT Vanguard Total World Stock ETF 0.2 7 43 5.4 -8.1
ACWI iShares MSCI ACWI ETF 0.2 32 18 5.2 -8.4
IXG iShares Global Financials ETF 0.1 42 8 6.0 -7.5
EEMO Invesco S&P Emerging Markets Momentum ETF 0.1 29 21 5.4 -8.1
EXI iShares Global Industrials ETF 0.0 42 8 4.4 -9.2
VIGI Vanguard International Dividend Appreciation ETF 0.0 15 35 6.3 -7.3
TTAI FCF International Quality ETF 0.0 59 -9 5.3 -8.3
PIO Invesco Global Water ETF 0.0 75 -25 5.0 -8.5

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

  2019 2020 2021 2022 2023 2024E 2025E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
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
  2023 2024E 2025E
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:

SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 15.2 %
Divided by: Fwd. P/BV 1.1 x
Less: Expense ratio 50 bp
Equals: ALTAR Score 13.6 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.51 CATEGORY
AVERAGE		 1.48
 
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.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.