Mexico and its exchange traded fund (ETF) are feeling down in the dumps, but its outpacing some other regions.

The iShares Mexico Fund (EWW) has fared better than Europe, Russia, Asia, Canada, Australia and Brazil to name a few, so what gives? It could be that although growth is slow, it is steady and consistent. Another reason some big dips might have been avoided is that Mexico has kept its interest rates high enough to do battle with inflation.

Gary Gordon for ETF Expert reports that until recently, the hot money was pouring into Rio, but the commodities selloff and fear of global recession has left the country of Brazil high and dry. iShares MSCI Brazil (EWZ) has taken a hit in the last month, down 8.2%.